(Post Master Supreme)

04/30/16 08:02 PM

Expect home values to be out of reach for most Canadians

The average Canadian living here in the GTA .... Well it's already like that but even more so.

http://www.theglobeandmail.com/real-esta...campaign=buffer

It's actually so rediculous it's comical at this point.

Here is a home I went to look at the other day in Mississauga (went on the market that day). Offers in Monday I think and these were the agents there before me - notice anything? Majority markham, no local agents.

Another home I was in today - all Chinese homebuyers many agents without clients (roughly 20 when I was there for 20mins). 4 more cars I saw pulling up as I was walking to my car down the street.

These are $1M+ homes that are going into bidding wars up to 1.3 now. Crazy shit. I don't see how people here are going to afford homes soon. If it's locals (people in Canada of any background) buying I get it but it's pretty obvious its investment and money parking for a lot of these people buying these days. I don't blame them at all but it's making it damn rediculous to buy a house I tell you.

(Post Master Supreme)

04/30/16 08:10 PM

Re: Expect home values to be out of reach for most Canadians

My buddy is an agent.
The house I took photos for him was 1.4M and it was a 3,500 sq-ft, no-upgrade 20 year old ordinary looking house in Maple. Someone in China bought it through an agent here.

(Post Master Supreme)

04/30/16 08:13 PM

Re: Expect home values to be out of reach for most Canadians

It's insane. Pisses me right off as a guy that busts his ass to buy a home (like most people )and as it stands I'm going to have to buy a shack lol.

And even if you make more than the average Canadian and it's still like that.

Anyways end rant lol. I was just out looking at houses all day that I'm going to get beat out on when it comes to offers so I'm extra frustrated and then I see this article.

(Post Master Supreme)

04/30/16 09:14 PM

Re: Expect home values to be out of reach for most Canadians

welkome to maaaaaaaaakam. I guess Markham has gotten so expensive that they are looking at other non Asian suburbs.

I was thinking about this recently. At current prices/current pay, I wouldn't be able to afford my house, or I would but barely. It's beyond fucked up, it has doubled in "value" in 5 years, and I didn't buy it for chump change either, fuck.

(Post Master Supreme)

04/30/16 10:01 PM

Re: Expect home values to be out of reach for most Canadians

Almost cheaper to buy a cottage in some parts of Muskoka

Screamin Type ARGH!

(Post Master Supreme)

04/30/16 10:02 PM

Re: Expect home values to be out of reach for most Canadians

dude been saying it for years, and it's becoming insane. it's no 'joke' anymore when we say "(mostly mainlander) chiensez are buying up EVERY FUCKING HOUSE"...markham or not. it's fucking retarded. sure drives up us lucky folks who own but what's ass is it fucks the market way overpriced, younger local hard working folks can't get in and ppl like me who need more room can't fucking upgrade.

ie. i expected the market to rebound over 5-6yrs from the 09 crash to "aboutt where we were before the crash, but it's gone way beyond that now. we put down nice downpayment, bought at bottom, low mortgage...i planned to setup to get into a single detached with do-able mortgage by now...say even pushing $800k. NOPE can't do it cos they're all fucking 1-1.5mil now.

(Post Master Supreme)

04/30/16 10:23 PM

Re: Expect home values to be out of reach for most Canadians

Other countries like Australia and Singapore have enacted laws to discourage that kind of investment from Chinese buyers who make it impossible for locals to buy/own. Ofcourse Canada would never do something like that. Look out for Canadians? LMAO. Canadians will become second class citizens in their own country before the gov't does anything

http://www.theglobeandmail.com/real-esta...rticle24325255/

http://www.stproperty.sg/articles-proper...culation/a/5456

For a country with roughly the same population as Canada, Australia does so many things better. Healthcare, and now this

(Post Master Supreme)

04/30/16 10:50 PM

Re: Expect home values to be out of reach for most Canadians

All I got to say is; the longer you wait to buy the more you're going to PAY. Buy a fucking house already for fuck sakes!!! XD XD XD

(Sr Member)

05/01/16 09:25 AM

Re: Expect home values to be out of reach for most Canadians

Originally Posted By: Chocolate Canuck

Other countries like Australia and Singapore have enacted laws to discourage that kind of investment from Chinese buyers who make it impossible for locals to buy/own. Ofcourse Canada would never do something like that. Look out for Canadians? LMAO. Canadians will become second class citizens in their own country before the gov't does anything
http://www.theglobeandmail.com/real-esta...rticle24325255/
http://www.stproperty.sg/articles-proper...culation/a/5456
For a country with roughly the same population as Canada, Australia does so many things better. Healthcare, and now this

I believe Australia is currently a top choice for the Chinese so Jeff, buy something soon before they tighten up Australia, which means buyers will then look to US/Canada. You've been looking for like over a year now? The prices probably went up 20%.

(Post Master Supreme)

05/01/16 10:23 AM

Re: Expect home values to be out of reach for most Canadians

Easy to say buy now when you don't have to.

If I didn't have a house and was looking now I probably wouldn't buy shit, I am not sure when 800k mortgages became common place.

Jeff do the commercial unit "loft" see how wife unit takes to that. $\:\)$ find out if she is ride or die

(Post Master Supreme)

05/01/16 10:28 AM

Re: Expect home values to be out of reach for most Canadians

Haha she might. To be honest she is more careful with money than me or else I would have got pissed and spent way too much money already.

Probably putting another offer in today so maybe that will go well (but my pocket loses either way)

(Post Master Supreme)

05/01/16 02:05 PM

Re: Expect home values to be out of reach for most Canadians

Good luck Jeff!

(Post Master Supreme)

05/01/16 02:42 PM

Re: Expect home values to be out of reach for most Canadians

"Value"

Simon_the_Pieman

(Post Master Sr)

05/01/16 09:16 PM

Re: Expect home values to be out of reach for most Canadians

jeff, no chance of buying an older home further out with a bigger lot?
cheaper home and more money to spend on renos?
like in georgetown or something?

(i do not know what is out there, just asking)

(Post Master Sr)

05/02/16 07:20 AM

Re: Expect home values to be out of reach for most Canadians

Neighbours as far as the eye can see with FOR SALE, then SOLD signs in my area...

The gf was like wtf is going on here ... Is there something you don't know about? Contaminated soil? Nuclear power plant? $\:\|$

(Post Master)

05/02/16 09:53 AM

Re: Expect home values to be out of reach for most Canadians

Greed?

I gave up on a detached. Lost too many bidding wars to millionaire Chinese.

(Post Master)

05/02/16 09:57 AM

Re: Expect home values to be out of reach for most Canadians

Originally Posted By: JEFFOS

The average Canadian living here in the GTA .... Well it's already like that but even more so.

http://www.theglobeandmail.com/real-esta...campaign=buffer

It's actually so rediculous it's comical at this point.

Here is a home I went to look at the other day in Mississauga (went on the market that day). Offers in Monday I think and these were the agents there before me - notice anything? Majority markham, no local agents.

Another home I was in today - all Chinese homebuyers many agents without clients (roughly 20 when I was there for 20mins). 4 more cars I saw pulling up as I was walking to my car down the street.

These are $1M+ homes that are going into bidding wars up to 1.3 now. Crazy shit. I don't see how people here are going to afford homes soon. If it's locals (people in Canada of any background) buying I get it but it's pretty obvious its investment and money parking for a lot of these people buying these days. I don't blame them at all but it's making it damn rediculous to buy a house I tell you.

Having a hard time reading the cards.

(Post Master Supreme)

05/02/16 11:00 AM

Re: Expect home values to be out of reach for most Canadians

Originally Posted By: Simon_the_Pieman

jeff, no chance of buying an older home further out with a bigger lot?
cheaper home and more money to spend on renos?
like in georgetown or something?

(i do not know what is out there, just asking)

I'm ok with older homes but not ok with being farther out. Oakville is the farthest for me. I work in the heart of the Toronto now so I don't want to deal with a 1hr+ commute and I like doing things in the city and around Mississauga so I don't want to be far. I have friends that live far and they don't do anything anymore because the drive discourages them.

Screamin Type ARGH!

(Post Master Supreme)

05/02/16 12:01 PM

Re: Expect home values to be out of reach for most Canadians

it's like "helllooooo Pembroke"!!!

lulz

(Post Master Supreme)

05/02/16 12:07 PM

Re: Expect home values to be out of reach for most Canadians

You can always live next to the reactor with me...

(Post Master Supreme)

05/02/16 12:09 PM

Re: Expect home values to be out of reach for most Canadians

^ Binbrook

titty sprinkles

(Post Master Supreme)

05/02/16 02:58 PM

Re: Expect home values to be out of reach for most Canadians

I feel ya jeff (well i'm not shopping for a million dollar house but i get it)

the chinesesseseses are invading maple too. i noticed a trend the other saturday when i was at home depo. ontop of that i get atleast 3-5 realtor cards all chinese in my door asking to sell. i think i guessed right by buying the corner unit because i asked my neighbours if they get the realtor cards and they don't.

(Post Master Sr)

05/02/16 03:03 PM

Re: Expect home values to be out of reach for most Canadians

1. glad I bought a house
2. glad I moved out of the GTA

(Post Master Sr)

05/02/16 03:11 PM

Re: Expect home values to be out of reach for most Canadians

Shit's cheap in Hamilton $\:\|$

(Post Master Supreme)

05/02/16 04:21 PM

Re: Expect home values to be out of reach for most Canadians

Yeah. Shit is cray.

I've been in my side unit townhouse (single garage boooourns) at 9th & 16th coming up to 4 years in Sept. I paid $419k at the time. There was a middle unit from the same development that sold for $735k that was 350 sq ft smaller. I am guessing mine would probably go for $800k+.

I tossed the idea around about getting a house with a 2 car garage but the difference is at least $200k.

My ass will be forever cold in the winter from scraping ice off my car in the mornings.

I am just glad I got into the market with my little dinky ass 485 sq ft condo which I made some $$$ on to upgrade to this or else I will be renting forever.

(Post Master Supreme)

05/02/16 05:57 PM

Re: Expect home values to be out of reach for most Canadians

So where is all this demand coming from? I mean the GTA grew, but that much in 25 years? I can still remember 1990 there was nothing north of Steeles and Markham till you got to Markham village.

Think about going to Markham fairgrounds for darknights, there was nothing there.

(Post Master)

05/02/16 06:09 PM

Re: Expect home values to be out of reach for most Canadians

Greenbelt. Established 2005. Everytime a greenbelt appears around a city, the prices shoot up because land inside the greenbelt is, or perceived to be, scarce.

The other issue is my generation, millenials, outnumber yours, Gen X. And we all want the types of houses we grew up in; single family detached. The early millenials already have children and are expecting more. So Condos just won't do.

Then there's the immigrant crowd and the foreign investors that are going after what is perceived to be the best housing market. This gives them much better returns and much safer investments than the bond or stock market.

Also, you're looking at the wrong end of the equation. It's an inventory problem. We're at a record low in terms of houses up for sale. So simple economics are at play: DEMAND > OFFER .... by a huge factor!!!

(Post Master Sr)

05/02/16 06:45 PM

Re: Expect home values to be out of reach for most Canadians

Originally Posted By: iamfob

^ Binbrook

You can buy a brand new 16oosq/ft town backing onto greenspace in my neighbourhood for under $4ook.

Of the 3 offers I had on my place, 2 of them were from the GTA too. Binbrook is out there, but areas downtown are becoming all gentrified and lots of places are being bought up by Torontonians. James St North used to be a hole, now its all hipster stores and restaurants lol. The new Go Station really is bringing people in.

(Post Master Supreme)

05/02/16 07:14 PM

Re: Expect home values to be out of reach for most Canadians

Originally Posted By: Just A Troll

It's an inventory problem. We're at a record low in terms of houses up for sale.

data to back this up?
based on my own observations(and others)...all I see are FS signs every fucking where.

Senor Eduardo_82

(Post Master Supreme)

05/02/16 08:23 PM

Re: Expect home values to be out of reach for most Canadians

The areas of Mississauga, Brampton and Caledon that I keep an eye on are way down on inventory this spring. The troll is right.

Simon_the_Pieman

(Post Master Sr)

05/02/16 08:30 PM

Re: Expect home values to be out of reach for most Canadians

Originally Posted By: JEFFOS

Originally Posted By: Simon_the_Pieman

jeff, no chance of buying an older home further out with a bigger lot?
cheaper home and more money to spend on renos?
like in georgetown or something?
(i do not know what is out there, just asking)

I'm ok with older homes but not ok with being farther out. Oakville is the farthest for me. I work in the heart of the Toronto now so I don't want to deal with a 1hr+ commute and I like doing things in the city and around Mississauga so I don't want to be far. I have friends that live far and they don't do anything anymore because the drive discourages them.

i see. then instead of the size of homes you are currently looking at, would you downsize to be in the area you want? or is there just no inventory at all in any price range?

where does wifey work? come east! $\:\)$

(Post Master Supreme)

05/02/16 08:40 PM

Re: Expect home values to be out of reach for most Canadians

She works west man - not much of an option to downsize to be honest. Nice 2500sq ft houses in decent area over 1M. House that is about 2000 in nice area but needs work 950k. It seems it's all in or none right now (or townhouse but I really want a detached)

2300 sq/ft absolute piece of shit is about 900k

Because of the 20% down rules there is a big battle for anything under a million driving the prices up. After a million you get the out of country investors which is a different scene.

I'll deal with it but it's annoying for sure

Simon_the_Pieman

(Post Master Sr)

05/02/16 08:49 PM

Re: Expect home values to be out of reach for most Canadians

holy fuck man that's tough. keep at it, you will find something.
james found something near sherwood forest last year i think.
dont know his struggle but he got in.
good luck!

edit: wtf i looked on mls just to see what you see and everything is stupid high and all asking numbers are catered to chinese (888888888888888) wow. just wow.

(Post Master Supreme)

05/02/16 08:55 PM

Re: Expect home values to be out of reach for most Canadians

Sherwood is nice - almost got in about a year ago at 950k (that house is probably insane now lol)

The one house for sale now there (pretty nice) is about 1.28M lol

There are a few cheaper houses that appear good but I know the areas in Mississauga so well that they are very likely in crappy areas or something is off

(Post Master Supreme)

05/02/16 09:00 PM

Re: Expect home values to be out of reach for most Canadians

Damn, talk about hard place and a rock.

What are commercial units going for in oakville?

(Post Master Supreme)

05/02/16 09:06 PM

Re: Expect home values to be out of reach for most Canadians

Here, my fav area of oakville trafalgar ans lakeshore, 519k can be converted in a three bedroom if you change up the boardroom.

Not joking, I'd be doing this right now

Take a look at this property listing ID 30515911

http://www.icx.ca/PropertyDetails.aspx?PropertyID=16820027

Sent from my iPhone

(Post Master Supreme)

05/02/16 09:15 PM

Re: Expect home values to be out of reach for most Canadians

That area is top notch too. If I got it I would change the name above the awning to Risky Business

(Post Master)

05/03/16 07:34 AM

Re: Expect home values to be out of reach for most Canadians

Originally Posted By: Euphoric

Originally Posted By: Just A Troll

It's an inventory problem. We're at a record low in terms of houses up for sale.

data to back this up?
based on my own observations(and others)...all I see are FS signs every fucking where.

https://www.thestar.com/business/real_es...king-sales.html

Just a few things from the article:

Quote:

The market could have experienced even stronger sales growth if it were not constrained by a deficit of new listings, said Jason Mercer, TREB�s director of market analysis.

The number of new listings was down compared to the same period last year, meaning there were more buyers competing for fewer homes. The number of homes listed for sale in the first quarter fell to its lowest level for a first quarter in at least 12 years, according to an analysis by National Bank.

Toronto is a seller�s market, with sales-to-new-listing ratios hovering around 70 per cent � the highest ratio since the 2008-2009 recession, said Robert Kavcic, senior economist at BMO.

He doesn�t see this abating any time soon as strong job and population growth in the GTA will continue to drive demand, while few new detached homes are being built.

�This has been more of a sustained gradual increase in demand and no new supply coming on board, so this is probably going to persist longer than back in 2009.�

TREB is closely guarding the data but the court decision last week could see this data go public very soon.

What you're observing is probably just a pocket where one person sells and the neighbours (sheep) all want to cash in on their million dollar homes. Generally speaking, I'm seeing a lot less listings on MLS this year.

(Post Master Supreme)

05/03/16 07:47 AM

Re: Expect home values to be out of reach for most Canadians

Originally Posted By: JEFFOS

That area is top notch too. If I got it I would change the name above the awning to Risky Business

This has potential to be a cash cow of some sort.

That area is siiiiiick.

(Post Master Supreme)

05/03/16 07:47 AM

Re: Expect home values to be out of reach for most Canadians

Originally Posted By: Just A Troll

Originally Posted By: Euphoric

Originally Posted By: Just A Troll

It's an inventory problem. We're at a record low in terms of houses up for sale.

data to back this up?
based on my own observations(and others)...all I see are FS signs every fucking where.

https://www.thestar.com/business/real_es...king-sales.html

Just a few things from the article:

Quote:

The market could have experienced even stronger sales growth if it were not constrained by a deficit of new listings, said Jason Mercer, TREB�s director of market analysis.

The number of new listings was down compared to the same period last year, meaning there were more buyers competing for fewer homes. The number of homes listed for sale in the first quarter fell to its lowest level for a first quarter in at least 12 years, according to an analysis by National Bank.

Toronto is a seller�s market, with sales-to-new-listing ratios hovering around 70 per cent � the highest ratio since the 2008-2009 recession, said Robert Kavcic, senior economist at BMO.

He doesn�t see this abating any time soon as strong job and population growth in the GTA will continue to drive demand, while few new detached homes are being built.

�This has been more of a sustained gradual increase in demand and no new supply coming on board, so this is probably going to persist longer than back in 2009.�

TREB is closely guarding the data but the court decision last week could see this data go public very soon.

What you're observing is probably just a pocket where one person sells and the neighbours (sheep) all want to cash in on their million dollar homes. Generally speaking, I'm seeing a lot less listings on MLS this year.

Hasn't TREB been widely criticized for fudging their numbers YoY.

(Post Master)

05/03/16 08:35 AM

Re: Expect home values to be out of reach for most Canadians

I haven't heard of "fudging" but have heard of limiting access to data.

Still, given the crazy bidding wars and bully bids all over the GTA, you even see them in Brampton these days, is it hard to believe there's way more demand than offer?

(Post Master)

05/03/16 08:41 AM

Re: Expect home values to be out of reach for most Canadians

Originally Posted By: JEFFOS

It seems it's all in or none right now (or townhouse but I really want a detached)

So did I. That's the craziest part of the market where the hottest bidding wars are going on. You may have to compromise a bit and "settle" for a townhouse.

Get a corner unit so that way it feels more like a semi.

The "dream" of owning a detached, especially in the GTA, is getting impossible for most people. And it doesn't look like it's going to let up any time soon.

(Post Master Supreme)

05/03/16 09:53 AM

Re: Expect home values to be out of reach for most Canadians

Originally Posted By: Chocolate Hat0r

So where is all this demand coming from? I mean the GTA grew, but that much in 25 years? I can still remember 1990 there was nothing north of Steeles and Markham till you got to Markham village.
Think about going to Markham fairgrounds for darknights, there was nothing there.

ChinaR and other foreign investors. Canadian dollar taking a dump driving up demand, low interest rates.

Canadians not in the market are screwed.