#9075324 - 07/09/17 11:07 AM
It's happening v. real estate
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Riskhe Business
Provides a Great Work Environment.
Post Master Supreme
Registered: 05/17/10
Posts: 45654
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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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#9075348 - 07/09/17 12:02 PM
Re: It's happening v. real estate
[Re: Hatorade]
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JEFFOS
Post Master Supreme
Registered: 01/27/00
Posts: 29176
Loc: Toronto
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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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-Jeff
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#9075349 - 07/09/17 12:04 PM
Re: It's happening v. real estate
[Re: JEFFOS]
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JEFFOS
Post Master Supreme
Registered: 01/27/00
Posts: 29176
Loc: Toronto
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Realized I fell for the bait as a real estate thread is like the bat signal for me haha
_________________________
-Jeff
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#9075350 - 07/09/17 12:16 PM
Re: It's happening v. real estate
[Re: JEFFOS]
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Senor Eduardo_82
miataist
Post Master Supreme
Registered: 01/09/03
Posts: 38036
Loc: Ca�ada
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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]
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JEFFOS
Post Master Supreme
Registered: 01/27/00
Posts: 29176
Loc: Toronto
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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
_________________________
-Jeff
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#9075512 - 07/09/17 07:56 PM
Re: It's happening v. real estate
[Re: porschetr]
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JEFFOS
Post Master Supreme
Registered: 01/27/00
Posts: 29176
Loc: Toronto
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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
_________________________
-Jeff
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#9075529 - 07/09/17 08:53 PM
Re: It's happening v. real estate
[Re: porschetr]
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Riskhe Business
Provides a Great Work Environment.
Post Master Supreme
Registered: 05/17/10
Posts: 45654
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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.
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]
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Hatorade
pheggit
Post Master Supreme
Registered: 11/05/99
Posts: 26908
Loc: Toronto, ON
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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.
Wrong. Market started to cool before the announcement. Although prices remained unaffected to recently.
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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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#9075664 - 07/10/17 09:46 AM
Re: It's happening v. real estate
[Re: Hatorade]
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porschetr
Post Master Supreme
Registered: 05/15/01
Posts: 23393
Loc: WBridge
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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.
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]
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LNXGUY
Tougher than Logan Roy
Post Master Supreme
Registered: 08/06/00
Posts: 107852
Loc: Barrie, Ont,
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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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-Bill The GN would OWN you, your children and your children's children. Left foot, right foot, just keep moving!!! -Jeffrey P. Murphy 
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#9075890 - 07/10/17 02:10 PM
Re: It's happening v. real estate
[Re: Just A Troll]
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xza8
Sr Member
Registered: 12/18/09
Posts: 1065
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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]
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Screamin' Type-R
Post Master Supreme
Registered: 02/20/01
Posts: 47937
Loc: T.O. - Canaduh
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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-R]
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OracerO
Post Master Sr
Registered: 10/07/02
Posts: 3949
Loc: GTA
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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]
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JEFFOS
Post Master Supreme
Registered: 01/27/00
Posts: 29176
Loc: Toronto
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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.
_________________________
-Jeff
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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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Riskhe Business
Provides a Great Work Environment.
Post Master Supreme
Registered: 05/17/10
Posts: 45654
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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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#9078147 - 07/12/17 10:07 PM
Re: It's happening v. real estate
[Re: JEFFOS]
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xza8
Sr Member
Registered: 12/18/09
Posts: 1065
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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.
Are you better off now than say last year, when you were participating in crazy bidding wars?
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#9078337 - 07/13/17 08:00 AM
Re: It's happening v. real estate
[Re: Senor Eduardo_82]
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spd-dmn
Post Master
Registered: 11/24/04
Posts: 2271
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You think this will last or will this be a blip in 5 years time?
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#9078395 - 07/13/17 09:04 AM
Re: It's happening v. real estate
[Re: Riskhe Business]
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Just A Troll
Curved Street Thug Life
Post Master
Registered: 09/24/09
Posts: 2221
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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!
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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#9078452 - 07/13/17 10:14 AM
Re: It's happening v. real estate
[Re: Hatorade]
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xza8
Sr Member
Registered: 12/18/09
Posts: 1065
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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]
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JEFFOS
Post Master Supreme
Registered: 01/27/00
Posts: 29176
Loc: Toronto
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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. 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.
_________________________
-Jeff
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#9078487 - 07/13/17 10:46 AM
Re: It's happening v. real estate
[Re: JEFFOS]
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LNXGUY
Tougher than Logan Roy
Post Master Supreme
Registered: 08/06/00
Posts: 107852
Loc: Barrie, Ont,
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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.
_________________________
-Bill The GN would OWN you, your children and your children's children. Left foot, right foot, just keep moving!!! -Jeffrey P. Murphy
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#9078496 - 07/13/17 10:55 AM
Re: It's happening v. real estate
[Re: JEFFOS]
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xza8
Sr Member
Registered: 12/18/09
Posts: 1065
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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. 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]
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xza8
Sr Member
Registered: 12/18/09
Posts: 1065
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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.
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]
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JEFFOS
Post Master Supreme
Registered: 01/27/00
Posts: 29176
Loc: Toronto
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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. 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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-Jeff
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