Real Estate

Toronto housing market starts buying season with a bang, sales up 17%

  • Last Updated:
  • May 9th, 2019 4:11 pm
70 replies
Deal Guru
Feb 9, 2009
10829 posts
9205 upvotes
So at least we established a floor last year.

So bears... it's now or never...
Deal Fanatic
Feb 22, 2011
9716 posts
11944 upvotes
Toronto
House sales up 22%.

Condos all time high in price.

Months of inventory under 2.

Watch out.
Deal Fanatic
Jul 30, 2003
5761 posts
540 upvotes
Toronto
Best time to buy Detach, above $800k mark.
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Penalty Box
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Nov 5, 2018
2916 posts
5180 upvotes
Toronto
BUT BEARS, SALES WERE SUPPOSED TO GO DOWN, AMIRITE?!??
Called the bottom.
Deal Fanatic
Feb 22, 2011
9716 posts
11944 upvotes
Toronto
CondoMan98 wrote: BUT BEARS, SALES WERE SUPPOSED TO GO DOWN, AMIRITE?!??
They won't be back until June when they can start throwing out month to month stats, same thing happens every year.
Deal Fanatic
Feb 22, 2011
9716 posts
11944 upvotes
Toronto
Months of inventory is down 15%, from 2.35 to 1.99.
Deal Guru
Feb 9, 2009
10829 posts
9205 upvotes
Nice. I do see detached moving this year too as I see some people cashing out of condos to buy detached (largely the family segment). But boomers will be selling those homes and moving into condos.

So it really is going to be an interesting exchange happening in the next little while.

That and of course Hong Kongers who sell their 10 million dollar condo and buy 3-4 condos with cash.
Deal Addict
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Dec 13, 2016
3695 posts
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Damn....I'd be able to afford a second wife in Thailand.
Penalty Box
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Nov 5, 2018
2916 posts
5180 upvotes
Toronto
Firebot wrote: That's all well and good, but do not let that local and relevant news detract you that Australia Real Estate WORST DROP Since 1990! Prices Down 8.2% In Sydney!.
Who the hell cares.
Called the bottom.
Deal Addict
User avatar
Jul 8, 2010
1405 posts
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Ontario
neilsmith43 wrote: Toronto housing market starts buying season with a bang, sales up 17%
So funny how one number can be presented in various forms - from your friends at TREB...
While sales were up year-over-year in April, it is important to note that they remain well-below April levels for much of the past decade.
Member
Aug 16, 2011
364 posts
234 upvotes
OTTAWA
Sanyo wrote: Nice. I do see detached moving this year too as I see some people cashing out of condos to buy detached (largely the family segment). But boomers will be selling those homes and moving into condos.

So it really is going to be an interesting exchange happening in the next little while.

That and of course Hong Kongers who sell their 10 million dollar condo and buy 3-4 condos with cash.
I don't see many boomers selling their detached and moving into $700k condos... (that's the average now right)? The price difference isn't there given the high rise to detached gap has shrunk to like a 2:1 ratio. Either detached has to go back up to record levels or the condos go back down.
Deal Addict
Mar 3, 2018
1862 posts
1845 upvotes
GTA
Don’t know any boomers who want to live in a GTA Condo. Most that I know with detached homes that sold left the GTA. Like Wasaga, Collingwood where they can buy a detached and have $500K left over. Whereas buying a GTA condo only gets $100 to $200K net cash after realty fees and high land transfer tax.
Member
Feb 13, 2018
482 posts
501 upvotes
Condos continue to be the best performers and it’s cash flow positive

Many boomers will sell detached and move to condo to avoid the maintenance works

I feel better each report that my recent condo assignments buy will be golden

Will switch to Detached when they go down another 30 percent to match the valuation of condos, they are still overpriced

Condos too but demand is just crazy still

I am ready to offload if they go up another 15 percent
Deal Guru
Feb 29, 2008
13901 posts
10182 upvotes
Jeremyl007 wrote: I don't see many boomers selling their detached and moving into $700k condos... (that's the average now right)? The price difference isn't there given the high rise to detached gap has shrunk to like a 2:1 ratio. Either detached has to go back up to record levels or the condos go back down.
It depends. If it’s condos they would be the larger ones which go for a pretty penny. Boomers aren’t moving into shoeboxes.

Also I think they are more likely to move to townhouses. They are coming with elevators these days so no issue with the stairs.

I’m looking at townhouses and many purchasers are middle aged looking to size down.
Deal Addict
Jan 26, 2016
1717 posts
1603 upvotes
Toronto, ON
DaveTheDude wrote: Don’t know any boomers who want to live in a GTA Condo. Most that I know with detached homes that sold left the GTA. Like Wasaga, Collingwood where they can buy a detached and have $500K left over. Whereas buying a GTA condo only gets $100 to $200K net cash after realty fees and high land transfer tax.
Good luck trying to get to a hospital (especially with snow) , let alone the massive maintenance effort/cost involved.
Sr. Member
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Jul 25, 2015
650 posts
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Burnaby, BC
Who the hell is buying in GTA? The numbers are rigged.
Jr. Member
Jun 3, 2018
176 posts
262 upvotes
Piklishi wrote: Who the hell is buying in GTA? The numbers are rigged.
I too, question these numbers. The price increase is brought on by the uptick in condos. No surprise. But the uptick in sales was up due to single family units? So, townhouses? Well, when you consider how many new builds for townhouses were listed during April and May, it makes sense. I am a bit curious to see what the numbers are like for just preexisting units.

That said, by the looks of things I'm going to need to bump up my timetable.

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