Tag: 8 wellesley

• Market > individual performance

  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.

  2026.10.14

• Long live the city

  The sentiment around downtown/urban condos has completely changed over the last month or so. This is happening in Toronto and, from what I hear, it’s happening in many other cities as well. Carolyn Ireland published an article in the Globe and Mail today called, “For downtown Toronto condos, the worm has turned.”

  But I can also speak to what we (and our colleagues in the industry) are seeing on the ground. A sense of urgency has returned. Prices are starting to push upward. And people are buying. The last few weeks have also seen some very successful condo launches in the city including 8 Wellesley by CentreCourt Developments. I can’t remember if they sold out in 7 minutes or 7.5 minutes.

  None of this is necessarily surprising. Interest rates are low. The US is doing a good job at vaccinating its people. Single-family home prices have exploded over the last year (pushing buyers toward condos). And there seems to be an emerging view that the second half of this year is going to be pretty good. (This was my view at the beginning of the year and stand behind that position.)

  Today was a beautiful spring-like day in Toronto. I was out for a site visit this morning and the sidewalks were filled with people milling about and enjoying the sunshine. City life isn’t going anywhere my friends. Long live the city.

  2021.03.10