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The most compelling reason ever to buy a T.O. condo…

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Guest | 25 Jun 2013, 09:01 AM Agree 0

City Hall is now considering a hike in the price of some building permits -- in some cases a doubling of prices per unit for developers. Those costs are expected to get passed onto buyers even in a slower market.
The move, with a vote likely coming up in July, would probably take effect next year. It would also take Toronto – now home to the lowest condo fees, as compared to other cities in the GTA region – and turn it into a market with some of the highest.   The bump-up would likely be out of whack with the financial realities facing Toronto compared to those other urban centres, argue some industry players.
“There is more existing infrastructure in Toronto that can be leveraged for a new condo development, whereas a new subdivision in Vaughan or Richmond Hill will require a completely new network of sewers, and roads,” says Grant Goldfarb, owner and Broker of Record of Lifestyles Realty Source Inc. “Despite the fact that condos remain the most affordable housing option in Toronto, increasing the price of units will affect buyer sentiment."
In particular, “the larger units will experience the highest price jump in the cost of units and/or higher closing costs,” Goldfarb adds.
This story is also featured on, Canada's only independent mortgage site.
  • David Pylyp | 08 Jul 2013, 05:34 PM Agree 0
    Articles like this must just be bait for Garth Turner and his perspective on the Toronto Condo market.

    Supply is up up and prices are slipping slightly from competition.

    David Pylyp
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