TomMasz comments on Toronto developers are getting desperate as no one is buying condos anymore

Toronto developers are getting desperate as no one is buying condos anymore (www.blogto.com)

submitted 2 years ago by lautan@lemmy.ca to c/canada@lemmy.ca

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Condo sales numbers in and around Toronto have taken a drastic tumble so far this year, and now that the market is starting to lean towards buyers ...

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[–] TomMasz@kbin.social 12 points 2 years ago (2 children)

Demand was elastic until it wasn't.

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[–] BenGFHC@kbin.social 6 points 2 years ago (1 child)

Isn't it inelastic (D changes at a less than proportional rate to price) or have I got it mixed up?

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[–] HappycamperNZ@lemmy.world 7 points 2 years ago

Correct- essentials tend to be inelastic.

They may have the incorrect belief that elasticity is the ability to absorb a price change, rather than how much Q changes when hit with a change in P

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