Personal Finance

Toronto Real Estate is on FIYAH!!

  • Last Updated:
  • Feb 13th, 2010 8:35 pm
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Deal Fanatic
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Mar 5, 2006
6691 posts
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Murica
ferkel wrote: HST in July will seriosuly douse out the fire, combined with land transfer taxes
you're right. that's the catalyst for this last surge before the cliff.

once HST kicks in, we will see what happens.

If you can sell and rent or live with your parents or family members for a few months and pay them rent, don't be freeloader.
Deal Addict
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Apr 14, 2005
1698 posts
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KawaiiTentacleBeasttheBlogDog wrote: Real estate is unique, it doesn't need to obey fundamentals, it can't happen here and this time it's different
Garth's blog is that-a-way man.
Banned
Jun 19, 2006
9349 posts
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Beeg wrote: Sorry Pitz, but I'm so happy I didn't listen you to you last year, or the year before, or....
Hey now... Not gonna say anything more than this, "the market can remain irrational longer than you can stay solvent". I am confident I will be proven correct over the long run though. 1989 had massive bidding wars against the backdrop of a weakening economy, and the prospect of the GST coming into force. Sounds familiar?
"I worked with several H1B employees that were/are borderline ********. One of them wanted to spray an electrical patch panel with solvent to see if it would make the “network go faster”". <--- lol (source)
Deal Guru
Dec 11, 2008
13064 posts
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pitz wrote: Hey now... Not gonna say anything more than this, "the market can remain irrational longer than you can stay solvent". I am confident I will be proven correct over the long run though. 1989 had massive bidding wars against the backdrop of a weakening economy, and the prospect of the GST coming into force. Sounds familiar?
Well can't almost anyone be right in the long run?

I can predict there will be another Ice Age.
Deal Fanatic
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Oct 23, 2003
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speedyforme wrote: Well can't almost anyone be right in the long run?

I can predict there will be another Ice Age.
you wont be around for that though, therein lies the trick.
Deal Guru
Dec 11, 2008
13064 posts
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Buggy166 wrote: you wont be around for that though, therein lies the trick.
we don't know that :lol:

could happen today, could happen tomorrow (Day After Tomorrow :razz: )
Deal Expert
Aug 26, 2001
18145 posts
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Mississauga, ON
In the long run, we're all dead. - some dead economist
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Apr 30, 2009
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pitz wrote: Hey now... Not gonna say anything more than this, "the market can remain irrational longer than you can stay solvent". I am confident I will be proven correct over the long run though. 1989 had massive bidding wars against the backdrop of a weakening economy, and the prospect of the GST coming into force. Sounds familiar?
Your good at dealing with baldness. And some stocks.

But when it comes to the nitty gritty of human sweat that is the real estate biz you are CLUELESS.

Sorry.

I just made a bundle over the past 2 1/2 years. :lol:
Deal Addict
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Apr 30, 2009
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Send me a PM if you want some good tips.
Deal Guru
Dec 31, 2005
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pitz wrote: Hey now... Not gonna say anything more than this, "the market can remain irrational longer than you can stay solvent". I am confident I will be proven correct over the long run though. 1989 had massive bidding wars against the backdrop of a weakening economy, and the prospect of the GST coming into force. Sounds familiar?
1989 also saw the first boom of condo development within Toronto. People were buying 2, 3 or more condos for the sole purpose to flip them...it was euphoria...there were untold countless numbers of empty condos....are we there now? I don't think so. Prices are rising, but people are actualy living in the houses/condos.
Sr. Member
Jan 30, 2006
870 posts
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Beeg wrote: Send me a PM if you want some good tips.
give everyone a good tip, please!


my opinion, you just gambled and you won because the game was rigged

I bet your reasons would - be land is not produced anymore, rich immigrants, it's a canadian dream and everyone will buy a house no matter what even if he has to sell his children

after that you can add - all that CMCH and affordability staff just a crap, without it houses would cost even more. but it still doesn't matter - house will sell even with 50x incomes because RE price can go only higher
Deal Expert
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Dec 19, 2001
31347 posts
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Fernando Poo
Garth Turner is predicting the start of the end of the bubble March 4th. :cheesygri

Hey, I've only been waiting (and renting) for six years now. :|
Welcome to the Minitrue FDs, Ficdep
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Jun 19, 2006
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nalababe wrote: 1989 also saw the first boom of condo development within Toronto. People were buying 2, 3 or more condos for the sole purpose to flip them...it was euphoria...there were untold countless numbers of empty condos....are we there now? I don't think so. Prices are rising, but people are actualy living in the houses/condos.
0% down loans weren't happening in 1989 though. They are today. So one set of crazy circumstances, supplants another. The outcome is always the same; houses must revert to affordability on an average family's salary, without exotic loan inducements or teaser rate financing, in the long run.

As for the dude who says I have no clue about real estate because he made a gazillion in 2.5 years -- good luck, but your logic is really messed up. Your house is only worth what you actually sell it for, not what your neighbours' sold theirs for.
"I worked with several H1B employees that were/are borderline ********. One of them wanted to spray an electrical patch panel with solvent to see if it would make the “network go faster”". <--- lol (source)
Deal Addict
Jun 12, 2007
1694 posts
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GTA
hagbard wrote: Garth Turner is predicting the start of the end of the bubble March 4th. :cheesygri

Hey, I've only been waiting (and renting) for six years now. :|
Garth has been very unsuccessful anytime he attempted to make time-specific predictions. So he changed to more general predictions aka "when the interest rise, house prices will fall" - which doesn't take Nostradamus to predict. If he is back making specific, concrete predictions, I predict he will fail miserably :D Because nobody can time the market. And crowd reaction. And government reaction to crowd reaction. And so on and so on...
Jr. Member
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Dec 12, 2001
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It looks like a blow off top (for house prices) before June-July 2010, when new taxes and higher interest rates kick in.
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Oct 28, 2008
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My parents bought a house (detached) in Mississauga (Mavis & Burhamthorpe) some 6-7 months ago and there was an absolute bidding war going on! We ended up paying around $10K over listed price, which was a completely new concept for us coming from Markham. Usually, buying at listed price is considered the "ceiling" beyond which the buyer will give up and look for another house.

Now looking back, it looks like a good deal because the average price of houses here are up ~6.7%. A similar house (inside and outside) right next to us was sold last month for $40K more than what we paid. Many other houses in our neighbourhood were sold for similar price.

If this isn't a real estate bubble, then I don't know what is. I'm sure rest of GTA is the same as well.

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