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Monday, May 14, 2012

Toronto housing market - Canada

TORONTO - Five months after buying a new condominium Toronto luxury hotels, Oliver Baumeister is surrounded by a glut of suites like his to hit the market as the biggest names in the business of hundreds of hotel open units in the largest city in Canada.

Baumeister, himself a real estate agent, is in no hurry to sell. When the market untested Toronto for the life of five-star condo absorbs excess - say in 2016 - he intends to discharge its sky high unit for a tidy profit of 20%, and the search for his Canadian real estate next investment.

"A lot of it sit for a while and it will take time to sell," said Baumeister, who was purchasing condominiums in Toronto with his brother for the last four years.

"But we bought it with the conviction that the Toronto market condo hotel definitely has a future. When we sell, we hope ... we will see a profit of 20%."

The model of ultra-fine attached condos to luxury hotels is not new - cities like Hong Kong and New York are full of them.

But Toronto, a relatively small city condo without a five star hotel a year ago, came at the end of the match, but with a vengeance.

At the end of this summer in Toronto will be four of these projects, such as Four Seasons, Ritz Carlton, Trump and Shangri-La opened massive towers in a city where a red market for all types of housing has been a growing concern real estate bubble.

The towers of granite and glass, including two of the tallest residential buildings in Canada, are opening in rapid succession, adding hundreds of hotel rooms and more than a thousand condominiums hype as the Canadian housing hits its peak.

Signs of success are mixed. None of the four projects, including the condos has cost just under $ 1 million to $ 28 million, sold, and the push by developers to sell their remaining shares before a resale market has started in the sensation a bomb.

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