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Holy Crap - A New Condo!


A new condo development at Yonge & Bloor in downtown Toronto seems to be causing mass insanity. People waiting in line for up to 2 weeks for yesterdays opening of the sales office.

As people were standing in line, the price of the most expensive units actually rose $millions before their eyes. Many people at the front of the line were expected to flip their condo instantly to the people at the back of the line.

And for those too busy or without an umbrella:
The people lining up are mostly real estate agents or people being paid by them to hold their spot in line. Though they wouldn't say how much they were being paid, some hinted they were being paid between $2,000 and $3,000 for the week.

Here we are in Toronto with a housing shortage, with moderately priced rental units being hard to come by. According to this report, over 250,000 Torontonians spend over one third of their incomes on rent, and 71,000 families are on the waiting list for affordable housing.

Madness.

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