Well for one thing, anxious realtors are paying others to camp out in the cold outside a Bloor St. building until condo sales begin next Tuesday. The queue began on Monday and the media claim about 90 people are now in line.
So what is the fuss about? An 80-storey tower with luxury condos at One Bloor East. The $450-million project is going up on the corner of Yonge and Bloor.
The Toronto Star interviewed several people in line who were being paid to stand in line for the week by real estate brokers who are allowed to buy a maximum of three condos each on a first-come, first-served basis. A 22-year-old woman that talked to the Star would not divulge exactly how much she was being paid for her services, but her 24-year-old boyfriend, camping out beside her, said the compensation would be enough to cover the couple's rent for three months and buy them a new television set.
Nothing about the Toronto market shocks me anymore.
2 comments:
Is is all due to the new Land Transfer Tax issues which are fuelling the market. We had hard times at our Toronto real estate office as well, phones are ringing all day long, it's very busy times - not that we're complaining though.
Well sales are up to beat the new tax but the real estate market has been hot for much longer. Now the condo market has taken off partly I think because first time buyers are considering condos instead of houses because of price.
But those standing in line for a condo at 1 Bloor West are likely all speculators. They will all sell before closing for a tidy profit. Unless the market crashes on them.
Post a Comment