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TheCountOfNowhere

Toronto House Prices down 14%

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Toronto home prices see biggest drop in almost 30 years

http://business.financialpost.com/real-estate/toronto-luxury-home-sales-tank-from-last-years-record-pace

 

Sales of detached homes in and around Canada’s biggest city fell 46 per cent in March from the same month a year ago, while the average price fell 17 per cent to $1.01 million, according to data released Wednesday by the Toronto Real Estate Board. That dragged down the average selling prices for all housing types by 14 per cent from a year earlier to $784,558, the biggest drop since 1991.

 

 

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What's happening in Vancouver? When I lived in the States, I used to travel up there now and again and even then (few years ago), it was absolutely mental. Chelsea  Kensington prices for a wooden shack on the edge of downtown. It seemed like ground zero for worldwide house price bubbles but I heard it went up a gear or two since. So really interested to know what that market is doing, if anyone lives out that way.

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2 minutes ago, frankvw said:

What's happening in Vancouver?

I have no idea on the housing market overthere, however, one thing I'm seeing a lot of is videos of heroin addicts. It really paints a picture all is not well in Vancouer and the surrounding BC areas.

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7 minutes ago, frankvw said:

What's happening in Vancouver? When I lived in the States, I used to travel up there now and again and even then (few years ago), it was absolutely mental. Chelsea  Kensington prices for a wooden shack on the edge of downtown. It seemed like ground zero for worldwide house price bubbles but I heard it went up a gear or two since. So really interested to know what that market is doing, if anyone lives out that way.

Have you come across this website before ?

 

https://www.google.com/

 

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Yeah, I did a search and pages of reports saying everything is great, prices still rising. And still much, much higher than Toronto. So I conclude from impartial , all-knowing google that Toronto is just an aberration? Because that is what google says and I never question authority or statistics. I'm just the guy who works here.

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Well I listed my house in Barrie, 90kms north of Toronto on a thursday a few weeks ago for 17% more than I tried to sell it for in November 2016 when the market was hot (but no offers). I sold it by end of friday for above asking, I probably could have got more if I was prepared to hang around for a few months. Here, once conditions are removed, offers are legally binding so unless the buyers go bankrupt, I walk away with a tidy sum.

Unfortunately, I will be heading back to the UK where that profit will be gobbled up very quickly if I decide to buy there...which I probably won't for a year or two. I think Europe is going to go down, followed by China and a global slump will ensue...but I've been saying that for fifty years.

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Just to add, the headlines are a little misleading. High end houses are sitting on the market a long time, but a year ago were shifting fast and driving the average price up, more modestly priced homes like ours are still selling, if you aren't greedy. So people who have to sell at the high prices are cutting a lot and this is driving down the average. Also there was a huge drop due to government policy changes between last April and August, once this has washed through I expect prices in the GTA to stabilize, there is still huge demand for SFHs.

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1 hour ago, TheCountOfNowhere said:

Have you come across this website before ?

 

https://www.google.com/

 

Classic - I was thinking the same!

I've been watching YouTube videos on Canada's and Australia's housing bubbles for quite some tome and it really is insane in both countries. Unbelievably a big justification for prices in Australia is immigration and a lack of housing, but Australia is a massive continent with half the population of the UK! If anything, they have a problem with fresh water, but not land.

I may be wrong but I think that all  mortgages in Canada are underwritten by the government. Toronto also introduced a foreign buyers tax a year ago. I think some government officials were getting worried.

Some people are calling it the commonwealth housing bubble and that makes a lot of sense to me. The $trillions in QE from world central banks, and the amplified lending by main banks, has either gone into US stocks or housing in commonwealth countries and the US.

That's kind of how it seems to me. I could be wrong, but I think that it will all implode together.

 

 

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2 hours ago, frankvw said:

What's happening in Vancouver? When I lived in the States, I used to travel up there now and again and even then (few years ago), it was absolutely mental. Chelsea  Kensington prices for a wooden shack on the edge of downtown. It seemed like ground zero for worldwide house price bubbles but I heard it went up a gear or two since. So really interested to know what that market is doing, if anyone lives out that way.

Chinese and Carney.

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3 hours ago, TheCountOfNowhere said:

Have you come across this website before ?

 

https://www.google.com/

 

Wtf is the point in a forum if thats the answer to everything?

Stupid answer -

A. Google is not a good anecdotal

B. Full of adverts and bs propoganda

C. People post on forums to save time and have a conversation. Do you want to be directed to google with any questions.  Not your usual form Count

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3 hours ago, TheCountOfNowhere said:

Have you come across this website before ?

 

https://www.google.com/

 

Bit harsh!

Try greaterfool.ca

Informed, upto date and humorous albeit somewhat biased (sell your inflated property, buy inflated stocks instead). The comments section always entertaining

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1 hour ago, Captain Kirk said:

Classic - I was thinking the same!

Hows it classic then? Someone with a high post count ridicules someone asking a normal question with something that isnt even funny.

Hows it a classic?

If people want to be stupid enough to put others ofc having a discussion  (btw its a forum for chat) try not to be the saddo who eggs them on. Some of us want to hear other peoples opinions and questions 

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2 hours ago, Captain Kirk said:

Classic - I was thinking the same!

I've been watching YouTube videos on Canada's and Australia's housing bubbles for quite some tome and it really is insane in both countries. Unbelievably a big justification for prices in Australia is immigration and a lack of housing, but Australia is a massive continent with half the population of the UK! If anything, they have a problem with fresh water, but not land.

 

There is no land problem in Australia but there is a land-where-there-are-jobs problem in Australia. Take Sydney for example, lots of lands but epic commutes from the outlying suburbs. Public transport is abysmal and traffic is even worse. It's not like in London where you can have a decent commute the commuter suburbs, the train link the Illawara region (south) and Central Coast (north) is terrible and rage-inducing.

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43 minutes ago, wsn03 said:

Wtf is the point in a forum if thats the answer to everything?

Stupid answer -

A. Google is not a good anecdotal

B. Full of adverts and bs propoganda

C. People post on forums to save time and have a conversation. Do you want to be directed to google with any questions.  Not your usual form Count

I agree. Ive been on here 9 or 10yrs. We're trying to convert people to our way of thinking... A gentle nudge to a specific article is great.. but telling someone to Google is just spite.

We have threads for London and Aberdeen.. I'll start one for Canada in a mo... I think it needs one.

 

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4 hours ago, frankvw said:

What's happening in Vancouver? When I lived in the States, I used to travel up there now and again and even then (few years ago), it was absolutely mental. Chelsea  Kensington prices for a wooden shack on the edge of downtown. It seemed like ground zero for worldwide house price bubbles but I heard it went up a gear or two since. So really interested to know what that market is doing, if anyone lives out that way.

Crow has set up a topic to cover this and general other related. Good question, don't know the latest though

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31 minutes ago, The Crow said:

I agree. Ive been on here 9 or 10yrs. We're trying to convert people to our way of thinking... A gentle nudge to a specific article is great.. but telling someone to Google is just spite.

We have threads for London and Aberdeen.. I'll start one for Canada in a mo... I think it needs one.

 

spite

  • 1. a desire to hurt, annoy, or offend someone: "he'd think I was saying it out of spite"

 

Spite, is posting a comment about someone who''s told a lazy b*****d to look up some data.

Yip, spite.

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1 hour ago, wsn03 said:

Wtf is the point in a forum if thats the answer to everything?

Stupid answer -

A. Google is not a good anecdotal

B. Full of adverts and bs propoganda

C. People post on forums to save time and have a conversation. Do you want to be directed to google with any questions.  Not your usual form Count

All I'd do is go and google it.

You cant do that ?

Are you here just to get info off other peoples backs ?

What's the point of a forum when half the people are too lazy to find useful info and post it for others.

 

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5 hours ago, CanAffordWontPay said:

I have no idea on the housing market overthere, however, one thing I'm seeing a lot of is videos of heroin addicts. It really paints a picture all is not well in Vancouer and the surrounding BC areas.

Went to Vancouver on 2005, that town has a serious drug problem.  People walking around literally like zombies.

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2 hours ago, TheCountOfNowhere said:

All I'd do is go and google it.

You cant do that ?

Are you here just to get info off other peoples backs ?

What's the point of a forum when half the people are too lazy to find useful info and post it for others.

 

Lame. For such an intelligent guy, which I do see you as, the above is 10 cells removed.

In this case I shouldn't have asked each year how Isle of Man property is doing in the regional forum. Instead I should have  read the google news that says it absolutely is the best investment ever.

You're in the wrong on this one. You were out of order. As Crow says we should be encouraging people, you were just plain rude.

Comments like yours put people off posting on forums like ours, poor form

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2 hours ago, TheCountOfNowhere said:

spite

  • 1. a desire to hurt, annoy, or offend someone: "he'd think I was saying it out of spite"

 

Spite, is posting a comment about someone who''s told a lazy b*****d to look up some data.

Yip, spite.

How's he a lazy b****d. You're really suffering some form of bitter and twisted resentment over something.  Wtf did he ever do to you? Gazumped you? 

Im lost

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Vancouver seems to be correcting quite nicely too - probably similar numbers to Toronto in detacheds.

This place is my personal bell-weather of the market, since the current owner bought it a couple of years ago for $2.6M and is now trying to sell it for $1.99M - a nice loss of $800,000 including all the taxes and fees, or a loss of about $1M when you include the opportunity cost.

They've been trying to sell it for over a year now and I strongly suspect the current owner IS the realtor, since they keep re-listing it with the same realtor - an oddity in the list-delist-list-delist Vancouver market. Interestingly, the realtor is an ex-low-grade reality TV star with a husband on gangland murder charges - a background that sure fits the profile of someone who would pay $1M more that the previous sale just a year before, then try to offload it a year later.

Now the tide has gone out, you're starting to see those swimming naked.

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I should've mentioned .... on a Price-Earnings ratio basis, Vancouver is currently at about 37-39. Which, although is still in the ballpark of the NASDAQ at the height of the dotcom bubble, is significantly lower than where it was a couple of years ago at the peak.

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12 minutes ago, VancouverGuy said:

I should've mentioned .... on a Price-Earnings ratio basis, Vancouver is currently at about 37-39. Which, although is still in the ballpark of the NASDAQ at the height of the dotcom bubble, is significantly lower than where it was a couple of years ago at the peak.

whats the average salary in Vancouver?

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  • 301 Brexit, House prices and Summer 2020

    1. 1. Including the effects Brexit, where do you think average UK house prices will be relative to now in June 2020?


      • down 5% +
      • down 2.5%
      • Even
      • up 2.5%
      • up 5%



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