Real Estate

[Observation] the pace had slowed down late March vs. late Feb

  • Last Updated:
  • Apr 6th, 2017 12:36 am
Penalty Box
Jan 13, 2017
456 posts
367 upvotes

[Observation] the pace had slowed down late March vs. late Feb

went to 5 open houses this weekend, some had offer night on Monday some had offer night Tuesday (yesterday)
only 1 was sold, lockbox gone, "Sold Over asking" sign up by this afternoon.
the rest of them still have the lockbox and for sale sign up today, and is still on MLS as of now.

the reason i think is simple, we are seeing at least 2-4x amount of new listings vs. Feb which had very few listings,
plus the fact that something is coming down for the Ontario Budget to address GTA housing prices in 2 weeks, straight from the horse's mouth. Also the fact that sellers are very greedy, they looked at the Feb's price and say, hey my house should be worth 50k more now vs Feb, but the truth is there are also 3x more listings.

the next 3 weeks will be very very interesting... in my block at least, the top price records were still from Feb and not March.
23 replies
Deal Addict
Jul 7, 2013
1514 posts
1401 upvotes
Digital Gulag
Cool story bro.

Don't forget to open a new thread next weekend with an update so I'll know when the housing market is crashing. That way I can go home from work and pick up a couple townhouses and milk and eggs for the kids.

/s
Deal Addict
Jan 26, 2016
2240 posts
2272 upvotes
Toronto, ON
Good stuff, OP. Maybe you should start selling your GICs now ready for when the prices crash 30-40% in a few months (back to prices of 2 years ago?) so you can jump in and catch the bottom.

BTW mind sharing your area?

I wish I had a dollar every post in the past 5 years that called the top of the market due to some impending new rule or something that would do it. I would be very rich indeed.
Deal Guru
Feb 9, 2009
12381 posts
11307 upvotes
WinterSleep wrote: Good stuff, OP. Maybe you should start selling your GICs now ready for when the prices crash 30-40% in a few months (back to prices of 2 years ago?) so you can jump in and catch the bottom.

BTW mind sharing your area?

I wish I had a dollar every post in the past 5 years that called the top of the market due to some impending new rule or something that would do it. I would be very rich indeed.
with very little rules to stop this market.

now seeing 30-40% gains in like 6 months -- this has never happened in 20 years of this RE bull market

this smells like blow off top like a stock market would feel -- euphoria, must get in quick to make gains, etc. even last year you saw bids but maybe 20-30k over in milton (where i live)... now 100-200k even 300-400k over..

prices jumping from 800s to 1.2 mil-ish in a matter of 4-5 months... euphoria.. and a matter of foreigners/speculators/desperate retail money coming in and pushing this to maybe it's last legs.

either way something is gonna give potentially here soon enough. there is no way 30-40% gains continue for years and years...
Deal Fanatic
Dec 5, 2009
5768 posts
3612 upvotes
It's just a gully. That's all.
Deal Fanatic
Dec 5, 2009
5768 posts
3612 upvotes
Not sure about late March, but prices from first half of March suggests March will come in higher than Feb.

Image
Penalty Box
Dec 27, 2013
8003 posts
4050 upvotes
Toronto
the sky is falling.
Member
Nov 1, 2010
397 posts
57 upvotes
fdl wrote: Image
it's missing a line:
City of Toronto
Rest of GTA
"Rest of the world"

Perhaps OP should change the post's title to specify the region Winking Face
Deal Addict
Mar 14, 2006
4409 posts
819 upvotes
definitely more listings this month, let's see how well they sell
Deal Addict
Sep 30, 2011
2419 posts
971 upvotes
You know what could happen: both buyers and sellers start to hold off.
Both sides have too much to expect, one for booming one for crashing, and nothing gonna happen, just hold off.
<signature removed>
Banned
Feb 13, 2017
951 posts
1283 upvotes
OMG!!! OP went to 5 open houses and the market in crashing!!

How and why the HELL is this a thread and why have the mod not blocked this troll yet?

Edit: March numbers will still probably be 28-30% YoY gain..give your head a shake.
Deal Guru
User avatar
Sep 8, 2007
10978 posts
14472 upvotes
Way Out of GTA
crocp8 wrote: OMG!!! OP went to 5 open houses and the market in crashing!!

How and why the HELL is this a thread and why have the mod not blocked this troll yet?

Edit: March numbers will still probably be 28-30% YoY gain..give your head a shake.
Still a day left in March and it could crash 40% by the end of the day Friday. Then wouldn't you feel a bit foolish?
Deal Fanatic
Jul 3, 2011
6517 posts
3798 upvotes
Thornhill
March's numbers are going to make February look like a slow month.
Deal Addict
Jan 26, 2016
2240 posts
2272 upvotes
Toronto, ON
MMMPower wrote: went to 5 open houses this weekend, some had offer night on Monday some had offer night Tuesday (yesterday)
only 1 was sold, lockbox gone, "Sold Over asking" sign up by this afternoon.
the rest of them still have the lockbox and for sale sign up today, and is still on MLS as of now.

the reason i think is simple, we are seeing at least 2-4x amount of new listings vs. Feb which had very few listings,
plus the fact that something is coming down for the Ontario Budget to address GTA housing prices in 2 weeks, straight from the horse's mouth. Also the fact that sellers are very greedy, they looked at the Feb's price and say, hey my house should be worth 50k more now vs Feb, but the truth is there are also 3x more listings.

the next 3 weeks will be very very interesting... in my block at least, the top price records were still from Feb and not March.
So much for your "Observation" :D - GTA home prices break record, +33% YoY

https://www.thestar.com/news/gta/2017/0 ... stays.html
Deal Guru
May 1, 2012
10538 posts
11427 upvotes
Toronto
WinterSleep wrote: So much for your "Observation" :D - GTA home prices break record, +33% YoY

https://www.thestar.com/news/gta/2017/0 ... stays.html
I went to a BMW dealership a couple weeks back and I saw no one but myself. There is simply no one buying BMWs anymore. I think if I wait another 2 weeks, I could just go in and offer 20k for like a BMW M540. I am certain they will accept that offer, I mean literally that dealership had no one else looking at cars besides me.
Penalty Box
Jan 13, 2017
456 posts
367 upvotes
LOL please, the report is for the full month, first 1.5 week is hot as F, last 1.5 week were weak compared to the first 1/2 of the month. year/year obviously is 30+, I am comparing late Feb to late March, go find the Feb report, 416 detached actually went down.

the time period is simply too large, tons of houses are still unsold, just sitting there, and tons are coming out every day, like these 3 in a row next to each other all coming out for sale at the same time for the same price

https://www.realtor.ca/Residential/Sing ... -Box-Grove
https://www.realtor.ca/Residential/Sing ... -Box-Grove
https://www.realtor.ca/Residential/Sing ... -Box-Grove


WinterSleep wrote: So much for your "Observation" :D - GTA home prices break record, +33% YoY

https://www.thestar.com/news/gta/2017/0 ... stays.html
Penalty Box
Jan 13, 2017
456 posts
367 upvotes
maybe you should learn how to read properly, who cares about year /year? this post is about month over month.
clearly a slowdown late March compares to late Feb, tons of new listing coming out, and houses are taking much longer to sell.
crocp8 wrote: OMG!!! OP went to 5 open houses and the market in crashing!!

How and why the HELL is this a thread and why have the mod not blocked this troll yet?

Edit: March numbers will still probably be 28-30% YoY gain..give your head a shake.
Deal Guru
Feb 9, 2009
12381 posts
11307 upvotes
I definitely see more supply now in Milton. It will be interesting to see what happens in April.
Sr. Member
Feb 16, 2011
729 posts
316 upvotes
MMMPower wrote: went to 5 open houses this weekend, some had offer night on Monday some had offer night Tuesday (yesterday)
only 1 was sold, lockbox gone, "Sold Over asking" sign up by this afternoon.
the rest of them still have the lockbox and for sale sign up today, and is still on MLS as of now.

the reason i think is simple, we are seeing at least 2-4x amount of new listings vs. Feb which had very few listings,
plus the fact that something is coming down for the Ontario Budget to address GTA housing prices in 2 weeks, straight from the horse's mouth. Also the fact that sellers are very greedy, they looked at the Feb's price and say, hey my house should be worth 50k more now vs Feb, but the truth is there are also 3x more listings.

the next 3 weeks will be very very interesting... in my block at least, the top price records were still from Feb and not March.
It's very possible that all properties are 100% sold.

When I was actively searching...it sometimes took days before listings were taken down. And days before they would show up on our favourite sold price websites that won't be named here. Some properties had sold signs put up right away, some didn't. Some lockboxes were removed, some weren't. Some agents are on the ball while some are pretty lazy and unprofessional.

Sometimes it takes a few days to "firm up" the deal. Buyers might have negotiated a day or two to confirm financing or do a home inspection.

The only real way to confirm that it's sold is to phone the agent since some houses are unlisted (not sold) and listed again at a different price.

With that being said, they could be still for sale...for the reasons you mentioned.

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