this post was submitted on 12 May 2024
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Toronto developers are getting desperate as no one is buying condos anymore (www.blogto.com)
submitted 6 months ago by lautan@lemmy.ca to c/canada@lemmy.ca
53 comments fedilink hide all child comments
 

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 6 months ago (1 children)

Demand was elastic until it wasn't.

[–] BenGFHC@kbin.social 6 points 6 months ago (1 children)

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

[–] HappycamperNZ@lemmy.world 7 points 6 months 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