GTA housing market 2017 forcast
What people on this forum think about he market in 2017?
Not by emotions but my facts and number
Not by emotions but my facts and number
Oct 26th, 2016 2:21 pm
Oct 26th, 2016 2:51 pm
Oct 26th, 2016 3:37 pm
Oct 26th, 2016 3:44 pm
Oct 26th, 2016 4:04 pm
Yeah the problems is seller expectations are sky high these days, asking prices in Brooklin and North Oshawa are nearing $900k to $1mil, coupled that with the temporary uncertainties over the new mortgage rules, seasonality factors, are making the DOM longer and SNLR lower in the coming month until next March when prices would take off again, it's been a reoccurring scene...Repooc wrote: ↑ Recently, I'm finding in my area (North Whitby) that resale houses are taking at least 2-4 weeks to sell, and sometimes after a price reduction of up to $50K), whereas earlier this year and this time last year (when I sold/bought my Whitby houses) houses were selling in a week or less (2 weeks being the absolute most) was common place.
it could be the time of the year, but last September/October market in Whitby was insane with bidding wars all over the place, no matter the price segment.
The resale homes in my neighbourhood have been selling in the $800K to $1.3M range, and feel that it may plateau around that price-point heading into 2017 looking at the current trend. I'll be absolutely floored if I see new record pricing in Whitby next spring. I find that houses in Brooklin are getting their asking price or just slightly below, but rarely above asking price these days.
Oct 26th, 2016 4:17 pm
Oct 26th, 2016 11:06 pm
a) not all immigrants come to Toronto (believe it or not) and not all of them have money to buy property -- many of them have to rent to start with minimal job prospects (these arent your typical American immigrants with more strict requirements).
Oct 26th, 2016 11:09 pm
Oct 26th, 2016 11:11 pm
Oct 26th, 2016 11:37 pm
Oct 27th, 2016 5:17 am
Oct 27th, 2016 9:19 am
Oct 27th, 2016 9:53 am
Oct 27th, 2016 10:08 am
This appears to also be happening in Scarborough (south of 401) as bungalows which sky rocketed to the 650K-700k range have been sitting for alot longer (from the brief sample tracking I've been doing). I'm quite certain alot of minorities who are the primary market didn't have 20% and alot also have small business income which hurts them. The types selling the houses too have priced it quite high too from what I can see, hoping it will fund their retirement or whatever else choice they make.Afv1234 wrote: ↑Yeah the problems is seller expectations are sky high these days, asking prices in Brooklin and North Oshawa are nearing $900k to $1mil, coupled that with the temporary uncertainties over the new mortgage rules, seasonality factors, are making the DOM longer and SNLR lower in the coming month until next March when prices would take off again, it's been a reoccurring scene...Repooc wrote: ↑ Recently, I'm finding in my area (North Whitby) that resale houses are taking at least 2-4 weeks to sell, and sometimes after a price reduction of up to $50K), whereas earlier this year and this time last year (when I sold/bought my Whitby houses) houses were selling in a week or less (2 weeks being the absolute most) was common place.
it could be the time of the year, but last September/October market in Whitby was insane with bidding wars all over the place, no matter the price segment.
The resale homes in my neighbourhood have been selling in the $800K to $1.3M range, and feel that it may plateau around that price-point heading into 2017 looking at the current trend. I'll be absolutely floored if I see new record pricing in Whitby next spring. I find that houses in Brooklin are getting their asking price or just slightly below, but rarely above asking price these days.
Oct 27th, 2016 11:50 am
a) population increase for GTA will be a minimum of 100k for the next 25 years according to the governmentSanyo wrote: ↑a) not all immigrants come to Toronto (believe it or not) and not all of them have money to buy property -- many of them have to rent to start with minimal job prospects (these arent your typical American immigrants with more strict requirements).
b) Go to many builders sites and they have multiple communities coming up they are building out -- we are seeing them go more north than ever in Newmarket and north.. unlimited space up there to build.
c) granted borrowing costs may not go up significantly anytime soon, but the act to get a mortgage will get tougher and tougher -- all it has to to do is have some announcement from CMHC that they will temporarily suspend insuring mortgages, increasing the insurance amount, create cap gains for foreigners, another foreigner tax, etc lots of potential now for this market to drop
and that fool poloz can come out tomorrow and cut rates again, if cmhc says "no thanks" to insuring or as they may ask the banks to require taking some of the hit on bad mortgages on insured mortgages, this will be a different ballgame.
Oct 27th, 2016 12:25 pm
My prediction is between 5-10% for the detached market in 2017.thelastword wrote: ↑ I'm 100% sure we will not 20% - 30% price increases yoy in 2017. My guess is around 10% for detached; reason being we just aren't building them fast enough with the increase in our population. There are still many dual high income earners/rich immigrants in the GTA to support the market as we see fewer and fewer homeowners seller their gold mine. As always this is just my guess and every location in the GTA will experience something different.
Oct 27th, 2016 3:05 pm
Oct 27th, 2016 3:13 pm
Oct 27th, 2016 3:15 pm
Oct 27th, 2016 3:55 pm