Toronto Skyscraper Boom Creating Ghost Mega City

[Economy 53,137]

http://www.cbc.ca/doczone/m/episodes/the-condo-game 

 

The trend all started in 2007-2008. Housing market collapses in USA and all around the world but keeps going up in Canada. So what do wealthy overseas investors do? They buy Canadian real-estate as a way to stash cash

 

Fast forward nearly a decade and the investments keep coming in. Theres no one living in 30% of condo units are more, but builders dont care, someone on other side of the world is buying them so they build, and the prices are astronomically high 

 

147 skycrappers several over 1000 feet tall are currently under construction with dozens more approved every year

 

 

The biggest skycrapper boom in the Western World is being fueled not by fondamentals but by speculation. Experts warn if ever investors deem Toronto or Canada bad to invest. All that will be left is a crashed real estate with half empty buildings including office buildings

 

 

[Sizzily 14,574]

I thought you meant like a condo blew up  

[Sunday 2,186]

2 minutes ago, Sizzily said:

I thought you meant like a condo blew up  

MTE

 

I thought some estate exploded and created a ghost town  

[Economy 53,137]

8 minutes ago, Sizzily said:

I thought you meant like a condo blew up  

What? Instantly mind goes to terrorism  

[Morphine Prince 109,991]

7 minutes ago, Sizzily said:

I thought you meant like a condo blew up  

Same, I was like wtf. 

[Economy 53,137]

6 minutes ago, Morphine Prince said:

Same, I was like wtf. 

Ugh ok ppl didnt know what i meant

 

i changed the title to be more clear

 

PS: empty condos or not, when i go to Toronto I love seeing all the cranes and tall building still as skeleton. Looks like Dubai