A Condo Odyssey | 2

Fall 08

2012: A CONDO ODYSSEY | 2

By: Susan Toughlouian, Giovanni Marsico, Roy Bhandari & Amit Bhandari

NOTICE: This Book is licensed to the individual reader only. Duplication or distribution via e-mail, disc, network, printout or other means to a person other than the original purchaser is a violation of international copyright law.

© Copyright 2012, Susan Toughlouian, Giovanni Marsico, Roy Bhandari and Amit Bhandari, Toronto Condo Boutique & TalkCondo.com. All rights reserved. No part of this book may be reproduced in any form, by any means (including electronic, photocopying, recording or otherwise) without the prior written permission of the publisher.

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© Copyright 2012 • Toronto Condo Boutique & TalkCondo.com. All rights reserved. Reproduction, in whole or in part, without written permission is prohibited and a violation of International copyright law.

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TABLE OF CONTENTS

SECTION 1 – THE 6 TORONTO CONDO BUBBLE MYTHS  Myth #1 – Too Much Supply  Myth #2 – Units Are Too Small  Myth #3 – Too Much Foreign Investment  Myth #4 – Too Many Investors  Myth #5 – Prices Too High  Myth #6 – You Can’t Make Money on Rentals  How To Spot a Toronto Condo Bubble

SECTION 2 – 2012 AT A GLANCE  2012 Market Projections  Sneak Peak at 2012 Condo Launches

SECTION 3 – CONDOMATCH™  Warning: How Do You Choose A Condo Investment That Is Right For You?  The CondoMatch Mastermind

SECTION 4 - APPENDIX  About This Report  Meet The Team  The Toronto Condo Boutique & Talk Condo

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SECTION 1 – THE 6 TORONTO CONDO BUBBLE MYTHS

Everywhere you look, the media in Canada are selling millions of copies of their publications using words such as “Bubble” and “Crash”.

(Pictured to the left is the cover of the January 2012 edition of Canadian Business magazine.)

After all, the fear of bad news is the best motivator to have the public pull out their wallets.

Will Canada crash? Will housing prices fall ten or twenty percent like the doomsday analysts predict?

Since Real Estate is local, and not national, we are going to address the Toronto market – specifically condos.

While other cities or communities in Canada may have price dips, increases, or flatline, we project the Toronto Condo market to continue to rise.

As we have the privilege of communicating with thousands of investors each year, we find ourselves in the same conversations with many people.

Over the next few pages we are going to address the six most common misconceptions we hear (not only from investors but from the media as well), and provide actual market data and facts for each ‘myth’.

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MYTH #1 – TOO MUCH SUPPLY

Drive around the downtown Toronto area for 20 minutes and you can’t help but notice all the cranes. News reports boast the fact that 2011 had the highest number of new condo sales in history - 28, 466 to be exact.

With almost 30,000 new sales, and over 100 cranes, it is easy to see why people believe there is an oversupply of units – and economically speaking, big supply means downward pressure on prices.

FACT: WE HAVE A HOUSING SHORTAGE!!

According to Statistics Canada, there are roughly 260,000 to 280,000 new people to Canada each year – NET migration (foreign and domestic immigrants minus emigrants).

These new people are not moving to rural Saskatchewan and Manitoba – they’re moving to the big cities such as Toronto, Vancouver and Montreal.

In fact, Toronto receives 100,000 to 150,000 each year. We have for the past 10 years, and according to Stats Canada, we can expect the same for the next 10-20 years.

To house these new people, the Greater Toronto Area (GTA) requires roughly 40,000 new homes each year, or 1 home per 2.5 people.

Looking back to the mid 1970’s, there were 40,000 new home sales (low rise), and 1000 condo sales (4 condo projects). Most of the new home sales occurred in the suburbs, with condo projects downtown.

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Since then, on average, each and every year, the number of low rise has declined, and the number of highrise has increased, averaging out in the 40,000 total range. This ’40,000’ number has remained relatively constant since the 1970’s.

In 2005, the province instituted the ‘Places To Grow’ policy, which froze 1,600,000 acres of land (called the ‘Greenbelt’) for development, in an effort to protect the land, and to increase intensification.

(Pictured above – the ‘Greenbelt’)

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This means developers were forced to build low rise OUTSIDE the greenbelt (North of Newmarket, etc.) or build highrise INSIDE the greenbelt (in the GTA).

The result is that we are at the lowest inventory levels for new low rise homes in history!

40 MINUTES OR ITS FREE? THE ISSUE IS DELIVERY…

With dwindling low rise inventory, it seems that record high new condo sales can fill the gap to properly meet demand from immigration.

The problem, however, is DELIVERY.

For pre-construction condos, the average time between the start of sales to occupancy and completion of the units is typically 4-5 years.

So 28,000 condo sales in 2011 means that we won’t see these units completed until 2015, 2016, or even 2017 depending on delays.

For the past 10 years, the average number of condos ‘delivered’ (i.e. – completed units) each year is roughly 13,000 - 15,000.

15,000 seems to be the capacity for the industry. With low rise numbers continuing to drop, and immigration constant, we’re practically in a housing shortage!

This seems to be one of the biggest factors for the steady increase of price appreciation in the GTA. There is a strong demand for housing, which will continue for many years to come.

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MYTH #2 – UNITS ARE TOO SMALL

This myth is actually coupled with another two of our favourites – “condo developers are greedy”, and “developers are designing units for investors”.

After all, if they design the units smaller, they can produce more of them!

Moving back in time 20 years, a one-bedroom unit could be 800 to 1000 square feet. Now, we’re seeing one-bedroom units in the 400- 500 square foot range.

Is this really developer greed?

FACT: SMALLER UNITS ARE MORE EFFICIENT AND AFFORDABLE

Due to skyrocketing land prices, and increasing prices for construction materials and labour, developers are left with 2 choices:

1) Keep unit SIZES constant, forcing unit prices HIGHER (making suites too expensive and out of reach for most buyers) 2) Keep unit PRICES constant, forcing unit sizes SMALLER

Developers of luxury condos typically go with choice number 1, while most developers opt for choice #2, forcing them to innovate and create more efficient spaces.

Innovations in design have actually come a long way, which is highly beneficial for condo buyers since you end up paying for space.

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While the price per square foot constantly increases, end prices of the units have been pretty constant to keep them affordable (especially for first time buyers).

THE ‘SHIFT’

There is also a demographic shift happening, resulting in a demand for smaller unit sizes – especially in the downtown area.

More people in the GTA are getting married later in life, and having children later in life. Many Ontarians are moving from the suburbs BACK to the downtown core.

The single person, or double person household is much more common than the typical ‘nuclear family’.

There is also a shift in transportation – with more people moving to the GTA, the roads are so congested that more people prefer to live close to work relying on public transportation.

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MYTH #3 – TOO MUCH FOREIGN INVESTMENT

We were shocked recently, to read a newspaper article that mentioned foreign investment being “50/50”.

The assumption is that 50% of the buyers of Toronto condos live in other countries!

FACT – 98% OF NEW CONDO BUYERS HAVE AN ONTARIO DRIVER’S LICENSE AND SOCIAL INSURANCE NUMBER

Of the 28,000 new condos sold in 2011, our team sold close to 1% of them. Based on our sales, 98% of our buyers were ‘local’ with 2% coming from other countries.

It is quite easy for us to track due to the fact that international investors have different requirements than those in the country (i.e. – the typical deposit structure is 20% for local investors, while international investors need to invest a minimum of 35%)

We wanted to verify this number so we spoke with Hunter Milborne of Milborne Real Estate.

Milborne Real Estate provides inside sales for condo developers – they represent 20+% of all condo sales in the GTA, so they see 20% of all condo agreements.

According to Mr. Milborne, they had the exact same number as us – 98%!!

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The reason for this misconception is that many of the buyers were not originally born in Canada. Many immigrated here from other countries.

In our experience, we see a lot of ‘local’ buyers who were originally born in China, India, Pakistan, Korea, Iran, Russia, and too many other countries to mention.

So it is easy to see why there is so much confusion – but looking back at why we have a demand for housing, it makes sense that many new condo buyers were originally immigrants to Canada.

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MYTH #4 – TOO MANY INVESTORS

We’ve recently had clients ask if there were ‘too many investors’. The assumption is that it is investors purchasing all these units, which could cause an oversupply in the future.

FACT: 100% OF PRE-CONSTRUCTION BUYERS ARE INVESTORS

To qualify this statement, everyone who purchases real estate is making an investment. But lets take a closer look at this myth.

We now know that we need roughly 40,000 new homes to keep up with demand for housing.

We’ve also mentioned that a typical new condo project takes 4-5 years to complete.

What we haven’t mentioned are the following:

1) Most Toronto developers will not receive construction financing until they’ve sold a minimum amount of pre-construction units in a project – typically 65-80% of the total units (i.e. they have to sell the majority of the units before they can start building) 2) The average ‘home buyer’ (called ‘end user’ in the industry) does NOT like to purchase from floor plans – they prefer to physically see the condo they are purchasing 3) End users typically have a 30-120 day time frame when purchasing, making it impossible to purchase with a 4-5 year window

So it is safe to say that ‘most’ people buying at the start of sales are investors.

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The question then becomes – what are the objectives of these investors?

The big fear is that there are a lot of ‘speculators’ – aka – people investing at the start of a project with the intent of selling at the end of a project.

In our experience, investors can be typically grouped into 3 categories:

a) Short-term – those who purchase with the intent of selling once the project is completed b) Medium-term – those who purchase with the intent of renting out the unit when the project is completed, with the objective of selling in the future c) Long-term – those who purchase with the intent of living in the space (either immediately, or at some point in the future – for example, a parent purchasing for their child who will use the space during university, or for retirement, etc.)

The three categories, in our experience, are typically split evenly.

For those worried that 33% of the group are planning to ‘flip’, keep in mind that end users need to see what they are buying, and typically have a 30-120 day timeframe.

Since developers can’t build first, and then sell, it creates a unique opportunity in the Toronto market for short term investors to thrive.

There may also be a concern for oversupply of rental units. But here are the facts – in 2008, there were 4000 condos rented on the MLS (Multiple Listing Service). Last year, there were over 8000 rented, and we are currently at record lows for rental vacancies (close to 1%!)

(We discuss rentals in further detail in Myth #6)

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MYTH #5 – PRICES TOO HIGH

The average price per square foot of a pre-construction condo in Toronto is roughly $600/sqft (this number varies from neighbourhood to neighbourhood).

This means a 500 square foot unit would cost $300,000, and a 1000 square foot unit would be $600,000.

To many, this seems outrageous and high. In the downtown area, the average is closer to $700/sqft, with luxury projects like Trump and the Four Seasons way over $1000/sqft (closer to $1500).

Are prices too high? Are condos over-priced?

FACT: EXPECT PRICES TO REACH $3600/SQFT

When we sat down with Hunter Milborne to discuss the market, we asked him about his history in the industry. He told us a wonderful story about how he started.

Milborne Real Estate was one of the first pre-construction sales companies in Toronto. His first condo project was in the late 1970’s, at 33 Harbour Square.

At the time, the project was selling for $60/sqft, with a 2 bedroom unit selling for $80,000.

(Here’s the inside joke – purchasers said the price was too high!)

Over his 30+ years in the business, every single project was priced ‘too high’ according to buyers.

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(There is a strange sense that we have as humans, that prices are supposed to stay constant forever.)

During our conversation, Hunter said something really profound, “In the past 30 years, we’ve seen prices increase 10 times, from $60/sqft to $600/sqft, with 3 downturns in the market.

Given that this industry is cyclical, it is safe to say that 30 years from now, prices will be in the $3600/sqft range, with another 3 downturns over that time period.”

For the record, here are Hunter’s rules when it comes to condo investing:

1) #1 rule is capital preservation – the main goal in investing is “don’t lose your money”. 2) Don’t buy more than you can afford. 3) Don’t sell at the wrong time (or be forced to sell at the wrong time) 4) Don’t wait to buy real estate, buy real estate and wait.

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MYTH #6 – YOU CAN’T MAKE MONEY ON RENTALS

In line with Myth #5, there is a common misconception that prices are too high resulting in carrying costs higher than rental amounts.

For example – if your monthly carrying costs are $1800, and the most you can acquire from rental income is $1700/month, the result is negative (out of pocket) cashflow of $100/month.

FACT: YOU CAN STILL ACHIEVE POSITIVE CASHFLOWS IF YOU UNDERSTAND THE CONCEPT OF ‘PLATINUM INVESTING’

To qualify this statement – if you were to purchase a brand new COMPLETED condo unit today, in a project that was just completed, at current market values, you will most likely experience negative cashflows on rent.

HOWEVER – if you had purchased during the “platinum phase” at the start of the same condo launch, where the prices were the lowest possible for the unit, you would most likely experience POSITIVE cashflows on rent.

(We won’t go into too much detail about platinum investing and specific cashflow calculations, as this is something we do in our ‘CondoMatch’ sessions mentioned in a further section…the bottom line is that you MUST purchase at the start of a project to reap the most rewards in terms of capital appreciation AND cashflow)

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Take the recently finished ‘Festival Tower’ project at 80 John Street, at the intersection of King Street West and John Street – home of the TIFF Bell Lightbox theatre and Toronto Film Festival.

At the launch of the project, units were selling in the $550/sqft range.

Today, completed units are selling between $700-$800/sqft or more.

If you purchase today with the intention of renting out the space, you are at far greater disadvantage than those who purchased at the launch of the project, who have also experienced a $150-250/sqft increase in appreciation as well!

(On an 800 sqft unit, the increase would be between $120,000 to $200,000!)

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SIDENOTE – RENTAL RATES

As previously mentioned, we’re currently experiencing record low vacancy rates. There is massive demand for rental properties in Toronto, specifically in the downtown areas (or areas close to public transit such as subway stations) and especially in brand new buildings.

For example – the recently completed 33 Bay project has had over 100 rentals in the past quarter.

The recently completed M5V project has had over 50 in the same timeframe.

(These leases are from MLS, and don’t include private leases – for example – through websites like Kijiji and Craigslist)

Both of these projects, as well as the previously mentioned Festival Tower, have seen rental rates ABOVE the $3 per square foot range – a price point typically reserved for luxury buildings in the Yorkville area.

(For example – at $3 per square foot, a 500 sqft unit would rent at $1500 per month, and an 800 sqft unit would rent at $2,400 per month)

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HOW TO SPOT A TORONTO CONDO BUBBLE

Going back to basic economics – for prices to fall, you need a decrease in demand, or an increase in supply.

The three leading indicators to watch are (1) Interest Rates, (2) Immigration, and (3) Inventory.

INTEREST RATES

If and when interest rates rise, homes will become unaffordable. We can expect a softening of the market at the point when interest rates go up significantly.

On January 24, 2012, the US Federal Reserve announced that they will keep interest rates at current levels until late 2014, and Canada typically follows the US.

That’s three more years of ultra-low rates. Should rates have a sharp increase afterwards, expect the market to soften or fall.

NET MIGRATION

As mentioned above, the reason we have such a strong demand for housing is because the Toronto area literally needs to house 100,000 new people every year.

According to Stats Canada, Toronto can expect this amount for the next 10 years, which means we will need 400,000 new homes over the next 10 years.

So why do we have so many new residents each year? What is the appeal of Toronto to immigrants?

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(Chart above courtesy of RealNet Canada, with stats from Statistics Canada)

Starting at the national level, Canada is one of the most friendly nations to immigration. Other great countries like Australia, New Zealand, and even the US have extremely rigid immigration rules making it virtually impossible to move.

Canada is considered the “Switzerland of North America”, being fiscally responsible and conservative. We have one of the best and safest banking systems in the world.

On the municipal level, as the saying goes, Toronto is like New York, but run by the Swiss.

We are the most culturally tolerant, and ethnically diverse city in the world. An immigrant coming from any country can typically find a community of residents from that same country.

We also have the most head offices, the hub of Canadian finance (our Bay Street being compared to Wall Street in New York), the best

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restaurants the best arts and entertainment, and most importantly, one of the safest and cleanest cities in the world.

In a nutshell, we need to provide housing for 100,000 new people each year.

BUYER’S MARKET (INVENTORY)

Another indicator of ‘bubble territory’ would be a buyer’s market.

In Real Estate, a ‘balanced’ market is when there is 18 months supply of housing. For example – if there are 20,000 sales in a year, 30,000 units needed to be available for purchase to keep things balanced between supply and demand, and to keep prices in check.

According to RealNet Canada, the company that tracks all new home sales across the country, the GTA currently has a 4 month supply of low rise, and a 6 month supply of high rise – signifying a massive seller’s market.

Once supply surpasses the 18 month mark, expect prices to soften or fall.

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SECTION 2 – 2012 AT A GLANCE

2012 MARKET PROJECTIONS

In summary, we expect 2012 to be another stellar year when it comes to new condo sales, similar to the record sales of 28,000+ new condo units in 2011.

THE NUMBERS

While its too difficult to predict whether or not we will beat the 2011 record year, we feel that the numbers will be close.

What makes 2012 stand out from 2011 is the ‘quality’ of product expected to launch.

In 2012, there are more projects taller than 50 storeys, in AAA prime locations - 5 new mega-towers alone with a ‘Yonge Street’ address (Yonge Street is one of the major streets in the city, which has the subway line running below it).

Demand is always greater for large towers in prime locations, especially along the subway line.

SUBURB EXPANSION

With sky-rocketing land prices in the downtown core, we predict that developers will start looking to under-utilized areas of the city to develop master-planned condo communities.

WE also predict a surge of new condo projects in the suburbs of Toronto – especially in the 905 area code.

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The 905 has typically been the epicenter of new low rise developments, but with no more land to develop, and increasing new home prices, condos will become more attractive in these areas.

Many GTA suburbs such as Mississauga, Vaughan, and Markham, are now creating ‘downtown city centres’ – complete with commercial, retail, and residential – primarily in the form of condominiums.

TRANSIT EXPANSION

As the government continues to plan new public transit routes (especially the new Eglinton line, the expansion of the University line, and potential expansion of the Sheppard line), we expect savvy developers to begin purchasing strategic sites along these corridors.

After all, public transit can be one of the biggest selling features for condo living.

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SNEAK PEAK AT 2012 PROJECT LAUNCHES

Over the next few pages, you will find a brief snapshot of some major new condo projects launching in 2012.

WARNING: We are NOT currently recommending ANY of these projects.

As we tell all our clients, we will never recommend a project until we receive full project details, including floor plans, pricing, building features, timelines, and much more.

The projects listed are either in prime locations, or major growth areas expected to see incredible returns.

The developers for each of the projects listed are by far the top in the city – most reputable, with incredible projects already launched in previous years.

If you are actively seeking a new condo investment, please refer to the following section called ‘CONDOMATCH™’.

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INDX Condominiums ADDRESS & INTERSECTION: 66 Temperance Street (Bay & Adelaide) DEVELOPER (& PAST PROJECTS): Lifetime Developments & CentreCourt Developments (Karma, The Yorkville, The Bond, Peter Street Condos) HEIGHT (# FLOORS): 54 Floors DESCRIPTION: Lifetime & CentreCourt team up again following the enormous success of Karma Condominiums. INDX Condominiums is located in the heart of the Financial District at Bay between Queen and King offering incredible rental and resale potential. The site will also feature direct access to the underground PATH network and quick access to three subway stations.

88 Scott ADDRESS & INTERSECTION: 88 Scott Street (Front & Wellington) DEVELOPER (& PAST PROJECTS): Concert Properties (The Berczy) HEIGHT (# FLOORS): 58 Floors DESCRIPTION: Located in Toronto’s “St. Lawrence Market” district, 88 Scott is a stunning 58 storey project by popular developer Concert Properties.

CASA 2 ADDRESS & INTERSECTION: 42 Charles Street East (Yonge & Bloor) DEVELOPER (& PAST PROJECTS): Cresford Developments (CASA, 1Thousand Bay, NXT, NXT 2) HEIGHT (# FLOORS): 58-62 Floors DESCRIPTION: The developers of one of the most popular residential condominiums in Toronto, CASA (33 Charles Street East) are ready to bring their follow up project, CASA 2 to Toronto. The site is located just south of world-renowned Yonge & Bloor and Yorkville.

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Sutton Place ADDRESS & INTERSECTION: 955 Bay Street (Bay & Wellesley) DEVELOPER (& PAST PROJECTS): Lanterra Developments (Maple Leaf Square, ICE 1 & ICE 2, Murano, Burano) HEIGHT (# FLOORS): N/A (32+ Floors) DESCRIPTION: Lanterra are set to convert one of Toronto’s most popular and exclusive hotels (Sutton Place Hotel) into residential suites. The hotel, located on iconic Bay Street will be revitalized with the developer set to add more floors to modernize the building.

Massey Tower ADDRESS & INTERSECTION: 197 Yonge Street (Yonge & Queen) DEVELOPER (& PAST PROJECTS): MOD Developments (Five Condominiums) HEIGHT (# FLOORS): 60 Floors DESCRIPTION: Massey Tower carries a lot of historical significance. The original building located at 197 Yonge (Canadian Bank of Commerce Branch) was originally constructed in 1905 and will be restored and converted into an exquisite 4 storey podium for a brand new 60 storey condominium tower. The site is located opposite the Eaton Centre and just steps from the Subway.

OnePark Place ADDRESS & INTERSECTION: Regent Park (Dundas & Parliament) DEVELOPER (& PAST PROJECTS): Daniels Corporation (One Park West, Paintbox, Cinema Tower) HEIGHT (# FLOORS): N/A DESCRIPTION: The Regent Park revitalization by Daniels continues. One of the most ambitious revitalization projects is in full swing with One Park West and Paintbox enjoying enormous success. OnePark Place is the latest condominium project located at Dundas & Parliament.

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River City Phase 3 ADDRESS & INTERSECTION: King Street East & River Street DEVELOPER (& PAST PROJECTS): Urban Capital (River City 1 & 2, Tableau, Boutique) HEIGHT (# FLOORS): Approx. 30 Floors DESCRIPTION: River City is a multi-phase development located in the ever-popular East Side of Toronto. Multi-Phase developments are potential gold mines for investors who are able to invest early in future hot spots. The River City location will also be home to the 2015 Pan Am Games which will bring new stadia, parks and transit into the East End.

365 Church ADDRESS & INTERSECTION: Church Street & McGill Street DEVELOPER (& PAST PROJECTS): Menkes (Lumiere, Four Seasons Private Residences) HEIGHT (# FLOORS): 30 Floors DESCRIPTION: Church & McGill offers incredible access to local amenities that an investor craves. Located steps to Ryerson University, the brand new Signature Loblaw’s located at the old Maple Leaf Gardens and steps to the College Subway Station will make 365 Church a popular choice.

460 Yonge ADDRESS & INTERSECTION: 460 Yonge Street (Yonge & College) DEVELOPER (& PAST PROJECTS): Canderel (College Park, Aura, DNA1, DNA2) HEIGHT (# FLOORS): 60 Floors DESCRIPTION: Canderel are among the most popular developers in Toronto with their projects consistently selling well in pre- construction and post-construction phases. Their project “College Park Condos” at Bay & College boasts the highest resale value in a mid-level condominium in Toronto. Their new project is located on one of the Cities most bustling intersections: Yonge & College.

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501 Yonge ADDRESS & INTERSECTION: 501 Yonge Street (Yonge & College) DEVELOPER (& PAST PROJECTS): Lanterra Developments (Maple Leaf Square, ICE 1 & ICE 2, Murano, Burano) HEIGHT (# FLOORS): 2x 58 Floors DESCRIPTION: Yonge & College is set to undergo a huge transformation with the addition of two new towers by Lanterra. The two towers will stand 58 storeys and will be connected by a huge podium that will bring new life to Yonge Street.

1 York & 90 Harbour ADDRESS & INTERSECTION: 1 York & 90 Harbour (York & Harbour) DEVELOPER (& PAST PROJECTS): Menkes (Lumiere, Four Seasons Private Residences) HEIGHT (# FLOORS): 2x 70 Floors DESCRIPTION: Menkes will be bringing two huge towers to the ever growing mini financial core growing at Lower York Street. The site is located just steps from the CN Tower, Rogers Center and Air Canada Centre.

Ten York ADDRESS & INTERSECTION: 10 York Street (York & Harbour) DEVELOPER (& PAST PROJECTS): Tridel HEIGHT (# FLOORS): 75 Floors DESCRIPTION: Ten York will be the second tallest residential tower in Toronto (after only Aura Condominiums) and will be located at the gateway of Toronto at York & Harbour. The condominium will offer incredible lake and city views.

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SECTION 3 – CONDOMATCH™

WARNING: HOW DO YOU CHOOSE A CONDO INVESTMENT THAT IS RIGHT FOR YOU?

Over the past few years, we’ve come to a few realizations:

1) Most investors, especially first time condo investors, don’t know the inner workings of the Toronto condo industry (how platinum investing works, secrets of developer-driven appreciation, and much more) 2) Over 90% of investors who purchased a new condo BEFORE working with us, have made a mistake that ended up costing them money (not receiving absolute first access, not knowing the relationship between floorplans and value, selling at the wrong time, competing with platinum investors, etc)

In 2010 our team launched a new service called the ‘CondoMatch™‘ Program. While we only reveal the full program to our active clients, the first Phase of the program is open to everyone and is called The CondoMatch Mastermind Workshop™

THE CONDOMATCH MASTERMIND WORKSHOP™

The CondoMatch Mastermind is a power-packed workshop, held either as a one-hour 1-on-1 private session, or two-hour small group session of 3 to 10 like-minded investors.

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By the end of the workshop, you will learn how top investors profit from the pre-construction condo industry.

We can determine the best project and unit for you, based on your investment goals, using our proprietary questionnaire and assessment.

During the session we will also provide coaching and education to teach you all about investing in pre-construction condos (for the full agenda, click on the link below).

The fee for our CondoMatch Mastermind Workshop is typically $250+HST.

HOWEVER - if you book a workshop before April 30th, 2012 using promotion code “2012MC”, we will waive the $250 fee and make the program complimentary for you.

To receive this promotion, please use promocode "2012MC" when you register on the webpage listed below, or call us at 416.247.1267 to register and mention this code.

======FOR FULL DETAILS ON THIS PROGRAM, AND TO REGISTER FOR A CONDOMATCH MASTERMIND WORKSHOP, PLEASE CLICK ON THE FOLLOWING LINK: http://www.condomastermind.com

(Click on the link above or copy and paste the link into your browser)

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SECTION 4 – APPENDIX

ABOUT THIS REPORT

This report is an educational guide for people interested in condominiums in the Toronto area.

The information provided in this publication is for educational and entertainment purposes. Mention of specific companies, organizations, or authorities in this publication does not necessarily imply endorsement by the publisher, nor does mention of specific companies, organizations, or authorities imply that they endorse the publication.

Toronto Condo Boutique and TalkCondo make every effort to ensure the accuracy of the information they publish, but cannot be held responsible for any consequences arising from errors or omissions.

At the time of writing, the information provided was accurate. Due to changes in legislation, market conditions, and other factors, some information will most likely become outdated.

Any ROI and appreciation calculations are for case study and hypothetical purposes only. The publishers cannot guarantee any returns on investment nor can they predict future market conditions.

As with any investment, there is always inherent risk. The publishers advise that you always check with your real estate, legal, and financial professionals before making a purchase of any kind.

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MEET THE TEAM

Susan Toughlouian, Giovanni Marsico, Roy Bhandari and Amit Bhandari are a team of award-winning ‘PLATINUM VIP BUYER AGENTS’ with Sotheby’s International Realty Canada in Toronto’s new development condominium market.

We represent YOU – the BUYERS and INVESTORS – NOT developers....but it is the developers that pay our commissions, so it is like we work for you at no cost!

Our ‘niche’ is to provide investors with FIRST ACCESS to the hottest projects in Toronto – to obtain the LOWEST possible pricing, the MOST opportunity for appreciation, and the BEST Suite selection.

(Pictured above left – Susan and Giovanni winning their “Top Producing Agent” award for Chaz on Charles – above right – Winning “#1 Agents” at River City Award)

SOTHEBY’S INTERNATIONAL REALTY CANADA 497 DAVENPORT ROAD, TORONTO ONTARIO, M4V 1B7 OFFICE: 416.960.9995 FAX: 416.960.3222

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TORONTO CONDO BOUTIQUE & TALK CONDO

Whether you’re buying a new condo in Toronto, buying a resale condo, buying a condo assignment, buying a loft, looking for a condo rental, or looking to sell your property, the Toronto Condo Boutique and TalkCondo can and should be your first stop.

What sets us apart is our knowledge and experience in the Toronto condo market, our team approach, and our focus on the ENTIRE marketing process. We are not simply ‘Toronto condo real estate agents’. We have assembled a team of the most professional marketers, photographers, home stagers, web developers, real estate lawyers, mortgage brokers, and licensed real estate agents to give you a one-of-a-kind real estate experience.

The TorontoCondoBoutique.com website is an online directory of the hottest properties, listings, and condo neighbourhoods in the City of Toronto.

TalkCondo.com is the country’s top condo blog with buzz on all new and upcoming condo project launches in Toronto.

Start your condo search today by visiting us at: http://www.torontocondoboutique.com http://www.talkcondo.com