BEYOND REASON By: Linda Wheeler It never ceases to amaze me when I see agents and brokers camped out at new condo release event, some for more than 24 hours. In this case it was for the chance to buy units at a much-hyped waterfront condo in a waiting game some called "survival of the fittest." Tempers were flaring and personalities clashed as some agents resorted to scare tactics in an attempt to be rid of the competition, to get a piece of the west-end Beyond the Sea condominium project. The camp-out, an increasingly common sight at some well marketed condo projects, is a sign that Toronto's real estate market is not slowing down even as the housing recession deepens in the U.S. At the Beyond The Sea project, many spent the night asleep on lawn chairs, in their cars with their cell phones by their sides with little if anything to eat or drink for the duration, completely insane!

The development, near Lake Shore Blvd. W. and Parklawn Rd., is set to open in 2010 and has been heavily advertised. Prices for the phase two project range from $169,900 to around $1 million. Rapidly declining affordability in the housing market – due to both price increases and rising interest rates – has pushed more buyers into the condo market. And while Toronto's economy is only so-so, persistently strong population growth is also providing underlying support. While overall home building activity has been softening in Toronto since the peak in 2003, condominium construction is still holding up well. In fact, the first quarter of 2007 saw condo re sales hit a record at 3,100, the highest ever for that quarter. Some 3,400 new apartments sold in the first quarter, making it the third highest number on record. One reason for what's being seen as a much stronger second quarter is that only eight projects were released in the first quarter, compared to 35 in the second.