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THE WORLD is ENDING in 2012 - Do you want to DIE a LOFT Virgin?

09 Sep 2010
THE WORLD is ENDING in 2012 - Do you want to DIE a LOFT Virgin?

A couple of months ago I had a conversation with a prospective client who had decided to scrap his condo/loft search as he had recently learned about Nostradamus and his predictions regarding the world coming to an end very soon. He felt it made sense, what with mounting tensions in Korea, Iraq and Iran and the supposed likelihood of a nuclear war being on the cards. Hehe. He felt this catastrophic turn of events would end society as we know it in 2012. For me, this excuse was a first, and even my sizeable textbook of "smart-ass&"; answers did not have a response. It was a fun conversation as I did not make any attempt to reason with him, but rather suggested he use his deposit to invest in canned food and bottled water. On the other hand it is quite common for buyers to put their loft/condo search on hold for fear of a Real Estate Market Crash for more normal reasons. Today, my colleague Andrew received an email from a couple who had decided to do just that. They fear with all the new condo developments in Toronto - currently over 170 new buildings - that things will get worse before they get better. We hear this quite often and our answer is always the same.....supply and demand are the factors driving this growth. Many Torontonians are unaware of the massive influx of immigrants coming to Canada and particularly Toronto each day. Apparently 660 individuals arrive each day to the GTA, planning to make Toronto their new home. I myself was among that group 8 years ago. To put some perspective on that, the Merchandise Lofts is one of the largest condo buildings in the City - housing approximately 650 units and encompassing an entire city block. Theoretically, each day a building of that size could be filled by these immigrants, which leaves me asking "are we building condos fast enough"? Canadians sometimes underestimate the standard of life offered by this remarkable Country, which typically ranks among the top five global locations in quality of life surveys. With this big picture perspective, coupled with the impressively stable banking system regulations which maintained a steady keel during the recent times of global fiscal meltdown, can you really see Real Estate crashing over a long term period? I cannot, and neither can the historic record books. A growing population equates to increasing demand which in turn equates to increased condo development activity. I really believe that any well designed, well constructed property in a good location cannot fail in the long term. It does of course have to be reasonably priced and be backed by a strong developer. And these are just some of the areas in which the expert assistance offered by the MrLoft.ca team becomes invaluable!

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