Toronto posts highest monthly average ever at $930,869
http://trreb.ca/files/market-stats/mark ... mw2006.pdf
Jul 7th, 2020 7:35 am
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Jul 7th, 2020 8:18 am
Won't take long for those priced out of semi and detached to start shopping for condos and townhouses because of FOMO.Newuserid wrote: ↑ I think the most notable stats is that prices for detached and semis in the 416 are up 14.3% and 22%, respectively. In my opinion, when you have the most expensive segment of the market with the highest price appreciation, this is real indication of strength in the market.
I fear that this is another post-2008 real estate boom.
Jul 7th, 2020 8:26 am
Jul 7th, 2020 8:53 am
for sure mortgage rates , 2% all over the news can hype up people really quick.... even though on most mortgages you are really only saving about $150 - 200 a month
Jul 7th, 2020 8:54 am
I thought it was already discussed. The extra $2k monthly income has allowed those that already own upgrade obviously
Jul 7th, 2020 8:56 am
The difference between 2% and 2.89% on the average property in Toronto right now is $690 per month, and that's for fixed I am at 1.55% variable so I am saving a fortune.joepipe wrote: ↑ for sure mortgage rates , 2% all over the news can hype up people really quick.... even though on most mortgages you are really only saving about $150 - 200 a month
compared to last years 2.89% average rates....
I put an offer in last week and my mortgage is quite unreal, never thought i would get 2% for a rate....
it does help a bit but not a huge difference .....im saving $170 a month compared to last years rates approx....
also inventory on detached is still low ...
Jul 7th, 2020 8:58 am
im talking for someone buying right now and you need a 500k or 600k mortgage for example....
Jul 7th, 2020 9:01 am
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Jul 7th, 2020 11:03 am
No one can predict the future but I do remember houses went crazy in end of 2016 and start of 2017. They cooled off but remained high and condos spent the next few years catching up.RichmondCA wrote: ↑ Not sure what to make of the stats just yet, no surprise based on what I am seeing on the ground. There is a lot of FOMO going on at the moment for detached homes almost everywhere. June's behaviour is unsustainable, but it reminds me of a few years ago when the bidding wars at Leslieville started going through the roof and as time went on people got more and more aggressive. I can't see that level FOMO happening on a wide scale throughout GTA for a prolonged period, but it's very difficult to understand how people rationalize buying right now or trying to compete with other irrational buyers.
Jul 7th, 2020 11:11 am
It's rates. I'm just trying to get the story straight because bears like to talk about foreign investors and immigration being the culprits....but in a pandemic people are still buying. Maybe the the market is driven by other factors.
Jul 7th, 2020 11:15 am