Toronto Housing Market.
- Thread starter highpark
- Start date
I think the bubble is about ready to burst....too much inventory coming on line in the next 6-9 months...condos fucking everywhere..!!!1
That may be true but the "unsaleable" house where Allan Lanteigne was murdered 2 years ago was recently sold to a professional couple. It took 16 months and they had to lower the price by $50,000 to $900,000 but it still sold. People would rather put their money into a house in central Toronto than spend the same money on burning gas commuting from the suburbs.
Impact of crash of the housing market would be devastating
to the economy. Its impact is likely deflationary which could bring
oil price down. On the other hand I don't see how a softening of the
oil price by itself would burst the housing bubble.
to the economy. Its impact is likely deflationary which could bring
oil price down. On the other hand I don't see how a softening of the
oil price by itself would burst the housing bubble.
I see houses on my street in south Etobicke going up and sold within days. The bubble is in the condos. A lot of foreign money was parked here during the downturn. Its when that money tries to leave the the pricing will be affected my market glut.
But land? My value has gone up about 50% in 6 years. I don't believe it will ever go down.....but my place would go at a (reletive to toronto) reasonable price compared to some areas.
But land? My value has gone up about 50% in 6 years. I don't believe it will ever go down.....but my place would go at a (reletive to toronto) reasonable price compared to some areas.
large part of Canadian economy is supported by oil industry. Take that away you will get rising unemployment and ripple through economy - other service jobs and government revenue. People with lost income and mortgage will be forced to sell house.
If everyone is waiting for the bubble to burst then there is no bubble to burst. BTW: A couple of my neighbours can't sell because their adult children came back home to live.
See U.S. housing market 2007... "real estate never goes down"... "government would never let the market fall" ... "
The fundamentals aren't there folks.
Canadians have record debts outstanding... guess what the majority of that is??? (Mortgage or secured line of credit debt)
And if you subscribe to the teaser rate theory most mortgages in Canada are considered "teaser rates" compared to the U.S. (They have 30 year mortgages, majority of our fixed rate duration mortgages are 5 years.)
Goodguy
I wouldn't compare Canadian RE market to US. totally different situation. But I believe the cycle of time is coming, and canadian housing market will crash anyways, for a completely different reason why US market did. So quit comparing, there is no comparison, but it will happen anyways.
It's amazing at the comparisons between the two situations... the only trigger that is waiting to be pulled is interest rates... and that might be pulled by the market versus the fed.
Goodguy
could also be oil price. if shale oil and electric cars depresses oil price, it could damage canada's oil export, and slow down economy, job losses ripples through all service sectors serving oil industry and decreased government revenue etc.. yeah maybe interest rate, whichever comes first, it's really a chicken or egg question. but media will lay blame on one or the other. doesn't really matter, it's coming.
Yeah, but the loony liberal lefties will be happy we can't sell our oil.
I'm pretty sure it's a condo bust only. but, don't expect any appreciation in the years to come. there's nothing to drive it...
Houses in Georgetown South barely list and are sold in a couple days.
Brampton houses still moving strong.
Spoke with a Mississauga agent as well...sales are steady as well.
not sure in the city, but west end, including Milton is chugging along.
Brampton houses still moving strong.
Spoke with a Mississauga agent as well...sales are steady as well.
not sure in the city, but west end, including Milton is chugging along.
Speaking of real estate, commercial real estate seems to be doing well. So well that Loblaws and Canadian Tire are monitizing their real estate by doing a spin-off.
Here's an interesting info-chart - updated weekly. Positive #s represent sales over asking, Negative #s represent sales under asking.
The high end of the market (>$1.8M) is taking it on the chin. The mid range - 500K to 800K - has a few sales over asking, but that's likely to the property being initially underpriced anyway.
http://recharts.blogspot.ca/2013/04/to-bidding-wars-debunked.html
The high end of the market (>$1.8M) is taking it on the chin. The mid range - 500K to 800K - has a few sales over asking, but that's likely to the property being initially underpriced anyway.
http://recharts.blogspot.ca/2013/04/to-bidding-wars-debunked.html
