[cdr108]

Shaun Hildebrand, president of Urbanation:
Expect a double-digit condo price drop by 2021

Expect a double-digit condo price drop by 2021: Urbanation president

Shaun Hildebrand, president of Urbanation joins BNN Bloomberg to discuss the trends in Toronto real estate as volume sets a record while the downtown Toronto condo market sputters amid soaring supply and cratering demand.

www.bnnbloomberg.ca

There's already a divergence with products and prices.
When tracking similar units in buildings, downtown Toronto condo values have lost at least 10+% and condo listings have surge 215% than a year earlier.

Condo listings surge 215% in signal of downtown Toronto weakness - BNN Bloomberg

Toronto’s flourishing housing market is beginning to show signs of strain, particularly in a condo segment suddenly flooded with new listings.

www.bnnbloomberg.ca

rents have dropped 15-30% from 2019 (to 2016-17 levels) with rentals supply much greater than demand on the market.

Freehold properties prices have gone up 10+%, rents have been stable.

 

[TheKingEast]

This is a short term drop.

 

[Cryptopreneur]

This is a short term drop.

Agreed.

The people that think homes in Bradford, Innisfil, barrie, etc. are going to increase while downtown is going to drop, are very naive.

The one thing that annoys me the most is that everyone is a realtor these days. Everyone suddenly knows about real estate. Lol, it's hilarious.

WFH is not sustainable, anyone that thinks it is, is ignorant. Just because tech giants have told staff to WFH until 2021, doesn't mean downtown is dead.

As soon as the vaccine is out, even though this won't eliminate cases, downtown will surge again.

The people to follow in situations like these for real estate are developers, not your uncle who knows a guy who knows who knows a guy.

You think Sam Mizrahi is worried about a short term dip in downtown prices? Last time I checked, they increased prices on their remaining units.

Prices will drop but it won't be area specific and it won't be just "condos" as people like to think. Old homes in innisifil are going for $1m+. They are not worth $1m+. People are overpaying thinking that property prices north of the GTA will continue climbing as downtown is "dead".

Remember guys, don't follow the crowd. When people are overpaying, you sit back. When people are selling downtown condos at a loss, you buy. Don't get caught with FOMO. Don't pay $1m+ for a 10 year old home in Bradford thinking your office in downtown will not reopen again.

EDIT: And PLEASE don't sell your home and then go out the next week and buy a new home. All you're doing is selling at a high and buying at a high. The $500k that you think you made, is inflated.

 

[Blixtein]

That's a substantial price drop if you ask me.

https://twitter.com/x/status/1319081983646011393

 

[Avenue]

How can it be so cheap?

 

[cdr108]

That's a substantial price drop if you ask me.

https://twitter.com/x/status/1319081983646011393

link not working

 

[Cryptopreneur]

It was fake...

 

[Jonny5]

Welcome to sub-prime Canada.

HSBC is advertising a 0.99 per cent rate on its website for new five-year variable closed term mortgages.
The deal applies to high-ratio residential mortgages, which means the homebuyer has a down payment of less than 20 per cent of the purchase price.
Rate comparison website RateSpy.com says is a record low for Canada.

When do we get NINJA loans?

HSBC offers mortgage rate below one per cent

HSBC says it will offer rates below one per cent for some mortgages, which rate comparison website RateSpy.com says is a record low for Canada.

www.cp24.com

 

[cc46]

If a temporary drop, do we have opinions on when it will get back normal patterns of the past? Particularly condos in the city.

 

[Undead]

If a temporary drop, do we have opinions on when it will get back normal patterns of the past? Particularly condos in the city.

imho, condos will start growing again toward the end of next year or early 2022 when global herd immunity will be achieved and the feds kick immigration into over drive with super low interest rates remaining unchanged. I'm betting on it and buying a second condo next spring while the condo market is on pause.

 

[Undead]

As an add on to my previous post: I'm considering buying in a recently completed building by Liberty. Is their quality any good?

 

[PinkLucy]

Which building? There is probably a thread for it.

 

[Undead]

Royal Garden at Highway 7 and Saddlecreek. Couldn't find a thread, though.

 

[dusk]

Funny to look back at posts on this thread from around 10 years ago. People thought it was expensive then lol. Home prices have done a 1.5-3x increase depending on type. The "bears" have gone silent. Sadly, I don't see this improving in the near future without significant rate increases, a fundamental change to how we zone and build, etc.

 

[slickpete83]

waiting for house prices to drop since 2010 , any minute now i can feel it
hahhahahaha....

2030 still waiting... , oh look HSBC offering 0.01% mortgage rate for 5 year fixed rate hahahaha..

i don't know about you guys , but these high real estate prices made me really hate Toronto/GTA , seems dumb to celebrate high real estate prices , we are just screwing over future generations