There is a slowdown in the Toronto condo market as borrowing costs have risen for the first time in a decade. The average price is now $560,000. Some developers in their anxiety to sell are offering discount parking and are giving buyers longer than the usual six months to come up with the down payment which usually ranges from15 to 25 per cent.
What is both amusing and pathetic is the new terminology some developers are using. Shaun Hilderbrand at condo data provider Urbanation Inc. said,'' High prices and buyer fatigue are coming into play'', meaning lots of folk can't afford it.
Christopher Bibby of Remax, said,'' Your not seeing the same pace of growth or aggressiveness on the buyer side'', I wonder why.
The question becomes,'' does one want to pay exorbitant rents that increase every year or a condo that will gobble up every cent you make''; a lose-lose situation.
What is both amusing and pathetic is the new terminology some developers are using. Shaun Hilderbrand at condo data provider Urbanation Inc. said,'' High prices and buyer fatigue are coming into play'', meaning lots of folk can't afford it.
Christopher Bibby of Remax, said,'' Your not seeing the same pace of growth or aggressiveness on the buyer side'', I wonder why.
The question becomes,'' does one want to pay exorbitant rents that increase every year or a condo that will gobble up every cent you make''; a lose-lose situation.
For socialism,
Steve, Mehmet, John & contributing members of the SPC
Steve, Mehmet, John & contributing members of the SPC
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