Toronto Condo Insanity – Heading for a Meltdown?

One bright and sunny afternoon, I was taking a leisurely stroll in my neighbourhood of King & Spadina. I was struck by the number of condominium projects either in construction […]

One bright and sunny afternoon, I was taking a leisurely stroll in my neighbourhood of King & Spadina. I was struck by the number of condominium projects either in construction or in development within just a 1 km radius of the King & Spadina intersection.

Below is a Google map of JUST A FEW of the projects in this small area of the city.

Below the map are pictures I took during my walk of the various condominum projects.

Here are my thoughts as a resident living in the King and Spadina area:

  • I frequently visit sales offices for new condominium projects. Invariably, the vast majority of prospective purchasers are overseas investors – usually from China, India and the Middle East
  • Let’s do a thought experiment – what would happen to these buyers if, for example:

Any one of these incidents can set off a crisis in the international financial markets and the global economy. Consequently, if overseas investors stop buying into the Toronto condo market as a result of economic turmoil, that market will most certainly collapse.

In my opinion, these builders (and anyone buying into these units as investments) are setting themselves up for a very hard fall. The consequences will prove to be very nasty for our local and national economy.

Victor’s Insane Condo Map – Click on blue marker for details


View larger map

 

300 Front Street West – Tridel

Fly Condos – Empire Communities

 

Bisha Hotel & Residences – Lifetime Developments

Tux Condos – Great Gulf Homes

Charlie Condos – Great Gulf Homes

King Charlotte & Theatre Park – Lamb Development Corp.

 

Cinema Tower (Daniels Group) & Noir (Menkes)

 

Peter Street Condos – Centre Court Developments Inc.

 

399 Lofts – Cresford Development Corporation

 

The Brant Park – Lamb Development Corp.

 

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