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Fixed rates already went down quite a bit, they're not waiting for BofC. You can get a mtg for close to 4.5%. But at this rate, adding the stress test is the real drag. And no, we haven't been through a crash - in the USA prices halved during the GFC. In Toronto, 10-20% up or down is almost normal fluctuation since 2017 when the governments started to get heavily involved in the market.
Maybe you’re referring to stock market which fell 50% during GFC in US. Average real estate price decline in across entire US approached 30%. Some markets less. GTA fell a 20-25 and recovered 10, then fell again. If 20% isn’t a crash then what is? In the history of GTA real estate these are not normal moves. Government involved in the market in 2017 ? Not exactly sure what you’re referring to. I would assume you mean central bank money creation…
Sales to new listings, Toronto. 3 bdrmd detached - sales up 25% new listings down 25%, so that is a pretty strong trend. Prices flat y/y. I only look at 3 bdrms, because the volume is higher and they are quite standard, so the stats are more meaningful. Selling one of these to go into the overpriced small city/rural area will prove t be a bad move.
Interesting. I haven’t looked at that segment of the market…will take a look but I’d be shocked if I found new listings down 25% and sales up 25% in 3 beds. Will get back to you on that one. Spoken like a Torontonian. There are other reason to leave the city other than the value of your home btw! Not all value is monetary. Lifestyle, less traffic accounts for a lot.
BoC cutting in July 24th!? Two more expected cuts this year, as per experts. Relaunching the real estate market? 100% true. Going back to before 2022 real estate market in Ontario? I don't think so. We need 3.25% and a little bit lower prices, to our numbers should start working for our Ontario investors. #CristianEnache #Realtor #Ontario
The numbers work very well (at yesterday’s interest rates) with the right strategy. Buy to get the best appreciation you can but don’t focus on it. Doesn’t matter when and if prices return to pre 2022. Money is made on cash flow, mortgage pay down - and force appreciation through renovations. Do not buy with the intent to make money from appreciation alone and you have a winning strategy. And rate cuts likely every meeting this year.
Buyer's are not confident in carrying huge mtgs now that's why we are where we are. Buyer's don't want to buy high and sell low.
Indeed
Thanks Cam, great suggestions…I’m dreading that day when we have to go through all my wife’s baking stuff. It takes up half the basement. 😂
Lol 😂 you can do this! 👊
And all these failed condos are backed by the fake equity in the residential housing market across the gta.....
I get your point, but like so many things in the housing market it’s more nuanced than that.
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Can 1 million buy a downtown 2 bedroom condo yet?
Well, it is the real estate center of the world you know…
- Interest rates will not decline rapidly enough provide relief before 2025-2026 when a majority of mortgages are going to be renewed. - Inventory is increasing and sales are declining - Pre-sale condos that are completing are dramatically overvalued leaving assignees vulnerable. - Variable rate fixed payment terms are extending some mortgages in excess of 50 years most likely bankrupting people when the are compelled to renew or sell and are required to do so under current market conditions with their homes worth less than they owe. - Unemployment is at 6.4% and economists are predicting it could go all the way to 8%. - Canadians are at all time highs in terms of utilizing credit and exhausting home equity. - Core inflation, otherwise known as real inflation is still high despite core inflation decelerating… that’s why Canadians aren’t feeling any cost of living relief when the Feds are saying inflation is easing. - Mortgage fraud during the boom is surfacing now that the market is decelerating and people can’t rely on upward growth trajectory as their thesis. And on, and on, and in… that’s why people that rely on real estate for their livelihood are reckless when they give advice like you’ve given. The rationale that if you’re in it for the long term then you’ll be fine and buying now or anytime soon is a good idea is fatally flawed thesis given current economic indicators.
This is an extremely unsophisticated and irresponsible analysis that will jeopardize people’s financial wellbeing. You must have a personal interest in seeing people invest in the housing market right now; otherwise, your advice wouldn’t be this reckless.
Love to see your video on the subject.
@@RealEstateShow100 Sorry, but you put out a video that is very misleading and not thoughtful that will jeopardize anyone who would choose to follow your advice. This analysis is clearly from the perspective of someone that is a realtor or stands to gain from someone investing in real estate versus an analysis based on economics. Recommending that people buy now if they’re in it for the long term is ludicrous as all factors point towards far more losses near term with no reasonable data other than hopium that the market will recover and move ahead of where people entered the market in the medium term. If you don’t like the criticism, then I suggest you do more research or don’t make videos. Cheers
I have no problem with criticism, try to back it up with some tangible data that supports your point of view rather than blanket statements might be helpful. What makes you so sure markets will go down forever going forward?
@@RealEstateShow100 - Interest rates will not decline rapidly enough provide relief before 2025-2026 when a majority of mortgages are going to be renewed. - Inventory is increasing and sales are declining - Pre-sale condos that are completing are dramatically overvalued leaving assignees vulnerable. - Variable rate fixed payment terms are extending some mortgages in excess of 50 years most likely bankrupting people when the are compelled to renew or sell and are required to do so under current market conditions with their homes worth less than they owe. - Unemployment is at 6.4% and economists are predicting it could go all the way to 8%. - Canadians are at all time highs in terms of utilizing credit and exhausting home equity. - Headline inflation, otherwise known as real inflation is still high despite core inflation decelerating… that’s why Canadians aren’t feeling any cost of living relief when the Feds are saying inflation is easing. - Mortgage fraud during the boom is surfacing now that the market is decelerating and people can’t rely on upward growth trajectory as their thesis. And on, and on, and in… that’s why people that rely on real estate for their livelihood are reckless when they give advice like you’ve given. The rationale that if you’re in it for the long term then you’ll be fine and buying now or anytime soon is a good idea is fatally flawed thesis given current economic indicators.
I feel like the condo prices are only down by 1% this year because the people who were investing in them are either every day people who still have long-term renters in place so they're not selling yet, or people who either actually live there and so they don't need to move yet, and the rest of them I believe are sadly the type of people who are wealthy investors, and they're probably just holding onto them empty to manipulate the market while thousands of Canadians die homeless in the streets
@cassiusjohnadams nailed it in the comments I think
properly valued parts, and labour. That's all Canadian should be having to pay for, for our homes. and that very large group of Canadians who lost their life's work by design , at the trusted advice of the industry itself who were government endorsed and advising them to go along with the scheme, all of those people should be compensated for their losses with a bail out just like they bailed out the auto industry so easily.
Bail out? Nah. Not sure what large group your referring to
we need another 75% price drop from that 20
Need? For who? I think 65% of Canadians who own homes may disagree but maybe not
@@RealEstateShow100 HE needs it. Alternatively, he could get a job and that way he could afford a condo at these prices.
Now compare it in real terms to inflation. It's 100% a crash Wait until rates go up for most people, and they start dumping their houses onto the market because they can't make the $1,000 - $3,000 EXTRA per month additional payments
Let’s watch and see how it goes. I expected things to break far before now with the rate hiking cycle, but here we are….
Detached homes that have been properly updated with upgrades are still worth high market prices. Mine is overall 70's looking and requires a complete main floor upgrades. If I sell I already know that I will be lowballed. Solid upgraded roof and foundations, I will wait it out.
Thanks for the comment. Sounds like a plan.
Here's why condo prices aren't down more. Because the data only shows Sold. Home buyers are buying, not investors. So the cheaper investor-driven units aren't being included in the data whereas end-user buyers of condos are paying somewhat higher prices (vs investor units) for a place they can actually live and breath in :)
Brilliant! Thanks for that!
The muppet boiler room condo flipping market is dead 😂
Indeed it is. And good riddance lol
Another 40% price reduction from here is inevitable in the GTA.
Inevitable? lol
Toronto Vancouver house prices ll go down % 85 imminent
Why not 90%?
wen recession
Underway - immigration hiding it
A lot of interesting information - thanks for sharing.
Glad it was helpful!
Prices have not dropped yet.
Did you watch my video??
Unless you have to sell, people will only list their homes if prices are going up. So for the rest of this year, I believe we’re going to see some very low sales volume. Thanks for the info. It’s appreciated.
I totally agree and thanks for the feedback
The pendulum always swings. Prepare for reversion to the mean.
I would agree, yet some property types more than others
Wait a second I thought the government said we have a huge supply shortage? How is that possible to have record listings but the government saying we need 3 million new homes? What could be going on here. So what you’re saying is that we have building supply but apparently a supply shortage. I ain’t getting it.
Great comment and question. Thank you for that! I think this is best answered in an upcoming video.
Intriguing insights! Understanding the pulse of the Canadian real estate market for 2024 is crucial
Bubble crash 😂
Yes….but in which segment of the market?
@@RealEstateShow100 all segments
It's over. People are loaded to the eyeballs with debt they can't service.
Some… but not all are in the same situation. The truth is much more nuanced than that.
You need to really define buyers , do you mean real buyers who want it for family or speculative debt slaves who do it as business?
The market doesn’t care what kind of buyer you are.
@@RealEstateShow100 absolutory it care market is going down because most of these speculative rats are trying to escape this ship which you say market
Good review, thank you
Pleasure thanks
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What platforms can I use for MTr , thanks in advance
www.Midtermrentalproperties.com
I actually did this once with a corporate entity for 3 years. I didn’t have to furnish it at all. They painted and furnished my condo like a hotel room. They put it back to original when they stopped renting. It was completely hands off but I’m not sure how this avoids the new rules. It is a great idea!!
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Hi mate Nick here, I live in Hamilton , interested to chat if you like .
Hi, for that first Gage Park prop, why is purchase price 119% of list price? Is the market that hot that you wont get it otherwise?
Priced way below market
Would like to hear about possible deals in Costa Rica
Copy that Sam - stay tuned - CR projects overviews incoming
Hi Guys! Thanks.
September 2023 5-yr bonds are expected to be at their lowest point prior to climbing again. Source: World GOV Bonds
Record low mortgage delinquencies- As jobs leave and govt programs kick in the transfer of wealth takes place. Everything is in the rear view mirror, we need to wait for data to catch up. As more employers continue to layoff employees, mortgage delinquencies will increase. The economy moves like a tanker, not a speed boat.
HI Guys, Thanks for the show.
Our pleasure!
I like the options that allow home buyers to house ‘hack’ by using income from their rental units to help them qualify for mortgages. It is becoming more and more acceptable / necessary for buyers to look at having rental suites as part of their primary home.
Absolutely! Some options allow buyers to have their entire mortgage covered by the rental income. If you’re ok living with tenants in your property!🤔
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When I was moving to hamilton east from ssauga back in 2019 my RE lawyer doing the closing said why am I moving to hamilton when I can afford a semi-detached/town in ssauga or Brampton, he said there’s so much crime there. Others also said hamilton is a crackhead town. It’s image has improved a bit over time but still is referred to as the armpit of Ontario lol I moved from east hamilton(rosedale) to west mountain recently and I like it better here, but my forever home would be in Burlington or Oakville for sure.
THanks for the share Rishi! There are many really nice boroughs in Hamilton. The city gets a skyway bridge sideways glance for many and thats understandable when all you can see is industry from there. Enter from the west and go through Dundas, Ancaster, Waterdown, Westdale, West Hamilton etc - you will find a very livable, nature rich, culture rich unique areas.
Great points I agree 100% it will not get any better. Due to the things you mentioned and also the lack of skilled labour. In Southern ontario if people want to get and if they can they should because in 10 years it will be almost untouchable. It will become a mostly renters environment. I maybe wrong but we are at a turning point. A point where other major areas cities have gone. Whether people believe it or not. There was a reason why Vancouver and southern ontario boomed during low rates and not the other cities in Canada to the same extent. People wanted to get in and so the opportunity the sale so to speak. Once people realize that rate are not going to a crazy 80s 20 % or even 10% which was the fear earlier. They se rates stabalizing and will adjust. Anyway my 2 cents good luck all.
I believe southern Ontario will be a renters society too. Like many other cities and areas of the world where ownership is simply out of reach for the vast majority
7% in this environment is equivalent to the 80s 20% the only differences are priced 80s 120kto 150k today 900k to 1.2million ontopmof that the difference is debt levels we are 100% higher today then the 80s we are well above the average income threshold of 55k in ontario...my opinion is don't ever underestimate a recession of any size....we are 1 rent freeze or policy away from catastrophic failure....sentiment at this point has little to do with it 😉 people are desperately over leveraged on all levels...
@@jaymar1615 yes agreed
I have an excellently paid job and unless i like, invest my downpayment in the stockmarket for 10 years and compound it, or get a job that pays 20% more, i’ll have to start in a condo far away from My job in downtown montreal. So yea. Theres a supply crisis
@mastermind468 Thanks for sharing your perspective on your situation. It can be rough out there
Great job as always guys. Hoping you continue to cover more on properties selling with Laneway and Garden suites in Hamilton. Helping a current client with financing and construction of a Garden home build soon in Hamilton and look forward to watching your team covering this space in more detail as more comparables enter the market. Wishing you all a great weekend!
Hey Marco Stay tuned for more on laneway and garden suites in Hamilton and region! Thanks for the feedback as always!!
@@RealEstateShow100 Thanks guys!! Will do!
Great information and very interesting opportunities. Thanks to the whole team for sharing. Love the format Keep the episodes coming and please keep uploading the recordings afterwards (I can't usually attend the live broadcast).
Will keep ‘em coming Jim Thanks for your support!
Looking to buy or sell real estate? Let's chat! Book a call with the team to discuss your goals and how we can help you reach them here: calendly.com/mccarroll-team/30min