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The Dirty Game of Real Estate (pg. 7)
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| Vivid Boy |
I wouldn`t even call it a buyers market. I got 8 offers on another condo this week.
It`s just not as crazy as it was last year or the year before. |
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| Dykes_on_Jay |
| just the new bank regulations for first time buyers will cool the market. people that were looking to buy will be looking for apartments. so glad i got rid of my dads condo during peak time. my sister told me that the unit next door just sold for 20k less than what we got. |
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| Vivid Boy |
| you guys do realize your both from 2 different cities, thus 2 different markets and you can break the market down even smaller to regions and neighborhoods. just because there is a 1% drop in Toronto doesn`t mean there was a 1% drop in Waterfront communities c01? |
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| Nrg2Nfinit |
If there hasn't been a drop in c01, there should be one soon.
overall in general, canadian realestate is stagnating or starting to slump. Don't play your premium price game on us vivid :)
check out south of eglington condo market:
http://www.torontomls.net/PublicWeb/CL_CF.asp?link_no=46323486.175000&t=l&fm=F
bids are beating the ask by about 5 to 10% of the listing price, which means that it is a buyers market.
i dont have historicals but i believe a slump is on the way there if there isn't one already
look at this waterfront doozie:
500 Queens Quay W Ph5 Sold: $1,100,000
Toronto, Ontario M5V3K8 Toronto C01 Waterfront Communities C1 List: $1,298,000
C2493801
that's 85% of list, curious to know what that seller bought it at? |
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| Dykes_on_Jay |
montreal has never been as hot as vancouver or toronto. that just means the bubble will be smaller. I'm looking to buy a triplex with some friends. i will wait a few months and will rape someone.
the problem with canadian real estate is the amount of foreign investment that goes into condo development. they don't pay taxes, and build condos that stay empty. this means the gov will tighten the rules leading many first time home buyers out of the fray.
federal banking regulations apply to all markets. |
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| Nrg2Nfinit |
to clarify eric, when i say bids are beating the ask by about 5 to 10 % i mean that they are getting their way
as in 95 to 90 % of asking price :p |
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| Dykes_on_Jay |
| which is a lot of money. |
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| Nrg2Nfinit |
did they also tighten mortgage lending policies in montreal?
that i'm pretty sure is one of the reason for the starting slump or stagnation. at least for toronto |
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| Dykes_on_Jay |
they did it everywhere. a "rental" property is 30% down now.
i'm not in montreal at the moment, but i've been told that they are getting very stingy. the apartment market is going to benefit from this. |
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| Vivid Boy |
| They also stopped foreign investment. Once upon a time you could fast track your immigration by putting 100 000 in abank account in Ontario. that figure then raise to 500 000 in 2009 then to 1000000 in 2010, doubled again in 2011, and now they don't allow it what so ever. |
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| Dykes_on_Jay |
| you can immigrate for much cheaper eric. i see these monkeys do it all of the time. |
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| Vivid Boy |
| lol I'm talking about in Ontario. I helped a really rich entrepreneur from Turkey find a place when he moved over. He had like 1 000 000 in a bank account here and I asked why he would put so much money here. He told me because it fast tracked his immigration and he did it one of the last years you could. |
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