Luxury Condo Glut about to flood Toronto

 

TORONTO – Five months after buying one of Toronto’s new luxury hotel condominiums, Oliver Baumeister is girding for a glut of suites like his to hit the market as the biggest names in the hotel business open hundreds of units in Canada’s largest city.

Baumeister, himself a real estate agent, is in no rush to sell. When Toronto’s untested market for five-star condo living absorbs the surplus — say by 2016 — he intends to offload his sky-high unit for a tidy 20% profit, and look for his next Canadian real estate investment.

Read the whole story here http://business.financialpost.com/2012/05/14/luxury-condo-glut-about-to-flood-toronto-housing-market/

 

Ash Chopra

Ash Chopra

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CENTURY 21 Leading Edge Realty Inc., Brokerage*
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