Real Estate

Locked: When will we know that TO/GTA real estate has bottomed?

  • Last Updated:
  • Mar 16th, 2018 10:50 am
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Jan 6, 2012
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ccylyl wrote:
Jan 26th, 2018 2:33 pm
I see the daily sales on mongo is getting higher every day since Jan, maybe it's still low compare to previous years, but improving, also some houses are sold over asking now
that is good news, considering a lot of negative sales data. i hope the trend continues. i think buyers are very discouraged right now, especially it is hard to get a mortgage, it really is. when people realize they are going to have to think outside the box for mortgages and basically get them from anywhere but the bank, sales will pick up. how long it will take for the crowd to change their perspective time will tell, i guess. people just feel more comfortable going through a bank.
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sweetlady123 wrote:
Jan 26th, 2018 11:01 pm
that is good news, considering a lot of negative sales data. i hope the trend continues. i think buyers are very discouraged right now, especially it is hard to get a mortgage, it really is. when people realize they are going to have to think outside the box for mortgages and basically get them from anywhere but the bank, sales will pick up. how long it will take for the crowd to change their perspective time will tell, i guess. people just feel more comfortable going through a bank.
credit unions dont need to go through the stress test... I'm sure their business has picked up a ton since the start of the year.
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Sanyo wrote:
Jan 26th, 2018 11:34 pm
credit unions dont need to go through the stress test... I'm sure their business has picked up a ton since the start of the year.
i didn't even know that...i thought they operated just like any other broker type situation, my friend went through with a broker recently, they had to pass it to get a mortgage even with a retail broker, just like the bank (dominion lender)
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Sanyo wrote:
Jan 26th, 2018 11:34 pm
credit unions dont need to go through the stress test... I'm sure their business has picked up a ton since the start of the year.
Having said that, a lot of credit unions are stress testing (even though they are exempt from OSFI regulations).
Kevin Somnauth, CFA
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Feb 23, 2009
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rjg4235 wrote:
Jan 27th, 2018 2:33 pm
I'm curious how the spring will go. We might have a lot of people who gave up last year in bidding wars realizing they can now afford;

https://torontolife.com/real-estate/cha ... ndly-home/
Great story. A single Dad bought an old piece of crap for $1mil. that he can't afford.
Maybe he should move to the burbs and buy a real house with a yard that he can afford for $600K.
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CdnRealEstateGuy wrote:
Jan 27th, 2018 12:05 pm
Having said that, a lot of credit unions are stress testing (even though they are exempt from OSFI regulations).
With no CDIC insurance and no mandatory stress test, it’s not the type of institution that would attract my GIC or savings.
pkrash wrote:
Jan 27th, 2018 7:23 pm
Great story. A single Dad bought an old piece of crap for $1mil. that he can't afford.
Maybe he should move to the burbs and buy a real house with a yard that he can afford for $600K.
Seems like he bit at the first move down... off of an insane peak price scenario. Would probably be in the drivers seat right now as a buyer with sellers who held off hoping peak pricing would come back by now.
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May 31, 2007
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We need to see a couple more months because it's possible people locked in mortgage rate before Ofsi rules. It would seem logical if you were serious about buying and didn't care about timing the market.
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@cartfan123 I think you sold a bit before the peak (or am I confusing you with someone else)? If so, are you planning on rebuying soon?
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pkrash wrote:
Jan 27th, 2018 7:23 pm
Great story. A single Dad bought an old piece of crap for $1mil. that he can't afford.
Maybe he should move to the burbs and buy a real house with a yard that he can afford for $600K.
Wouldn't call it a piece of crap but $1M at Dundas and Dufferin? Jeez.
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peanutz wrote:
Jan 28th, 2018 9:18 pm
@cartfan123 I think you sold a bit before the peak (or am I confusing you with someone else)? If so, are you planning on rebuying soon?
LOL def wasn't him he's like some college kid.
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Sanyo wrote:
Jan 28th, 2018 11:54 pm
LOL def wasn't him he's like some college kid.
There was definitely a talky bear here who timed the market and sold just before the full * hit the fan around April. I'm trying to remember who he was; he is probably in a good position right now to consider rebuying.

cartfan123 may be more of a skeptic than a bear. Maybe it was fdl

Sorry, been a while since I wandered back to the Real Estate subforum.
Last edited by MrDisco on Jan 29th, 2018 12:24 am, edited 1 time in total.
Reason: not appropriate
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Oct 6, 2015
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You'll know GTA RE has bottomed when nobody wants to buy it, and prices are 1.5-2X average GTA income. And mortgages are significantly unavailable, requiring you to dress up in your best Sunday clothes to convince a banker to actually give you one.

Some other asset class, maybe stocks, maybe gold, maybe Beanie Babies, will be all the rage at the time as well. With RE's "mere 10% returns" being viewed as overly tiny and mundane.
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peanutz wrote:
Jan 28th, 2018 9:18 pm
@cartfan123 I think you sold a bit before the peak (or am I confusing you with someone else)? If so, are you planning on rebuying soon?
I think that's joepipe.

If I had sold at the top, I'd only be looking to buy in this market by stink bidding. There's lots of new houses and relists that look to be sitting vacant. Who knows a seller that just needs out...might have to take a stink bid.

That said, if looking as an investor I'd probably still be on the sidelines. If looking as a buy to live, would be looking for a deal but in no why getting caught up in any bidding war like its April 2017.

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