Real Estate

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

  • Last Updated:
  • Sep 26th, 2017 7:40 am
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Deal Addict
Aug 19, 2002
2757 posts
138 upvotes
imperial1 wrote:
Sep 13th, 2017 2:41 pm
If you include realtor / lawyer and mortgage discharge fee then I made ~$110K in two years. Is that better for you? Do you feel better now?
Yup because profit takes into account all fees and the numbers you gave didn't add up. That's all.
Deal Fanatic
Dec 27, 2013
5915 posts
2021 upvotes
Toronto
NotRobot wrote:
Sep 13th, 2017 2:36 pm
Who cares? @imperial1 made some good money, why do you need a full accounting of the transaction?
cause it's not him that made it = jelly?
Newbie
Jun 8, 2017
50 posts
47 upvotes
I've been keeping my eye on the column between Bathurst and Bayview, north and south of the 401. My impression is that there has been a significant drop, overall, in list prices in late August and early September (ie. list prices reflecting and that are in line with what houses have actually been selling for over the past month, rather than the 'inflated' prices that seemed to be common in July and August). Do you notice the same for newer listing prices for detached homes in the areas you are scoping? Many thanks.
Sr. Member
Jul 14, 2002
934 posts
267 upvotes
inferiorplanet wrote:
Sep 14th, 2017 11:37 am
I've been keeping my eye on the column between Bathurst and Bayview, north and south of the 401. My impression is that there has been a significant drop, overall, in list prices in late August and early September (ie. list prices reflecting and that are in line with what houses have actually been selling for over the past month, rather than the 'inflated' prices that seemed to be common in July and August). Do you notice the same for newer listing prices for detached homes in the areas you are scoping? Many thanks.
yup, i have noticed the new listings in early september have reflected that. a neighbours home was listed a month ago for 1.4 (removed since) and a week ago the same type of house came up on a different street a little less renovated ($50k value) for $990k.
Sr. Member
Feb 9, 2013
889 posts
140 upvotes
Mississauga
inferiorplanet wrote:
Sep 14th, 2017 11:37 am
I've been keeping my eye on the column between Bathurst and Bayview, north and south of the 401. My impression is that there has been a significant drop, overall, in list prices in late August and early September (ie. list prices reflecting and that are in line with what houses have actually been selling for over the past month, rather than the 'inflated' prices that seemed to be common in July and August). Do you notice the same for newer listing prices for detached homes in the areas you are scoping? Many thanks.
List price doesn't mean anything, made obvious in the last year. What matters is the sold price.
Newbie
Jun 8, 2017
50 posts
47 upvotes
jdu0ng wrote:
Sep 14th, 2017 12:13 pm
List price doesn't mean anything, made obvious in the last year. What matters is the sold price.
I would disagree. When list prices are 'inflated' it often indicates that there is a large gulf/gap between what the seller wants and what buyers are willing to pay. This increases the chance that the home will not sell, which happened a lot this summer. When list prices are more in line with what similar homes have been selling for, the distance between the seller's and buyer's expectations is closer, which increases the likelihood of a sale.
Newbie
Jun 8, 2017
50 posts
47 upvotes
I would add that the importance/effect of list price varies in a bull vs. bear market. In a falling or depressed market, list price is very important.
[OP]
Deal Addict
Dec 5, 2009
4471 posts
2308 upvotes
The problem with only comparing list prices this year to last, is the change away from the strategy of listing below market to stimulate bids from last year to now could skew the comparison.
Deal Addict
Feb 22, 2011
1382 posts
1249 upvotes
Toronto
zabee wrote:
Sep 13th, 2017 5:13 pm
Not sure if this article has already been posted here.

Canada had 1 city where people were worth over $1M last year. There are 4 now
http://globalnews.ca/news/3720403/canad ... s-million/
At $1,721,630, Vancouver maintained the highest average household net worth of all metropolitan areas, but it was joined in the $1-million club by Toronto ($1,154,107), Victoria ($1,055,468) and Calgary ($1,039,607).

Wow.
Jr. Member
Jun 19, 2017
103 posts
176 upvotes
I don't think there have been too many listings in my area since the April peak, a few houses listed at lower prices sold, and those listed at higher prices have been sitting.

Anecdotally, I just noticed an unusual volume of new listings that have just come online in the last two days, most seem to be priced at the high end, near April prices...it's a pretty desirable area in the city, seems odd to see the listing volume.

Interesting to see how this plays out, but I don't think this is turning out well for those who thought they would get better prices in the fall.
[OP]
Deal Addict
Dec 5, 2009
4471 posts
2308 upvotes
Qrewpt wrote:
Sep 14th, 2017 1:05 pm
I don't think there have been too many listings in my area since the April peak, a few houses listed at lower prices sold, and those listed at higher prices have been sitting.

Anecdotally, I just noticed an unusual volume of new listings that have just come online in the last two days, most seem to be priced at the high end, near April prices...it's a pretty desirable area in the city, seems odd to see the listing volume.

Interesting to see how this plays out, but I don't think this is turning out well for those who thought they would get better prices in the fall.
Also anecdotally, I'm seeing a lots of listings this week. Every day more than the previous, and several "coming soon" signs. This is in Richmond Hill. I think sales will pickup, but active listings will remain extremely high keeping downward pressure on prices
Jr. Member
User avatar
Jul 8, 2010
159 posts
65 upvotes
Ontario
Come on guys, Sanyo told us multiple times that everybody that was forced to sale has already done that beginning of the summer. Now there are only buyers in the market, price should shoot-up another 30% from April top....
Newbie
Jun 8, 2017
50 posts
47 upvotes
inferiorplanet wrote:
Sep 14th, 2017 5:03 pm
In the news... National Bank of Canada economist opines that although the biggest fall in values has likely happened, he can see another 10% decline over the next 12 months. Thoughts? Thanks.

https://beta.theglobeandmail.com/real-e ... ndmail.com&
His estimate is based on the Teranet-National Bank Price Index level. Not familiar with that index...

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