I’ve written about the Toronto condo market several times already. I’ve warned condo investors to get out while the gettin’s good. I’ve warned that immigration alone and the Hot Asian Money story are not enough to sustain a market that has seen rampant over-building and blind speculation.
Most recently I highlighted CMHC data showing that the inventory of rental condos was building and that the condo vacancy rate in Toronto has now doubled what it was last year.
And now we see some anecdotal evidence courtesy of this gem of an ad on kijiji:
Let the supply glut begin! Speculators are about to get the shake-down. If you’re holding a cash-flow negative Toronto condo as an investment, the next 10 weeks will be the best opportunity you’ll get to dump it for some time. Consider the coming rush of irrational buyers looking to beat the 5/35 deadline as a gift from heaven.
Sell now or be priced in!