Toronto Real Estate

[cc12rye]

I get the impression BC and Alberta are experiencing a real estate crash. Not as bad as the States, but a significant price reduction from the peak.

I'm looking to buy either a small house or a large condo in Toronto (ie. Old Toronto not the whole GTA) this fall. I've seen some slowing in Toronto but not much pull back. At least, I won't be in a bidding war and can take some time to think about the purchase.

Any people out there with advice or comments?

 

[rgkv]

I'd say this....its definatly a buyers market now...
if there's no hurry to buy, make some low offers....

 

[Incall]

wait a little longer and it will become evn more of a buyers market. After Jan 09 will be better.

 

[basketcase]

I know prices in my building are still slowly increasing, last sale was a couple of weeks ago and most units have sold before appearing on the public version of MLS.

I also know a couple who bout a house at the start of the summer after being in several bidding wars (including the one they won).

I know this is just one person's experiences but I don't think were near a crash yet.

If you want to move to the states, I'm sure there's plenty of deals to be had.

 

[Serpent]

I also know a couple who bout a house at the start of the summer after being in several bidding wars (including the one they won).

I know this is just one person's experiances but I don't think were near a crash yet.

Bidding is the sign of a bubble. The only question after that is when does it burst.

 

[emacs]

for brand new condos the going rate starts around $4300 per square metre ($400 / sq. ft.). although there has been a softening in the Toronto real estate market, its still rather positive when compared to western Canada and definitely the many parts of the US.

 

[Don]

wait a little longer and it will become evn more of a buyers market. After Jan 09 will be better.

I'd wait even longer if you can. The shit will hit the fan late next year. There are still a lot of denial out there from both sellers and buyers. But it's changing.

 

[xix]

25.000

From Hamilton and some surrounding areas, I been told and saw that prices have dropped 25k from what they were selling a year to 6 months ago.

I been seeing a lot of "new price" on for sale boards.

Some areas no matter what happens in the economy, will keep going up but the rest of the areas will follow the market.

 

[superman]

i think november/dec will be best time