There’s no reason to be worried about the condo market. That was the sense given by The Globe and Mail article “Unruffled builders see a continuing Toronto condo boom” published on Wednesday. Jim Ritchie, Senior Vice President of Sales and Marketing, gave perspective to current price increases.
“We really are the hot spot in North America,” he said of the hectic pace of construction in Toronto.
Mr. Ritchie summed up the mood of investors as “skittish.”
The pace of building, combined with speculation in the media about a possible bubble, is undermining consumer confidence, he added.
Mr. Ritchie does not believe there’s a bubble. Yes, prices have jumped, but year-over-year increases of 7 or 8 per cent don’t worry him. Back in the late 1980s, he pointed out, speculation was rampant and the average price spiked 20 per cent one year and 40 per cent the next.
“That to me is a bubble,” he said.
Jim Ritchie also spoke to Bloomberg about Finance Minister Jim Flaherty’s move to tighten mortgage rules:
Jim Ritchie, senior vice president of sales and marketing at Toronto-based real estate developer Tridel, said most homebuyers in Toronto won’t be affected because the tightening won’t apply to them.
“This is going to affect affordability a bit,” said Ritchie. “But I don’t think it’s draconian and that it’s going to cause massive problems here.”
At Tridel, we continue to bring quality homes to the market and we’re especially excited about coming back to the trendy Yonge and Eglinton area with 101 Erskine. This community will feature both a tower and townhouses with fantastic amenities. Preview brochures and price list will be ready for pick-up this Sunday, June 24, 2012, 12 noon to 5 pm from Tridel’s Head Office Presentation Centre at 4800 Dufferin Street, Toronto.
The BOLT Online Auction began this past Monday. It runs until July 25th at 1 PM EDT and there are some fantastic items up for sale, including a Gucci handbag, golf trips, dinners, gym pass and high-end furniture.
Bids are made through the comment section on each post and must be $25 or higher. All proceeds support the BOLT program which helps connect youth with construction-related careers by providing learning opportunities, high school career talks, job shadowing experiences and scholarships. Get bidding!
Blog posts this week:
Argento construction camera installed and construction update
Five reasons to live at Avani