Core Development Group made the splashy promise mid-2021, and through subsidiaries it quickly amassed a sizeable portfolio of homes in cities such as Peterborough and Kingston.painted a picture of its budding strategy: buying up moderately priced, older properties, fixing them up and adding shiny features like soaker tubs and new floors. Where possible, it also builds in additional rental units — and in many cases, the Star found, the units were listed for above average market rent.
While those homes represent a small fraction of the company’s property portfolio — as of late September, public records indicate that Core subsidiaries owned more than 110 properties in Ontario — the details of the recent listing suggest some formerly laid plans may have shifted. The real estate market has been cooling in recent months, as interest rates rise and fears of an economic downturn ripple out. As, the GTA housing market is currently more uncertain than it’s been in years. In places such as Peterborough and the Kawarthas, the local realtors’ association says sales in September were 27.6 per cent below the five-year average, with an average price of $726,862 — a four per cent year-over-year drop.
The company did buy $1B in real estate. They bought 2 homes in Toronto and 1 in Vancouver! What’s the problem?
The crooked ponzi is collapsing. Our politicians should be jailed for allowing this.
A shitty house costs a million bucks in Toronto.
LOL The mortgage rate went up with inflation and as a result whatever money they spent, they'll get less, if they are able to sell as the inflatiin keeps rising and market collapses. They fucked around and found out!!!
Good, keep them away
vultures. Between these entities and fucking Airbnb, they have destroyed affordability for even people making $100k. Renovating family homes into 8 bedroom rental properties just to gouge.
_VictoriaGibson This is an awfully flimsy story.