rollover Posted May 26, 2017 Share Posted May 26, 2017 Quote Toronto bidding wars turn to homebuyers’ remorse as market gets nervous Toronto yearly price growth: 33 per cent in March, 25 per cent in April and 17 per cent through May 14. Early data from the Toronto Real Estate Board confirms the shift in sentiment. Listings soared 47 per cent in the first two weeks of the month from the same period a year earlier, while unit sales dropped 16 per cent. business.financialpost Quote Link to comment Share on other sites More sharing options...
Digsby Posted May 26, 2017 Share Posted May 26, 2017 We appear to have an answer to this: http://www.bbc.co.uk/news/world-us-canada-39659162 Quote Link to comment Share on other sites More sharing options...
HovelinHove Posted May 26, 2017 Share Posted May 26, 2017 Yes, I've noticed that listings round here have been hanging round longer than they were earlier in the year, and our local real estate board has not released April's figures yet...I suspect they show a significant month on month fall after the crazy prices of March which rose 40% YOY. They are scared of starting a panic I think. The truth is foreign investors make up a small proportion of the buyers in Ontario, so I am surprised that the Liberal move has had such a big impact. I think it is a case of people holding off to see what will happen, sellers thinking they should cash in now while they can, and the whole supply demand equation inverts. I doubt it will last though. The one thing driving the market is the desire for SFHs and they are hard to get hold of. I was hoping to sell next spring and head back to the UK with a nice pile of cash...may not be such a big deal now, especially as the CAN$ has been trashed recently. May be stuck here for a while to come! Quote Link to comment Share on other sites More sharing options...
GreenDevil Posted May 27, 2017 Share Posted May 27, 2017 14 hours ago, HovelinHove said: Yes, I've noticed that listings round here have been hanging round longer than they were earlier in the year, and our local real estate board has not released April's figures yet...I suspect they show a significant month on month fall after the crazy prices of March which rose 40% YOY. They are scared of starting a panic I think. The truth is foreign investors make up a small proportion of the buyers in Ontario, so I am surprised that the Liberal move has had such a big impact. Not really, if you tax something heavily people buy something else instead, bitcoin! Quote Link to comment Share on other sites More sharing options...
maverick73 Posted May 27, 2017 Share Posted May 27, 2017 20 hours ago, HovelinHove said: Yes, I've noticed that listings round here have been hanging round longer than they were earlier in the year, and our local real estate board has not released April's figures yet...I suspect they show a significant month on month fall after the crazy prices of March which rose 40% YOY. They are scared of starting a panic I think. The truth is foreign investors make up a small proportion of the buyers in Ontario, so I am surprised that the Liberal move has had such a big impact. I think it is a case of people holding off to see what will happen, sellers thinking they should cash in now while they can, and the whole supply demand equation inverts. I doubt it will last though. The one thing driving the market is the desire for SFHs and they are hard to get hold of. I was hoping to sell next spring and head back to the UK with a nice pile of cash...may not be such a big deal now, especially as the CAN$ has been trashed recently. May be stuck here for a while to come! I'm sure the £ will nose dive to make itself attractive to foreign investments... then boost up the value of the £ to give a hansome return.... ? Quote Link to comment Share on other sites More sharing options...
Abstra616 Posted May 28, 2017 Share Posted May 28, 2017 On 2017-4-27 at 4:35 PM, doomed said: http://www.zerohedge.com/news/2017-04-27/crashing-canadian-mortgage-lender-bailed-out-321000-retired-ontario-healthcare-worke The loan was given by a pension fund for retired health care workers whose trustee is also on the board of the bank. Haha wtf. The end game approaches. Oh HELL! Where does the word trust come into the word Trustee? The retirees will think there government has the money, nice and safe. Quote Link to comment Share on other sites More sharing options...
Saving For a Space Ship Posted June 4, 2017 Share Posted June 4, 2017 (edited) The Biggest Real Estate Bubble Of All Time Just Did The Impossible http://www.zerohedge.com/news/2017-06-03/biggest-real-estate-bubble-all-time-just-did-impossible Quote One month ago, we said that "the Vancouver housing bubble Is back, and it's (almost) bigger than ever." Fast forward to today, when we can scrap the almost part: according to the latest data from the Real Estate Board of Greater Vancouver, nearly a year after British Columbia implemented a 15% property tax targeting foreign buyers, in May the biggest real estate bubble of all time did the impossible and in a testament to the persistence of Chinese oligarchs, criminals, money launderers and pretty much anyone who is desperate to park their cash as far away as possible, after a modest drop following last summer's tax the Vancouver housing bubble has bounced right back to new all time highs, as prices of detached, attached houses and apartment all surged to new record highs... Edited June 4, 2017 by Saving For a Space Ship Quote Link to comment Share on other sites More sharing options...
Barnsey Posted June 4, 2017 Share Posted June 4, 2017 Well there we are, epic crash guaranteed. Quote Link to comment Share on other sites More sharing options...
rollover Posted June 4, 2017 Share Posted June 4, 2017 9 minutes ago, Saving For a Space Ship said: The Biggest Real Estate Bubble Of All Time Just Did The Impossible http://www.zerohedge.com/news/2017-06-03/biggest-real-estate-bubble-all-time-just-did-impossible Quote Link to comment Share on other sites More sharing options...
Saving For a Space Ship Posted July 14, 2017 Share Posted July 14, 2017 Drowning in debt is the new normal in Canada http://www.news1130.com/2017/04/24/drowning-debt-new-normal-canada/ Here is just a sample of recent files that have crossed our desks: A staff accountant with multiple lines of credit, several maxed-out credit cards, a big mortgage, a significant home-equity line of credit (HELOC) and two leased luxury cars; a TTC driver with two mortgages and $100,000 in unsecured lines of credit; a teacher with eight payday loans and a senior financial analyst at a chartered bank with seven credit cards, all carrying high balances. I could go on and on. Those disturbing financial cases are no longer the extreme end of the spectrum that they were at one time. They are the “new normal” in our trustee practice. The real horror stories are far worse, albeit less frequent... Quote Link to comment Share on other sites More sharing options...
TheCountOfNowhere Posted July 14, 2017 Share Posted July 14, 2017 4 minutes ago, Saving For a Space Ship said: Drowning in debt is the new normal in Canada WESTERN DEMOCRACY'S Now, ask yourself why. Quote Link to comment Share on other sites More sharing options...
Saving For a Space Ship Posted July 14, 2017 Share Posted July 14, 2017 (edited) 2 hours ago, TheCountOfNowhere said: Now, ask yourself why. ......asset strippers Edited July 14, 2017 by Saving For a Space Ship Quote Link to comment Share on other sites More sharing options...
thisisthisitmaybe Posted July 14, 2017 Share Posted July 14, 2017 2 hours ago, Saving For a Space Ship said: ......asset strippers Two signs of decline: people think debt is ok and that women can be funny. Quote Link to comment Share on other sites More sharing options...
canbuywontbuy Posted July 14, 2017 Share Posted July 14, 2017 (edited) 1. nobody cares how much money you have in the bank and how debt free you are 2. people care about the car you drive (that you're essentially renting) and the house you live in (which the bank owns) There are two types of people - ones who care about point 2, and ones who are debt free and have savings. Edited July 14, 2017 by canbuywontbuy Quote Link to comment Share on other sites More sharing options...
JustAnotherProle Posted July 14, 2017 Share Posted July 14, 2017 Just now, canbuywontbuy said: nobody cares how much money you have in the bank and how debt free you are they care about the car you drive (that you're essentially renting) and the house you live in (which the bank owns) "Buying thing we don't need with money we don't have to impress people we don't like" - This is truer now than ever before. Quote Link to comment Share on other sites More sharing options...
canbuywontbuy Posted July 17, 2017 Share Posted July 17, 2017 On 15/07/2017 at 1:40 AM, wotsthat said: I initially read your post and thought "isn't that the truth". Then I realised you got that slightly wrong, people will get the flash cars and huge mortgaged wonderful home and think they are top of the roost and everyone is imoressed with them. I have a snob sister is like that, she has the big house and big flash car and all the other big flash things you can think of and she thinks the whole world is centred around her. The sadest thing with her is that she is in this one sided competion where only she is competing and nobody else gives a f**k, Love her as much as I do I would sooner spend a night with one of my last years toe nail clippings then be with her, if it was this years toe nail clipping my money would be on prefering the company of the toenail. So true that people are essentially competing with their imagined competitors, not reality. People always need to prove themselves. Look at me, look how good I am. Didn't I do well? Oh no, I didn't BUY that thing - I got a line of credit for it. I'll buy it 1.5 times over 10 years, except I'll just imagine that I paid it 1.0 times in my head to make me feel better. Monthly payments, innit. Quote Link to comment Share on other sites More sharing options...
Barnsey Posted July 17, 2017 Share Posted July 17, 2017 (edited) Chill Descends on Toronto Housing as Prices Drop Most Since 1988 https://www.bloomberg.com/news/articles/2017-07-17/toronto-home-sales-fall-15-1-percent-in-june-amid-national-drop How's that for a headline! And yes, that's PRICES not sales. Edited July 17, 2017 by Barnsey Quote Link to comment Share on other sites More sharing options...
TheCountOfNowhere Posted July 17, 2017 Share Posted July 17, 2017 18 minutes ago, Barnsey said: Chill Descends on Toronto Housing as Prices Drop Most Since 1988 https://www.bloomberg.com/news/articles/2017-07-17/toronto-home-sales-fall-15-1-percent-in-june-amid-national-drop How's that for a headline! And yes, that's PRICES not sales. Average prices are down 14.2 percent since March # Coming to an Australian continent near you soon. Quote Link to comment Share on other sites More sharing options...
TheCountOfNowhere Posted July 17, 2017 Share Posted July 17, 2017 I thought Toronto was different....lots of chinese buyers etc etc etc etc etc etc the fastest 3-month decline in the history of the data back to 1988 I'd say, if you are up to your neck in london pwopatee, drop your pants out now and get out before the rogering really starts Quote Link to comment Share on other sites More sharing options...
TheCountOfNowhere Posted July 17, 2017 Share Posted July 17, 2017 I mean, what the hell did people think was going to happen, all this talk of is it, isn't it a bubble is a sick joke, it's a ****ing bubble, a mega bubble, an investment mania, London, the UK is worse given the shocking size of the houses....massive collapse to come here now Quote Link to comment Share on other sites More sharing options...
TheCountOfNowhere Posted July 17, 2017 Share Posted July 17, 2017 http://www.cbc.ca/news/business/crea-housing-market-prices-1.4208256 Average Canadian house worth $504,458 in June, down 10% since April Quote Link to comment Share on other sites More sharing options...
Barnsey Posted July 17, 2017 Share Posted July 17, 2017 Canada doesn't have Brexit either Quote Link to comment Share on other sites More sharing options...
Dean Posted July 17, 2017 Share Posted July 17, 2017 This would certainly be nice for me to arrive to later in this year, long may it continue. I still believe that more interest rate rises would be needed to truly burst the bubble and as others have said, family homes within say an hours commute of major cities are still overpriced relative to Canadian incomes. There is a ways to fall yet. Quote Link to comment Share on other sites More sharing options...
HovelinHove Posted July 18, 2017 Share Posted July 18, 2017 5 hours ago, Dean said: This would certainly be nice for me to arrive to later in this year, long may it continue. I still believe that more interest rate rises would be needed to truly burst the bubble and as others have said, family homes within say an hours commute of major cities are still overpriced relative to Canadian incomes. There is a ways to fall yet. An hours commute from Toronto this has happened (yes my hood): Quote Link to comment Share on other sites More sharing options...
HovelinHove Posted July 18, 2017 Share Posted July 18, 2017 Looks like I will be stuck suffering this view for a few more years as no chance of selling now: Quote Link to comment Share on other sites More sharing options...
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