Current Events > Toronto Houses Are Losing Value At A Rate Of $100,000 A Month

(+) Yeah! (+)

http://www.huffingtonpost.ca/2017/09/06/toronto-houses-are-losing-value-at-a-rate-of-100-000-a-month_a_23198863/

Just wait 8-9 months and you can get a house in Toronto for free, or wait a year and people will pay YOU to own a house!
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y
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haha wow canada's economy really is tanking, eh?

I want to buy
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An average single-family home in the city of Toronto went for $1.191 million in August, the city's real estate board reported Wednesday

I think they'll be fine.
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K181 posted...

An average single-family home in the city of Toronto went for $1.191 million in August, the city's real estate board reported Wednesday

I think they'll be fine.

$400,000 decreases in a matter of months means the bubble is popping

Is it really Rich Chinese making housing expensive?
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Good houses in the GTA area are $700'000 to over 2 million.

It's been unaffordable to live in the area for years.
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apocalyptic_4 posted...

Good houses in the GTA area are $700'000 to over 2 million.

It's been unaffordable to live in the area for years.

Like I said, wait 7-8 months and you can grab yourself a home for $0
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FLUFFYGERM posted...

K181 posted...

An average single-family home in the city of Toronto went for $1.191 million in August, the city's real estate board reported Wednesday

I think they'll be fine.

$400,000 decreases in a matter of months means the bubble is popping

Yup, and that'll screw over the people looking to flip (HGTV) and folks with just bad timing, but longterm owners will be fine as the market will recover and rebound over the span of years.
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any reasons why?
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K181 posted...

FLUFFYGERM posted...

K181 posted...

An average single-family home in the city of Toronto went for $1.191 million in August, the city's real estate board reported Wednesday

I think they'll be fine.

$400,000 decreases in a matter of months means the bubble is popping

Yup, and that'll screw over the people looking to flip (HGTV) and folks with just bad timing, but longterm owners will be fine as the market will recover and rebound over the span of years.

i'm sure everyone thought the same thing in 2007

Butterfiles posted...

any reasons why?

Can't find anyone to buy them - there's barely anyone even living here, there's rows and rows of giant, empty properties everywhere you turn.
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REMercsChamp posted...

Butterfiles posted...

any reasons why?

Can't find anyone to buy them - there's barely anyone even living here, there's rows and rows of giant, empty properties everywhere you turn.

Why?
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FLUFFYGERM posted...

K181 posted...

FLUFFYGERM posted...

K181 posted...

An average single-family home in the city of Toronto went for $1.191 million in August, the city's real estate board reported Wednesday

I think they'll be fine.

$400,000 decreases in a matter of months means the bubble is popping

Yup, and that'll screw over the people looking to flip (HGTV) and folks with just bad timing, but longterm owners will be fine as the market will recover and rebound over the span of years.

i'm sure everyone thought the same thing in 2007

All depends on the market, but the housing market has recovered in many places, particularly in wealthier regions not centered around bubble housing growth. For established cities like Toronto, they're guaranteed still have growth as the economic center of Canada. They'll be fine within 2-3 years.
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LethalAffinity posted...

REMercsChamp posted...

Butterfiles posted...

any reasons why?

Can't find anyone to buy them - there's barely anyone even living here, there's rows and rows of giant, empty properties everywhere you turn.

Why?

It's a ghost town - no jobs, no immigration, people leaving en masse.
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K181 posted...

FLUFFYGERM posted...

K181 posted...

FLUFFYGERM posted...

K181 posted...

An average single-family home in the city of Toronto went for $1.191 million in August, the city's real estate board reported Wednesday

I think they'll be fine.

$400,000 decreases in a matter of months means the bubble is popping

Yup, and that'll screw over the people looking to flip (HGTV) and folks with just bad timing, but longterm owners will be fine as the market will recover and rebound over the span of years.

i'm sure everyone thought the same thing in 2007

All depends on the market, but the housing market has recovered in many places, particularly in wealthier regions not centered around bubble housing growth. For established cities like Toronto, they're guaranteed still have growth as the economic center of Canada. They'll be fine within 2-3 years.

nope. the supply of homes will exceed the demand for a long time.

REMercsChamp posted...

LethalAffinity posted...

REMercsChamp posted...

Butterfiles posted...

any reasons why?

Can't find anyone to buy them - there's barely anyone even living here, there's rows and rows of giant, empty properties everywhere you turn.

Why?

It's a ghost town - no jobs, no immigration, people leaving en masse.

I thought Toronto received lots of immigrants? Is it just too expensive to live there?
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LethalAffinity posted...

REMercsChamp posted...

LethalAffinity posted...

REMercsChamp posted...

Butterfiles posted...

any reasons why?

Can't find anyone to buy them - there's barely anyone even living here, there's rows and rows of giant, empty properties everywhere you turn.

Why?

It's a ghost town - no jobs, no immigration, people leaving en masse.

I thought Toronto received lots of immigrants? Is it just too expensive to live there?

Too expensive? House prices are dropping $100,000 a MONTH! Even those $1.2M detached homes in the nice area of the city will be ZERO dollars in a year!
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right on time. i have been needing to buy a house in GTA
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FightingGames posted...

right on time. i have been needing to buy a house in GTA

They'll soon be giving houses away in Toronto along with a combo meal from McDonalds...burger, fries, drink, throw in a house for $1.50 extra
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https://globalnews.ca/news/3771677/luxury-real-estate-vancouver-toronto/

Seems the real reason is because the government is going after non-Canadians just buying homes for investment purposes

They won't become worthless with a value of 0 $ , they will keep falling until people start buying again but they won't hit 0 that's just stupid
Leveling off anywhere between 100K-500K, but this was long overdue for Canada cause housing prices were pretty fucking stupid
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joe_stalin518 posted...

They won't become worthless with a value of 0 $ , they will keep falling until people start buying again but they won't hit 0 that's just stupid

Don't be ridiculous. There's going to be rows and rows of vacant properties, you can just walk into them and take them for free
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They will keep lowering the prices til people start buying again, Canada is a good place to live.people want the house but can't afford over a million not everyone is a 30+ year surgeon , they will fall into around the 250 k-700 K depending on location, once it hits the spot where people making normal college salaries 60K-150 K the people will start buying again . If you want free property your going to have to take a piece of Detroit and deal with any/all bull shit that happens like poison water, dead body's in a striped car on blocks that was abandoned on your parcel of land arson if you have a dwelling on the parcel .
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if this housing crisis gets any worse, everyone will be able to afford a home!
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joe_stalin518 posted...

250 k-700 K

250k? Try 2.5k
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By browsing Google Street maps in Toronto for a bit, a lot of the houses don't really look all that impressive for an average of $1M. Not sure how average salaries are there.

They should just sell their house and move to Texas, Louisiana, etc. $500,000 will get you a gorgeous new home. 3-4 bedrooms, brand new, nice neighborhood, etc.
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joe_stalin518 posted...

They will keep lowering the prices til people start buying again, Canada is a good place to live.people want the house but can't afford over a million not everyone is a 30+ year surgeon , they will fall into around the 250 k-700 K depending on location, once it hits the spot where people making normal college salaries 60K-150 K the people will start buying again . If you want free property your going to have to take a piece of Detroit and deal with any/all bull shit that happens like poison water, dead body's in a striped car on blocks that was abandoned on your parcel of land arson if you have a dwelling on the parcel .

Detroit. You can buy a house for 5k but it's completely trashed, you're the only one on the block, and the area is virtually unlivable.

I'd like to see a reality show where someone transforms it into a secured fortress and attempts to live there.
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Capn Circus posted...

By browsing Google Street maps in Toronto for a bit, a lot of the houses don't really look all that impressive for an average of $1M. Not sure how average salaries are there.

GTA has a growing tech industry with big companies like AMD, Sony, ASUS, and IBM established there. It's an attractive area for people to work and raise a family
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joe_stalin518 posted...

They will keep lowering the prices til people start buying again, Canada is a good place to live.people want the house but can't afford over a million not everyone is a 30+ year surgeon , they will fall into around the 250 k-700 K depending on location, once it hits the spot where people making normal college salaries 60K-150 K the people will start buying again . If you want free property your going to have to take a piece of Detroit and deal with any/all bull shit that happens like poison water, dead body's in a striped car on blocks that was abandoned on your parcel of land arson if you have a dwelling on the parcel .

Stop taking what he says seriously.
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FLUFFYGERM posted...

haha wow canada's economy really is tanking, eh?

What
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UnhndredDescole posted...

SGT_Conti posted...

FLUFFYGERM posted...

haha wow canada's economy really is tanking, eh?

What

Hasn't the real estate market really been falling in Canada?

Hell yeah it is! There are rows upon rows of empty vacant houses in Toronto being sold for under $100,000. The government is so desperate to get rid of these properties that they're actually giving you tax breaks and other incentives for buying them.
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UnhndredDescole posted...

SGT_Conti posted...

FLUFFYGERM posted...

haha wow canada's economy really is tanking, eh?

What

Hasn't the real estate market really been falling in Canada?

Mostly in Vancouver and Toronto, but housing bubbles burst. The governments of those areas took steps to deliberately deflate it because an outright pop is painful for anyone who does own a house there. It's got little to do with Canada's economy, which has been improving over the past year.
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This is what I was talking about when I said these huge city bubbles are prone to popping once anything happens to cut investor/speculator interest down. Hadn't counted on government action intentionally popping it though.
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SGT_Conti posted...

Mostly in Vancouver and Toronto, but housing bubbles burst. The government's of those areas took steps to deliberately deflate it because an outright pop is painful for anyone who does own a house there. It's got little to do with Canada's economy, which has been improving over the past year.

^ that
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Anyone want to list their hauls here in the Toronto housing market? I just picked up 3 detached properties for $15,000
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Making Canada great again

so ill wait another 3 years then get paid millions and a free house?

Deal ill even listen to drake 24/7
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Letron_James posted...

so ill wait another 3 years then get paid millions and a free house?

Absolutely - they'll be begging you to take it. They'll pay you any amount of money to grab these unwanted properties.
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Good, Toronto's housing situation is world famous for how shit it is.
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SGT_Conti posted...

Mostly in Vancouver and Toronto, but housing bubbles burst. The governments of those areas took steps to deliberately deflate it because an outright pop is painful for anyone who does own a house there. It's got little to do with Canada's economy, which has been improving over the past year.

why is an outright pop painful for homeowners there
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Housing is redicoulous in Toronto but I still wouldn't call it a bubble bursting just yet. The market is still correcting itself.
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Eh, it's not really the market correcting itself if it's being impacted by a foreign buyer tax. As I mentioned before, it's more of a deliberate deflation of a bubble by the government before it can burst.
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Canada
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FLUFFYGERM posted...

K181 posted...

An average single-family home in the city of Toronto went for $1.191 million in August, the city's real estate board reported Wednesday

I think they'll be fine.

$400,000 decreases in a matter of months means the bubble is popping

Yeah you know, those slow-popping bubbles. Fucking hated when my mom got me slow pop bubbles as a kid. I'd blow one then have to wait like a half hour while it popped.
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But Republicans told me Canadians have no money because of high taxes to pay for healthcare. How can they afford a million dollar house?
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