Forgot your password?

Enter your email address and we'll send you a link to reset
your password.

Find an interesting property?

RedPin it and book a tour with one of our expert real estate agents!

By creating an account you accept our terms of use.

Loading...

Please be patient

0

Toronto Developers: ‘Magazines like The Economists, Don’t Know What They Are Talking About!’

When it comes to a potential real estate bubble in Toronto, the city’s developers vehemently disagree with most of the studies out there predicting doom and gloom for North America’s number one condo market. A panel of experts, including representatives from Liberty Developments, Tridel Corporation, CentreCourt Developments, Freed DevelopmentsCanderel Residential, Menkes, and Empire Communities tell Ryan Starr of the Toronto Star that the pundits at The Economics and firms like Merrill Lynch, are simply not familiar enough with the Toronto Condo market to make any kind of sound judgement.

“Bad news sells papers better than good news,” says Mimi Ng, VP of sales for Menkes. “They don’t know the nuances of this industry”, suggests Jim Ritchie, VP for Tridel. Paul Golini of Empire Communities takes it one step further, calling the many reports predicting a real estate bubble in the city nothing but “fear mongering”.

They point to low interest rates as well as the absence of purpose-built rental buildings in the market as the main driving factors for demand for new condo units in the city. Andrew Hoffman, president of CentreCourt Developments also points out to the immigration policy which plays a major role in the housing market.

As for the coming year, the panel predicts a year with over 20,000 condos units sold, smaller units in the downtown core and larger ones in the 905 area, and many buildings which will combine retail space with residential units.

 

source: Toronto Star

 

Did you enjoy this article?
Share the Love
Get Free Updates

About the Author

TheRedPin is a different kind of brokerage. We are focused on delivering an exceptional real estate experience to all of our customers. TheRedPin is leading the way by using innovative technologies and a team of savvy marketers to provide buyers and sellers with unique end-to-end services and benefits, not found at other traditional brokerages. Through our services, our client's homes are exposed to over 5 million people. Plus, we have real estate agents that specialize in your neighbourhood that are full time, salary based employees who receive bonuses based on your selling experience. We feature an award-winning website - home to more listings than any other real estate site, exclusive VIP listings for new and pre-construction projects and great incentive programs for both buyers and sellers. To learn more about TheRedPin, Brokerage, please visit our company information. Follow our Google Plus business page for further listings. For our cash back policy please see our rebate program.