Real Estate

[GTA] Durham Region Developments Mega Thread

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  • Jun 22nd, 2018 7:58 pm
Deal Addict
Feb 23, 2009
1141 posts
1033 upvotes
Oshawa
Got a friend in North Pickering with a great detached house for sale for 2 weeks and listed about $780K and should go for about $850K.
No offers.
Another near him was a better place and should go for $950K...no showings, no offers.
Places further East going for under asking or at asking.
The market has cooled off.
Member
Jan 31, 2016
374 posts
91 upvotes
Toronto, ON
cartfan123 wrote:
Apr 30th, 2017 4:41 pm
So still raging hot on the pre con buying side I guess?...

What did it look like out there?
Is appears the heat is still burning for pre-con east of TO anyways. I dropped by there on the way to the golf course and there was a handful of people inside. They had sold everything from the release the day before (which they said was absolutely insane) and had an additional 20 or so released Sunday. They did not advertise the 2nd release apparently. I could sense some angst and pressure on those people leaning over the site map. Mostly 45ft lots with a hefty premium left. Over $1 million for the most part. Which for a subdivision house in North Bowmanville is Bat S&#* nuts.

On another note, I was out Sat and Sun at open houses for a family member looking to move east to Clarington. It was busy, busier then I thought it would be. If we are using the shoes as a measure, most places I went to the shoe rack was full. I had asked follow up emails from two places, both received offers that day.

I am seeing more places listed for the "market / want" price versus low for bidding a war. This is why some recent solds reflect asking or a bit below. I Think core GTA'ers are selling and driving our market east. IMO of course.
Sr. Member
User avatar
Jan 30, 2008
562 posts
89 upvotes
pkrash wrote:
Apr 30th, 2017 10:03 pm
Got a friend in North Pickering with a great detached house for sale for 2 weeks and listed about $780K and should go for about $850K.
No offers.
Another near him was a better place and should go for $950K...no showings, no offers.
Places further East going for under asking or at asking.
The market has cooled off.
I don't know. It might just be pockets. Market seems to have cooled a little but yearly there's always a frenzy early spring (plus with new rules coming). But the situation you described is not market cooling, it's likely wrong asking price / bad marketing / bad area. Let's see the listings?

Have friends currently looking for a place in Whitby/Ajax and not having luck. Every house they see is either a ton of work (30yr old houses with nothing done) or going well over asking still.
Deal Fanatic
User avatar
Sep 8, 2007
5477 posts
3647 upvotes
Way Out of GTA
Ketchenany wrote:
May 1st, 2017 8:30 am
Is appears the heat is still burning for pre-con east of TO anyways. I dropped by there on the way to the golf course and there was a handful of people inside. They had sold everything from the release the day before (which they said was absolutely insane) and had an additional 20 or so released Sunday. They did not advertise the 2nd release apparently. I could sense some angst and pressure on those people leaning over the site map. Mostly 45ft lots with a hefty premium left. Over $1 million for the most part. Which for a subdivision house in North Bowmanville is Bat S&#* nuts.

On another note, I was out Sat and Sun at open houses for a family member looking to move east to Clarington. It was busy, busier then I thought it would be. If we are using the shoes as a measure, most places I went to the shoe rack was full. I had asked follow up emails from two places, both received offers that day.

I am seeing more places listed for the "market / want" price versus low for bidding a war. This is why some recent solds reflect asking or a bit below. I Think core GTA'ers are selling and driving our market east. IMO of course.
Thanks, this info is helpful. Plus you don't have an axe to grind either way so it gives a good realistic picture.
Member
Jan 31, 2016
374 posts
91 upvotes
Toronto, ON
rigalpatel wrote:
Apr 26th, 2017 10:09 am
Image

I just received this email from Treasure Hill (solid builder IMO) - so it will start at 699k for detached in bowmanville. Can someone post prices if they go.

Stainless Steel Appliance Package
• Natural Finish Oak Staircase
• Granite Kitchen Countertop
• Upgraded Kitchen Cabinets

PLEASE REMEMBER
• Bring 4 cheques
• Bring Photo ID
• (ie. Driver's License or Passport)
• All offers are firm
Here you go. Most lots had a heavy premium that were left.
Images
  • tmp_3988-20170501_063503579808904.jpg
Jr. Member
May 27, 2013
174 posts
13 upvotes
pkrash wrote:
Apr 30th, 2017 10:03 pm
Got a friend in North Pickering with a great detached house for sale for 2 weeks and listed about $780K and should go for about $850K.
No offers.
Another near him was a better place and should go for $950K...no showings, no offers.
Places further East going for under asking or at asking.
The market has cooled off.
So what happened with there places
Deal Addict
Feb 23, 2009
1141 posts
1033 upvotes
Oshawa
wantboost1 wrote:
May 1st, 2017 11:14 pm
So what happened with there places
Not sold yet. Just like lots of other places in Durham.
I've seen plenty of places here that have gone unsold for 3-4 weeks or more.
Lots of re-lists at different prices.
For all the Bulls that like to say the market is hot, it's not. Fake News.
New construction seems to be still popular as the Feds didn't do anything to stop the paper flipping yet.
The market is still good, but anything and everything is not selling in 3 days for $150K over asking like previously.
Lots more choices and buyers have become more cautious.
What's interesting is a lot of RE agents and sellers are ruining it for themselves by listing closer to actual market price instead of sticking with the under list/bidding war concept.
This leads to more sold at listing or under listing and caps the max price.
Newbie
Dec 1, 2008
51 posts
8 upvotes
exactly what is happening in Milton area. However, I noticed houses regardless of the type if they are under 800k they go quicker. High end houses stick around for a while. Agents were pretty spoiled when they use to have firm deals within days. Now every agent is being tested
Deal Fanatic
User avatar
Sep 8, 2007
5477 posts
3647 upvotes
Way Out of GTA
pkrash wrote:
May 1st, 2017 11:26 pm
Not sold yet. Just like lots of other places in Durham.
I've seen plenty of places here that have gone unsold for 3-4 weeks or more.
Lots of re-lists at different prices.
For all the Bulls that like to say the market is hot, it's not. Fake News.
New construction seems to be still popular as the Feds didn't do anything to stop the paper flipping yet.
The market is still good, but anything and everything is not selling in 3 days for $150K over asking like previously.
Lots more choices and buyers have become more cautious.
What's interesting is a lot of RE agents and sellers are ruining it for themselves by listing closer to actual market price instead of sticking with the under list/bidding war concept.
This leads to more sold at listing or under listing and caps the max price.
In many ways the market gone from ultra red burning scorching hot to only very hot. What we saw in Jan-Mar was just unsustainable.

Data that the pre cons are selling robustly and yes where asking prices or seller expectations are in line with recent comps then there's deals being done. But there were many sellers in April who just picked an even higher price and just hung a sold sign out "to see what happens". So not really motivated to sell nor competitive with the market. Even builders are getting ridiculous with their asking prices and policies...note the bidding style process on another thread.

The prices posted above by Ketchenany till points to some ridiculously high prices in Bowmanville for new construction...so buyers who want to buy a place to live will either have to pay that or go and buy in the resale market.
Newbie
Apr 20, 2017
55 posts
14 upvotes
New construction seems to be still popular as the Feds didn't do anything to stop the paper flipping yet.
To pkrash:
I thought the new rules already banned these paper flipping on the new homes/condo... not true?
Newbie
Feb 8, 2017
42 posts
5 upvotes
JeanMarc40 wrote:
May 2nd, 2017 11:02 am
To pkrash:
I thought the new rules already banned these paper flipping on the new homes/condo... not true?
NOPE
Deal Fanatic
May 1, 2012
7161 posts
3548 upvotes
Markham
JeanMarc40 wrote:
May 2nd, 2017 11:02 am
To pkrash:
I thought the new rules already banned these paper flipping on the new homes/condo... not true?
You are correct. pkrash doesn't know what he's talking about really. Some reason he's just very angry.
Newbie
Feb 16, 2017
4 posts
http://business.financialpost.com/news/ ... ing-market

Other Actions to Protect Homebuyers and Increase Information Sharing
10. The province will work to understand and tackle practices that may be contributing to tax avoidance and excessive speculation in the housing market such as “paper flipping,” a practice that includes entering into a contractual agreement to buy a residential unit and assigning it to another person prior to closing.[/b][/b]

Government did NOT ban paper flipping.
Sr. Member
May 6, 2015
615 posts
142 upvotes
Unionville, ON
psugumar26 wrote:
May 2nd, 2017 2:17 pm
http://business.financialpost.com/news/ ... ing-market

Other Actions to Protect Homebuyers and Increase Information Sharing
10. The province will work to understand and tackle practices that may be contributing to tax avoidance and excessive speculation in the housing market such as “paper flipping,” a practice that includes entering into a contractual agreement to buy a residential unit and assigning it to another person prior to closing.[/b][/b]

Government did NOT ban paper flipping.
This, i'm not sure if they planned to ban it completely but did take measures to reduce this practice. I guess inflicting the fear in the hearts of such people doing these paper flipping practices with increased taxes,fines etc may cause the practice to stop all together. Maybe this will lead to an indirect effect of never paper flipping. I wonder how many people actually do this though. That would be an interesting stat to find out to see if it's even worth implementing in the first place.
Jr. Member
Feb 12, 2008
167 posts
131 upvotes
Toronto
Tribute Westney place just sent an email to everyone registered... Appointments go live tomorrow on first come first serve (link in email). Appointments are May 6th / 7th.

42 foot lots start at 1,139, 990.

Was anyone serious about buying in this community, and DID NOT receive an email? Pm me.

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