They’re not making more land…

..But they are making more condos.

LOTS more condos.

In addition to all the run-of-the-mill condo towers in Canada there’s this plan:

Pinnacle International has plans to build the tallest building in Canada, a five building condo compilation on Torontos waterfront that would include a 92 and 98 storey building.

The tallest building in Canada today is the 72-storey First Bank Tower at 100 King Street West in Toronto, according to the Skyscraper Center, a database of the world’s tallest buildings.

Pinnacle bought the Toronto Star Tower, on the Toronto waterfront at the corner of Yonge Street and Queen’s Quay, this summer. The parcel of land is now home to a parking lot and a low-rise building, but that may soon change.

No one was available to speak about the project at Vancouver’s Pinnacle International head office on Monday.

The conceptual drawing posted on the Urban Toronto site shows the 25-storey Toronto Star Tower in the lower left corner, with another tower beside it. A road separates those two smaller towers from four much taller towers behind the first two. The Toronto Star report said the four taller towers are residential towers, while the smaller new tower would be an office tower.

Can anybody tell me how many more homes can be provided in a condo tower like this compared to single family homes on equivalent lot space?  Because I’m guessing it’s a lot.

 

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gokou3
Guest
gokou3

Well @Girlbear your mortgage broker’s numbers aren’t exactly wrong. He just didn’t say his math is assuming house prices don’t fall.

Anonymous
Guest
Anonymous

In the Vancouver Sun:

“”Nowhere is the housing market weaker than in British Columbia, where resales are down 17 per cent in the year to November and are well below the past decade norm,” Guatieri said. “Vancouver’s resales have plunged 31 per cent in the year to December and benchmark prices are down just over three per cent since the spring.”

He said the mortgage changes, limiting the life of a mortgage to 25 years from 30 and prohibiting mortgage insurance on homes more expensive than $1 million, will hit pricier markets the hardest. Housing prices are about 10 times average family incomes, Guatieri said, putting “Vancouver in the upper echelon of overvalued housing markets, not just in Canada, but across the world.””

http://www.vancouversun.com/business/Vancouver+house+prices+decline+further+economist+says/7790495/story.html

Girlbear
Guest
Girlbear

Van-grl.

Believe me a lot of thoughts along those lines went through my head to post. But what the hell, I am not going into a facebook battle. Not worth it. And I do like her, and I know times are tough for her…but…

for the record I find her posting reckless. If someone employed in the stock markets were to email something like that to a client they would be hauled into compliance office for a week.

Anonymous
Guest
Anonymous
vangrl
Member
vangrl

@RFM

holy shit…

VMD
Member

G&M Jan 8 – Scotiabank CEO on recent comments by Flaherty re: privatizing CMHC in the next 10 years:

“When I read about this and hear about it, I shudder,” Mr Waugh said, arguing that CMHC helped backstop mortgage lending during the credit crisis.

“It was one of the major reasons that we survived.”

http://t.co/0kMPBiyv

G
Guest
G

@RFM
Good info!
Are those all the unsold ones?

RFM
Guest
RFM

vangrl posting #8
Regarding condo projects underway in Southeast False Creek:
Unsold at Olympic Village: 170
Wall Center False Creek: 557
Residences at West: 488
Pinnacle Living phase 2: 155
Pinnacle Living phase 3: 217
Opsal: 165
Meccanica: 170
Onni 100 Block: 150
Bosa Lido: 173
Onni Central: 324
Total: 2,569

vangrl
Member
vangrl

Girlbear-feel free to copy my post onto your friends facebook wall:)

painted turtle
Guest
painted turtle

People putting their house on the market might be testing the market, and/or have big hopes in the CNY on Feb 10th. Wait until Valentine’s day to see if any anxiety is kicking in.

vangrl
Member
vangrl

“Assuming that the value of RE does not go down in 5 years.”

and keeping out the fact that you’ve spent more to buy than you would have to rent (a $400,000 apartment might cost $1600 to rent, so a savings of $18,000 over 5 years), and that you’ve also spent about $5000 a year in maintenance fees and property taxes ($25,000)

oh and then at the end of the 5 years if you decide not to sell because of the added cost of approx $20,000 in commission and closing costs, then your mortgage rate probably goes up by about 2%

Groundhog
Guest
Groundhog

@mac

The rant last night was epic.

Anonymous
Guest
Anonymous

@ girlbear

After 5 years of payments your mortgage balance owing is $341,503.31= $58,496.69 in equity.

Assuming that the value of RE does not go down in 5 years.

mac
Member
mac

Alex Jones gives all blogs and all bloggers a bad name.

Girlbear
Guest
Girlbear

Mortgage broker I know just posted this on Facebook, oh my…

“SAVE MONEY by BUYING REAL ESTATE, this is how…
A 400K mortgage at 2.94% for a 5 year term = payments of $1,880.69/month. After 5 years of payments your mortgage balance owing is $341,503.31= $58,496.69 in equity.”

Now how many people will buy into this. A lot I would guess.

VMD
Member

@groundhog
Came across that on Garth’s comment section. Thought that interesting.
Perhaps for benign purposes. I’m no IT expert but I probably wouldn’t trust my company’s website in a group of self-advertised “ethical hackers”..

Not saying it’s them, but somebody’s behind the DOS(?) attacks on bear RE websites like VCI and Garth’s site a while back..

vangrl
Member
vangrl

wow that’s gotta suck for the developer..

http://vancouver.en.craigslist.ca/van/apa/3531428461.html

patriotz
Member

“The spark was more inventory then could be possible consumed at any price or loan standard.”

There is never more inventory than could be sold (not consumed propertly speaking) at any price. There are always enough buyers at some price.

Prices fall because there is more inventory than could be sold at the current market price – which is another way of saying what I said the first time.

vangrl
Member
vangrl

rent for $3000 or buy for 1 million.

This is a multiplex on corner of 3rd and Balsam, i don’t think any of the units have sold yet, been up for sale for awhile now

http://vancouver.en.craigslist.ca/van/apa/3531504814.html

2311 Balsam, 2315 Balsam etc…

Groundhog
Guest
Groundhog

@VMD

The Vancouver link goes here: http://jaybanks.ca/

Maybe check with Jay? jay@jaybanks.ca

Could have used them to test/secure his site, but that is really odd that all the donations are from RE companies.

VMD
Member

Why do Canadian RE cartels donate to Indian hackers/network penetration experts?
http://www.matriux.com/index.php?page=promote

Anonymous
Guest
Anonymous

@VDTF…

There’s nothing cheeky about it./blockquote>

It is when not all the information, such as DP, is made available.

Vote Down The Facts
Guest
Vote Down The Facts

“But the other part, which he sort of cheekily admits to (but then says, that issue is for another day) is that he only charges himself with the interest cost on the mortgage and property taxes,”

That’s correct – because principal repayment is not an expense. There’s nothing cheeky about it.

HAM Solo
Guest
HAM Solo

@ Jay #1

Ask not for whom the bill tolls … it tolls for thee

(that is to say…the taxpayers will be on the hook – just wait for it)

Crasher
Guest
Crasher

Just heard Andrew Bell on BNN say that US mortgage rates have hit a 4 month high. Not too serious in the US as the market seems to on a rebound, but nailbiting time here for leveraged home owners.