Ground-breaking Take on Condos
It was so cold nobody even tried any real spade work at Monarch's Picasso condos ground-breaker Tuesday. (It would've turned the "groundbreaking" into a "shovel-breaking.") But it doesn't take much to warm up Brad Carr on media coverage of the GTA condo markets. "Many stories don't make sense because they assume we have one condo market traveling unilaterally," says Brad, eight months in as Monarch president (and third from right in photo). "Toronto's several markets; even Oakville isn't just one." Brad accepts that "a healthy cooling" will hit several markets, but says smart, well-capitalized developers will adjust. "You'll probably see more mid-rise projects that can be turned around faster." The 39-storey Picasso is 85% pre-sold.
With 18,755 units sold, 2012 was the GTA's fourth-best year for new condo sales and 13% better than the 13-year average. Alas, the total was also down 35% from 2011. RE data provider RealNet (headed by George Carras, left) made these and other year-end facts about the GTA's new home market public yesterday, with the help of BILD (current vice chair and Tribute EVP Steve Deveaux, middle, and '11-'12 chair and Empire EVP Paul Golini Jr.). You can be optimistic that a record 60,713 units were under construction or pessimistic that the number of units completed was the lowest in eight years. (The glass is either half empty, half full, or it doesn't matter because you're not really that thirsty anyway.)