New Condo Development Specialist
Leave it to the Kazakhstanis. Just days after Donald Trump was in town and it was announced that his 70-storey building at Bay and Adelaide was set to begin construction, Kazakhstan-based developer Bazis International declares its own plans to build an 80-storey building at Yonge and Bloor. Zing!
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Wondering why your coworker or classmate is looking a little worse for wear this morning? They might have been running around attending seminars and workshops at the Learning Annex’s Real Estate and Wealth Expo at the Metro Toronto Convention Centre all weekend. Figuring out the quickest way to get rich in only 2 days is tiring stuff, let me tell you.
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Donald Trump, aka The Donald, is taking some time off this weekend from his budding professional wrestling career, his ongoing feud with Rosie O’Donnell, and his humanitarian work to come to Toronto and talk about Real Estate. Trump is the keynote speaker at the upcoming Real Estate and Wealth Expo at the Metro Toronto Convention Centre this Saturday and Sunday.
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The Feds released the data from the 2006 Canadian Census yesterday, with the major headline being that Toronto is growing slowly while the 905 is booming. Toronto’s population grew by just 0.9% since 2001 while towns like Vaughn (31%), Brampton ( 33%), and Milton ( 71%) are seeing an explosion in growth.
It seems that despite the City’s and the Province’s efforts at encouraging density, more and more people are choosing to settle in the suburbs and leave the Big Smoke behind. But could this also be a symptom of the booming Toronto Real Estate Market? Have too many buyers been ‘priced out’ of the city?
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For years, it wasn’t much of a contest. Queen West vs. Queen East? Come on. Bloor West Village vs. The Danforth? Please. Trinity Bellwoods Park vs. Moss Park? Not even close. The West side has consistently come out on top in the battle of the most desirable ‘hoods in the City to call home. Come on now, all you East Siders. Admit it - the West Side has had our number for quite some time.
But consider yourselves on notice West Siders, because several developers are betting that the East Side will be taking some huge strides over the next few years.
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I had been hearing the stories for years. Guy buys a house in Cabbagetown for a song, a few years later it’s worth twice as much as he paid for it. A couple buys a condo on the west side in the pre-construction phase, then sell it upon completion for a ridiculous profit without ever having set foot in the unit.
The Toronto real estate market has been churning out these kinds of stories for about a decade now. Thousands of ordinary people have gotten rich from doing not much more than paying their mortgage every month. When will this wave of unprecedented growth in the market end? What is it going to take to stop the insanity?
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