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#9075324 - 07/09/17 11:07 AM It's happening v. real estate
Risky Business Offline
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it's so satisfying to see, shit not selling, seems like we are back to 2015 prices. I am seeing east york bungalows go for 600-650, not the 900k that they were getting months back.

I haven't done any full assessment, but just areas i am familiar with prices have really come down. Love how everyone is super quiet about it too I am sure TREB's market report will show a price increase or some bullshit, but really just check your individual neighbourhoods, the haircuts have started

Jeff, buy up an entire hood now, unless of course you already bought.

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#9075334 - 07/09/17 11:19 AM Re: It's happening v. real estate [Re: Risky Business]
Hatorade Offline
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TREB is the biggest fucking scam. Will report findings once I'm registered this fall to start trading lol
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I thought Spark was a robot from the old movie and I kind of remember seeing him telling some engineer showing the equation for a clear metal that the guy would event years later - porschetr

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#9075348 - 07/09/17 12:02 PM Re: It's happening v. real estate [Re: Hatorade]
JEFFOS Offline
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Haha I see realtor friends posting those articles but I understand why - it's their business

I'll have a house locked down in the next month for sure. Would have already but I'm dealing with a seller that refuses to budge and thinks they're getting asking. Pretty stupid on their part as the mortgage increase coming will bump it even further and have fewer buyers (they're asking more than the area is selling for right now)

Also one house I saw they put an offer time and date on the home lol wtf? Everyone will just wait and not offer and the guy fucked on his asking price - date is Thursday next week too which is a day after when everyone is expecting the BOC to announce a rate increase. Good plan guys - fire your agent
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#9075349 - 07/09/17 12:04 PM Re: It's happening v. real estate [Re: JEFFOS]
JEFFOS Offline
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Realized I fell for the bait as a real estate thread is like the bat signal for me haha
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#9075350 - 07/09/17 12:16 PM Re: It's happening v. real estate [Re: JEFFOS]
Senor Eduardo_82 Offline
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A place in my area was up for about 30-45 days, no bites. Price lowered last week and "offers taken on July 13"
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#9075371 - 07/09/17 01:01 PM Re: It's happening v. real estate [Re: Senor Eduardo_82]
JEFFOS Offline
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House that's been sitting for a month just put on a 50k price increase over their original price after a big drop today haha wtf? Are people smoking crack right now?


Originally posted 1.3M.

Sitting for over a month

Dropped to 1.18

Sitting for another 3 weeks

Today now changed price to 1.35???

Haha
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#9075399 - 07/09/17 02:41 PM Re: It's happening v. real estate [Re: JEFFOS]
Risky Business Offline
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 Originally Posted By: JEFFOS
House that's been sitting for a month just put on a 50k price increase over their original price after a big drop today haha wtf? Are people smoking crack right now?


Originally posted 1.3M.

Sitting for over a month

Dropped to 1.18

Sitting for another 3 weeks

Today now changed price to 1.35???

Haha


I've seen that happen so many times here and then they sell for 950k idiots.

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#9075414 - 07/09/17 03:16 PM Re: It's happening v. real estate [Re: Risky Business]
porschetr Offline
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Been happening since the day they announced the foreign buyer policy in Ontario.
Houses that would sell in hours before are now sitting for weeks.
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#9075512 - 07/09/17 07:56 PM Re: It's happening v. real estate [Re: porschetr]
JEFFOS Offline
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It's great - getting back to be a normal sustainable market . Still isn't anywhere close yet but it's better than it has been in the last year
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#9075529 - 07/09/17 08:53 PM Re: It's happening v. real estate [Re: porschetr]
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 Originally Posted By: porschetr
Been happening since the day they announced the foreign buyer policy in Ontario.
Houses that would sell in hours before are now sitting for weeks.



No, it's been happening only in the last week(s) where homes are actually selling for lower prices.

Sitting on the market and being relisted is not the same as the homes actually selling and the market sentiment shifting. The acceptance of lower offers is a significant mindset shift.

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#9075541 - 07/09/17 09:13 PM Re: It's happening v. real estate [Re: porschetr]
Hatorade Offline
pheggit
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Registered: 11/05/99
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 Originally Posted By: porschetr
Been happening since the day they announced the foreign buyer policy in Ontario.
Houses that would sell in hours before are now sitting for weeks.



Wrong. Market started to cool before the announcement. Although prices remained unaffected to recently.
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'02 Rota Grid - 195-55-16FR (RIP)
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I thought Spark was a robot from the old movie and I kind of remember seeing him telling some engineer showing the equation for a clear metal that the guy would event years later - porschetr

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#9075570 - 07/09/17 11:26 PM Re: It's happening v. real estate [Re: Hatorade]
phoenixrage Offline
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yea, I don't see condo prices dropping back down yet...

its all a fn' scam.
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#9075664 - 07/10/17 09:46 AM Re: It's happening v. real estate [Re: Hatorade]
porschetr Offline
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 Originally Posted By: Hatorade
 Originally Posted By: porschetr
Been happening since the day they announced the foreign buyer policy in Ontario.
Houses that would sell in hours before are now sitting for weeks.



Wrong. Market started to cool before the announcement. Although prices remained unaffected to recently.


Correct me if I am wrong, but I thought
The day they said the policy something similar to Vancouver is coming to Ontario,(before actually happened) people started to panic/react and started to rush to sell their homes.
Resulting more houses on the market/ buyer not bidding knowing price would cool down.

My buddy is an agent, he just listed a house in Markham 3ish weeks ago. Not selling. He was assure it would have sold less than 24 hours if it was listed a couple of months ago.


Ya, they started to lower the price just a couple of weeks ago.


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#9075669 - 07/10/17 09:52 AM Re: It's happening v. real estate [Re: porschetr]
LNXGUY Moderator Offline
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Prices up here have stabilized, and no more 50-100k over ask offers. Jeff, I hope you get into a place soon man!
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#9075673 - 07/10/17 09:55 AM Re: It's happening v. real estate [Re: LNXGUY]
Screamin Type ARGH! Offline
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nothing is selling here lol, wow. won't unless they drop their stupid high askings.
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#9075679 - 07/10/17 10:07 AM Re: It's happening v. real estate [Re: Screamin Type ARGH!]
Just A Troll Offline
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I think a lot of this extra supply is retirees that were sitting on their million dollar homes trying to cash out before it drops any further.

It's just driven by greed. Low supply was driven by greed, sudden influx of homes is driven by greed. Greedy baby boomers!

The demand for homes is still there. They're just waiting on the sidelines to see how low it goes.
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#9075890 - 07/10/17 02:10 PM Re: It's happening v. real estate [Re: Just A Troll]
xza8 Offline
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Posts: 1065
A house was recently sold for $1.05M.

Within 1 week, I contacted the agent (who double-end the deal) if the NEW buyer will sell to me for $1.2M... NOPE, new buyer is not content with a $150K profit within a week, TAX-FREE, COMMISSION-FREE, as the house hasn't even closed yet, it would've just been an assignment that the government doesn't know.

Fortunately I live in a foreigner dominated neighbourhood so unlike the domestic buyers, they are not looking for a quick flip and are not desperate for cash so they will not sell if the price is not right. Yes, homes take longer to sell but the prices are quite firm.

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#9075891 - 07/10/17 02:11 PM Re: It's happening v. real estate [Re: xza8]
Screamin Type ARGH! Offline
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 Originally Posted By: xza8
A house was recently sold for $1.05M.

Within 1 week, I contacted the agent (who double-end the deal) if the NEW buyer will sell to me for $1.2M... NOPE, new buyer is not content with a $150K profit within a week, TAX-FREE, COMMISSION-FREE, as the house hasn't even closed yet, it would've just been an assignment.


dafuq lol wow
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#9077924 - 07/12/17 05:04 PM Re: It's happening v. real estate [Re: Screamin Type ARGH!]
OracerO Offline
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Loc: GTA
Quite interesting in a span of 6 weeks it has turned into a buyers market.
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#9078052 - 07/12/17 08:23 PM Re: It's happening v. real estate [Re: OracerO]
JEFFOS Offline
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One person just took their house off the market and another cranked their price up 175k. Both have been sitting for multiple months lol. Not going to go well. Both not living in the home and already are in the new house. Similar house just sold for 150k under the asking price of the home that jacked the price and the house was nicer.
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#9078106 - 07/12/17 09:14 PM Re: It's happening v. real estate [Re: JEFFOS]
titty sprinkles Offline
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that neighbor who sold his inside unit for $750k (see small and shitty) sold and moved to hamilton about 3 months ago. now, his neighbor, same inside unit, listed for 750k, no offers.
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#9078127 - 07/12/17 09:26 PM Re: It's happening v. real estate [Re: titty sprinkles]
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Imagine how shitty the person who bought for 750 is feeling right now.

750k for a townhouse, probably 600k mortgage for 30 years for a fucking townhouse. I am not sure what's worse, jail or that?

People getting HOSED!

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#9078135 - 07/12/17 09:35 PM Re: It's happening v. real estate [Re: Risky Business]
titty sprinkles Offline
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I know right? and i thought i was getting it up the batty buying my place for $490k
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#9078147 - 07/12/17 10:07 PM Re: It's happening v. real estate [Re: JEFFOS]
xza8 Offline
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Registered: 12/18/09
Posts: 1065
 Originally Posted By: JEFFOS
One person just took their house off the market and another cranked their price up 175k. Both have been sitting for multiple months lol. Not going to go well. Both not living in the home and already are in the new house. Similar house just sold for 150k under the asking price of the home that jacked the price and the house was nicer.


Are you better off now than say last year, when you were participating in crazy bidding wars?

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#9078321 - 07/13/17 07:08 AM Re: It's happening v. real estate [Re: Senor Eduardo_82]
Senor Eduardo_82 Offline
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 Originally Posted By: eddie_82
A place in my area was up for about 30-45 days, no bites. Price lowered last week and "offers taken on July 13"


Now July 17. Morons

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#9078337 - 07/13/17 08:00 AM Re: It's happening v. real estate [Re: Senor Eduardo_82]
spd-dmn Offline
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You think this will last or will this be a blip in 5 years time?
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#9078374 - 07/13/17 08:43 AM Re: It's happening v. real estate [Re: spd-dmn]
Just A Troll Offline
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Just a blip. Like what happened in Vancouver.

There's still a lot of Millenials that were priced out of the market living with mom and dad that want a place of their own. Right now, they're waiting for the market to hit bottom before they buy. There's still lots of demand on the sidelines at the moment (points to jeffo).

People pulling their houses off the market just aren't motivated. They can afford to stay put. Those that are still on the market are either:

1- MUST sells, because they can no longer afford their place or they just upgraded (or downgraded) and need to sell now or else they can't close.
2- Greedy boomers and investors. They want to sell before the market drops any further so they can maximize their profits.

Still. it's probably just a correction, not a major crash.

What sucks right now are those who bought million dollar houses in April and can't sell their own for a good enough amount to close on their new place.
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#9078395 - 07/13/17 09:04 AM Re: It's happening v. real estate [Re: Risky Business]
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 Originally Posted By: Risky Business
Imagine how shitty the person who bought for 750 is feeling right now.

750k for a townhouse, probably 600k mortgage for 30 years for a fucking townhouse. I am not sure what's worse, jail or that?

People getting HOSED!


Depends on the townhouse. Some are better than antique bungalows.

Last week I went to see a friend of mine just bought a 60 year old $1.4 M bungalow. Single car detached garage, 1400 sq ft. Not close to anything. Some suburb in Etobicoke. It looks like crap and they've budgeted over $100k for renovations. Basically ripping apart the whole interior.

On the way home my "wife" commented that our brand new $760k, now worth close to a Mil, double car attached garage, 2000 sqft "executive" end-unit townhouse is a much better deal. It's much more liveable that's for sure.
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#9078426 - 07/13/17 09:56 AM Re: It's happening v. real estate [Re: Just A Troll]
Hatorade Offline
pheggit
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Registered: 11/05/99
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Loc: Toronto, ON
$1.4m in Etobicoke? You're full of shit.
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I thought Spark was a robot from the old movie and I kind of remember seeing him telling some engineer showing the equation for a clear metal that the guy would event years later - porschetr

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#9078452 - 07/13/17 10:14 AM Re: It's happening v. real estate [Re: Hatorade]
xza8 Offline
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He's not


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#9078479 - 07/13/17 10:39 AM Re: It's happening v. real estate [Re: xza8]
JEFFOS Offline
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Registered: 01/27/00
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Loc: Toronto
 Originally Posted By: xza8
 Originally Posted By: JEFFOS
One person just took their house off the market and another cranked their price up 175k. Both have been sitting for multiple months lol. Not going to go well. Both not living in the home and already are in the new house. Similar house just sold for 150k under the asking price of the home that jacked the price and the house was nicer.


Are you better off now than say last year, when you were participating in crazy bidding wars?


Still to be seen but all signs are pointing to yes it should be better now.

I happened to just run into a few idiots which I'll just watch until they come back an realize their houses wont sell for what they want. Seeing more houses come up as people are trying to make money before it falls any more I assume.
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#9078487 - 07/13/17 10:46 AM Re: It's happening v. real estate [Re: JEFFOS]
LNXGUY Moderator Offline
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Wait until the fall and winter, they'll be less houses on the market and the prices will start to creep back up.
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The GN would OWN you, your children and your children's children.
'09 E90 335d

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#9078496 - 07/13/17 10:55 AM Re: It's happening v. real estate [Re: JEFFOS]
xza8 Offline
Sr Member


Registered: 12/18/09
Posts: 1065
 Originally Posted By: JEFFOS
 Originally Posted By: xza8
 Originally Posted By: JEFFOS
One person just took their house off the market and another cranked their price up 175k. Both have been sitting for multiple months lol. Not going to go well. Both not living in the home and already are in the new house. Similar house just sold for 150k under the asking price of the home that jacked the price and the house was nicer.


Are you better off now than say last year, when you were participating in crazy bidding wars?


Still to be seen but all signs are pointing to yes it should be better now.

I happened to just run into a few idiots which I'll just watch until they come back an realize their houses wont sell for what they want. Seeing more houses come up as people are trying to make money before it falls any more I assume.


2017 summer prices less than 2016 summer prices?

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#9078498 - 07/13/17 10:56 AM Re: It's happening v. real estate [Re: LNXGUY]
xza8 Offline
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Registered: 12/18/09
Posts: 1065
 Originally Posted By: LNXGUY
Wait until the fall and winter, they'll be less houses on the market and the prices will start to creep back up.


even now, I'm trying to pickup a 3rd property but there is no good inventory

there are a few houses sitting for months on the market but they won't budge and obviously I'm looking for a deal for my 3rd

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#9078520 - 07/13/17 11:06 AM Re: It's happening v. real estate [Re: xza8]
JEFFOS Offline
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Registered: 01/27/00
Posts: 29139
Loc: Toronto
 Originally Posted By: xza8
 Originally Posted By: JEFFOS
 Originally Posted By: xza8
 Originally Posted By: JEFFOS
One person just took their house off the market and another cranked their price up 175k. Both have been sitting for multiple months lol. Not going to go well. Both not living in the home and already are in the new house. Similar house just sold for 150k under the asking price of the home that jacked the price and the house was nicer.


Are you better off now than say last year, when you were participating in crazy bidding wars?


Still to be seen but all signs are pointing to yes it should be better now.

I happened to just run into a few idiots which I'll just watch until they come back an realize their houses wont sell for what they want. Seeing more houses come up as people are trying to make money before it falls any more I assume.


2017 summer prices less than 2016 summer prices?


Yup
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