Real Estate

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

  • Last Updated:
  • Nov 17th, 2017 2:00 pm
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Sr. Member
Aug 19, 2016
740 posts
256 upvotes
inferiorplanet wrote:
Sep 12th, 2017 10:07 am
In the news... analysis of TREB numbers by Better Dwelling, New listings and active listings stats are noteworthy.

"Toronto Detached Real Estate Prices See First Annual Decline Since 2009
Toronto detached real estate prices are getting hammered, with benchmarks dropping over $100,000 from just last month."


The average sale price of a detached home dropped to $968,494. According to TREB, the 416 saw the average sale price dip to $1,191,052, a 1.2% decline from the same month last year. The 905 saw the average sale price drop to $906,592, a 0.1% decline from the year before. This is the first time average sale prices have showed annual declines since 2009.


https://betterdwelling.com/city/toronto ... ince-2009/
How are these people? Are they bias towards either side? Based on their past reviews.
[OP]
Deal Addict
Dec 5, 2009
4614 posts
2417 upvotes
So anecdotally, anyone seeing a spike in listings ? I'm seeing lots more listings this week than last in the areas I am monitoring.
Member
May 9, 2017
361 posts
391 upvotes
fdl wrote:
Sep 12th, 2017 10:31 am
So anecdotally, anyone seeing a spike in listings ? I'm seeing lots more listings this week than last in the areas I am monitoring.
No spike in listings in my area for detached homes.
Jr. Member
Mar 10, 2009
189 posts
155 upvotes
Toronto
fdl wrote:
Sep 12th, 2017 10:31 am
So anecdotally, anyone seeing a spike in listings ? I'm seeing lots more listings this week than last in the areas I am monitoring.
I wouldn't call it a spike but there is an uptick in condo listings in my area since the beginning of September.
Newbie
Jun 8, 2017
89 posts
130 upvotes
CollegeGraduate wrote:
Sep 12th, 2017 10:26 am
How are these people? Are they bias towards either side? Based on their past reviews.
Was directed to Better Dwelling from article below (real estate blogs to follow),

http://www.psrbrokerage.com/2017/03/goo ... blogs-now/

Claim to be Canada's largest independent real estate blog... IMO, their pieces do seem to be data driven...

Agents that I have spoken with this past week indicate that their clients are still hesitant/ gun shy re jumping into the market.
Deal Addict
Sep 12, 2006
1147 posts
180 upvotes
fdl wrote:
Sep 12th, 2017 10:31 am
So anecdotally, anyone seeing a spike in listings ? I'm seeing lots more listings this week than last in the areas I am monitoring.
Slight bump in the areas I look at as well. High asking prices - seems like people expect to get March prices. Would be interesting to see sold prices but realmarketwatch still down this morning.
Newbie
User avatar
Dec 17, 2009
96 posts
51 upvotes
fdl wrote:
Sep 12th, 2017 10:31 am
So anecdotally, anyone seeing a spike in listings ? I'm seeing lots more listings this week than last in the areas I am monitoring.
Definitely seeing more listings in my area (Richmond Hill / Markham). Some houses I was watching back in the summer that were terminated were put back on the market.

Also got flyers in the mail from real estate agents stating why "September is the time to sell", so I guess it is true that most RE agents are advising their clients to wait until September to list / relist.
Jr. Member
Jan 15, 2010
116 posts
97 upvotes
Toronto
Condo listings in the areas I monitor seem to be about the same this week as last. But the amount of new listings are outpacing sales. So if this keeps up it should put downward pressure on prices.
Sr. Member
Aug 19, 2016
740 posts
256 upvotes
DaMan12 wrote:
Sep 12th, 2017 12:37 pm
Condo listings in the areas I monitor seem to be about the same this week as last. But the amount of new listings are outpacing sales. So if this keeps up it should put downward pressure on prices.
Now people can't afford to carry condos anymore?
Jr. Member
Jan 15, 2010
116 posts
97 upvotes
Toronto
CollegeGraduate wrote:
Sep 12th, 2017 12:39 pm
Now people can't afford to carry condos anymore?
Huh? All I was trying to say was that there appears to be more people trying to sell than there is trying to buy in the areas I look at (Not C01).
Deal Expert
User avatar
Mar 18, 2005
16614 posts
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Niagara Falls
I don't think it is a surprise to see listings up as many speculated some owners would try to hold on until September. I can't image the amount of listings will be nearly as high as the first dump though.
Deal Addict
Feb 22, 2011
1778 posts
1608 upvotes
Toronto
fdl wrote:
Sep 12th, 2017 10:31 am
So anecdotally, anyone seeing a spike in listings ? I'm seeing lots more listings this week than last in the areas I am monitoring.
Seems pretty much the same in the 3 areas I check. That said it's sales and listings that seem to be puttering a long. I wonder if the market will just be dull for awhile.
Deal Fanatic
User avatar
Oct 23, 2003
6629 posts
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CollegeGraduate wrote:
Sep 12th, 2017 12:39 pm
Now people can't afford to carry condos anymore?
Very possible. I know of a bunch of families who have a house and then borrowed against it to purchase 2-3 other condos to rent out to people. They have like 5-10% equity across all their properties at the moment. Guess whats gonna happen if rates keep on going up. Thhere's a ton of people who cant afford condos but own them. Barely.

Remember, you're richer than you think. ;)
Deal Addict
Feb 9, 2009
4485 posts
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Buggy166 wrote:
Sep 12th, 2017 1:24 pm
Very possible. I know of a bunch of families who have a house and then borrowed against it to purchase 2-3 other condos to rent out to people. They have like 5-10% equity across all their properties at the moment. Guess whats gonna happen if rates keep on going up. Thhere's a ton of people who cant afford condos but own them. Barely.

Remember, you're richer than you think. ;)
A bunch of families huh
Deal Addict
Feb 22, 2011
1778 posts
1608 upvotes
Toronto
Buggy166 wrote:
Sep 12th, 2017 1:24 pm
Very possible. I know of a bunch of families who have a house and then borrowed against it to purchase 2-3 other condos to rent out to people. They have like 5-10% equity across all their properties at the moment. Guess whats gonna happen if rates keep on going up. Thhere's a ton of people who cant afford condos but own them. Barely.

Remember, you're richer than you think. ;)
Considering condos are up 20% YoY it seems almost impossible this is true unless all these families bought all those condos 5 months ago.

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