Great data! I agree completely this is the year of the condo! Heres the thing rentals have gone way up, condos are easiest to rent. Investors will soon clue in to the fact that cash flow is currently best. Demand will increase and voila! Prices back up or at least highest demand/supply in current market for condo segment
Luv your shirt :) Even IF housing came down significantly in price, the price is STILL way out of reach for MOST Canadians. So, it's all BS. The market will do, what the market does, and it is highly influenced by outside forces. Hence, if outside forces change (as illustrated in the pandemic) the market will change also.
Houses and Condos will continue to drop. There will be no stop to it while prime rates go up... just wait till the investors start selling in the next few months. Then you will see the real drop...
It's no secret that the GTA housing market has been more like a stock market for some. When prices drop investors sell. This is only the start of the snowball. I'm in the housing industry, and builders are $h!ting Bricks right now. If house prices drop the banks won't finalize sales if appraisal prise goes down. Not to mention the people that won't qualify anymore as prime goes up. You are seriously blind if you do t see it. It's in the best Interest of realtors to tell you everything is OK. Also in the bank Canada's. That's why the news tells you everythings OK. CBC gets paid to the tune of 1 billion dollar a year to feed you propaganda. Wake up my friend.
There is a housing shortage in Canada. Many people are still looking at houses but just not buying. Remember in 2019, there was a warning about the housing crash? The market ended up going much higher. The only people who get hurt are those jump in the middle of the roller coaster and those bought too much houses.
Just wait till China opens up again and the foreign students go back to UofT and go back to buying all the condos again. Yes, foreigners can't buy, but the loophole is being a student. Their rich parents can easily give them cash to buy the condos. This is part of the reason why it slowed down and most people only think it's because of the interest rate.
Interest rate is one of the main reason. Not all but a major factor. Other factors everything else is tanking like stocks, bitcoin and etc. Foreigners, immigration, international students or rich parents are not going to save this market. This is a world wide housing crash. China has their own major problems, probably worse than Canada. Do you think students are going to save this market? its not going to.
Ok…so how do we then tame what is a pretty damn bad..spiraling inflation if not through rate increases? US has a huge problem by printing 2x their initial currency in circulation..creating an inflation that is crushing their consumers with higher prices. Well Canada in the same Covid period actually printed. 4x the amount of our currency in circulation up to that point…so strap down and consider what this is doing to our dollar. So again, based on what data do you feel we are going to tame this monster inside of 16-18 months…as we are now 4 months from 2023. What economic activity is Canada suddenly capable of generating to make this happen? I don’t see it..but perhaps you know something I don’t.
Jeesh, I was convinced the condo market would hold up much better than it has. I actually thought achieved price would show a modest gain for 2022. Doesn't seem very likley now does it? I am going to need to be a net seller of condo units over the next 5-7 years based on my life stage. Best to go to ground for 15-18 months and stick my head up then to see what is happening.
Thanks for the plug!
sales go up... sales go down, that's the way things go in real estate it seems...
Great data! I agree completely this is the year of the condo! Heres the thing rentals have gone way up, condos are easiest to rent. Investors will soon clue in to the fact that cash flow is currently best. Demand will increase and voila! Prices back up or at least highest demand/supply in current market for condo segment
When will start going back up ? Should we have sold before the drop ?
Why u guys comparing to February unrealistic prices. Compare prices to precovid .
What do you think of the condo numbers? Higher or lower than you expected?
Luv your shirt :)
Even IF housing came down significantly in price, the price is STILL way out of reach for MOST Canadians. So, it's all BS. The market will do, what the market does, and it is highly influenced by outside forces. Hence, if outside forces change (as illustrated in the pandemic) the market will change also.
your sign says your "out of office" LOL
Pre covid minus 30 percent after that is around the affordability for working Canadians somits been way exaggerated for a decade minimum.
earlier in the year you mentioned you were going to sell your condo and try to move up to a house - are you still trying to do that?
Yes. It’s happening now.
@@TomStorey Have you been able to sell your condo? Did you have to reduce the price significantly to sell?
Not significant, but I did have to adjust my expectation to sell it.
@@borisli4817 Haven't bought yet. In that process now.
Houses and Condos will continue to drop. There will be no stop to it while prime rates go up... just wait till the investors start selling in the next few months. Then you will see the real drop...
I agree Ricardo!
I think you're going to be sadly mistaken in your prediction.... what are you basing your prediction on other then your uninformed opinion?
It's no secret that the GTA housing market has been more like a stock market for some. When prices drop investors sell. This is only the start of the snowball. I'm in the housing industry, and builders are $h!ting Bricks right now. If house prices drop the banks won't finalize sales if appraisal prise goes down. Not to mention the people that won't qualify anymore as prime goes up.
You are seriously blind if you do t see it.
It's in the best Interest of realtors to tell you everything is OK. Also in the bank Canada's. That's why the news tells you everythings OK. CBC gets paid to the tune of 1 billion dollar a year to feed you propaganda. Wake up my friend.
There is a housing shortage in Canada. Many people are still looking at houses but just not buying. Remember in 2019, there was a warning about the housing crash?
The market ended up going much higher. The only people who get hurt are those jump in the middle of the roller coaster and those bought too much houses.
But rents are going up every month. And investors are not forced sell!!
Still high in Kelowna. I sold high and moved to alberta.
Are these prices for 1 bedroom or 2 bedroom? What is the median size?
This is for all condos.
Just wait till China opens up again and the foreign students go back to UofT and go back to buying all the condos again. Yes, foreigners can't buy, but the loophole is being a student. Their rich parents can easily give them cash to buy the condos. This is part of the reason why it slowed down and most people only think it's because of the interest rate.
Interest rate is one of the main reason. Not all but a major factor. Other factors everything else is tanking like stocks, bitcoin and etc. Foreigners, immigration, international students or rich parents are not going to save this market. This is a world wide housing crash. China has their own major problems, probably worse than Canada. Do you think students are going to save this market? its not going to.
I’m chuckled when I saw regent park - and this was the “project “🥺
Ok. Contratarian. I hate the shirt. We are not in Hawaii 😃
Prices will bounce back when prime falls. See that in 2024. Cheers
I’m mentally always in Hawaii 🌴
Ok…so how do we then tame what is a pretty damn bad..spiraling inflation if not through rate increases? US has a huge problem by printing 2x their initial currency in circulation..creating an inflation that is crushing their consumers with higher prices. Well Canada in the same Covid period actually printed. 4x the amount of our currency in circulation up to that point…so strap down and consider what this is doing to our dollar. So again, based on what data do you feel we are going to tame this monster inside of 16-18 months…as we are now 4 months from 2023. What economic activity is Canada suddenly capable of generating to make this happen? I don’t see it..but perhaps you know something I don’t.
Jeesh, I was convinced the condo market would hold up much better than it has. I actually thought achieved price would show a modest gain for 2022. Doesn't seem very likley now does it? I am going to need to be a net seller of condo units over the next 5-7 years based on my life stage. Best to go to ground for 15-18 months and stick my head up then to see what is happening.
Least???? Were far form the bottom.
Toronto real estate stinks like a skunk
Liked 👍 Thanks Tom for the briefing short update on downtown and uptown condos great analysis but rent sky rocket
Where did you get your shirt?
Gotstyle in Toronto.
great content. this channel deserves 100x the subs for the quality.
Great work friend.
another great vid !
No surprise.
That shirt tho 👏🏽
Should do the same video but YOY!
The have fallen fast? The decline has not even started yet.
Algorithm
Appreciate you!