The Toronto Star report today on the antagonism between real estate brokers and agents at a camp-out awaiting a pre-sales event at a Etobicoke condo development near Lakeshore and Parklawn.in
This particular condo development has the ridiculous name of â€œBeyond the Seaâ€, though the only thing even resembling a â€œseaâ€ would be Lake Ontario, on the other side of Humber Bay Park.
Real estate agents and brokers lined up overnight in a scene reminiscent of music fans lining up for hot concert tickets to go on sale (though the internet and Ticketmaster’s monopoly on event sales reduced this phenomenon). The reason? Quick profits. They all awaited to buy units to re-sell to the public with commissions.
Here’s one telling quote from the article: “‘We are going to take home $20,000 for 24 hours,’ said [Sofia Hassan, a real estate agent], referring to commissions. She started camping out at 9:30 Wednesday morning for yesterday’s opening.”
This is frustrating because of the hypocrisy of real estate agents that has contributed to Toronto’s fiscal crisis. Agents and brokers (like the ones lining up yesterday to make quick cash) crowded the Council Chambers on July 16 when the vote to adopt the land transfer tax was deferred. They predicted that the sky would fall if the city implemented its land transfer tax and lobbied hard to gather enough lightweights on council to vote with the right-wing. Meanwhile, tactics such as flipping yet-unbuilt condo units only helps to drive the prices up and prove that the market is overheated.
While Toronto condos are attractive because of good public services, transit, parks and proximity to jobs, these attributes are threatened by those who profit from these public goods.
photo by grantmac