Brad Lamb Is Not Worried – “We are the number one condo market for new development on the planet. This talk of bubble is ridiculous.”

Announcer: “Remember that so called real estate bubble that’s been predicted to burst for what seems like forever? (laughs)… well it certainly didn’t happen last month… Canadian home sales rose almost 3% in Sept and 11% from the same month last year.”

Brad Lamb: “We are the number one condo market for new development on the planet.”
Announcer: “Brad Lamb is a RE broker and developer who has “been selling Toronto property for two decades, he says 2011 could be a record breaker.”
Brad Lamb: “I’m building over 2000 condos across Canada at present, and I’d say that 50% of those are under 520sqft.”

Announcer: “Yet there are worries that developers may be building too many condos in Toronto.”
Will Dunning, economist: “… we don’t know how they’ll be absorbed in the market place.”
Announcer: “Brad Lamb, who builds them, is not worried.”
Lamb: “This talk of bubble is ridiculous. But, we’re going to have recessions, we have them every 15 or 10 or 8 years, and when it happens, people are going to put their hands in their pockets and not buy real estate.”
-CBC Radio, “World at 6”, 17 Oct 2011

17 responses to “Brad Lamb Is Not Worried – “We are the number one condo market for new development on the planet. This talk of bubble is ridiculous.”

  1. Disingenuous developer is disingenuous. News at 11

  2. Royce McCutcheon

    Iraqi information minister.

  3. Who remembers this?

    This is awesome!

  4. Obligatory video, “this lamb sells condos”:

  5. Im in the same game as Lamb. Almost bankrupted 3 times. I carry 25 years of scars. My bankers like me because im a survivor, and im cautious.

    Lamb isnt cautious. Doesnt matter whether it is 20, 200 or 2000. The banks will smash you to pieces and they dont give a rats

    Ive sold everything i can. Im in cash. I expect the markets to crash. It may even take 2-5 years. Doesnt matter.

    Really successful developers make their money at the bottom not the top.

    I have a penchant for names. Names representing what the individual really is. In this case, it sounds like Lambs to the slaughter

  6. Canada’s low mortgage default rate is supportive of Lambs position. When it rises I will start taking the pessimism of this blog and its unscientific recount of anecdotes more seriously.

  7. Of course the “Big City Broker” (He had a “reality” show on HGTV) isn’t worried. No “Leader” is ever worried. At least, no publicly. To say anything less would be even bigger news and that would kill his business. Salespeople know not to tell the market where to go unless it’s to put cash in their pockets. Selling real estate on the edge of a bubble? Buy a condo now! Selling fear like Garth Turner? Buy my book now! Selling equities on the edge of a turbulent market? Buy gold now! Selling duct tape after a 9/11 event? Buy duct tape now! Everyone has something to sell and a way to spin it.

  8. “I’m building over 2000 condos across Canada at present, and I’d say that 50% of those are under 520sqft”

    Anyone else see a problem with this, WOW! who is the target for these super small condos? I can see their appeal to single buyers but the single won’t be be singles forever and then what?

    I am going to guess most buyers of these small condos are speculating that the price will go up and that they will upgrade, I wonder how they will feel with a big mortgage and a small small place.

  9. Of course Lamb isn’t worried, he just sucked in thousands of sheep, some with deep pockets who bought multiple deals and would freak on him if he said anything even slightly negative. Big developers in Victoria recently put a big project “on hold” due to market conditions when a month before the local media couldn’t quit gloating how hot the condo market was. Lamb will be cooked “well done” by winter’s end.

  10. Heard in slaughter line to new condo pre-sales event In broken English with a thick Chinese accent:

    “I buy 3, my husband buy 3!”

    • Transaction volume always peaks at the top in prices then suddenly drys up when the supply of new buyers is exhausted and the psychology of the longs starts to waver.

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