Skip to main content
The Globe and Mail
Get full access to globeandmail.com
Support quality journalism
Just $1.99 per week for the first 24 weeks
Just $1.99 per week for the first 24 weeks
The Globe and Mail
Support quality journalism
Get full access to globeandmail.com
Globe and Mail website displayed on various devices
Just$1.99
per week
for the first 24 weeks

var select={root:".js-sub-pencil",control:".js-sub-pencil-control",open:"o-sub-pencil--open",closed:"o-sub-pencil--closed"},dom={},allowExpand=!0;function pencilInit(o){var e=arguments.length>1&&void 0!==arguments[1]&&arguments[1];select.root=o,dom.root=document.querySelector(select.root),dom.root&&(dom.control=document.querySelector(select.control),dom.control.addEventListener("click",onToggleClicked),setPanelState(e),window.addEventListener("scroll",onWindowScroll),dom.root.removeAttribute("hidden"))}function isPanelOpen(){return dom.root.classList.contains(select.open)}function setPanelState(o){dom.root.classList[o?"add":"remove"](select.open),dom.root.classList[o?"remove":"add"](select.closed),dom.control.setAttribute("aria-expanded",o)}function onToggleClicked(){var l=!isPanelOpen();setPanelState(l)}function onWindowScroll(){console.log("scroll");var l=isPanelOpen(),n=0===(document.body.scrollTop||document.documentElement.scrollTop);n||l||!allowExpand?n&&l&&(allowExpand=!0,setPanelState(!1)):(allowExpand=!1,setPanelState(!0))}pencilInit(".js-sub-pencil",!1);

The bidding wars of last spring have disappeared because buyers are facing fewer rivals. FOR ROB REAL ESTATE SERIES running November The house at 150 Langley Avenue, in Toronto's Riverdale neighbourhood, has an open house on October 14, 2012. JENNIFER ROBERTS FOR THE GLOBE AND MAIL

JENNIFER ROBERTS/The Globe and Mail

Bargain-hunting is under way in Toronto's condo market.

Real estate agent Christopher Bibby, who was lamenting the stagnation in the market earlier this fall, says he has seen a recent upswing.

Mr. Bibby sold nine downtown condo properties in November.

Story continues below advertisement

"I feel the buyers are seeing a lot of value on the condo side," says Mr. Bibby, of Sutton Group Associates Realty Inc. He says prices in some buildings have dipped between 5 and 10 per cent since the spring and that is encouraging buyers to negotiate.

That will be good news to Great Gulf president David Gerofsky. Great Gulf has no intention of slowing the rate of condo project launches even as sales remain shaky.

"The major developers are continuing to sell and are still able to get financing," he says.

Great Gulf typically launches two projects per year, he adds, and intends to do so next year as well. The buildings will have roughly 300 units each.

Mr. Gerofsky sat down to talk about the market while he was celebrating the redevelopment of the old Unilever soap factory near the foot of the Don Valley Parkway. The 30-acre site will be turned into a complex of office towers, retail stores and restaurants over the next five to 10 years by First Gulf Corp.

Mr. Gerofsky likens the future development to London's Canary Wharf. "Thirty acres represents a huge chunk of downtown Toronto," he says. "You can't just plunk down a bunch of office buildings and a coffee shop."

But not everyone is so sanguine. Last week I asked readers to weigh in on whether Toronto's real estate market will rebound in the spring or whether a longer correction is under way.

Story continues below advertisement

One reader who has spent years watching the housing market believes that the historical value ladder has been distorted by the overbuilding of condos. Traditionally, people have climbed the ladder from condos to townhouses to semis to detached, he points out. They move from less desirable areas to better ones.

But he believes developers in Toronto have focused too much on "lifestyle" instead of "life" and there aren't enough projects that appeal to people in all phases of life. Therefore, condo owners will have trouble selling their units and they won't move up to single-family homes. Eventually, prices in the entire market will drop until a new balance is found.

"A correction is already under way," in his opinion.

But then there's real estate agent Janice Weisfeld of Sutton Group-Associates Realty Inc.

She thinks the market will rebound in the spring if the weather forecasters' predictions for an unusually snowy winter come to pass.

"Too much snow and cold may be the deciding factor for the 'empty nesters' to finally sell their home and move into a condo," she says.

Report an error Editorial code of conduct
Due to technical reasons, we have temporarily removed commenting from our articles. We hope to have this fixed soon. Thank you for your patience. If you are looking to give feedback on our new site, please send it along to feedback@globeandmail.com. If you want to write a letter to the editor, please forward to letters@globeandmail.com.

Welcome to The Globe and Mail’s comment community. This is a space where subscribers can engage with each other and Globe staff. Non-subscribers can read and sort comments but will not be able to engage with them in any way. Click here to subscribe.

If you would like to write a letter to the editor, please forward it to letters@globeandmail.com. Readers can also interact with The Globe on Facebook and Twitter .

Welcome to The Globe and Mail’s comment community. This is a space where subscribers can engage with each other and Globe staff. Non-subscribers can read and sort comments but will not be able to engage with them in any way. Click here to subscribe.

If you would like to write a letter to the editor, please forward it to letters@globeandmail.com. Readers can also interact with The Globe on Facebook and Twitter .

Welcome to The Globe and Mail’s comment community. This is a space where subscribers can engage with each other and Globe staff.

We aim to create a safe and valuable space for discussion and debate. That means:

  • Treat others as you wish to be treated
  • Criticize ideas, not people
  • Stay on topic
  • Avoid the use of toxic and offensive language
  • Flag bad behaviour

Comments that violate our community guidelines will be removed.

Read our community guidelines here

Discussion loading ...

To view this site properly, enable cookies in your browser. Read our privacy policy to learn more.
How to enable cookies