Tag: centrecourt

• 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

• Toronto condo market outlook

  BNN Bloomberg just published this article on the Toronto condo market. It is based on a roundtable discussion that was held at their Toronto office last week with Jim Ritchie of Tridel, Jared Menkes of Menkes Developments, Shamez Virani of CentreCourt, and Jane Renwick of Diamond Kilmer Developments.

  The overarching theme is that, after a couple of frenetic record setting years, the market should settle down in 2019, which is likely a good thing. Hopefully that will also temper construction cost inflation. We have been seeing double digit increases over the last few years (hence some of the cancelled projects).

  But as Jared points out, the fundamentals here are still strong and there are a number of supply constraints creating upward pressure on pricing:

  Jared Menkes, executive vice president of high-rise residential at Menkes Developments was unwavering for the future. “There’s a lot of red tape that’s slowing down bringing more product to market,” Menkes said. “I promise you, pricing is going up.”

  For the rest of the article, click here.

  2018.12.19