And don't listen to real estate humpers, who say to hurry now before new rules kick in. In January a house worth 725k with 20% down will drop to $570k overnight. If you must fight the fed there will be a limited number of mortgages circumventing the new rule via Credit Unions, but they don't have the same amount of cash to throw around, so I say why fight the fed!
Toronto Housing Market Implodes: Prices Plunge Most On Record
- Thread starter PornAddict
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I agree, it's not a good idea to buy any time before the regulation kicks in. The only people that would rush to buy now for fear of not passing the stress test probably shouldn't be buying anyway. People should always plan for interest rate increases especially when they're at record lows and creeping up.
Now I think the first quarter of 2018 will see a decrease in year-over-year prices for low rise housing. Condos? Hard to say, prices could still inch up because they will remain the only affordable for many. Vacancy rates will tighten further and rental rates will increase since people that can't buy will have to rent longer creating more rental demand.
If you're sitting on cash, there may be great deals in the months or few years following January.
Now I think the first quarter of 2018 will see a decrease in year-over-year prices for low rise housing. Condos? Hard to say, prices could still inch up because they will remain the only affordable for many. Vacancy rates will tighten further and rental rates will increase since people that can't buy will have to rent longer creating more rental demand.
If you're sitting on cash, there may be great deals in the months or few years following January.
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I agree with this article that the recent interest rate hikes have had little effect. http://www.huffingtonpost.ca/madali...ot-impacted-by-interest-hikes-yet_a_23240379/
The stress test could be a different animal.
The stress test could be a different animal.
I think condos will continue to go up because there's a shortage of them in Toronto, plus we're beginning to run out of real estate where to build them. They're now building them on Polson street over by Cherry Beach, because downtown has become almost completely built upCondos? Hard to say, prices could still inch up because they will remain the only affordable for many
Sometimes i look at housing/condo prices in southern ontario and it cracks me up. This is a fiasco the government allowed this to get out of control with there insane low interest rates. Whats going to happen when they rise. A large number of people are in high debt right now.
500000 $ for a townhome in hamilton lol. Its insane there trying to compare toronto to new york/london/hong kong prices sorry but those cities have 20 million people all of canada has 35 million.
500000 $ for a townhome in hamilton lol. Its insane there trying to compare toronto to new york/london/hong kong prices sorry but those cities have 20 million people all of canada has 35 million.
Teranet is also reporting sales of new construction properties which may have sold many months prior or in the case of condos, years prior. As well, the prices of new construction properties reported on Teranet do not include HST and may or may not include builder cash incentives. Sales reported on TREB usually do not include new construction sales unless they were sold via MLS. So while both Teranet and real estate board info report valuable sales info when it comes to price trends, both are missing sales info to obtain exact numbers but overall are good indicators when compared between themselves.You can't really trust the numbers from Teranet. While they are somewhat accurate, Teranet is a land transfer company. So the numbers your seeing were recorded when the title of the property was transferred, not at the time is was sold firm. Which typically happens 30 - 90 days when the deal actually closes.
I believe Trebs numbers to be more current since they are recorded after the deal has been sold firm, months before its sent to Teranet. Its funny how the media are supposed to be experts, but still don't point out that very important fact. Just proves the media is in the business of selling fear and will manipulate the information to help sell their story. I would check the national home price index in a couple of months and note what has changed.
Thanks
Nicole King
CMHC looks at a possible worst case scenario.
https://beta.theglobeandmail.com/re...am-housing-market-cmhc-warns/article36638250/
Protectionism, tariffs could slam housing market, CMHC warns
https://beta.theglobeandmail.com/re...am-housing-market-cmhc-warns/article36638250/
Protectionism, tariffs could slam housing market, CMHC warns
"The agency forecast Canadian house prices would fall by 31.5 per cent over the next five years under its anti-globalization scenario as unemployment levels in Canada spiked to 15.3 per cent in five years."
The bungalow on my street just pulled out from the listing after 6+ months and prices were reduced. Now someone just moved in and the owner turns it into a renting property which is better than letting it sat empty for 6+ months.
The other two homes: one is next to and the other 20 metres away also recently popped up the for sale signs. I think they want to cash in the profits before more drops in prices. If they can sell their 50+ years old bungalow homes now for $800K, then they will probably cash in about $250K before agent fees, taxes, transfer fees, maintenance, renovation, property taxes and mortgage interests if they bought these bungalow homes a couple years ago for $550K. After factoring in the costs of ownership and transaction fees, they still could pocket in perhaps about $150K which is not shabby at all for a couple years of ownership.
No one wants to buy an old 50+ years bungalow without a garage for $850K which was dropped from the original asking price of $950K LOL.
The other two homes: one is next to and the other 20 metres away also recently popped up the for sale signs. I think they want to cash in the profits before more drops in prices. If they can sell their 50+ years old bungalow homes now for $800K, then they will probably cash in about $250K before agent fees, taxes, transfer fees, maintenance, renovation, property taxes and mortgage interests if they bought these bungalow homes a couple years ago for $550K. After factoring in the costs of ownership and transaction fees, they still could pocket in perhaps about $150K which is not shabby at all for a couple years of ownership.
No one wants to buy an old 50+ years bungalow without a garage for $850K which was dropped from the original asking price of $950K LOL.
Pre-Construction condos at major intersections are now price over $1,000 per square foot. It's getting ridiculous!!!
They're running out of space.Pre-Construction condos at major intersections are now price over $1,000 per square foot. It's getting ridiculous!!!
Toronto will become Tokyo very soon, they'll have to keep building condos higher and higher
Yeah...a few days ago I saw prices for units in The One (1 Bloor St. West)... crazy. And prices go up with each round of units released for sale. I have no doubt it's going to be a beautiful high quality building though.Pre-Construction condos at major intersections are now price over $1,000 per square foot. It's getting ridiculous!!!
There are up to 30 new properties in the pipeline just for yonge st between Gerrard and bloor. All the low rise will be coming down.Pre-Construction condos at major intersections are now price over $1,000 per square foot. It's getting ridiculous!!!
But when you have 100-150k new residents coming in yearly they have to live somewhere.
30 new highrises??There are up to 30 new properties in the pipeline just for yonge st between Gerrard and bloor
That means all the Yonge st. stores are toast.
Where did you hear this??
They missed it by a year. Prices will creep back up and probably go up by 3-5% per year over all.The bungalow on my street just pulled out from the listing after 6+ months and prices were reduced. Now someone just moved in and the owner turns it into a renting property which is better than letting it sat empty for 6+ months.
The other two homes: one is next to and the other 20 metres away also recently popped up the for sale signs. I think they want to cash in the profits before more drops in prices. If they can sell their 50+ years old bungalow homes now for $800K, then they will probably cash in about $250K before agent fees, taxes, transfer fees, maintenance, renovation, property taxes and mortgage interests if they bought these bungalow homes a couple years ago for $550K. After factoring in the costs of ownership and transaction fees, they still could pocket in perhaps about $150K which is not shabby at all for a couple years of ownership.
No one wants to buy an old 50+ years bungalow without a garage for $850K which was dropped from the original asking price of $950K LOL.
There was a frenzy but for the moment everyone who could afford the price has run dry. As I said above with 100+k new people every year they will sell. The new rules are scaring a few but I expect things to steady up again in the spring.
But I am also thinking a recession is coming. So a few slow years are on the way.
That sounds about right. After all, there are 17,000 pre-construction units up for sale in the GTA between this month and next month. These will take several years to complete so it will have no immediate impact on the rental market.30 new highrises??
That means all the Yonge st. stores are toast.
Where did you hear this??
https://condos.ca/blog/pre-construction-condo-boom-coming-this-fall/
A restaurant owner in the area with his ear to the ground.30 new highrises??
That means all the Yonge st. stores are toast.
Where did you hear this??
Well, my favourite Vietnamese restaurant is on the Yonge St and just two blocks south of Bloor St. They are selling between $7 and $12 dishes. I doubt they will survive when their landlord won't renew their lease and selling the land and old building to developers for at least a couple million dollars.A restaurant owner in the area with his ear to the ground.
Some landlord somewhere is going to become filthy richA restaurant owner in the area with his ear to the ground
Could be smart money looking to liquidate before a crash. Lots of major bank CEOs sold their multi-million dollar mansions last year in Toronto, one even took a loss compared to what he paid for it. Curious...I went to visit a friend on Bridal Path yesterday. I swear like every third house has a for sale sign on it. Same thing in Hunter's Point.
Yeah right. What lawn was he cutting when you picked him up in your beat up jalopy,lol.I went to visit a friend on Bridal Path yesterday. I swear like every third house has a for sale sign on it. Same thing in Hunter's Point.
