GTA home sales dip 39.5% in March from record-breaking March 2017.
The average price of a home in the GTA was $784,558 last month, down from an average of $915,126 in the same month last year.
Help me out Jow Forums wtf is going on? Are we in for a tumble?
CAD fag here.
Foreign buyers don't want to goy over 15% extra abd fear further taxes from our commie ontario gov. Thank god for commies I might finally be able to house myself in the country I live in
Where is the best place to find 1000+ acre properties, pretty sparse listings on realtor.ca
>The average price of a home in the GTA was $784,558 last month, down from an average of $915,126 in the same month last year.
Minimum wage here is not even 30k a year. Average wage is what, 55k?
Sad.
GTA is fuct. too many boomers were rushing to sell their houses last spring, many of which had already dropped a down payment on their next house trying to downsize. lots of people got stuck with a house that wouldn't sell for anywhere near the listing price and lost their deposits.
This is the real issue. If you think about it, 800k for a house isn't bad. These are Canadian dollars too. If NYC is Toronto and the surrounding Burroughs are the GTA, you can make the argument that it's still cheap.
But its all relative, and Canadians are poor and over taxed. Poor as fuck!
Even at this ridiculous real estate prices, With the nicest penthouse in all of Toronto or Vancouver, the price of it cannot hardly buy you a decent 1bedroom condo in Manhattan. Nvm London or Hk.
Why would anyone want to live in Canada? These house prices are ridiculous
Are you genuinely surprised the most obvious real estate bubble in history is starting to deflate? Home price should be 300-400k, not 800k.
ask a real estate agent. they have better methods of searching
toronto is not anywhere near the same level as NY, London, HK, Toyko, etc. it's a shithole that larps as a world city
the economy isn't strong enough to justify those prices. most people commute from outside toronto because they can't raise a family downtown. most of their lives are wasted in traffic. the 407 highway extension will just push people further from toronto, and that's the only reason why houses have high valuation in the suburbs. prices are already dropping because people can't sell their houses with all the new housing being developed. i got out a year early and missed the monster gains, but i made a nice $80k profit by holding my house for 3 years. if i still had it, i'd be selling for less than a $50k profit. the new housing is soaking up the buyers. as soon as the supply exceeds the demand, you'll see a bigger dump. plus the new interest rates fuct a lot of people that bought last year. they're literally mortgage bagholders now
AIr is coming out of Stockholm currently, 20% drop since june
>real estate crashing
>crypto crashing
>stock market right about to crash
i-is it coming lags?
>as soon as the supply exceeds the demand
this is actually a myth. supply does not influence housing prices contrary to popular belief. all bubble areas have empty houses and supply far exceeds demand. and newly houses ofcourse increase housing prices very locally not lower them.
gold bubble popping since 2016
>lags
lads*
Same with the IT bubble and their issues with the fuel that their bubble was running on for quite some time, ads, rapidly losing value. We're surely about to hit a recession and even probably a depression
Whats the name for the metric of the ratio between your yearly salary and your house price?
I forgot the term but I know it's supposed to be around 3x
>all bubble areas have empty houses
This. I live in Toronto and here's what happens
>house goes on sale
>"bidding war"
>chink buys house
>chink guts lot to build a bigger house
>chink's relatives live in house or house is abandoned
Toronto is still a global Alpha city on the official index. Biggest infrastructure, population, international airport, good schools, stock exchange, commerce hub etc. I will agree that it's not as relevant as the others, but the proportions don't make sense. Says London is 4x more relevant than Toronto, so you'd probably expect real estate to be 4x more expensive. Or in Toronto you'd expect something to be 25% the price of the UK equivalent. A 1 bedroom in t.o vs a 1bedroom in London. But its more like 100x the price, especially when you look at GBP vs CAD. So I wouldn't say places like London and NY and 100x better than Toronto as their real estate suggests. Don't get me wrong they are better than Toronto but not in the proportion of its real estate differences
>GTA
damn dude I didn't realize homes in grand theft auto were so expensive. Did you try using a cheat code?
funny, exact opposite is happening in my neighborhood right now. houses that opened at $600k are now reduced to $575 in less than a season. not enough people to swoop in to buy those houses. the bubble area has over extended itself, thus leaving the outskirts in an area that has very little demand.
>The ONS said housing affordability “has worsened in all local authority districts”. In 1997, house prices were on average about 3.6 times workers’ annual gross full-time earnings.
Current ratio in Enland and Wales 7.6. Usually these back to long term median level eventually
Yes that's because there no buyers for new apartments (mainly not enough investors and funds to buy them, not actual residents) so they have to lower starting prices. However that would still increase the local housing price average as new houses sell for that much higher
no apartments. i'm talking the outskirts of the GTA clarington region. new houses under construction reduced prices all around. for sale signs on all the older houses, nothing moving. it's dead.
are you literally 12
obviously need more immigrants to keep it going
no I'm just not a leaf faggot and have no idea what gta means
and I don't care to learn either fuck off
B& pls
But those empty houses are not on the market, they don't show up on the supply side. For now, at least.
Most are on the market or for rent. Some areas such as vancouver there might be some chinese owned estates when they simply want to park money at foreign estate safe from china, that they simply prefer to keep empty or not bothering renting, this is minority of them.
Toronto has been in a tumble since wynne torpedoed consumer confidence with the foreign buyers tax. the bottom should be coming up soon
Toronto has no infrastructure you fucking mong.
The highway system completely collapses at commute hours or at nice summer weekends.
A 3 lane highway (QEW) for a city this big makes no fucking sense and their solution is always opening more HOV lanes. Toronto is fucked.
it's honestly their fault at this point. i mean I'm poor too but I wasn't born in canada with the plumbing opportunities that exist up there. it makes me angry to think people who could have been canadian plumbers are complaining when the pickings are there for the taking and so easy
I've been waiting for it to pop so I can buy a house
this is just a little dip
>city is 4x more relevant, so you'd expect 4x house price
kys
Also Toronto has one of the fastest developments in recent years. Look at 1970s Toronto compared to other cities. Development is crazy. London is worn af.
I don't want to be capitalist anymore
Toronto is. Vancouver chased it to you and you've now chased it to Montreal. Quebec will flip their collective shit over it and make the feds do something. If the solution also involves Quebec rethinking their Immigrant Investor Program, then Vancouver collapses. The Hot Asian Money that is already here is tired now that the spotlight is on fentanyl and casino laundering, so the tap could actually turn off.
The coming trade war is just going to be gravy.
trump announced Canada will be exempt. If anything it will help because of less Chinese competition.
Toronto is a shit hole.
Real estate fags, will acreage be affected by a bubble pop? Seems like when everyone talks about a crash it's the only three big cities i don't want to live in being mentioned.
I remember when I went there years ago on a road trip from western US and there was a bunch of commotion and what looked like protests outside some university in Toronto. Most substantial thing I thought of was "why are there so many Indians here?"
LMAO
My lasting impression of Toronto.
Most of our immigration is Indian, Chinese and Filipino and they all go to Toronto.
Brampton is often called Bramledesh
To many millennials are stuck on working in their "field" instead of realizing how much money they are blowing living in a high cost city. IMO. For me I saved my money and bought my first house at 23 for 87k in Windsor. 4 bedroom 2 bathroom. Sold it just over a year later for 105k.
I should also add that Real Estate is now Canada's largest sector. And while the current governments may look like they are making attempts at trying to make homes more affordable in certain cities it will not happen due to the fact it would seriously affect our economy.
Yes
You guys might be in for a housing crisis kind of deal like the US had in 2008.
Jow Forumsfags have been talking about this for many months, especially before all the newfags came
Its finally happening. Can't wait to watch this
>pic related
>In 1997, house prices were on average about 3.6 times workers’ annual gross full-time earnings.
That's not true at all. In 1997, average salary was 40k and houses were still starting over 180k. But now average salary is only 58k and houses are upwards of 1MM.
So housing hasn't been reasonable in Toronto for a long ass time but now we're definitely near the top of the bubble.
I work in quant finance where all the jobs are in Toronto. After a six month internship I got the fuck out of there and back to Calgary where housing is reasonable. I have to work remotely for shit pay but at least it's not crowded and over priced like Toronto.
How long till it pops Jow Forums? What will the fallout be?
Justin TrueDough is a fucking loser and is allowing his country to get cucked. Nobody wants to live in Canada
Just get a mod menu. $12 for a month access to Nullify. Bought everything I want, have hundreds of millions of dollars, and haven't gotten banned. Even when there were a shitton of false bans I was safe
SOURCE ON THIS SWEATY QT?