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The Toronto Real Estate Market

Discussion in 'TRIBE Main Forum' started by kuba, Oct 21, 2009.

  1. kyfe

    kyfe TRIBE Member

  2. kyfe

    kyfe TRIBE Member

    I don't call a 5% correction on detatched homes significant and the YOY reductions are due to several factors such as inventory, time of year, taxes, job availability etc. and also the looming tax.
    When you consider that attached and condo prices (more affordable housing) have actually increased, I have to ask if you really accomplished anything other than making your entire market less affordable. If 10% of the market causes a 5% reduction on a fraction of the market, that really isn't significant. truth be told, those who couldn't afford before will still be looking from the outside even with a 5% reduction and the more affordable options just got more expensive.

    Looks like the only winner if the BC gov't with a new rev stream
  3. kyfe

    kyfe TRIBE Member

    lets play with the numbers a bit

    Sales & listings - Mar Comparison
    Mar 2015 - 4060 sales - 5968 listings sales represent 68% of inventory
    Mar 2016 - 5173 sales - 6278 listings sales represent 82% of inventory
    Mar 2017 - 3579 sales - 4762 listings sales represent 75% of inventory

    Sales & listings - Feb Comparison
    Feb 2015 - 3061 sales - 5425 listings sales represent 56% of inventory
    Feb 2016 - 4172 sales - 5812 listings sales represent 71% of inventory
    Feb 2017 - 2425 sales - 3666 listings sales represent 66% of inventory

    The total number of properties currently listed for sale on the MLS® system in Metro Vancouver is 7,586, a 3.1 per cent increase compared to March 2016 (7,358) and a 0.1 per cent decrease compared to February 2017 (7,594).

    The sales-to-active listings ratio for March 2017 is 47.2 per cent, a 15-point increase over February. Generally, analysts say that downward pressure on home prices occurs when the ratio dips below the 12 per cent mark for a sustained period, while home prices often experience upward pressure when it surpasses 20 per cent over several months.

    Home prices will likely continue to increase until we see more housing supply coming on to the market,” Oudil said.

    Real Estate Board of Greater Vancouver - Statistics
  4. Karim

    Karim TRIBE Member

    Home Capital Group, an alternative mortgage lender in Canada, took a 65% stock hit yesterday. Dragged down Equitable Group with it, down 30%+. Banks took a ~2-3% hit too. The Globe and Mail has articles citing that this might be what finally pops the bubble. There's a real possibility of contagion from this. Hold on for the ride...
  5. Bernnie Federko

    Bernnie Federko TRIBE Member

    HC is fucked. They have hundreds of millions in shitty condo mortgages at subprime rates that the big banks and fund managers wouldn't touch.

    Gonna be some cheap condos coming...
  6. Bernnie Federko

    Bernnie Federko TRIBE Member

    Home Capital provides subprime loans to people who don’t qualify for bank mortgages. The firm needs money in its accounts in order to offer those loans. Home Capital has been caught up in a regulatory investigation in Ontario. It’s also been criticized for lending money out to easily, in turn contributing to rising real estate prices.
  7. Bernnie Federko

    Bernnie Federko TRIBE Member

    This is the big short on HC

  8. djfear

    djfear TRIBE Member

  9. praktik

    praktik TRIBE Member

    Sounds great to me! More sympathetic to tenants than landlords - and landlords have been doing pretty well.

    End of the Easy Days maybe for them.

    Landlords can easily lie about intent to move in and having relations move in - hard for tenants to ever catch them in these lies. Maybe 1 month rent will encourage a bit more forethought before they do this.
  10. djfear

    djfear TRIBE Member

    So could you do a short term rental of say... 8-9 months for university students with a start and end date and not have to worry about paying them a month's rent at the end of it all?
  11. praktik

    praktik TRIBE Member

    You have to pay it when you use the clause in the tenancy act that lets you evict tenants if you or a family member plan to move into the unit - so should not apply to your example unless you attempt to invoke that clause as a landlord.

    What will have been encouraging landlords to do this lately is skyrocketing rents - my current landlord could probably enjoy a 2-600$ increase in rent if she put it on the market fresh now. So maybe she thinks i'll get them out with this excuse, then not move in and put it on the market

    It would be up to me to monitor listings in all places she could list to see if its advertised again - maybe i dont do that, maybe I dont check - and she gets away with ruining my life so she can put it on the market for whatever price she wants.
  12. Bernnie Federko

    Bernnie Federko TRIBE Member

    Toronto’s housing market cools down

    With new provincial housing measures in place, Toronto’s hot real estate market appears to be on a bit of a downswing. Average home prices in the Greater Toronto Area fell 6.2 per cent in May compared to April, from $920,791 to $863,910. But that’s still 15 per cent higher than prices in May of last year. The number of homes sold in May fell by 12 per cent compared to April; the cool-down was particularly acute when it came to detached homes, which saw sales numbers drop 26 per cent compared to May of 2016. In April, Kathleen Wynne’s Liberal government introduced a 15-per-cent foreign-buyers tax. The Liberals also promised to give Toronto the ability to launch a vacancy tax.
  13. Bernnie Federko

    Bernnie Federko TRIBE Member

  14. Bernnie Federko

    Bernnie Federko TRIBE Member

  15. Snuffy

    Snuffy TRIBE Member

  16. ndrwrld

    ndrwrld TRIBE Member

    isn't that 2 Million here ?
  17. praktik

    praktik TRIBE Member

  18. Bernnie Federko

    Bernnie Federko TRIBE Member

  19. Bernnie Federko

    Bernnie Federko TRIBE Member

  20. Bernnie Federko

    Bernnie Federko TRIBE Member

    Last edited: Aug 29, 2017
  21. Klubmasta Will

    Klubmasta Will TRIBE Member

    ^ Hah, those posts are funny. Most do not want densification in their neighbourhoods. Margaret Atwood and Galen Weston are making the same arguments any other non-lazy homeowner would make. They should not be precluded from wanting to enjoy less condos/traffic/crowds just because they are rich. A lot of communities have "anti-densification" groups that routinely oppose all developments that would increase density. They make their arguments, while the developers and housing advocates make theirs, and the OMB tries to strike the right balance. If the anti-densification folks fail to speak up, the community often suffers.
  22. praktik

    praktik TRIBE Member

    Can't dilute the exclusivity too much or its not so exclusive anymore
  23. acheron

    acheron TRIBE Member

    LOL I grew up on the street Ms. Atwood lives on. Parents still live there. It was hippy hangout full of rooming houses when they moved there in 1967. Now it's home to brain surgeons, lawyers, two or three members of the Eaton family, Ms. Atwood, former GG Adrienne Clarkson and hubby John Ralston Saul... Anyway this is deep Annex. There's nothing over three floors in the area that doesn't have a massive setback around it. That 8 floor condo will butt right up against her backyard, literally. So I can see her concern. I mean where I live, I have one of those 1960's era 20+floor monolithic apartment buildings behind my house but it's setback over 100ft from our mutual laneway. No such setback for this condo building. The height is fine but I'm not sure it's fine for where they want to put it.
  24. Klubmasta Will

    Klubmasta Will TRIBE Member

    Out of curiosity, I looked into this development some more. 321 Davenport Condos

    Look at the picture of the proposed 8 storey condo building, and the map at the bottom of the website page. If you lived on Admiral Road, and that 8 storey condo was going to be your new backyard neighbour, you'd likely be pissed off too.

    My neighbourhood would be up in arms if this was going to be built in place of existing houses.

    People are scoffing because Margaret Atwood and Galen Weston are rich, so who gives a f*ck about their concerns because f*ck them.
  25. wickedken

    wickedken TRIBE Member

    This is precisely it. It's only because they live in stratified society that their views are being publicized.

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