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Thread: real estate..... is it true??

  1. #217
    Could the reason be a rush to buy before the new mortgage rules came into effect, and the unusually warm October we had? You're right that people shouldn't be crying over such a small increase. Not a good sign.

    Anybody have $19 million to spend on a house in Vancouver? It needs a little TLC. Just a little.
    https://vimeo.com/151753760

    An entire blog dedicated to the phenom with tons of pictures:
    http://beautifulemptyhomes.tumblr.com/

    A report on Vancouver found that 1 out of 10 condo units sits empty.

    I think it's safe to say that Toronto is in way better shape.

    I want you to point your finger at me. I want you to call me names.

  2. #218
    There have been reports of realtors encouraging first time buyers to buy before the new rules came into place. I would say the sudden supply is from people who think the game is up or over soon and are looking to cash out.

  3. #219
    No sign of a bubble bursting in October. Another record breaking month for sales and prices!

    https://www.thestar.com/business/rea...ices-soar.html

    I want you to point your finger at me. I want you to call me names.

  4. #220
    Well Wynne said shes not going to do a foreign buyer tax. Because of this I think we will be seeing 30%+ year over year increases in the near future due to foreigners like the triad laundering money and Americans escaping Trump coming here. Basically the new Vancouver. Politicians always say one thing and do the other so I won't be surprised if she too imposes it suddenly after a few months like they did in BC.

  5. #221
    Trump win makes Canadian real estate look even more attractive
    It's too soon to say what the U.S. election means, but Canadian real estate looks even better to foreign buyers, say some experts.
    https://www.thestar.com/business/rea...ttractive.html

    http://www.moneysense.ca/spend/real-...s-real-estate/

    I want you to point your finger at me. I want you to call me names.

  6. #222
    Still can't understand why Canadians/Torontonians get excited about home prices becoming more and more unaffordable to themselves and their children?? First time homebuyers can't afford, and it becomes difficult to buy up as well. Not to mention your property taxes are tied to market values so along with seniors on a fixed income regular working class people get further stresses with living costs. It's bizarre. If you plan on selling and moving down the market soon then I understand.

  7. #223
    Property tax does not work like that. There is a government budget for how much tax they want to collect then they tell you your share based on weight averaging your homes value to all home values added together. If your homes value increases more than other areas then yes you will pay more tax but if it does not you either pay the same or less.

    Well they are excited because their home probably makes up a majority of their retirement equity. Not all homeowners are fond of today's youth, most are just starting to care and realizing their kids will never own a home or even a condo. Not a lot of them think this far ahead. Maybe they haven't reached the age yet where for some reason they just really really want grandkids.

    Their kids stay at home well past graduating from university. They cant afford to buy near their workplace so they buy cars and contribute to congestion. Single family homes with 3+ cars are now common. Rush hour is now 5:30 to 9:00 on most days.

    Now the kids with no home to raise families will either leave Toronto or Canada as a whole and contribute to the population growth problem, forcing governments to rely more and more on immigration which keeps wages stagnant.

    Ontario's finance minister is turning out to be a doofus. The federal mandate is to cool housing markets and this guy suggests we subsidize it.

    Everywhere I read allusions to New York City, that Toronto is the next NYC. Have these people ever been to NYC where a shack is 3000 a month? Just why do they want an NYC here when you could fly there for $100 in 2 hours? Greed.

  8. #224
    Quote Originally Posted by wonkyknee View Post
    Still can't understand why Canadians/Torontonians get excited about home prices becoming more and more unaffordable to themselves and their children?? First time homebuyers can't afford, and it becomes difficult to buy up as well. Not to mention your property taxes are tied to market values so along with seniors on a fixed income regular working class people get further stresses with living costs. It's bizarre. If you plan on selling and moving down the market soon then I understand.
    There will come a time when the greatest generational transfer of wealth ever seen in world history begins, and it's when baby boomers start dying off and leaving their estate to their kids.

    Mind you, plenty of boomers are helping their kids get into the market right now using the equity they have in the homes they bought decades ago. This is a big driver in the current real estate market. I wish somebody would have helped me buy when I did.

    I want you to point your finger at me. I want you to call me names.

  9. #225
    Some neighbourhoods saw a 50% increase in home prices in October:

    http://www.movesmartly.com/2016/11/h...bourhoods.html

    Getting crazy out there.

    I want you to point your finger at me. I want you to call me names.

  10. #226
    Toronto Condo Inventory Disappearing Over 60% Faster Than Last Year
    Toronto condos logged another solid month of gains, with inventory disappearing more than 60% faster than October 2015.

    https://betterdwelling.com/city/toro...han-last-year/

    I want you to point your finger at me. I want you to call me names.

  11. #227
    More boring news: another record month in November.

    https://www.thestar.com/business/201...last-year.html

    Supply is way down, sales way up. No evidence of much speculation or foreign buyers in the Toronto market. The only thing that can take down the Toronto market is a massive loss of jobs or high interest rates (the latter won't happen). Otherwise, people will stay in their homes and slowly pay off their massive debt over the next 25 - 30 years.

    If you look at the bottom graph on this page http://www.trebhome.com/market_news/...arts/index.htm you'll notice that houses are still much more affordable in Toronto today than they were in 1989 (the year the last bubble burst). And the run up to the 1989 bubble was only 3 years. The steady run up to current real estate prices has been going on since 1999 or 17 years. To get to the same affordability levels seen in 1989, it'll probably take at least 5 more years. This bodes well for housing and for further price increases in 2017.

    I want you to point your finger at me. I want you to call me names.

  12. #228
    Avg Toronto home down over $54 000 in October. Should be interesting to see what the month over month number is for November?!?! Another month like that and most recent buyers wipe out all their equity. Ouch! It's real nice until it turns. Then it gets real ugly fast.

  13. #229
    Quote Originally Posted by wonkyknee View Post
    Avg Toronto home down over $54 000 in October. Should be interesting to see what the month over month number is for November?!?! Another month like that and most recent buyers wipe out all their equity. Ouch! It's real nice until it turns. Then it gets real ugly fast.
    Where are you getting your information from? October was a record setting month as is November.

    The average home in the Toronto area cost $776,684 in November, up from $632,774 the same month last year, and $4,159 more than the average selling price this October.

    I want you to point your finger at me. I want you to call me names.

  14. #230
    I wouldn't trust TREB when it comes to housing affordability. If house prices did fall it would be in the best interest of the boards to hide it for as long as possible like they are doing in BC.

    Bloomberg article says 2016 is peak housing for Canada after comparing commissions data with data preceding 2008 housing crash. Basically commissions have peaked and historically 3 years afterwards housing crashes. Believable?
    https://www.bloomberg.com/news/artic...ing-for-canada

  15. #231
    Quote Originally Posted by Smallcock View Post
    Where are you getting your information from? October was a record setting month as is November.

    The average home in the Toronto area cost $776,684 in November, up from $632,774 the same month last year, and $4,159 more than the average selling price this October.
    Why is it that same source quotes month over month in Vancouver but then conveniently jumps to yearly data for Toronto. LOL. Very convenient! TReB numbers show $55000 drop in October from September. Those CMHC rule changes are very powerful. Takes away a large number of buyers on the bottom rung. In turn breaks the entire chain. I guess I still could be wrong. Time will tell, but I did say previously those rule changes are probably the end of this great run.

  16. #232
    Housing has been stagnant or declining in almost all markets in Canada except for Vancouver and Toronto. Vancouver is now correcting that foriegn investment has dried up. But Toronto appears unscathed. Supply at record lows and demand very strong. Condo absorption rates very high. No evidence of significant speculation and foreign investment in Toronto like there was in VanCity. Looks like prices wil continue increasing in Toronto in 2017.

    Probably a lot of help from mom and dad fueling the Toronto market like in these stories (lucky bastards): http://torontolife.com/city/life/the...f-mom-and-dad/

    I want you to point your finger at me. I want you to call me names.

  17. #233
    They are only lucky if rates stay low and housing prices keep going up. If either one changes they and their parents are screwed.

  18. #234
    ^^^
    I agree that the whole bank of mom and dad strategy is a house of cards.

    In related news: "Toronto's Middle Class Is About To Be Priced Out Of The Condo Market"
    http://www.huffingtonpost.ca/2016/12..._13395896.html

    I want you to point your finger at me. I want you to call me names.

  19. #235
    Quote Originally Posted by Smallcock View Post
    ^^^
    I agree that the whole bank of mom and dad strategy is a house of cards.

    In related news: "Toronto's Middle Class Is About To Be Priced Out Of The Condo Market"
    http://www.huffingtonpost.ca/2016/12..._13395896.html

    this enables people to never be fully responsible and self sufficient for their own lives. moral of the story, shit costs money. plan ahead and dont rely on other for your own short comings. sometimes you have to do without till you can afford to have what you want.

  20. #236
    Chinese investors shifting to Seattle and Toronto
    http://www.theglobeandmail.com/news/...ticle33211473/

    Those who want to buy a home might soon be competing with Chinese investors who can buy three multi-million dollar homes with a cashiers checks.

    I want you to point your finger at me. I want you to call me names.

  21. #237
    As hot as Toronto is, I think a slowdown in price acceleration is inevitable next year. Can you imagine if by November 2017, detached home prices in Toronto went up another 30%, just like they did from November 2015 - November 2016? This would make the average detached home in Toronto worth over $1,700,000!

    If that happens, I'm going to sell all my properties and retire somewhere warm where costs are a fraction what they are here. Seriously. Wouldn't stick around for the crash that follows.

    I want you to point your finger at me. I want you to call me names.

  22. #238

    I want you to point your finger at me. I want you to call me names.

  23. #239
    Hullo everybody,

    Its 2017 and finally it looks like a correction has started in BC:

    https://betterdwelling.com/city/vanc...list-broadway/

    The free market is a wonderful thing.

  24. #240

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