More than 100 real estate agents and prospective buyers lined up at the break of dawn for the chance to purchase a west-end waterfront condo.
The Beyond The Sea development has yet to break ground at Park Lawn Road and Lakeshore Boulevard, but lawn chairs littered the area as early as yesterday morning for the chance to grab a hot property in the midst of Toronto's condo boom.
"I've got clients who have made 120 per cent on their deposit. You wait three years, your money just sits, it's not a big chunk of change and you make a good return," Agnes Chaitas, a local realtor, told CTV News on Thursday.
Sales are expected to start at 6 p.m. on Thursday, which caused some realtors waiting in line to question their chances.
"I may be a little bit disappointed because I didn't know about the hype until yesterday. I think if we do the math, I'd be wasting my time," real estate agent Shawn Johnston told CTV News on Thursday.
Realtors were allowed in the building at noon to get a wrist band that they must display while they bid for one of 279 units later in the evening.
The Empire Communities development won't be finished for another three years but is considered a popular spot because of its proximity to Lake Ontario, the Etobicoke Yacht Club and public transportation.
The waiting crowd even became unruly overnight and authorities were called to contain the tension.
"They've got security guards and the police came by so we were ok," Chaitas said.
Condominium sales are at a record high in Toronto with 40 per cent of new home sales coming from condo purchases.
According to the Toronto Real Estate Board, 2,173 units sold in the city last month representing a 23 per cent increase in sales compared to June of last year.
With a report from CTV's MairiAnna Bachynsky
