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Ep. 12 - Why Toronto's Condo Market is Crashing: The Truth Behind the Headlines
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In this episode of The Last Honest Realtor podcast, host David Fleming takes a critical look at the dramatic downturn in Toronto's preconstruction condominium market. With over 72,000 real estate agents in the city, the chatter is constant, but few provide the honest, behind-the-scenes insights that David offers. He explains why preconstruction condo sales are plummeting and explores what this means for investors and homebuyers in Toronto.
David breaks down the critical differences between resale and preconstruction condos, arguing why now might be the perfect time to invest in resale properties. He also delves into the factors driving the market downturn, including escalating development costs, rising taxes, and the financial risks associated with preconstruction investments.
Throughout the episode, David blends industry expertise with his trademark candor, offering listeners a realistic perspective on one of the most chaotic real estate markets in the world. Whether you're an investor, a potential homebuyer, or simply interested in the intricacies of Toronto's property scene, this episode provides valuable insights that you won't find anywhere else.
In This Episode:
- Why preconstruction condo sales are tanking
- The critical distinction between resale and preconstruction properties
- The impact of development costs, taxes, and market conditions on pricing
- David's personal experience with buying an investment condo in today's market
- Practical advice for navigating Toronto's challenging real estate environment
Timestamps:
00:00 - Introduction
01:00 - The Reality of Toronto's Preconstruction Condo Market
07:00 - Resale vs. Preconstruction: What You Need to Know
15:00 - The Financial Pitfalls of Preconstruction Investments
24:00 - David’s Own Investment Decision
35:00 - Navigating the Current Market: Tips and Insights
Don't Miss:
- David’s breakdown of why preconstruction investments may no longer be viable
- Insight into the true costs of developing new condos in Toronto
- A deep dive into how taxes are influencing the market downturn
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