Everyone knows that the Toronto real estate market is hella expensive. Sometimes it feels like you’d need to work 3 jobs just to afford to get your own place these days.
Well, there’s some more bad news on the way for those interested in buying their own condo in the city.
One developer is reportedly going to be selling units for a record-breaking amount in the city.
Toronto developer Lanterra is apparently going to be asking for $2,500 - $2800 per square foot for a new project on the northeast corner of Bay and Scollard Streets.
That price range per square foot would be the most expensive in the city, since right now there is no building in all of Toronto charging even $2,000 per square foot.
The highest out there right now is $1,319 per square foot meaning that if Lanterra charges $2,800 it will be more than twice the price of any building in the city.
Ben Myers is the president and founder of Bullpen Consulting, which helps advise developers in the city, he says that he was “shocked” when he learned that the price on the building was going to be so high.
Despite the high price point, he doesn’t think that Lanterra is going to have any issue with selling the condos.
“I think it will sell just for the fact that it’s such a unique project in a fantastic location,” he said.
Welcome to Toronto’s real estate market. Every time you think you can afford something someone comes along and makes it more expensive.
Source: Toronto Storyes