Real Estate

Did we just hit the peak of the Toronto RE bubble?

  • Last Updated:
  • Feb 21st, 2019 1:21 pm
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Newbie
Dec 1, 2008
54 posts
8 upvotes
Sanyo wrote:
Apr 23rd, 2017 9:06 pm
Listing?

And who's gonna panic? Im not selling so its down 10%-15-20% so be it...

Im looking at listings right now and havent see drastic drops... I look EVERYDAY.. .if you see a listing let me know and I'll know for sure if it's underpriced.
You are not selling but there probably be people reading the thread and have listed their house for sale.
Deal Fanatic
Feb 9, 2009
7178 posts
4159 upvotes
spdewan wrote:
Apr 23rd, 2017 9:16 pm
You are not selling but there probably be people reading the thread and have listed their house for sale.
So...wanna give me that underpriced listing or you just gonna talk?
Deal Guru
User avatar
Mar 31, 2008
10200 posts
1499 upvotes
Toronto
Ok, I think the market is back.

I mentioned that there was a split 3 bedroom bungalow near me in East Scarbs. It was initially an exclusive listed I believe in the 800s. Then it was listed publically for 2 weeks for $799. Then relisted for $688 just 4-5 days ago. A third set of open houses was scheduled for this weekend. Then almost immediately sold for $950K! Before the open house. Pretty much the day after the toothless housing announcement.
Deal Fanatic
Oct 7, 2010
8258 posts
887 upvotes
at1212b wrote:
Apr 23rd, 2017 10:20 pm
Ok, I think the market is back.

I mentioned that there was a split 3 bedroom bungalow near me in East Scarbs. It was initially an exclusive listed I believe in the 800s. Then it was listed publically for 2 weeks for $799. Then relisted for $688 just 4-5 days ago. A third set of open houses was scheduled for this weekend. Then almost immediately sold for $950K! Before the open house. Pretty much the day after the toothless housing announcement.
It wasn't selling so agent was playing games. Then some dummy jumped the gun and bought 270 over asking. I am hoping they are foreign investors because when the drop does it, the new owner is gonna wake up be under water right after they bought it. Now is good time to lowball, not bid up.
Deal Guru
User avatar
Mar 31, 2008
10200 posts
1499 upvotes
Toronto
spike1128 wrote:
Apr 23rd, 2017 10:36 pm
It wasn't selling so agent was playing games. Then some dummy jumped the gun and bought 270 over asking. I am hoping they are foreign investors because when the drop does it, the new owner is gonna wake up be under water right after they bought it. Now is good time to lowball, not bid up.
That's what boggles my mind. That 688 must have have caught someone's attention. But sure, it 'affirms' the pricing in my neighbourhood but I just still shake my head.
Member
Jan 3, 2017
308 posts
222 upvotes
spdewan wrote:
Apr 23rd, 2017 8:39 pm
Keep us posted you probably be surprised by the price it got sold for. Things are not looking good at all
lol,

What else did you expect in reaction to the news. This is a short term blip on the radar, not the sign of a crash coming no matter how much you want it to be
Deal Fanatic
Feb 9, 2009
7178 posts
4159 upvotes
at1212b wrote:
Apr 23rd, 2017 11:17 pm
That's what boggles my mind. That 688 must have have caught someone's attention. But sure, it 'affirms' the pricing in my neighbourhood but I just still shake my head.
money is money... AND THERE IS LOTS OF IT out there...the average jr analyst in Toronto cant keep up. Go get roomies and love to rent... thats maybe what you'll likely to do for the rest of your life like they do in NY, HK, etc... and now Mother Wynne has come to the rescue so you wont have huge rude awakenings with your rent cost lol

Even the gov't knows that foreign money is gonna take over... they are gonna make it easy for the average joe schoome to at least "rent in peace" ;)
Newbie
Dec 1, 2008
54 posts
8 upvotes
Sanyo wrote:
Apr 23rd, 2017 9:18 pm
So...wanna give me that underpriced listing or you just gonna talk?
Listing # W3759334. If you know price of comparable sold in the neighborhood then you will see numbers talking :)
Deal Addict
Jan 26, 2016
1018 posts
831 upvotes
Toronto, ON
Sanyo wrote:
Apr 23rd, 2017 11:29 pm
they are gonna make it easy for the average joe schoome to at least "rent in peace" ;)
not bad
Deal Fanatic
Feb 9, 2009
7178 posts
4159 upvotes
spdewan wrote:
Apr 24th, 2017 12:05 am
Listing # W3759334. If you know price of comparable sold in the neighborhood then you will see numbers talking :)
Dude thats the furthest part of town and on a main street (Scott Road)... it's a semi that went for 760 with no basement finished. 28 foot lot.

A single home went for 840k on April 18th.. 36 foot lot...

Also a townhome but with 4 bed, 4 bath with finished basement, big corner lot for $735 which I say is comparable. W3758483.

So no I wont say it was underpriced.. it was actually priced fairly right.
Sr. Member
Feb 13, 2017
940 posts
1252 upvotes
spdewan wrote:
Apr 24th, 2017 12:05 am
Listing # W3759334. If you know price of comparable sold in the neighborhood then you will see numbers talking :)
They listed for 699k, but sold for 760k!

Looking at the comparables on Realmarketwatch that recently sold, They actually did VERY well. The location on this home is also not ideal, so he got more than I even expected.
Deal Expert
User avatar
Apr 21, 2004
48155 posts
13811 upvotes
So I checked about a dozen MLS listings in my area and only three sold close to asking price, the rest of the listings were either removed or not showing up on mongohouse

single-car garage detaches sold around $1.1-1.15. I don't think there are a lot of Chinese buyers in our area so maybe that explains the lack of sales way of over asking. Or maybe I'm just one of the slum dog millionaires, haha.
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Deal Fanatic
Feb 9, 2009
7178 posts
4159 upvotes
alanbrenton wrote:
Apr 24th, 2017 10:22 am
So I checked about a dozen MLS listings in my area and only three sold close to asking price, the rest of the listings were either removed or not showing up on mongohouse

single-car garage detaches sold around $1.1-1.15. I don't think there are a lot of Chinese buyers in our area so maybe that explains the lack of sales way of over asking. Or maybe I'm just one of the slum dog millionaires, haha.
unmotivated sellers who were likely kicking around the can... good for them to get out no point in flooding the market with inventory, thats what will make the price drop.
Deal Fanatic
Feb 9, 2009
7178 posts
4159 upvotes
spike1128 wrote:
Apr 23rd, 2017 10:36 pm
It wasn't selling so agent was playing games. Then some dummy jumped the gun and bought 270 over asking. I am hoping they are foreign investors because when the drop does it, the new owner is gonna wake up be under water right after they bought it. Now is good time to lowball, not bid up.
maybe it turned into a bidding situation who knows...
[OP]
Deal Addict
Dec 5, 2009
4970 posts
2768 upvotes
People who bought in February must be kicking themselves.

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