It seems like eons ago now, but I remember when the pandemic hit in 2020 and pre-construction condominium sales in Toronto went on pause until the market could figure out what was going on.
Then, at the beginning of 2021, 8 Wellesley by CentreCourt launched and sold phenomenally well. It was an important moment because it signalled that the market was back. Developers could launch again.
Finding the right time to launch is something that developers weigh carefully, even in the best of times. I don’t believe that anyone can accurately time markets, but you want to feel like the market is strong and sentiment is positive.
Warren Buffett once wrote that “when a management with a reputation for brilliance tackles a business with a reputation for bad economics, it is the reputation of the business that remains intact.”
What this implies is that market dynamics ultimately trump individual performance. No matter how smart, creative, and diligent you may be, there’s only so much that you can do if the market isn’t there for you.
And in today’s condo market, developers are once again waiting for the next 8 Wellesley.
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