What's Happening to Condos in the Toronto Real Estate Market? The Condo Downfall: EXPLAINED!
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- Опубликовано: 8 фев 2025
- What's Happening to Condos in the Toronto Real Estate Market? Despite being in the midst of a pandemic, the Toronto freehold houses market has been surging upwards and making significant strides. On the other hand, Toronto condos have been on a consistent downward trend. Will these trends continue for the remainder of 2020 and beyond? Is the condo market crash a reality?! All of these answers and more. Tune in to this episode of the Prime Properties Podcast where you'll hear the full analysis on the state of the Condo segment in the Toronto Real Estate Market.
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This was the most informative video I’ve watched regarding condos in the GTA anywhere. Thanks!!
Honest opinion. Thanks for all the detailed analysis.
Some of the best insight I have seen online, I appreciate it!
thx
What a great informative talk. Really appreciate the data driven analysis. What do you think of a lakeview condos .... $800,000 for 2+2, 710 sq ft. With parking. Is this a good time to invest here knowing rentals are crazy bad now, but beautiful lakeviews are hard to come by at these prices.
Great video and explanation backed by data. Any insight on the Waterloo condo market?
what an amazing video and explanation! thanks (Y)
thx
Very insightful points, Zhen! Any input or comparison with the Montreal condo market? Would you advise buying in Montreal or any projects you think may be worth it? Thanks in advance!
Can't say, don't know the market in Montreal.
I don't personally agree that it's a seller's market. More "balanced" for sure .. but, it feels like we're already in a buyer's market already. I've been in the business for fifteen years, and this is a palpable shift we're experiencing. There are many, many units being re-listed, prices being lowered numerous times, and many units taking weeks or more to sell. A great percentage of the leverage has already shifted to buyers, so, with all due respect, I don't see how that's a seller's market. As you mentioned, deals are coming (I just think they're already here). This is THE moment to buy, especially for those who were saying, "I'm going to wait till the price goes down for condos!" Well, we're in that moment. And like all cycles, this won't last forever. After we get through Covid, there's a vaccine, and life returns to a more "normal" environment .. guess what prices will do then?!
Do you think prices will go up again? What makes you think they will go up? I am curious as I am thinking of selling my condo but maybe now is not the best time but I worry the prices will just keep coming down even next year....I would love to know your thoughts.
Its still too earlier IMO. There will be another dip. MOI hasn't hit its peak yet.
@@urbanzengirl If you can keep it for 2-3 years, don't sell.
I agree its definitely not a sellers market, but I wouldnt say that this is the time to buy either. Interest rates are going to continue to drop as there have been 1 billion in mortgages deferred due to the pandemic as well as 4 million canadians who applied for cerb. Of course everyone's situation is different but real estate prices and interest rates aren't going to return back to normal for a good while, so there's no rush to buy at this instant.
@@jja3305 Do you think its a good time to buy freehold property? I have no idea of what is true or not in the media but its portrayed as if freeholds are cheaper now than they were?
Very thorough in-depth analysis.
I think the interest rates would be at around 5 percent in the nearest future.
What do you think?
Thanks
Too difficult to increase interest rate when we owe 500 billion dollars. Trudeau and Tiff called out. Low IR for a looong time.
@@PrimePropertiesTO That number is projected to go up to 1 trillion in the next 3 years - in other words, we'll have accumulated a greater series of deficits in 3 years than we have in Canada's 150+ year history. We either have to keep interest rates low forever or wipe out the debt. The former leads to asset price inflation and the latter leads to massive consumer and asset price hyperinflation. My bet is that both are going to happen, so the long-term upside is huge.
great content! it really helps me a lot! can i ask about your perspectives on buying a condo in the greater Toronto areas? such as etobicoke, Mississauga? do they all share the same pattern as in downtown? THX you again! ❤️
Gta isn't as bad as downtown right now, but still weak. If you're going to live in it, could be an opportunity to buy.
Straight talk one of a few people on here talking truth
Thanks john
Great info. Wondering what about the condo market in the burbs/ outside of the core. Do we assume the same drop in price / higher inventory etc.
Not necessarily, its the core that is suffering the most. Although Vaughan condos aren't too hot right now, but mainly because of too much supply. RH/Sauga is doing okay.
PrimePropertiesTO thanks for the response. Have a condo in Thornhill (bought early 2018) and was considering selling/buying a freehold but I think I may wait another year or so.
@@Icandothemath If you need a freehold or always want one, its a good time. I don't think freehold prices coming down anytime soon. The challenge is selling your condo.
I like your stuff
Is now a good time to upgrade to a larger downtown condo if you've been in the downtown market for over a decade already?
If you want/need the space you can start looking. If you need to sell your condo to buy the larger, 100% sell before you buy.
From comox bc, taking my exam.
good show! crazy time to become an agent.
Good insights! Zen King West in the liberty village just finished final closing. There are now 103 units available for rent for just one Condo. You know how competitive for owners to rent it out....
It's a race to the bottom. Just get a tenant in with incentives.
Dope video
Great content. Thanks for your analysis. What’s your view on getting into 1bed/1bed + den from pre-construction project this year? Listening to what you said about housing shortage, it sounds like you are talking about shortage of “family size” unit not the 1 bed unit so it makes me think that we have enough 1bed/studio unit.
.. for an investor (or anyone), the best bet would be a re-sale condo. They are selling for much less than the prices of new construction projects!
Pre-con only makes sense if you're not able to get a mortgage. Resale is the way to go at the moment for your asset class.
Thank you for your information. I'm hoping to buy another condo with this drop but I think I may have to go to a b lender because I already have one rented with mortgage. Credit score is perfect and I have assets but not much cash on hand. Any advice for getting in on a condo downtown? Looking for a small unit
If you can't get it done at Scotia that uses Rental offset, consider a Credit Union. If you don't have cash and you need to access equity, you'll likely need a schedule A bank. Shoot me and email, Ill connect you to my mortgage broker.
How about single family home market in Toronto? Is it also declining or rising?
Most pockets are increasing.
How come it took so long for me to renew my mortgage and is discouraged to break my second mortgage; and I have good credit rating?
Underwriting is backed up right now.
Could the increase in listings also be caused by landlords not being able to evict.
possible as well, but you have a hard time showing any unit to an unco-operative tenant during COVID.
Toronto high rise condos after COVID should go lower as people learned it was no place for families but where can you go otherwise so It is a tough call. People don’t need to live close to work if they can work remotely, move further and get much more for your money.
Ironically enough, the condo market downtown is more competitive than the burbs right now.
wait till end of 2021 beginning of 2022, the market is going to bottom out severely, going to be a buyer's market
100%
Not at all. This market is going to keep going up. I agree there is going to be a small correction. No crash coming!!!
This is TREB stats, not DATA. I would like to see DATA. Real estate can not be averaged, because if you have 10 houses by 100k, average price is 100k. If yo have 8 houses by 100 k an 2 houses by 1 mil. average is 280 k. You need to compare apples to apples not mix all fruit, vegetables, meet and pull average . BTW, TREB is not responsible for accuracy of they stats, it's says in fine print in they PDF report.
great video and great info as always👍 , specially the increae inventory data👍👍 , but money printing will not create hyper inflation just ask Japan
please read about Modern Monetery Theory and how our banking system actually operates vs. what typical people believe..
Its not the printing of money, its the re-purchasing of MBB from the banks.
MMT = Maduro Monetary Theory ... make it rain 🌧💸🌧💸🌧💸 ... no inflation? ... Japan has the highest debt to GDP on the 🌎 planet... the debt is being passed to the next generation... by keeping zombie 🧟♀️ companies and zombie 🧟♀️ real estate alive ...
@@hugol648 yet Japan still has a high standard of living even with this "debt" , great hospitals, highways , social programs , highspeed trains, amazing infrastructure... no need to cut any government funding and reduce the standard of living
@@Slickpete83 Well the government will bailout the companies that they are bed in ... nonetheless... this is done by creating debt ... How are they gonna pay for their Tokyo olympics? No one came over because of the virus 🦠 ... and no one will come next year because everyone is broke ... so there it goes their nice infrastructure and quality of living ... as more debt gets created ... inflation has gone up ... take for example the rising prices of houses and the rise of stocks .. for the young folk who cannot vote nor benefit of these policies... it is too late to get in the game ... their destiny is sealed already ... so the quality of living goes down the toilet ... The CPI no longer includes steak 🥩 but they include sausages... go figure which makes government figures look better ... Besides the Japanese story of producing debt was nice in 2007 when they were the only ones in the world doing it ... printing 💴 yen like crazy ... traders would borrow this cheap yen and use it to buy US dollar and make a profit on the interest rate difference... it was a way for Japan to export inflation abroad ... Now the US is exporting inflation to the rest of the world ... but everyone (ECB, Bank of Canada, Bank of England) is trying to do the same thing at the same time ... so is very different now ...
@@hugol648 its all the same now , its all digital , debt can be reset , 100 years from now governments ( currency issuers) will keep doing the same thing , Still waiting for this magical HyperInflation & Depression every doomsday Gold Silver bug guys promised me from the last recession 2009 + QE1 & 2 🤣😂🤣😂🤣😂 , still waiting its been 11 years already lol...
Thanks for the video. Can you make it less than 15minutes? 38 minutes is too long.
Haha, check out the other videos. These podcast are meant to be long form.
Come on bloodbath
Anyone who is dumb enough to think and rationalize that the market will just infinitely be going up without a major pullback, are the same people who said 2008 was a "doomsday" prediction. Well, same shit different pile. I have a few friends who are doing EXTREMELY well being real estate agents. Literally closing on houses every 2nd day. Talking to them has shown me how blind and greedy they have got because of the hot market. Now they will be blindsided, because they are so short sighted.