I bought and sold at the peak (Feb 2022). Overpaid by 350k and sold for 350k over asking. Was it worth it? Absolutely. I dont want to wait 10 years to be able to get a good deal, thats opportunity cost i cant afford for my two toddlers. Theyre growing up in this forever home. There's no timing the market. If you can afford the monthly payments for a sustained time, take the plunge.
Congrats. What you're mentioning is the LUCK ON TIMING THE MARKET. I'm in a similar situation on buying an upgraded home and selling my 70's looking home. Requires a complete interior Reno. I do have savings for an upgrade, however I probably will be low balled? Tough decision for sure!!
With respect to your favourite chart, may I suggest you start the vertical axes at zero? That way price fluctuations wouldn't be so visually exaggerated.
I think this was a good video and foreshadows what will take place with the rest of the housing classes. The condo has been the equity generator for people to graduate to a town home, town home to single family home , single family home to average family home and average family home to high end home.. If the low end on the pyramids prices are falling or staying stagnant then eventually the money doesnt exist to move up therefore causing down ward pressure on all housing classes
We need first time buyers for the market to work. Hopefully potential rate cuts would help as well as the increased limit to pull from RRSP + First Home Savings Account introduction. You make a solid point. It's a game of musical chairs right now.
I don't live that near Toronto, but I really like the way these videos explain things for people that don't really know much about city housing markets.
@TomStorey if I come across anybody moving to the city, (doesnt happen often from cottage country). But I'll be sure to tell them Tom Storey is their man!
Exactly, its all about pricing CORRECTLY, thats where Mr. Storey comes in. Please don’t fall for realtors who take you to fairyland and tell you they can sell a 800k condo for 950. Trust me hiring a geeay Realtor pays off Professorchaos9
Newer condos are $550k and up in Toronto. Eventhough it’s expensive it’s the only thing people can’t afford can buy houses in Toronto $1 million and up 🤑🤑🤑🤷♂️🤷♂️🤷♂️
I bought and sold at the peak (Feb 2022). Overpaid by 350k and sold for 350k over asking. Was it worth it? Absolutely. I dont want to wait 10 years to be able to get a good deal, thats opportunity cost i cant afford for my two toddlers. Theyre growing up in this forever home. There's no timing the market. If you can afford the monthly payments for a sustained time, take the plunge.
Well said. Hope you’re enjoying your home. I moved when we had a child as well. Wasn’t perfect timing, but I’m happy we did it.
Congrats.Good for you but if it didn’t work out, you’d be having loads of trouble. Overpaying may not always bode well..
Congrats. What you're mentioning is the
LUCK ON TIMING THE MARKET. I'm in a similar situation on buying an upgraded home and selling my 70's looking home. Requires a complete interior Reno. I do have savings for an upgrade, however I probably will be low balled? Tough decision for sure!!
good luck on your renewal, many will not be able to afford monthly payments.
With respect to your favourite chart, may I suggest you start the vertical axes at zero? That way price fluctuations wouldn't be so visually exaggerated.
Great info Tom thanks for the update!
I think this was a good video and foreshadows what will take place with the rest of the housing classes. The condo has been the equity generator for people to graduate to a town home, town home to single family home , single family home to average family home and average family home to high end home.. If the low end on the pyramids prices are falling or staying stagnant then eventually the money doesnt exist to move up therefore causing down ward pressure on all housing classes
We need first time buyers for the market to work. Hopefully potential rate cuts would help as well as the increased limit to pull from RRSP + First Home Savings Account introduction. You make a solid point. It's a game of musical chairs right now.
@@TomStorey borrow borrow borrow to make it work right? Prices need to correct
The leafs need to win a Stanley cup.
The Leafs have a better chance at winning a stanley cop than the government and the banks have at holding off the coming decline in real estate values
Market peaked in April. Anyonr who was watching and knows RE knew it was just the steam escaping.
I don't live that near Toronto, but I really like the way these videos explain things for people that don't really know much about city housing markets.
I try to keep it simple and to the point. Thanks for watching.
@TomStorey if I come across anybody moving to the city, (doesnt happen often from cottage country). But I'll be sure to tell them Tom Storey is their man!
Is it a good time to place a condo for sale in the middle of may? or is that too late in the season?
We are preparing a lot of condo listings for mid May. As long as you know the numbers and price it correctly, it will sell.
Exactly, its all about pricing CORRECTLY, thats where Mr. Storey comes in. Please don’t fall for realtors who take you to fairyland and tell you they can sell a 800k condo for 950. Trust me hiring a geeay Realtor pays off Professorchaos9
Thanks.
Hey Tom! What’s the driver for those investors offloading the condos?
Negative cash flow and upcoming mortgage renewals.
Thank you!
You're welcome!
I like how different people have completely opposite predictions on Toronto Real Estate in the near future.
Don’t you know it’s always crashing?
Thanks for the valuable update as always,
A fan from Calgary
Thanks for watching!
At some point.. peak 2022 will look like a good time to have purchased a home
Could be 3 years, could be 10 years. Who knows.
Do you think it's realistic to get a decent 1 bedroom condo for around 400k in Toronto?
In an older building it’s possible. But not many great options under 500K these days in the core.
Newer condos are $550k and up in Toronto. Eventhough it’s expensive it’s the only thing people can’t afford can buy houses in Toronto $1 million and up 🤑🤑🤑🤷♂️🤷♂️🤷♂️
🤑🤑🤑