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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...
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.
Feux Follets saysMarket 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.
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.
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