Toronto real estate is crazy—but at least it’s not $590,000-for-a-basement-suite crazy (like Vancouver)

7 thoughts on “Toronto real estate is crazy—but at least it’s not $590,000-for-a-basement-suite crazy (like Vancouver)”

1. The reason Vancouver is insane is that it’s the next Manhattan…there is nowhere to expand but up. Toronto can and has started to expand indefinitely into outlying areas.

   And in trying to emulate NYC/Van, it’s also building up for people who need to be close to the newest ‘gourmet hamburger’ joints, pay exorbitant condo fees that will rise at the same pace as the infinite supply of units, and want to pay 2 land transfer taxes for the privilege of never owning any land, just some shoe-boxy space hovering over someone else’s land.

2. If Vancouver has nowhere to expand but up, why is Toronto building ten times more condo towers than Vancouver. 130 high rise condos in Toronto, compared to like 13 or 14 condo towers in Vancouver.

   Wierd eh?

3. Hi Brad,
   Are you not concerned by that many skyscrapers? I ask this because I read there are twice as many skyscrapers in Toronto as New York, this would seem to be a lot of supply being built. It would seem that Toronto is exposing itself to a significant correction. I hope demand is constant…….

4. Why do we even compare. Both cities are nice but nowhere on earth should the prices be this crazy. We all have to live somewhere and should work together to have a balance in life. The probelem is there are too many people on this planet and ones who are greedy. Skyscrapers are great ways to make money. Your maintenance fees will always go up, weather or not someone is actually doing the maintenance. If you are lucky enough to pay off your mortgage (in 30 years)your maintenance fees will probably catch up.

   Anyhow, great money maker for the developers and investors. I guess that is why they don’t make apartment buildings anymore? Now you can charge 300,000- to a few million and also have someone pay the fees of $500.00 plus taxes a month too. I guess that is why there are so many billionaires these days.

5. veedot, turn your nose at the gourmet hamburger joints, but i’d rather see expansion going vertically instead of sprawling out to destroy more of what’s suppose to be the best farmland in Ontario.

   I do agree with you about the negatives of condo-buying otherwise. I can’t imagine paying so much for a piece of air.

6. Why are we talking about maintenance fees as if they go to the builder? Once the building is complete and registered, the builder is history. Maintenance fees go to the property management company, and if you don’t like the way they’re going then get your condo board together and find a new management company. Happens all the time. Or maybe don’t buy in a building that has a pool/concierge/theatre/bowling alley/golf simulation room/pet wash station or any of the other nonsense they’re passing off as “amenities” these days. My building has a decent sized gym, a party room and a pretty bare bones management company, not coincidentally my maintenance fees never go up more than a few dollars.

7. Hey Mr Negative/Nieve, if it’s so easy to become a “billionaire developer”, how come you’re wasting so much time and not doing the easy thing and simply building a condo tower and cashing in? Then given your obvious wisdom & benevolence, you can give away all those millions to charity! Hmmm, or is it easier to beak off anonymously about about something you seem to know very little about (supply & demand). Might I suggest you educate yourself a bit more before you join the conversation!

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