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What It Is Like to Get Caught in Toronto's Housing Slump

By Patrick following x   2018 Apr 17, 3:22pm 1,463 views   12 comments   watch   sfw   quote     share    


https://www.bloomberg.com/news/articles/2018-04-12/what-it-was-like-to-get-caught-in-toronto-s-record-housing-slump

Toronto’s housing market has seen a stunning slowdown in the past year. Now one brokerage has cataloged the damage for 988 homeowners who got caught in the eye of the hurricane.

In the space of four months last year, the homeowners lost a collective C$135 million ($107 million) as the median house price slid 18 percent, a faster decline than any major market during the U.S. market crash, according to Realosophy Reality Inc.

The story goes like this: The median house price surged 30 percent from January to peak at C$765,000 in March, largely driven by investors who were pouring money into the market for quick returns, Realosophy said in a report. To tame the beast, the government instituted a series of regulations, including a foreign buyers tax, starting in April.


1   DASKAA   ignore (3)   2018 Apr 17, 6:47pm   ↑ like (3)   ↓ dislike (0)   quote   flag        

Now dirty Chinese money has nowhere to go but SFBA! Can't wait to finally get my hands on $3M I deserve for my shack!
2   APOCALYPSEFUCKisShostikovitch   ignore (34)   2018 Apr 18, 12:42am   ↑ like (4)   ↓ dislike (0)   quote   flag        

Fake news.

Every house is worth 10x what the last buyer paid because law of physics.
3   mell   ignore (2)   2018 May 3, 7:58pm   ↑ like (0)   ↓ dislike (0)   quote   flag        

Feux Follets says
Market freezes up at the top. Average price of detached house plunges C$175,000 in 12 months.

Home sales in the Greater Toronto Area (GTA), Canada’s largest housing market, and among the most inflated in the world, plunged 32% in April, compared to a year ago, to 7,792 homes, according to the Toronto Real Estate Board (TREB), a real estate lobbying group. The sales plunge affected all types of homes, even the once red-hot condos:

•Detached houses -38.4%

•Semi-detached houses -29.3%

•Townhouses -22.1%

•Condos -26.0%.

The sales slowdown was particularly harsh at the higher end: Sales of homes costing C$2 million or more collapsed by 64%. The market is freezing up at the top.

Prices follow volume. Both types of prices the TREB publishes – the average price and its proprietary MLS Home Price Index based on a “composite benchmark home” – fell from April last year. This is a confusing experience for the real estate industry, sellers, and buyer...


Yeah but that's because Canada does NOT possess a giant (taxpayer-funded) money bazooka like the US Fed.
4   APOCALYPSEFUCKisShostikovitch   ignore (34)   2018 May 3, 8:48pm   ↑ like (3)   ↓ dislike (0)   quote   flag        

Canada is completely besides the point, because it is a COMMUNIST! country that hates wealth and, anyway, all the Canadians died because of national medical insurance.
5   Ceffer   ignore (1)   2018 May 3, 11:16pm   ↑ like (1)   ↓ dislike (0)   quote   flag        

APOCALYPSEFUCKisShostikovitch says
Canada is completely besides the point, because it is a COMMUNIST! country that hates wealth and, anyway, all the Canadians died because of national medical insurance.



Chindian Billionaires are impervious to all manner of pestilence, and can survive the Canadian health care system and continue to invest. The outlook is good after this temporary little downturn.
6   APOCALYPSEFUCKisShostikovitch   ignore (34)   2018 May 4, 12:59am   ↑ like (3)   ↓ dislike (0)   quote   flag        

They breed by the score and can survive on the bones and grissle of dead Canadians
7   rootvg   ignore (0)   2018 May 4, 1:37am   ↑ like (3)   ↓ dislike (0)   quote   flag        

mell says
Feux Follets says
Market freezes up at the top. Average price of detached house plunges C$175,000 in 12 months.

Home sales in the Greater Toronto Area (GTA), Canada’s largest housing market, and among the most inflated in the world, plunged 32% in April, compared to a year ago, to 7,792 homes, according to the Toronto Real Estate Board (TREB), a real estate lobbying group. The sales plunge affected all types of homes, even the once red-hot condos:

•Detached houses -38.4%

•Semi-detached houses -29.3%

•Townhouses -22.1%

•Condos -26.0%.

The sales slowdown was particularly harsh at the higher end: Sales of homes costing C$2 million or more collapsed by 64%. The market is freezing up at the top.

Prices follow volume. Both types of prices the TREB publishes – the average price and its proprietary MLS Home Price Index based on a “composite benchmark home” – fell from April l...

No, it's because the Loonie isn't the world's reserve currency. That's what got the Canucks in trouble in the nineties when they had a currency event.

I was there earlier this year and can tell you there are many things they don't have that we take for granted. I ordered a hamburger one night and was served what looked like communion on a bun. It was twenty bucks. Paying for that welfare state has a way of burrowing itself into everything they do. I felt like a criminal going through customs at Pearson. I'm told the civil servants are under orders to rough up the Americans when they come through. They seem to despise us for having the lifestyle we have without so much taxation. I felt it right away.

I don't think it's the most stable place right now. The client I was visiting just let go all of the operations staff, replacing them with TCS. They're under pressure.
8   DASKAA   ignore (3)   2018 May 6, 9:41am   ↑ like (2)   ↓ dislike (0)   quote   flag        

rootvg says
I felt like a criminal going through customs at Pearson. I'm told the civil servants are under orders to rough up the Americans when they come through. They seem to despise us for having the lifestyle we have without so much taxation. I felt it right away.


Why didn't you tell them that you are from California and taxed as much as them?
9   HowdyThere   ignore (0)   2018 May 6, 7:05pm   ↑ like (1)   ↓ dislike (0)   quote   flag        

The infestor class is strong in Canada. After Toronto got too expensive,they moved to the burbs (aka the GTA). When the GTA got too expensive, they moved throughout Southern Ontario. Now that Southern Ontario is peaking, they're moving to other parts of the country. They gotta flip, because they got nothing else.
10   TwoScoopsOfSpaceForce   ignore (4)   2018 May 6, 7:23pm   ↑ like (1)   ↓ dislike (0)   quote   flag        

Holy shit is Toronto expensive. I went to buy some snacks and it was like $12 for a tiny bag of Chips and a little box of Cough Drops. This was about 10 years ago.

You can't blame military spending for the taxes there.
11   Booger   ignore (1)   2018 May 6, 7:38pm   ↑ like (0)   ↓ dislike (0)   quote   flag        

How is low end housing doing in Toronto?
12   HEYYOU   ignore (20)   2018 May 7, 7:31am   ↑ like (0)   ↓ dislike (0)   quote   flag        

Ceffer says
Chindian Billionaires are impervious to all manner of pestilence, and can survive the Canadian health care system and continue to invest. The outlook is good after this temporary little downturn.


I would like to thank all the Communist Americans that have made China a power house by buying their outsourced crap.




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