Toronto Condos Market Is Collapsing: Top Lawyer Warns

Mark Morris, a top lawyer in Toronto discusses what is happening in the Toronto real estate market for new construction condos as well as the resale housing market in Toronto and area.
Pre construction condos that are coming up for close are struggling as a lot of appraisals are coming in very low. New condo projects in Toronto are getting cancelled at an alarming rate.

How is immigration impacting the real estate market. Will housing ever become affordable? Why are new developers taxes so high for new pre construction condos?

#torontorealestate

Mark Morris: Lawyer

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Vic Singh
Realtor
647.834.6834
Right At Home Realty

[suelee]

I wonder what the government has done with all the tax money from the housing market. I don’t see our infrastructure has improved at all.

[moemassy]

Im a plumber doing hi-rise construction in Toronto.

Any 1 bedroom condo isnt worth more than $170k. They use 1in studs and cheap material for everything.

[thespacesbetweenstudio]

$1600 per square foot?! Insanity. at $1000, it is pushing past logic

[SamueleLangeli]

How is it crashing if one bedroom studio still goes for $450, 000?

[bc]

In addition, mortgages rates are on the rise due to the bond market. Realtors and media are pushing the rate cut narrative, while the vast majority of Canadians hold fixed rate mortgages that are actually getting more expensive. People can't afford the prices that were artificially inflated during Covid, a correction in Toronto and Vancouver is well overdue.

[Mark-hutf]

The days of preconstruction condo investment are well and truly over. Hold, hold, hold. Rents are still covering costs for anyone who bought before 2019.

[steinmathisen]

37 million people here? Last I heard we were at 41 million.

[mikec]

How much vacant home tax is Chow collecting from these vacant condos? And do builders have to pay vacant home tax on unsold units?

[rudfil]

The people who come to Canada (immigrants) usually dont buy a house as soon as the plane lands. Most don’t have the money even for a down payment. Did the lawyer mention that 60% of condo purchasers don’t live in Canada?

[johnca]

Condo fees are way to high and that will continue to destroy the condo market.

[beemer]

Let me be sure I understand this. These prices are paid “to” people to live in Canada, right? They seem reasonable if that is the case. For $1600. per square to live in a box, surrounded by Indians and other foreigners, seems reasonable, but I would not consider this indenture for less.

[jeffotoole]

Ahh the beloved and all seeing Mark Morris. The lawyer that you love to love.
If just one dollar is used to bailout speculator condo investors I am going to completely lose my mind.
Imagine a government trying to explain why a 30 something can’t afford to get out of their parents basement then in the other breath bail out speculators on condos and developers of those condos.
If you wanted to inspire young people to flood to the streets this would be a good way.

[Tennis]

Don’t forget hefty land transfer taxes on condos in the GTA. my friend paid $30k on 850k two bedroom condo …

[markfox]

What % of assignment speculators are getting their down-payment from HELOC based on their primary residence? Would that potentially affect the whole market when these condos come to market in 2025 and 2026?

[paulsandhu]

CONTAGION comes to mind. New build bubble bursts the existing condos bubble bursts the townhome bubble bursts the semi……

[vincenzotca]

Not talking about investment. Talking about people buying based on payment level. Low payment contributed to price appreciation

[MapleLeafsPWN]

Until we see 2021-2022 buyers renew at higher rates, we are not out of it.

[RaymondEng-ek]

Great Interview with Mark Morris! Well explained. Do you have your own podcast Mark?

[CanadianRealEstateChannel]

Super insightful breakdown of the challenges in Toronto's real estate market!

[midgetworld]

I guess there wasn't a lot of purchasing in 2019-2022? Seemed like there was a ton of purchasing so how are those people not suffering?