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Old 07-22-2016, 07:55 PM
 
553 posts, read 379,300 times
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What caused the Condominium crisis in Miami, Fort Lauderdale, New York ,Chicago Toronto, Los Angeles and Vancouver?

Where they built way too many condos!! And now lot of condos are empty and others are hardly full. Where they even had to take down condos because no one was buying.

How could they that the Condominium bubble get so out of control where the supply is higher than the demand.

And what is being done about the Condominium crisis? Why did they built so many condos to not make sure there was demand to keep up with the supply.

And now condos prices are dropping.
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Old 07-22-2016, 08:49 PM
 
556 posts, read 698,629 times
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I'd never buy a condo.
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Old 07-22-2016, 09:11 PM
 
1,632 posts, read 3,598,977 times
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As far as things stand at this moment, there is no condo crisis in Toronto. Condos in Toronto don't start construction until they're 70% sold and they certainly don't sit empty. A huge increase in population growth in the downtown area over the last 10 years is the direct result of new condo construction. People are flocking to live in downtown Toronto by the thousands every year, and they're coming to live in -- you guessed it -- all those new condos.
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Old 07-22-2016, 09:19 PM
 
1,632 posts, read 3,598,977 times
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A couple of recent articles about Toronto's condo market:

CMHC sees no 1980s style housing bubble in Toronto high-rise condo market | Financial Post

Toronto condo builders taking the safe route, CMHC says - Business - CBC News
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Old 07-22-2016, 09:22 PM
 
4,491 posts, read 2,680,536 times
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Someone is treating POTENTIAL condo overbuilding like actual overbuilding. Bubbles might be forming in a few places but so far it's not clear that they're bubbles.
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Old 07-22-2016, 09:44 PM
 
Location: TOVCCA
8,452 posts, read 11,458,009 times
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Los Angeles? You must be joking. There is a severe housing shortage and dwellings of all kinds sell practically instantly and for frequently over asking price.
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Old 07-22-2016, 10:44 PM
 
Location: Brooklyn, New York
3,752 posts, read 3,858,504 times
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None of the cities you listed are having a condo "crisis". They also never "took down" condos. In all these cities they can't build them fast enough, demand definitely outstrips the supply, because the prices keep going up.
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Old 07-23-2016, 01:30 AM
 
9,701 posts, read 7,262,937 times
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I don't think any of these cities have a "condo crisis". If anything, they have too little housing, not too much.

Tiny studio apartments in new construction condos in my neighborhood start at $1.2 million. That's for 400 square ft.
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Old 07-23-2016, 08:46 AM
 
6,816 posts, read 6,956,852 times
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Just wait until the next recession. It's not going to be fun.
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Old 07-23-2016, 08:59 AM
 
10,559 posts, read 13,133,007 times
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There is no condo crisis in Chicago. Unless I'm not understanding what you mean.
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