Tuesday, December 16, 2008

City Beat: Condo anyone?

Over the past several years, condo building has been constant in Toronto. Some areas have become hardly recognizable over the past decade. I often wondered when it would all crash. How many condo buyers can there be? An article in today's Toronto Star by Tony Wong sheds some light. Wong reports that there were 33,919 condos under construction in GTA at the end of September 09, three times the annual average.

With falling sales and tightening credit, perhaps this is going to create a good market for renters. When I was in my twenties, artists turned to warehouse spaces as clothing and other industries disappeared from our downtown west and reasonable space became available. Could it be that a glut in the condo market will be a boon for artists searching for cheap space?


Bridget Jones said...

I sure hope so, MR. A. There's been so little attention paid to renters, and frankly the housing/condo market is so damn greedy, I hope it takes a massive dive. To more reasonable rents at least, and a higher vacancy rate.

And while I'm at it, a pony would be nice too.

But seriously, I hope it happens.

Candy Minx said...

I hope so too. We want to live downtown!