Real Estate

Locked: With Markham, Richmond Hill, Vaughan home values seeing huge decreases, is now the time to buy?

  • Last Updated:
  • Nov 26th, 2018 12:46 am
[OP]
Deal Fanatic
Feb 29, 2008
9268 posts
4357 upvotes

With Markham, Richmond Hill, Vaughan home values seeing huge decreases, is now the time to buy?

Is this 2009 Toronto where we had a brief correction? That’s how I got into he market and bought my first condo for under market pricing.

Are these areas ripe for the picking or still more drops to come? Seems like there market has stabilized a bit though.
Last edited by JayLove06 on Nov 22nd, 2018 7:09 pm, edited 1 time in total.
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Deal Addict
Jan 26, 2016
1369 posts
1155 upvotes
Toronto, ON
If you intend to live there long term, buy and live in a nice neighbourhood.

If you are trying to time the market, then who knows. It might go up, might go down in short term.
[OP]
Deal Fanatic
Feb 29, 2008
9268 posts
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WinterSleep wrote: If you intend to live there long term, buy and live in a nice neighbourhood.

If you are trying to time the market, then who knows. It might go up, might go down in short term.
Yes I should have stated, long term investment (live)
Deal Addict
Jan 26, 2016
1369 posts
1155 upvotes
Toronto, ON
JayLove06 wrote: Yes I should have stated, long term investment (live)
So to double check, are you talking about detached or Condos in those areas?

Detached have softened, esp. considering the crazy run-up of Feb-April 2017. Condos though... not much softening there... climbing crazy as we speak.

Personally, I would look at the carrying costs vs. rental yield for any investment. If you can carry it renting it out, perhaps short of a few hundred dollars, it's a solid buy (counting the principle amount paid back against mortgage).
Member
Sep 13, 2007
374 posts
89 upvotes
Toronto
I think prices been trending up for a while
Sr. Member
Dec 30, 2012
976 posts
1027 upvotes
Toronto
Why are you trying to time the market? If you can afford it, sure go and make a lowball offer on a Richmond Hill or Vaughan house and see if it's accepted.

I'd pass on Markham personally, except perhaps the Unionville area.
Deal Fanatic
Jul 3, 2011
5427 posts
2494 upvotes
Thornhill
They will stabilize, especially Markham and Vaughan.

Of all the regions, the housing stock in Markham, Vaughan and Brampton grew exponentially because that is where the majority of Asian buyers invested. It's actually these regions, not Toronto, where properties were being bought for investment with many left empty or rented at below market prices where too it's not uncommon in Markham to find several properties on one street or neighbourhood owned by a resident or resident family.

Wynne virtually assaulted these investors by delivering a double whammy threat - a foreign buyers tax and an annual vacancy tax.

Should Ford kill those prices will shoot up pretty much overnight. Until then excess supply has to be absorbed.
Newbie
Feb 26, 2013
73 posts
25 upvotes
Weird times in York Region. I'm seeing stuff sell and I go wow what a great deal! Another part goes wait a minute is $800 for a townhouse in the burbs really that great a deal?

Almost feels like my concept of money and value has gone out the window with the way the housing and stock markets have been the last 3 years. I think the days of wild swing are over, no big ups or downs just flat or mild growth for the burbs.
Banned
Aug 3, 2005
1235 posts
1159 upvotes
JayLove06 wrote: Is this 2009 Toronto where we had a brief correction? That’s how I got into he market and bought my first condo for under market pricing.

Are these areas ripe for the picking or still more drops to come? Seems like there market has stabilized a bit though.
Ask yourself this, if anyone truly knew this answer, you think they would be on a coupon clipping website telling the world? Or would they be busy making the proper investments to make themselves dirty rich?
Deal Addict
Jul 14, 2002
2111 posts
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JayLove06 wrote: Yes I should have stated, long term investment (live)
If you're living in it, e.g. upgrading from a condo, I would just do it.
If prices drop or increase, you're still selling and buying at the same price level. What would be the benefit of waiting?
[OP]
Deal Fanatic
Feb 29, 2008
9268 posts
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dantey wrote: If you're living in it, e.g. upgrading from a condo, I would just do it.
If prices drop or increase, you're still selling and buying at the same price level. What would be the benefit of waiting?
I mean you can buy somewhere else in the upswing I guess.
[OP]
Deal Fanatic
Feb 29, 2008
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ekcivichb wrote: Ask yourself this, if anyone truly knew this answer, you think they would be on a coupon clipping website telling the world? Or would they be busy making the proper investments to make themselves dirty rich?
Not really. People get great advice on real estate all the time. When people said no to condos downtown I told them to keep buying.
[OP]
Deal Fanatic
Feb 29, 2008
9268 posts
4357 upvotes
civiclease wrote: Why are you trying to time the market? If you can afford it, sure go and make a lowball offer on a Richmond Hill or Vaughan house and see if it's accepted.

I'd pass on Markham personally, except perhaps the Unionville area.
I’m not timing it. But how many bears here said they can’t wait till prices tank so they can jump in and buy? To me timing the market is when people try to make a quick buck. Not a long term thing.
Deal Addict
Mar 27, 2004
3539 posts
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Toronto
if you can afford to buy. do it. timing the market is difficult to do.
Full-time Realtor
Award Winning Realtor.
Deal Addict
Jul 14, 2002
2111 posts
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JayLove06 wrote: I mean you can buy somewhere else in the upswing I guess.
Somewhere else in terms of country or just within the GTA?
I guess you could, but it's still speculating on future value of different locations.

If I'm reading it correctly, you're looking to move into the suburbs.
IMO, suburbs are being depressed while downtown is doing better relatively.
So you could "save" more if the gap decreases.

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