KA1
Senior Member
You are on the right track. Keep on, as they say, trucking.
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You are on the right track. Keep on, as they say, trucking.
BMyers
Active Member
Johnzz,
Thank you for defending me, however take a look at the back of the Market Manuscript report, my resume stands for itself - I think I have the pedigree to comment on the health of the Toronto housing market and I'm bullish because the data backs up those statements. And if someone reads the report, they can see that most of the conclusions from the executive summary are actually from other analysts, ie Will Dunning Inc, Altus Group, TD Economics, BMO Capital Markets, Urbanation, RealNet, Barry Lyon, Urban Logic, Conference Board of Canada, Anderson Economic Research etc.
Here is a list of the people that attended the ULI & PWC Emerging Trends event where I was a keynote speaker last week: attendee list , I doubt people would spend money to listen to someone without a high level of credibility.
As an aside, both myself and my wife have invested in the Fortress Real Capital, and no investor has lost their principle to date. There have been delays in projects, put people that follow this forum understand these things occur in Real Estate. I don't believe there is a imminent correction coming to the Canadian housing market, and I've invested with that belief.
What I'm disappointed with Urban Toronto is how they let threads get way off topic and don't ban folks that continuously push them that way.
People that have no ability to debate you on a subject simply call you biased, I've written about these folks before: Watch the Trend Line, Not the Headline
I come on these forums to debate, to get new ideas for my articles, not to be trolled. If that poster actually stood behind what he said and actually thinks what he is posting is "factual" he would post his real name, where he works and his email address. But I guarantee you 100% that he won't. Guys like him hide behind their keyboard, throw insults and do nothing to up the quality of debate that occurs on this forum.
This poster will come back on here in about 15 minutes, deflect as to why he won't provide his name (or he'll provide a fake one), he'll say your boss did this and that, you never talk negative about the market, yadda, yadda, yadda. Perhaps he should read the Ottawa section of the Market Manuscript. Here is one of my most famous negative quotes: Bloomberg News
Can we keep this thread about real estate and not personal attacks? I hope so.
Torontoniancat is right, there are experts talking about a correction next year, as there have been for 8 years running. What data do you see that makes you believe that condo prices in Toronto are overvalued by 10%?
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detroitbootybass
Active Member
What he is posting IS factual - he has provided sources for all the claims (every bit is publicly available). Your bosses are sleazy and they bought you and your reputation to graft onto their own sullied reputations. You're obviously OK with that, Ben. But don't get all whiny when people read about Fortress/Phoenix and think to themselves, "birds of a feather...".
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Pi3141592654
New Member
DearSummer
Banned
edit
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RButler
New Member
Agreed, blow this thing up. You have one guy with a long resume promoting his own articles, and then some other guy with no resume asking the same questions and posting the same links. Boring.
cdr108
Senior Member
Condo George
Active Member
The average price of a detached home in Toronto stood at $951,746 in October. In the GTA, it was $672,929.
By: Susan Pigg Business Reporter, Published on Wed Nov 05 2014
Toronto house prices were up almost 9 per cent in October over a year earlier as the shortage of low-rise homes for sale continues to drive fierce competition and price escalations.
Those sellers’ market conditions are expected to push prices higher through the rest of this year and into 2015, said the Toronto Real Estate Board as it released October sales figures Wednesday.
Some 8,552 houses changed hands across the GTA in October, up 7.7 per cent from October of 2013. While new listings were up 3.4 per cent, the strength of demand meant that overall active listings were down 5.7 per cent. That continues to drive bidding wars in the sought-after City of Toronto.
The average sales price was $587,505, up 8.9 per cent from the $539,286 recorded last October, says TREB.
Even the condo sector continues to see strong demand, with prices up 2.5 per cent and sales up 6.8 per cent, as buyers look to get a toehold in a market that shows no signs of slowing.
Detached homes continued to lead the way, with sales up almost 10 per cent. The average transaction price for a stand-alone house in the 416 region, which just touched on $1 million this spring, stood at $951,746 in October, up 8.7 per cent year-over-year.
That compared to an average sales price of $672,929 for detached homes sold in the 905 regions last month, up 10.6 per cent from last October.
Semi-detached homes sold for an average of $678,937 in the City of Toronto, up 5.4 per cent, compared to $450,375 in the suburbs, an 8.3 per cent increase in average prices year-over-year.
Townhouse prices were up 9.8 per cent in the city, to an average of $520,705 and 9.4 per cent in the suburbs, to $414,797, according to TREB.
Resale condos sold for an average of $390,430 in the 416 region, up a modest 1.5 per cent over a year ago, while prices were up 4.6 per cent in the 905 regions, to an average of $308,919.
By: Susan Pigg Business Reporter, Published on Wed Nov 05 2014
Toronto house prices were up almost 9 per cent in October over a year earlier as the shortage of low-rise homes for sale continues to drive fierce competition and price escalations.
Those sellers’ market conditions are expected to push prices higher through the rest of this year and into 2015, said the Toronto Real Estate Board as it released October sales figures Wednesday.
Some 8,552 houses changed hands across the GTA in October, up 7.7 per cent from October of 2013. While new listings were up 3.4 per cent, the strength of demand meant that overall active listings were down 5.7 per cent. That continues to drive bidding wars in the sought-after City of Toronto.
The average sales price was $587,505, up 8.9 per cent from the $539,286 recorded last October, says TREB.
Even the condo sector continues to see strong demand, with prices up 2.5 per cent and sales up 6.8 per cent, as buyers look to get a toehold in a market that shows no signs of slowing.
Detached homes continued to lead the way, with sales up almost 10 per cent. The average transaction price for a stand-alone house in the 416 region, which just touched on $1 million this spring, stood at $951,746 in October, up 8.7 per cent year-over-year.
That compared to an average sales price of $672,929 for detached homes sold in the 905 regions last month, up 10.6 per cent from last October.
Semi-detached homes sold for an average of $678,937 in the City of Toronto, up 5.4 per cent, compared to $450,375 in the suburbs, an 8.3 per cent increase in average prices year-over-year.
Townhouse prices were up 9.8 per cent in the city, to an average of $520,705 and 9.4 per cent in the suburbs, to $414,797, according to TREB.
Resale condos sold for an average of $390,430 in the 416 region, up a modest 1.5 per cent over a year ago, while prices were up 4.6 per cent in the 905 regions, to an average of $308,919.
James
Senior Member
But again, as I think it's crucial to point out, the overall Toronto figure does not really paint an accurate picture.
Even though the average detached house price in all of Toronto was $951,746, it is imperative to note that the average detached house in Toronto west (as defined by TREB) was actually $751,436 ($650,000 median) while that of Toronto east was $678,348 ($615,000 median).
Toronto central, as expected is greatly skewing the numbers up, as the average detached house price was a whopping $1,451,623 ($1,279,000 median).
James
Senior Member
Getting back to the topic on hand, I thought this piece of writing in Toronto Life touches on a very real and important aspect of the Toronto real estate market that I've felt hasn't been discussed much. In my opinion, there will be a significant transfer of wealth from the baby boomers who will be realizing their capital gain from their properties which will be going to the younger generation. This will continue to fuel the real estate market for a period of time.
The Bank of Mom and Dad: confessions of a propped up generation
It seems like every 30-something couple has an embarrassing financial secret: their boomer parents are covering their mortgages, child-care costs and other expenses
Full article: http://www.torontolife.com/informer...-mom-and-dad/?page=all#tlb_multipage_anchor_1
The Bank of Mom and Dad: confessions of a propped up generation
It seems like every 30-something couple has an embarrassing financial secret: their boomer parents are covering their mortgages, child-care costs and other expenses
Full article: http://www.torontolife.com/informer...-mom-and-dad/?page=all#tlb_multipage_anchor_1
DearSummer
Banned
I wonder how wide spread this is. Sure, there are a lot of upper-middle class families and above where this may be a significant factor, but what percentage of the population has the resources to give their kids hundreds of thousands of dollars to buy a house?
The other consideration is that if boomers are selling their homes to get this cash it won't be boosting the real estate market.
Condo George
Active Member
By: The Canadian Press Published on Fri Nov 07 2014
OTTAWA—Canada's latest labour-market survey says the country's unemployment rate dropped to 6.5 per cent last month — it's lowest level since November 2008.
Statistics Canada says the economy generated 43,100 net new jobs in October, pushing the jobless rate down from 6.8 per cent in September.
The agency says employment was up 1.0 per cent from a year ago, with increases in the past two months making up about two-thirds of that boost.
The report says Manitoba, Ontario, Prince Edward Island and Nova Scotia added jobs, while employment decreased in New Brunswick.
The October gain follows an increase of 74,100 jobs for September.
Economists had predicted the economy to shed 5,000 jobs in October and for the unemployment rate to remain unchanged, according to Thomson Reuters.
The agency says the youth unemployment rate for October fell 0.9 percentage points to 12.6 per cent as fewer young people searched for work.
In the United States, the government says American employers added a solid 214,000 jobs in October, extending the healthiest pace of hiring in eight years.
OTTAWA—Canada's latest labour-market survey says the country's unemployment rate dropped to 6.5 per cent last month — it's lowest level since November 2008.
Statistics Canada says the economy generated 43,100 net new jobs in October, pushing the jobless rate down from 6.8 per cent in September.
The agency says employment was up 1.0 per cent from a year ago, with increases in the past two months making up about two-thirds of that boost.
The report says Manitoba, Ontario, Prince Edward Island and Nova Scotia added jobs, while employment decreased in New Brunswick.
The October gain follows an increase of 74,100 jobs for September.
Economists had predicted the economy to shed 5,000 jobs in October and for the unemployment rate to remain unchanged, according to Thomson Reuters.
The agency says the youth unemployment rate for October fell 0.9 percentage points to 12.6 per cent as fewer young people searched for work.
In the United States, the government says American employers added a solid 214,000 jobs in October, extending the healthiest pace of hiring in eight years.
realist123
New Member
I haven't been reading this thread for a couple of years, but I love that all the same players are still digging in their heels on either side of the debate. Keep it up!
RButler
New Member
Are you flirting with me? Let me ask when you looked at my profile, did you swipe left or right?
It's called a HELOC buddy, look it up.
James
Senior Member
Baby boomer selling their homes are feeding the real estate market. If they re-finance, or tap into their HELOC as RButler noted, to help their kids purchase a home, they are driving the market. If they sell and downsize, they'll be selling at record-high prices, driving up the market on the buy side. When they downsize, they'll have a pretty nice lump sum to once again buy in a hot market. If they have kids they want to help, some of the downsizing funds will inevitably go to the kids, thereby again contributing back into the real estate market.