Thanks to Schulich for inviting me to give another guest lecture. Always interesting to see the questions from these enquiring real estate minds. ImageImage
We did a poll at the end and about 60% indicated that they wanted to work in an office setting.

Personally, as a young person I think it has huge value for the education, mentorship and camaraderie.
Canada's population and annual change in population by year since 1950. Image
Annual Toronto CMA condo and rental apartment completions. Only 2,000 in 1998, 27,000 in 2021, #ToRE Image
Single-family absorptions in the CMA fell from ~26,000 in the early 2000s to about 6,000 last year. Prices increased by 340% since that time. #ToRE Image
Average asking price for GTA new housing by property type.

#ToRE Image

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More from @benmyers29

Jan 19
To ever Mayor and politician and numbskull on Twitter, the costs of a new housing development play a significant factor in the “market rate” at which a development is offered at.
If the “market rate” is so easily known by everyone, why have there been cancelled projects due to lack of sales? Why would they launch at a price higher than the maximum market rate, everyone knows that number!?
Even if the maximum market rate for dictated to developers via a higher power, most are still selling before construction has started and costs can rise significantly between start of sales and the building’s registration.
Read 4 tweets
Oct 19, 2021
Politicians: New housing is too expensive, no more luxury.

Developers: Well, construction costs are up 40% in 5 years & land is hard to come up.

Politicians: Hmmm...
Politicians: ... here's what I can do, I am going to raise the fees you pay to us.

Developers: How does that help?

Politicians: I don't know, but it makes me feel better.
Developers: Will you at least tell the public about what these fees are used for and the benefit to the community.

Politicians: Absolutely not. I'll likely just say that you are greedy and disingenuous and care about nobody but yourself.

Developers: What? Why?
Read 6 tweets
Oct 18, 2021
I work as a consultant in the new development industry in Toronto. Some of my opinions align with pro-growth and pro-housing supply advocates. This is my truth.

If you want to engage with me on the topic of housing, don’t bother with the you’re biased, a shill, etc. Its lame.
I don’t want to pave over all the farmland, I am not paid to make pro-development tweets, I don’t make statements so I can make windfall profits. My fees don’t grow with completions or in line with price growth.
I am actually disgusted by the price of new condos in the GTA, and the rapid price growth isn’t good for my business, it creates more risk for developers, more risk for cash-flow negative investors, and reduces the pool of buyers/renters of the completed product.
Read 11 tweets
Jan 29, 2020
We're building a lot of housing, so we must be building enough housing. True?

We're in a building boom and prices are still going up, so supply must not be the answer. True?

We're building more housing than we ever have in the Toronto CMA. True?
Chances are you're never going to change your mind as it relates to the first two questions, you have your priors and nothing I say or anyone else says is going to change that. Data be damned, it just feels like it!
However, I just wanted to comment on #3 in the above.
Between 1990 and 2019, the Toronto CMA has built just under 32,000 new housing units on average per year based on completions data from CMHC. The CMA has topped that long-run average in 4 of the last 5 years.
Read 18 tweets
Sep 24, 2019
Twitter: Houses are too expensive, the government should do something.

Government: We'll eliminate the stress test!

Twitter: No, encourages debt & drives up prices.

Govt: We'll expand the First-time buyer program!

Twitter: No, encourages people to buy homes they can't afford
Govt: We'll eliminate fees on new housing to encourage supply!

Twitter: No, growth should pay for growth.

Govt: We'll allow taller towers!

Twitter: No, too many shadows on parks & transit is too crowded.
Govt: We'll eliminate unit size requirements, people 😍 tiny homes!

Twitter: No, we don't want coffin houses, make developers build bigger units.

Govt: We'll streamline the development process, more sites
& homes.

Twitter: No, there's already projects approved, build them.
Read 5 tweets
Mar 1, 2019
Attending the ⁦@bildgta⁩ forum this morning. Get ready for some tweets. #condo #Toronto
GTA resale condo prices (per-square-foot) up 50% in the last three years & new condos up 65%.
Urbanation is forecasting new condo sales of 18,500 in the GTA in 2019, slightly below the 10 year average.
Read 18 tweets

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