#8642578 - 04/30/16 08:13 PM
Re: Expect home values to be out of reach for most Canadians
[Re: porschetr]
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JEFFOS
Post Master Supreme
Registered: 01/27/00
Posts: 29139
Loc: Toronto
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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.
_________________________
-Jeff
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#8642603 - 04/30/16 09:14 PM
Re: Expect home values to be out of reach for most Canadians
[Re: JEFFOS]
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Risky Business
Provides a Great Work Environment. he/him
Post Master Supreme
Registered: 05/17/10
Posts: 44789
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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.
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#8642642 - 04/30/16 10:23 PM
Re: Expect home values to be out of reach for most Canadians
[Re: Screamin Type ARGH!]
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Choco 'Nuck
Proud Member of BLM
Post Master Supreme
Registered: 07/10/01
Posts: 17568
Loc: Somewhere out there
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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
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#8642774 - 05/01/16 09:25 AM
Re: Expect home values to be out of reach for most Canadians
[Re: Choco 'Nuck]
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xza8
Sr Member
Registered: 12/18/09
Posts: 1065
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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/5456For 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%.
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#8642794 - 05/01/16 10:23 AM
Re: Expect home values to be out of reach for most Canadians
[Re: xza8]
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Risky Business
Provides a Great Work Environment. he/him
Post Master Supreme
Registered: 05/17/10
Posts: 44789
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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
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#8642799 - 05/01/16 10:28 AM
Re: Expect home values to be out of reach for most Canadians
[Re: Risky Business]
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JEFFOS
Post Master Supreme
Registered: 01/27/00
Posts: 29139
Loc: Toronto
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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)
_________________________
-Jeff
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#8642911 - 05/01/16 02:05 PM
Re: Expect home values to be out of reach for most Canadians
[Re: JEFFOS]
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LNXGUY
Post Master Supreme
Registered: 08/06/00
Posts: 106838
Loc: Barrie, Ont,
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Good luck Jeff!
_________________________
-Bill The GN would OWN you, your children and your children's children. '09 E90 335 d
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#8643457 - 05/02/16 07:20 AM
Re: Expect home values to be out of reach for most Canadians
[Re: Simon_the_Pieman]
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furball
Post Master Sr
Registered: 09/24/03
Posts: 9483
Loc: Toronto, ON
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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?
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#8643579 - 05/02/16 09:57 AM
Re: Expect home values to be out of reach for most Canadians
[Re: JEFFOS]
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Just A Troll
Curved Street Thug Life
Post Master
Registered: 09/24/09
Posts: 2221
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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=bufferIt'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.
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I don't need to use this space to show off my car or my camera gear.
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#8643655 - 05/02/16 11:00 AM
Re: Expect home values to be out of reach for most Canadians
[Re: Simon_the_Pieman]
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JEFFOS
Post Master Supreme
Registered: 01/27/00
Posts: 29139
Loc: Toronto
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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.
_________________________
-Jeff
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#8644115 - 05/02/16 03:11 PM
Re: Expect home values to be out of reach for most Canadians
[Re: spnx]
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furball
Post Master Sr
Registered: 09/24/03
Posts: 9483
Loc: Toronto, ON
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Shit's cheap in Hamilton
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#8644234 - 05/02/16 04:21 PM
Re: Expect home values to be out of reach for most Canadians
[Re: Just A Troll]
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A2B-Lexus
Post Master Supreme
Registered: 04/19/01
Posts: 45550
Loc: Raptors Land
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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.
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#8644424 - 05/02/16 06:45 PM
Re: Expect home values to be out of reach for most Canadians
[Re: iamfob]
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The Postman
A-List Member also The Man
Post Master Sr
Registered: 02/13/02
Posts: 4973
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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.
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#8644459 - 05/02/16 07:14 PM
Re: Expect home values to be out of reach for most Canadians
[Re: Just A Troll]
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Euphoricuck
Post Master Supreme
Registered: 11/05/03
Posts: 92703
Loc: Canadistan
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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.
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#8644581 - 05/02/16 08:30 PM
Re: Expect home values to be out of reach for most Canadians
[Re: JEFFOS]
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Simon_the_Pieman
Post Master Sr
Registered: 08/13/01
Posts: 9457
Loc: The A
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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!
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"I'd love it if we did it... but I guess I'm a big skeptic on Canadians because so many are retarded as fuck." - 355-Si, 2020
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#8644598 - 05/02/16 08:40 PM
Re: Expect home values to be out of reach for most Canadians
[Re: Simon_the_Pieman]
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JEFFOS
Post Master Supreme
Registered: 01/27/00
Posts: 29139
Loc: Toronto
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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
_________________________
-Jeff
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#8644625 - 05/02/16 08:55 PM
Re: Expect home values to be out of reach for most Canadians
[Re: Simon_the_Pieman]
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JEFFOS
Post Master Supreme
Registered: 01/27/00
Posts: 29139
Loc: Toronto
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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
_________________________
-Jeff
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#8644633 - 05/02/16 09:00 PM
Re: Expect home values to be out of reach for most Canadians
[Re: JEFFOS]
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Risky Business
Provides a Great Work Environment. he/him
Post Master Supreme
Registered: 05/17/10
Posts: 44789
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Damn, talk about hard place and a rock.
What are commercial units going for in oakville?
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#8644641 - 05/02/16 09:06 PM
Re: Expect home values to be out of reach for most Canadians
[Re: Risky Business]
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Risky Business
Provides a Great Work Environment. he/him
Post Master Supreme
Registered: 05/17/10
Posts: 44789
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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
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#8644663 - 05/02/16 09:15 PM
Re: Expect home values to be out of reach for most Canadians
[Re: Risky Business]
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JEFFOS
Post Master Supreme
Registered: 01/27/00
Posts: 29139
Loc: Toronto
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That area is top notch too. If I got it I would change the name above the awning to Risky Business
_________________________
-Jeff
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#8644928 - 05/03/16 07:34 AM
Re: Expect home values to be out of reach for most Canadians
[Re: Euphoricuck]
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Just A Troll
Curved Street Thug Life
Post Master
Registered: 09/24/09
Posts: 2221
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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:
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.
_________________________
I don't need to use this space to show off my car or my camera gear.
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#8644942 - 05/03/16 07:47 AM
Re: Expect home values to be out of reach for most Canadians
[Re: JEFFOS]
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Risky Business
Provides a Great Work Environment. he/him
Post Master Supreme
Registered: 05/17/10
Posts: 44789
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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.
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#8644943 - 05/03/16 07:47 AM
Re: Expect home values to be out of reach for most Canadians
[Re: Just A Troll]
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Risky Business
Provides a Great Work Environment. he/him
Post Master Supreme
Registered: 05/17/10
Posts: 44789
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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.htmlJust a few things from the article: 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.
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#8645021 - 05/03/16 08:41 AM
Re: Expect home values to be out of reach for most Canadians
[Re: JEFFOS]
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Just A Troll
Curved Street Thug Life
Post Master
Registered: 09/24/09
Posts: 2221
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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.
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I don't need to use this space to show off my car or my camera gear.
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#8645106 - 05/03/16 09:53 AM
Re: Expect home values to be out of reach for most Canadians
[Re: Choco 'Nuck]
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A2B-Lexus
Post Master Supreme
Registered: 04/19/01
Posts: 45550
Loc: Raptors Land
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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.
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