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

House sales up 22%.

Condos all time high in price.

Months of inventory under 2.

Watch out.

Best time to buy Detach, above $800k mark.

BUT BEARS, SALES WERE SUPPOSED TO GO DOWN, AMIRITE?!??

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.

Months of inventory is down 15%, from 2.35 to 1.99.

Damn....I'd be able to afford a second wife in Thailand.

neilsmith43 wrote: ↑ https://www.google.com/amp/s/business.f ... bounce/amp

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!.

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.

CondoMan98 wrote: ↑ Who the hell cares.

/whoosh

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.

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.

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.

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

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.

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.

Who the hell is buying in GTA? The numbers are rigged.

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.