I'm a realtor in Toronto since early 1987. The average prices shot up 160% in 4 short years between 1985 and 1989. And then it collapsed and bottomed in mid 1996. The market has been going up almost nonstop until early 2022, only a few air pockets from tine to time. That's 26 years of almost nonstop increase in real estate value. The home prices are not cheap by any standard nowadays. It will be difficult for it to go up much more in the next few years but then again it won't collapse much because the demand is still there with a rising population. The major factors will be economy, employment, wages and population growth. Canada is one of the most popular immigration destinations with its vast lands, natural resources, plenty of agriculture growth and fresh water and most important of all, it's free from major geopolitical conflicts in the foreseeable future. Canada is blessed!
Entry level at 500k is absurd. The system is so broken, the ones in charge don't want to fix it as it doesn't benefit them. The only way we will see change is we need the majority of us to revolt and demand them to fix the system. Housing should not be used to make dumb money.
@@elai3147 You missed the point. I don't mean the ratio of renters vs. "homeowners". The majority of us includes everyone that wants to have a fair system for everyone! You should be ashamed of yourself. RP should not be used like a stock market and exploit people. Why do you think the pendulum has swung in Ontario? Who caused it? The bad landlords/speculators/foreigners parked money, etc... Educate yourself, the housing market is definitely broken! Go do your research and find out how many landlords are there , and how many that owns 2 or more properties? And find out who owns them and how & where the money came from and you will be surprised! Good luck!
@@almontoya5703 don't know why you have homeowners in quotations, and define "broken", is the system broken until close to 100% can afford to own? politicians would never allow real estate to crash hard, they need the taxes
Yes and where did they get the down-payment for the high cost of the failing condo from the HELOC on their residential freehold house ....this will end well..amd they failed to mention that toronto alone has 5000 unite completeing this year.....
Where are the money launderers? CAD Peso is so cheap, yet the international criminals and drug dealers are not laundering their money in Canadian real estate... something is not right!
The Titanic of money launderers had already bought real estate in Canada, 1 reason the sky rocketing prices last 10+ yrs… Governments finally brought in legislations to tighten this only last couple years…
Toronto real estate is like a tube of toothpaste that only has a little bit of paste up around the cap. It is now one of the worst investment products in the world because someone else already took all of the profit out of the system. In other words, they have brushed their teeth a lot and the tube is basically spent. Deploying money into the market in 2008 was brilliant. Doing that in 2024 is financial suicide as their nothing left in the tube for profit. Will an interest rate fix that fundamental problem? Would you buy a nearly empty tube of toothpaste for the same prices as a full one? Why would you waste your money on such a profoundly over-valued asset class? The emperor is not wearing any clothes... its not a new see-through type of clothing! No matter how expensive rent is, at least you can keep your savings for something more profitable.
People need to look at the real estate price charts, GDI and treasuries as well as historical price action. Do not look at GDP. It's being artificially pumped by immigration. Per capita, Canadian GDP is shrinking. On the charts prices are 25-30% high. In the 1990s it took 7 years for the market to correct. GDI has been rolling over and that means people just can't afford the home prices and businesses can't afford to increase wages. Consumers also see the home prices rolling over and they aren't interested in catching a falling knife. Add in that people are just starting to renew their mortgages and the pressure will continue to increase to lower prices. The big indicator in signalling a recession has always been inverted rates. And last week they almost went uninverted which 100% of the time in the past signalled a recession. (The stock market went crazy last couple weeks and had a 18% correction in response to the uninversion.) These things happen in ultra slow motion so sellers are always thinking oh I'll wait. Same thing happened in the 90s. We could easily see another 18-24 months pass before we see where the real estate sector is really going. Just keep in mind, the BOC won't keep dropping rates if they see rents and home prices taking off again. So people banking on a big rebound are betting against the odds. Could we see a decade of stagflation? Absolutely!!
Please somebody help the investors. Bring in immigrants who can pay the investors asking price. It is so cruel to let these condos sit unsold and leave the investors under water.
Toronto condo market still wildly overpriced. There, I fixed your headline.
Not overpriced, bad layout
They are all atleast double of what it should be.
nope they need to go higher
Boo hoo. Housing shouldn't be a investing opportunity. No tears for these people
I'm a realtor in Toronto since early 1987. The average prices shot up 160% in 4 short years between 1985 and 1989. And then it collapsed and bottomed in mid 1996. The market has been going up almost nonstop until early 2022, only a few air pockets from tine to time. That's 26 years of almost nonstop increase in real estate value.
The home prices are not cheap by any standard nowadays. It will be difficult for it to go up much more in the next few years but then again it won't collapse much because the demand is still there with a rising population. The major factors will be economy, employment, wages and population growth.
Canada is one of the most popular immigration destinations with its vast lands, natural resources, plenty of agriculture growth and fresh water and most important of all, it's free from major geopolitical conflicts in the foreseeable future.
Canada is blessed!
1000$ for condo maintenance alone... No wonder.
Bring down the entry level 550k to 250k, then will consider buying....550k is not worth.... absolutely stupidity
They know this will cascade down to all the other cities as well if they did lower, don't want that lol
You’re only thinking supply & demand… the Cost to build a condo today in Toronto or Vancouver >$1000/sq.ft…
@@wc4109 not worth
dream on
Entry level at 500k is absurd. The system is so broken, the ones in charge don't want to fix it as it doesn't benefit them. The only way we will see change is we need the majority of us to revolt and demand them to fix the system. Housing should not be used to make dumb money.
what majority? 2/3 of canadians are home owners so 2/3 benefit from the "broken" system
@@elai3147 You missed the point. I don't mean the ratio of renters vs. "homeowners". The majority of us includes everyone that wants to have a fair system for everyone! You should be ashamed of yourself. RP should not be used like a stock market and exploit people. Why do you think the pendulum has swung in Ontario? Who caused it? The bad landlords/speculators/foreigners parked money, etc... Educate yourself, the housing market is definitely broken! Go do your research and find out how many landlords are there , and how many that owns 2 or more properties? And find out who owns them and how & where the money came from and you will be surprised! Good luck!
@@almontoya5703 don't know why you have homeowners in quotations, and define "broken", is the system broken until close to 100% can afford to own? politicians would never allow real estate to crash hard, they need the taxes
@@elai3147 homeowners aren't the problem. You implied I said it was.
@@almontoya5703 didn't imply anything, seriously want to know why you put homeowners in quotations? and seriously want to know how you define broken
Still about 40% above the mean growth line. RIP Affordability.
Yes and where did they get the down-payment for the high cost of the failing condo from the HELOC on their residential freehold house ....this will end well..amd they failed to mention that toronto alone has 5000 unite completeing this year.....
Stress test proved its point. It is now overly restrictive.
Overpriced condos that are not made to live in. I mean 1 bedroom condo for 600k? Get the f out of here. for 600K we deserve 2/3 bedrooms.
victim mentality
@@sanhtu77 Pointing out a pyramid scheme is not a scam. See US real estate
Where are the money launderers? CAD Peso is so cheap, yet the international criminals and drug dealers are not laundering their money in Canadian real estate... something is not right!
They are smarter than our economists only come in when bubbles grow but TO close to a total bust soon hopefully
The Titanic of money launderers had already bought real estate in Canada, 1 reason the sky rocketing prices last 10+ yrs… Governments finally brought in legislations to tighten this only last couple years…
Way to go Tom. Good job
Toronto real estate is like a tube of toothpaste that only has a little bit of paste up around the cap. It is now one of the worst investment products in the world because someone else already took all of the profit out of the system. In other words, they have brushed their teeth a lot and the tube is basically spent. Deploying money into the market in 2008 was brilliant. Doing that in 2024 is financial suicide as their nothing left in the tube for profit. Will an interest rate fix that fundamental problem? Would you buy a nearly empty tube of toothpaste for the same prices as a full one? Why would you waste your money on such a profoundly over-valued asset class? The emperor is not wearing any clothes... its not a new see-through type of clothing! No matter how expensive rent is, at least you can keep your savings for something more profitable.
Half a mil for "entry level" shoe box. Living in crazy town. Hope things normalize
Need a total reset
Recession will be announced in the fall , hence the reason for recent rate cut
People need to look at the real estate price charts, GDI and treasuries as well as historical price action. Do not look at GDP. It's being artificially pumped by immigration. Per capita, Canadian GDP is shrinking.
On the charts prices are 25-30% high. In the 1990s it took 7 years for the market to correct.
GDI has been rolling over and that means people just can't afford the home prices and businesses can't afford to increase wages.
Consumers also see the home prices rolling over and they aren't interested in catching a falling knife. Add in that people are just starting to renew their mortgages and the pressure will continue to increase to lower prices.
The big indicator in signalling a recession has always been inverted rates. And last week they almost went uninverted which 100% of the time in the past signalled a recession. (The stock market went crazy last couple weeks and had a 18% correction in response to the uninversion.)
These things happen in ultra slow motion so sellers are always thinking oh I'll wait. Same thing happened in the 90s. We could easily see another 18-24 months pass before we see where the real estate sector is really going.
Just keep in mind, the BOC won't keep dropping rates if they see rents and home prices taking off again. So people banking on a big rebound are betting against the odds. Could we see a decade of stagflation? Absolutely!!
It's a good sign
Condo ! Condo !! Condo !!!
shoebox housing for so much money! Get bent people!
Tell me 1 thing canada isn't behind on?
We're #1 in car thefts. 😢
Running rackets via our garbage bankrupt colleges lol
behind on literally everything
Stop buying.
WAHHHHHHHHHHH CRY BABIES.
Please somebody help the investors. Bring in immigrants who can pay the investors asking price. It is so cruel to let these condos sit unsold and leave the investors under water.
Who cares about investors bail the banks first lol they create the investors lol
System collapse and reset needed but taking time lol