Real Estate

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

  • Last Updated:
  • Jul 5th, 2018 8:51 am
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[OP]
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Dec 5, 2009
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_dc_ wrote:
Sep 13th, 2017 10:00 am
That house is in the backyard of a subsidized rental building called Genesis Place at 39/41 Crosby, also known as Crack Towers to locals. It's also near the new 360 Kids youth hostel that was built on Yonge St. just north of Crosby.
The 360 Kids youth hostel used to be located in a big house at east side of Yonge and Canyon Hill, and didn't effect home prices in that area. I think proximity to a busy CN line and industrial park is also a huge factor.
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Feb 9, 2013
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fdl wrote:
Sep 13th, 2017 10:09 am
The 360 Kids youth hostel used to be located in a big house at east side of Yonge and Canyon Hill, and didn't effect home prices in that area. I think proximity to a busy CN line and industrial park is also a huge factor.
Ya, I agree being near CN line can bring the housing prices nearby down. But the townhouse is just as close to the CN line.

My suspicion is that the detached may be a rental property, or may be in bad condition, hence no photos of the interior. Also, from google aerial view, the house is on a weird angle with 154 stephenson cres. They look more like linked houses than detached.
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Is there any way to know if a property is priced to elicit a bidding war? I understand there is a record of sorts for bids that I am not privy to and that can be rigged, just like auctions on ebay.

I thought this strategy was already passe?
[OP]
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jdu0ng wrote:
Sep 13th, 2017 10:34 am
Ya, I agree being near CN line can bring the housing prices nearby down. But the townhouse is just as close to the CN line.

My suspicion is that the detached may be a rental property, or may be in bad condition, hence no photos of the interior. Also, from google aerial view, the house is on a weird angle with 154 stephenson cres. They look more like linked houses than detached.
Not having photos of the interior is usually a big red flag. Who knows, maybe it was a grow op.
[OP]
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alanbrenton wrote:
Sep 13th, 2017 10:53 am
Is there any way to know if a property is priced to elicit a bidding war? I understand there is a record of sorts for bids that I am not privy to and that can be rigged, just like auctions on ebay.

I thought this strategy was already passe?
If it's priced much lower than comparibles it's likely been done to get multiple offers. And yes this tactic is passé right now, in most neighbourhoods.
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Jul 3, 2011
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alanbrenton wrote:
Sep 13th, 2017 10:53 am
Is there any way to know if a property is priced to elicit a bidding war? I understand there is a record of sorts for bids that I am not privy to and that can be rigged, just like auctions on ebay.

I thought this strategy was already passe?
If you're asking about a listing on TREB, in addition to FDL's comment, yes there is. An offer date is established and noted in the listing however you'd need a Realtor to find out as set offer dates are a board notice only.
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Jun 19, 2017
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alanbrenton wrote:
Sep 13th, 2017 10:53 am
Is there any way to know if a property is priced to elicit a bidding war? I understand there is a record of sorts for bids that I am not privy to and that can be rigged, just like auctions on ebay.

I thought this strategy was already passe?
Big time Passe. It'll be retired for the next year or two as interest rates grow
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Sep 8, 2007
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NotRobot wrote:
Sep 13th, 2017 11:18 am
Originally listed for 4.1M in may. Just sold for 3.74M in willowdale west with only a 43 ft frontage.

I'm guessing the builder still made some good coin.

http://www.mongohouse.com/soldrecords/5 ... bd6a1c6db0
http://tours.realtytours.ca/166-norton- ... th-york-n/

What is going on with that garage? Looks like its a crawl space. The house beside has a slight ramp down and hence a full size door. Strange.

But that price tells you that while prices might be down, in no way has it crashed.
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May 9, 2017
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cartfan123 wrote:
Sep 13th, 2017 11:49 am
http://tours.realtytours.ca/166-norton- ... th-york-n/

What is going on with that garage? Looks like its a crawl space. The house beside has a slight ramp down and hence a full size door. Strange.

But that price tells you that while prices might be down, in no way has it crashed.
Ha ha. That's funny, didn't even notice how small the garage looked until you mentioned that.

Notice that there is a room above the garage on the main floor. A lot of homes in this area have that design to maximize square footage.
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Nov 24, 2013
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Kingston, ON
cartfan123 wrote:
Sep 13th, 2017 11:49 am
http://tours.realtytours.ca/166-norton- ... th-york-n/

What is going on with that garage? Looks like its a crawl space. The house beside has a slight ramp down and hence a full size door. Strange.

But that price tells you that while prices might be down, in no way has it crashed.
Guessing that garage "door" is for show and doesn't open? Space in the finished basement instead of being filled? That's the strangest setup I've seen.

House and yard are nicely finished though.
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Oct 21, 2014
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Burlington, ON
jdu0ng wrote:
Sep 13th, 2017 12:52 pm
... from what I read:

"In the census metro area for Toronto, Moody’s said it can see average annualized price growth of 10.7 per cent from the third quarter of 2017 to second quarter of 2018. It sees an another 8.5 per cent of annualized growth from third quarter of 2018 to the second quarter of 2019."

We won't see 20-30% growth like we did previously, but 8-10% growth I would say is healthy.
I hope it is less than 8-10% growth.. that is insane. If the trend holds for three years on a 700k home that is

Year 0: 700k
Year 1: 770k
Year 2: 847k
Year 3: 931.7k

That's a lot of price growth. In that type of environment the only way my kids will ever own is to inherit from me...

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