1.1 million dollars for a 500 sq. ft. condo! Obviously the seller should get more!!! I love the fact that presenters are presenting this as no big deal nothing out of the ordinary. What is everyone smoking? Real estate pricing in Canada is simply gone mad. Why do people continue to enslave themselves to a debt which is unpayable. Greed and madness have created a bubble which will eventually end in disaster.
Prices can never go down much, maybe a little but if they do then right back up again soon. It's different in Canada. Leveraging newly gained equity to borrow more debt to buy more property is guaranteed ticket to riches.
taxes and fees are actually hard costs backed up by DC background studies. it's not just taxes/fees for nothing by the gov't. trunk sewers, stormwater, water treatment, land costs for it etc need to be enlarged/built to support new development. growth pays for growth, DC/taxes is no different than the cost of steel/concrete. not surprising a RE agent has no clue on actual land development process and not sure what the BS about 4 employees only doing RSC has to do with converting use.. RSC is filed when doing a ESA and contaminants are found and then studies/work submitted to demonstrate remediation is done. no mention of tens of thousands of approved projects developers just sit on.
Disingenuous to say the government makes more. Comparing profit for developer to revenue for government. The government doesn't have any profit after it puts that money towards services. and infrastructure.
Another bs video missing half the story. Developers love the red tape to prevent fly by night developers from entering the market. They lobby for more regulation behind the scenes. The unions love it too. And we all know RA are useless relative to their income, at least you can admit that, regardless if income distribution is unfortunate. All new builds can easily have a government approved contract which requires only your lawyer to review, but the developer's RA grabs 2.5 of that 5%. Why would they give up that (for no work)? No RA is really required. But the RA lobby to prevent contract standarization. Anyway, just keep up the mantra "blame gov", everyone loves that. Even politicians run on it. Lol
1.1 million dollars for a 500 sq. ft. condo! Obviously the seller should get more!!! I love the fact that presenters are presenting this as no big deal nothing out of the ordinary. What is everyone smoking? Real estate pricing in Canada is simply gone mad. Why do people continue to enslave themselves to a debt which is unpayable. Greed and madness have created a bubble which will eventually end in disaster.
Great video. This should be on everyone’s watch list
*very well explained, people really need to understand this or else things will never change* 👍👍
These comments should be great.
Ppl think developers make so much money but at the end of the day. They aim for like 20% pure profit but only usually make about 10%
What are your thoughts on United Building? Very similar prices
Good explanation
Prices can never go down much, maybe a little but if they do then right back up again soon. It's different in Canada. Leveraging newly gained equity to borrow more debt to buy more property is guaranteed ticket to riches.
It's not a broken market, it's worked perfectly. The question is who does it work for?
@3:20 - Not you JS! We ❤ Jordan!!!
taxes and fees are actually hard costs backed up by DC background studies. it's not just taxes/fees for nothing by the gov't. trunk sewers, stormwater, water treatment, land costs for it etc need to be enlarged/built to support new development. growth pays for growth, DC/taxes is no different than the cost of steel/concrete. not surprising a RE agent has no clue on actual land development process and not sure what the BS about 4 employees only doing RSC has to do with converting use.. RSC is filed when doing a ESA and contaminants are found and then studies/work submitted to demonstrate remediation is done.
no mention of tens of thousands of approved projects developers just sit on.
New housing pays too much taxes (through developement charges) , and existing housing gets too good of a deal.
Excellent info !!
i cant decide if u or tom storey is my favorite realtor
me neither tbh
Tough call
Lol can you believe there are bears on here that actually believe condos will go down in price? Hahaha everything is going UP.
Toronto is finished with these prices. No way this is gonna be sustainable
you might be surprised how sustainable unsustainable is when you bring in six people for every new home built
@@Precondo they can keep making the price of a home affordable but shrink the size of the home until eventually new buyers can only live in a pod.
Disingenuous to say the government makes more. Comparing profit for developer to revenue for government. The government doesn't have any profit after it puts that money towards services. and infrastructure.
However, we should have a discussion on the split of taxes paid by new housing vs. existing housing. And how much regulation is necessary.
Interesting NYC, Boston and Miami’s development charges are less than half of Torontos
It’s an allocation problem
Horrible layout. Door opens into living space. Ugh. We have come to accept mediocrity in design, so we get what we deserve: little boxes.
Another bs video missing half the story. Developers love the red tape to prevent fly by night developers from entering the market. They lobby for more regulation behind the scenes. The unions love it too. And we all know RA are useless relative to their income, at least you can admit that, regardless if income distribution is unfortunate. All new builds can easily have a government approved contract which requires only your lawyer to review, but the developer's RA grabs 2.5 of that 5%. Why would they give up that (for no work)? No RA is really required. But the RA lobby to prevent contract standarization.
Anyway, just keep up the mantra "blame gov", everyone loves that. Even politicians run on it. Lol
A government employee wrote this
Toronto is insanely overpriced a crash is coming