Real Estate

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

  • Last Updated:
  • Mar 16th, 2019 9:08 am
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Deal Guru
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Mar 31, 2008
10658 posts
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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
8597 posts
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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
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Mar 31, 2008
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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
316 posts
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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
7847 posts
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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
57 posts
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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
1311 posts
1065 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
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Feb 9, 2009
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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.
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Feb 13, 2017
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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
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Apr 21, 2004
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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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Feb 9, 2009
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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.
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Feb 9, 2009
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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]
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Dec 5, 2009
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People who bought in February must be kicking themselves.
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Feb 9, 2009
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fdl wrote:
Apr 24th, 2017 10:34 am
People who bought in February must be kicking themselves.
probably but if they are planning to live in their houses for a long time it wont matter.
Banned
Feb 13, 2017
951 posts
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Sanyo wrote:
Apr 24th, 2017 10:44 am
probably but if they are planning to live in their houses for a long time it wont matter.
If they plan to live for 3 months it wont even matter...lol. Expect the Toronto market to stay hot.

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