Real Estate

Is this good time to buy real estate in Toronto/GTA?

  • Last Updated:
  • Feb 25th, 2019 3:47 pm
Sr. Member
Dec 30, 2012
900 posts
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Toronto
moofur wrote:
Feb 16th, 2019 2:30 pm
Canadians/Torontonians really need to travel more. All this whining and complaining makes us look really ignorant on a global scale. Look at the world class cities (esp. the Asian ones) like Singapore, Hong Kong, Beijing, Shanghai, NYC, San Francisco etc. You wanted a world class city, you need to take the good with the bad.

People in Asia have gotten used to the fact that high real estate prices are here to stay, and either you get in on it also or be resolved to renting. Real estate has been an investment vehicle since the dawn of time, get over it, even if it means that it separates people from haves and have nots. Welcome to capitalism, which is what built and makes the Western world so great. Is this "fair"? I don't know, but I also don't know what is "fair" since it's a pretty subjective term. Do you also think that Venezuela is more "fair"? Look how that turned out.

And people in NA and the Western world wonder why China/Asian countries are so much more competitive.... Because they don't bitch and whine and act all entitled.
I don’t see how Beijing and Shanghai are “world class” cities. Just because they’re big doesn’t make them world class. Is Lagos, Nigeria world class?

And Chinese homebuyers seem to do plenty of bitching and whining when they buy a property and the developer then lowers prices for subsequent buyers. Numerous stories about that lately, sounds pretty entitled to me. “wah wah wah Mr. Mean Developer gave a discount to Mrs. Chang but *I* had to pay full price....wah wah wah”.
Sr. Member
Dec 30, 2012
900 posts
973 upvotes
Toronto
CondoMan98 wrote:
Feb 16th, 2019 2:10 pm
That is capitalism...stop whining because you don't have the guts to invest. Real estate has been an asset class since the dawn of time. You are jealous. Plain and simple. Go move to Venezuela if you want "fairness".
Is it truly capitalism if the government and BoC are propping it up?
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Jan 23, 2016
1035 posts
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Kitchener, ON
civiclease wrote:
Feb 16th, 2019 5:57 pm
Is it truly capitalism if the government and BoC are propping it up?
Exactly. The bank of Canada is too chicken shit to raise rates for fear they pop the bubble. Socialism for the rich. Capitalism for the poor. Raise rates to 4% tommorow. Let’s do this. Even when I owned my home I could handle rates at 8% without breaking a sweat because i wasn’t spending 50+% of my income on my mortgage.
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Jan 9, 2010
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civiclease wrote:
Feb 16th, 2019 5:45 pm
I don’t see how Beijing and Shanghai are “world class” cities. Just because they’re big doesn’t make them world class. Is Lagos, Nigeria world class?
Is Lagos a commerce and financial hub with leading infrastructure (transit etc) in the second largest economy in the world situated within a country that is both an economic and military powerhouse?
And Chinese homebuyers seem to do plenty of bitching and whining when they buy a property and the developer then lowers prices for subsequent buyers. Numerous stories about that lately, sounds pretty entitled to me. “wah wah wah Mr. Mean Developer gave a discount to Mrs. Chang but *I* had to pay full price....wah wah wah”.
I must have missed them amongst all the Asian buyers in all the new developments.
Sr. Member
Dec 30, 2012
900 posts
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Toronto
moofur wrote:
Feb 16th, 2019 6:04 pm
Is Lagos a commerce and financial hub with leading infrastructure (transit etc) in the second largest economy in the world situated within a country that is both an economic and military powerhouse?



I must have missed them amongst all the Asian buyers in all the new developments.
Chinese homebuyers vent rage at Country Garden for slashing prices at two residential developments by up to 30 per cent

www.scmp.com/business/companies/article ... prices-two

Beijing and Shanghai are undoubtedly economically important, but world class? Depends on your definition. I don’t think most educated, high-value workers or executives would covet an expat stint in China, unless of Chinese descent themselves. But London, Paris, NYC, San Fran, Sydney, even Tokyo? Many if not most would jump at the opportunity.
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Feb 29, 2008
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Piro21 wrote:
Feb 16th, 2019 2:29 pm
Investors invest in productive assets such as businesses that follow the law and contribute to society. Unproductive rent-seeking leeches put their money in houses, and are constantly violating the law and complaining about having to follow it. Investors bear risk, and are easily replaced by other investors if their asset prices drop and they exit the market.
What? :facepalm:
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Jan 21, 2017
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civiclease wrote:
Feb 16th, 2019 6:15 pm
Chinese homebuyers vent rage at Country Garden for slashing prices at two residential developments by up to 30 per cent

www.scmp.com/business/companies/article ... prices-two

Beijing and Shanghai are undoubtedly economically important, but world class? Depends on your definition. I don’t think most educated, high-value workers or executives would covet an expat stint in China, unless of Chinese descent themselves. But London, Paris, NYC, San Fran, Sydney, even Tokyo? Many if not most would jump at the opportunity.
Just curious. 1) what line of business are you in? 2) have you personally been to Beijing or Shanghai? (or HK / Taipei)?
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Jan 9, 2010
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civiclease wrote:
Feb 16th, 2019 6:15 pm
Chinese homebuyers vent rage at Country Garden for slashing prices at two residential developments by up to 30 per cent

www.scmp.com/business/companies/article ... prices-two

Beijing and Shanghai are undoubtedly economically important, but world class? Depends on your definition. I don’t think most educated, high-value workers or executives would covet an expat stint in China, unless of Chinese descent themselves. But London, Paris, NYC, San Fran, Sydney, even Tokyo? Many if not most would jump at the opportunity.
With respect to your article: They are idiots and deserve to be ridiculed.

With respect to your second point:

Yes, they are definitely world class cities that are economic and financial hubs that are also culturally important with world class infrastructure (along with Shenzhen). Even cities like Hangzhou (where Alibaba's HQ is located) and Guangzhou that are lesser known to foreigners are important financial centres. You just proved my point about Canadians needing to get out more.... Do you know how many non-Asian people go to China to further their career, learn about the culture, and just generally enjoy living there (as long as you ignore the politics)? Do you know that many of them speak fluent Mandarin? Seeing them on mainstream Chinese television is pretty common...

All that being said, I'm a proud Canadian and have little to no ties to Mainland China. I just find it sad that generally speaking, Canadians are so ignorant of countries like China and act so entitled and don't realize how good we have it with our freedoms, relatively low cost of living in comparison to other places, and great social benefits. So many of us just bitch and whine and wonder why we're so uncompetitive globally which continues to worsen year over year. The world is increasingly becoming more global, and with that we have to either be competitive not just within our own borders, but worldwide. This means that with things like free trade and increasing global mobility, either Canadians have to be more competitive and be able to invest overseas since its inevitable that others will come invest in us (ie. buy up our real estate, natural resources, etc.) given our great quality of life and relatively low cost of living.

While Canadians are bitching and complaining and acting all entitled, foreign companies are coming in to buy up all our real estate in good locations (ie. Condos/houses/commercial real estate etc. in downtown Toronto) and our natural resources (ie. energy companies like Husky and others within the energy industry) and our national pride and joy (like Cirque du Soleil, Grouse Mountain Resorts up in Northern Vancouver etc.)

It's a dog eat dog world. No one's going to come sing kumbaya with you. Get used to it cause it's only going to get worse with the way things are going if we don't get our act together.
Last edited by moofur on Feb 17th, 2019 10:03 am, edited 6 times in total.
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Dec 13, 2016
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civiclease wrote:
Feb 16th, 2019 5:45 pm
I don’t see how Beijing and Shanghai are “world class” cities. Just because they’re big doesn’t make them world class. Is Lagos, Nigeria world class?
Head over to Wikipedia and read under characteristic. Beijing and Shanghai are definitely world class cities.
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Jan 9, 2010
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JayLove06 wrote:
Feb 17th, 2019 11:17 am
It's that simple.

Which is why housing prices have been on a tear the past couple of years even though they are still cheap in comparison.
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Feb 29, 2008
8707 posts
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moofur wrote:
Feb 17th, 2019 12:17 pm
Which is why housing prices have been on a tear the past couple of years even though they are still cheap in comparison.
Good part of the reason.
Sr. Member
Dec 30, 2012
900 posts
973 upvotes
Toronto
moofur wrote:
Feb 17th, 2019 9:43 am
With respect to your article: They are idiots and deserve to be ridiculed.

With respect to your second point:

Yes, they are definitely world class cities that are economic and financial hubs that are also culturally important with world class infrastructure (along with Shenzhen). Even cities like Hangzhou (where Alibaba's HQ is located) and Guangzhou that are lesser known to foreigners are important financial centres. You just proved my point about Canadians needing to get out more.... Do you know how many non-Asian people go to China to further their career, learn about the culture, and just generally enjoy living there (as long as you ignore the politics)? Do you know that many of them speak fluent Mandarin? Seeing them on mainstream Chinese television is pretty common...

All that being said, I'm a proud Canadian and have little to no ties to Mainland China. I just find it sad that generally speaking, Canadians are so ignorant of countries like China and act so entitled and don't realize how good we have it with our freedoms, relatively low cost of living in comparison to other places, and great social benefits. So many of us just bitch and whine and wonder why we're so uncompetitive globally which continues to worsen year over year. The world is increasingly becoming more global, and with that we have to either be competitive not just within our own borders, but worldwide. This means that with things like free trade and increasing global mobility, either Canadians have to be more competitive and be able to invest overseas since its inevitable that others will come invest in us (ie. buy up our real estate, natural resources, etc.) given our great quality of life and relatively low cost of living.

While Canadians are bitching and complaining and acting all entitled, foreign companies are coming in to buy up all our real estate in good locations (ie. Condos/houses/commercial real estate etc. in downtown Toronto) and our natural resources (ie. energy companies like Husky and others within the energy industry) and our national pride and joy (like Cirque du Soleil, Grouse Mountain Resorts up in Northern Vancouver etc.)

It's a dog eat dog world. No one's going to come sing kumbaya with you. Get used to it cause it's only going to get worse with the way things are going if we don't get our act together.
According to South China Morning Post, there are 1 million foreigners living in China. Most come from Hong Kong, South Korea, the Philippines, and Brazil. A very tiny number are highly educated Western professionals.

www.scmp.com/news/china/society/article ... tudy-finds

There will always be some sino-philes in the West, but generally very few Westerners dream of moving to Beijing. They’re just not that into your country and culture.

And it appears you’re unaware that Canadians, or any other foreigners, are not allowed to buy property in China. Maybe put in a call to Xi and see if he’ll change that policy because, you know, globalism.

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