Video published on Instagram · Transcript below
Takeaways
- Developers cut prices slightly while demand fell 35 percent, Jim cites.
- Pre-construction averaged $1,549 per square foot for possession in 3 to 5 years.
- Resale on Humber Bay with a lake view ran $900 to $1,000 per square foot, now.
Note, October 30, 2026: this video was recorded in August 2023. The demand and per-square-foot figures Jim cites describe that moment and no longer apply the same way. The transcript below is verbatim.
Transcript
Note, October 30, 2026: this video is from August 2023. The $1,549 per square foot pre-construction average and the $900 to $1,000 resale figures Jim cites are as of then. The transcript below is verbatim.
Transcribed from the video audio. Obvious transcription errors fixed where the intended word was certain; wording is Jim's.
Construction condos. Why am I not a fan right now? The numbers just for me don't make sense. Great article in the Globe and Mail this morning talking about how actually condo developers have reduced prices slightly this year, demand is down 35%. Those aren't my concerns. Here's my concern. The average price of a pre-con condo right now is $1,549 per square foot. That's for something that's going to be built or that you're going to take possession of in three, four, five years down the road. Right now you can buy a resale condo for example on Humber Bay with a lake view for as little as 900 possibly even less to $1,000 a square foot. Why would I encourage you to invest in something and pay $1,549 per square foot if you can buy something right now for 900 square foot. Now there's a lot of people a lot smarter than me who continue to push pre-construction condos and maybe they are right but at the same time maybe they're wrong and maybe you should look at resale.
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