Real Estate

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

  • Last Updated:
  • Feb 15th, 2018 2:53 pm
Newbie
Nov 5, 2017
31 posts
30 upvotes
The point is article was written by Graham Slaughter without any information on what he earns, spends etc
Jr. Member
Aug 28, 2017
172 posts
224 upvotes
When you have new detached homes in Milton selling out in 1 day for 900K and new detached homes in RH selling out in one day for $1.9M...lets just all agree the real estate market in the GTA wont ever "bottom out"

:)
Jr. Member
Sep 13, 2007
123 posts
16 upvotes
Toronto
the market is quite interesting, location location location...i'm screwed
Jr. Member
Jan 15, 2010
199 posts
140 upvotes
Toronto
I think what were seeing now is that the entire RE market will never slump/bottom out simultaneously (barring a huge economic event such as a recession).

There will always be ebbs ans flows across the property types, detached homes surged for a while before condo prices finally sky-rocketed. Now detached (and other property types) are dropping while condos continue to boom. Eventually this wave will end, the condos prices that have lagged behind other property types will eventually slow down while the semi and detached market will pick up again
Jr. Member
Jul 8, 2017
174 posts
133 upvotes
NA
DaMan12 wrote:
Jan 29th, 2018 11:45 pm
I think what were seeing now is that the entire RE market will never slump/bottom out simultaneously (barring a huge economic event such as a recession).

There will always be ebbs ans flows across the property types, detached homes surged for a while before condo prices finally sky-rocketed. Now detached (and other property types) are dropping while condos continue to boom. Eventually this wave will end, the condos prices that have lagged behind other property types will eventually slow down while the semi and detached market will pick up again
The entry level homes are on fire while the million dollar homes have tanked. if you don't already have the money the bank will not give you any money, looked like the new B20 rule introduced by the liberals is to punish the poor and reward the rich.
Deal Fanatic
Feb 9, 2009
5235 posts
2673 upvotes
Silver1234 wrote:
Jan 29th, 2018 11:53 pm
The entry level homes are on fire while the million dollar homes have tanked. if you don't already have the money the bank will not give you any money, looked like the new B20 rule introduced by the liberals is to punish the poor and reward the rich.
B20 was not introduced by the Libs, it was put in by OFSI and that runt Rudin.

But regardless Im not sure what you mean that bank will not give you any money, proof of this?
Deal Addict
Jul 14, 2002
1222 posts
444 upvotes
burnt69 wrote:
Jan 29th, 2018 1:20 am
You'll know GTA RE has bottomed when nobody wants to buy it
+1 for the Definition of a bottom
Newbie
Feb 18, 2012
40 posts
10 upvotes
Aurora
Sanyo wrote:
Jan 30th, 2018 12:02 am
B20 was not introduced by the Libs, it was put in by OFSI and that runt Rudin.

But regardless Im not sure what you mean that bank will not give you any money, proof of this?
I think he means it's harder to get a mortgage now.
If you were able to get $800k previously, maybe now you can only get $500k with the new rules and such.
(Just throwing in random numbers as an example).
Deal Addict
Feb 22, 2011
2604 posts
2391 upvotes
Toronto
jmb2027 wrote:
Jan 31st, 2018 2:07 pm
I think he means it's harder to get a mortgage now.
If you were able to get $800k previously, maybe now you can only get $500k with the new rules and such.
(Just throwing in random numbers as an example).
While that is what he meant, people only think it will have such a big impact because they assume banks were qualifying people at the rate given when in reality they were already making sure people had a buffer. Our banks aren't incompetent. The only people who think they were throwing mortgages to anyone are people who never had to qualify for one.
Newbie
Feb 18, 2012
40 posts
10 upvotes
Aurora
rjg4235 wrote:
Jan 31st, 2018 3:40 pm
While that is what he meant, people only think it will have such a big impact because they assume banks were qualifying people at the rate given when in reality they were already making sure people had a buffer. Our banks aren't incompetent. The only people who think they were throwing mortgages to anyone are people who never had to qualify for one.
Yeah, it's just the mental affect when things are laid out for people.
Jr. Member
Jun 7, 2017
111 posts
63 upvotes
Silver1234 wrote:
Jan 29th, 2018 11:53 pm
The entry level homes are on fire while the million dollar homes have tanked
The data totally does not support this silly statement.
Newbie
Jan 6, 2012
75 posts
23 upvotes
jmb2027 wrote:
Jan 31st, 2018 4:17 pm
Yeah, it's just the mental affect when things are laid out for people.
dont agree with above...with b20, it simply is harder to get a mortgage...used to be a breeze. my friend recently applied for ~ 350k and no matter how much td worked the numbers there was NO WAY she could get the mortgage with them. had to go to private funding and was able to get it.

imo from my hood (ajax) entry level homes are struggling too...
Newbie
Feb 18, 2012
40 posts
10 upvotes
Aurora
sweetlady123 wrote:
Feb 1st, 2018 10:13 am
dont agree with above...with b20, it simply is harder to get a mortgage...used to be a breeze. my friend recently applied for ~ 350k and no matter how much td worked the numbers there was NO WAY she could get the mortgage with them. had to go to private funding and was able to get it.

imo from my hood (ajax) entry level homes are struggling too...
Try RBC or other banks.
TD is notorious for not giving out mortgages easily
Deal Addict
Feb 22, 2011
2604 posts
2391 upvotes
Toronto
Furcorn wrote:
Jan 31st, 2018 9:58 pm
The data totally does not support this silly statement.
Really because 3 bedroom houses in Toronto are up 12% YoY and 1/2 bedroom condos are up 21 & 24% respectively. This isn't an opinion it's a quantifiable and verifiable fact.

Everyone celebrating the average being down should look at a starter home in their neighborhood.

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