My buddy James bought five pre-con condos in 2017. I told him not to. Now he’s holding the bags—literally—and crying while his wife screams in the background.Toronto’s condo market isn’t just bloated—it’s a full-blown inventory avalanche of tiny, cashflow-negative shoeboxes no one wants to live in.So how did we end up here?Spoiler: platinum agents, assignment flips, worksheet FOMO, and a housing system built like a casino.I break it all down
Your timeline does not mention the 1974 imbroglio when our dear Government of Ontario introduced on the same day Land Transfer tax and the Land speculation Tax act - both of which along with exponential rises in the price of oil, deep sixed the market for a very long time. Oh and of course the governmental response - first time home buyer grants! 500 from the province 1500 from the feds - the effect? prices rose 2,000 overnight - What you really should know this is all by design - THE LAURENTIANS RULE - rising real estate values and oligopy profits is the Laurentian nirvana - if we want a functioning dynamic economy - we have to get off the real estate wagon - but NOT ONE SINGLE LEVEL OF GOVERNMENT even thinks about it - notice how all our anti nationalist globalists became nationalists OVERNIGHT when Trump threatened the gravy train? compare US to Canada RE markets - dynamic vs. manipulated - it could hardly be more dysfunctional - but there are no complaints at the GRANITE CLUB
This one point alone, would change the game
Ban assignment clauses—or make them hurt.
You shouldn’t be able to flip a unit before it’s even built...buyers have to close in order to flip.
good article DF
Your timeline does not mention the 1974 imbroglio when our dear Government of Ontario introduced on the same day Land Transfer tax and the Land speculation Tax act - both of which along with exponential rises in the price of oil, deep sixed the market for a very long time. Oh and of course the governmental response - first time home buyer grants! 500 from the province 1500 from the feds - the effect? prices rose 2,000 overnight - What you really should know this is all by design - THE LAURENTIANS RULE - rising real estate values and oligopy profits is the Laurentian nirvana - if we want a functioning dynamic economy - we have to get off the real estate wagon - but NOT ONE SINGLE LEVEL OF GOVERNMENT even thinks about it - notice how all our anti nationalist globalists became nationalists OVERNIGHT when Trump threatened the gravy train? compare US to Canada RE markets - dynamic vs. manipulated - it could hardly be more dysfunctional - but there are no complaints at the GRANITE CLUB