The problem (some might call it an opportunity) with new developments or buildings is that there are no existing precedents. Nothing to compare to.
Often, this means that the first homeowner to sell ends up getting a low price. Buyers definitely don’t want to stick their necks out and look like a fool for paying too much.
It’s an interesting phenomenon. So this new building on Costigan is kind of like that. It remains to be seen. I think these prices are high, although I haven’t been inside the building yet. You can get a pretty awesome condo in Toronto (not downtown, but in the GTA) or Mississauga or Oakville for less than what I’m seeing these guys ask.
I’m rooting for them, but I’m not holding my breath. One thing is for sure — you better have a top notch Realtor on your side who can defend your price.