[daveto]

Lots of different perspectives on this..

Figured a vote might be fun.

The questions is

TO residential real esate prices, expected change by the end of next year?

I appreciate that different locations and types of units will fare differently. It's just a ballpark poll

 

[Solaris]

don't see the marketing sky-rocketing anywhere soon ... but am confident prices will level off and hold its current value

 

[cabbagetowner]

you should put in an option for: flat

 

[daveto]

you should put in an option for: flat

Good point.

I tried it just now, but it doesn't seem that I can edit the poll.

 

[detroitbootybass]

I'd assume that 0% would qualify as 'flat'.

 

[daveto]

fyi, this poll is set to close at the end of Sept. Vote now, for progostication bragging rights later!

 

[EverythingZen]

Dave,

This is an interesting poll. Thank you for creating it. It would be most helpful to report the average or median price of a home in Toronto in the month of August or September 2008 in order to accurately track the change in that price at some point in the future. We have the August numbers available so that's probably a good benchmark to use.

Peace & Kindness

 

[urbandreamer]

Down 25% by end of 2009.

 

[daveto]

UD, you're putting yourself on the line...I like it!

Ok, I'll go...down 15-20% by end of 2009 (from Aug 2008) for City of Toronto (less for suburbs, but more for downtown condos)

 

[BobBob]

By end of 2009, 10% down for Toronto suburbs (including 416), 5% down for downtown condos.

 

[cdr108]

I misread the poll ... I thought it said end of 2008.

Down 10 - 15% by end of 2009.

 

[Alvar]

I suspect that 'downtown' condos will loose their value more quickly than those in 905, simply because there are a lot more of them, and they tend to be more investor-driven. It really depends on the building. Location X 3 will always be a factor. Regardless, long-term in a big city like YYZ is always a good bet.

 

[TrickyRicky]

I voted down 10%. I think this is a reasonable range to anticipate and is far from a pessimistic view. The one linch-pin factor I can't get my head wrapped around is commodity prices. If commodity prices rise or remain stagnant there may be some hope for only a 0-10% drop. If they fall substantially across the board Canada is messed.

I'm glad there is so much optimism on the positive side, but I'm curious what factors outside of faith favour such an appraisal? Maybe people believe prices will fall but then ramp back up in late 2009?

 

[AKS]

I suspect that 'downtown' condos will loose their value more quickly than those in 905, simply because there are a lot more of them, and they tend to be more investor-driven. It really depends on the building. Location X 3 will always be a factor. Regardless, long-term in a big city like YYZ is always a good bet.

not really. from the stats someone posted. These were the following percentage decline/increases compared between 2007 and 2008. Doesn't seem to matter if it's 905 or 416. Both can go up or down.

(average price)
W26 -76%
N13 -52%
C12 -29%
W07 -24%
N24 -23%

E01 18%
E18 19%
C15 21%
N20 25%
W17 27%

downtown is C1 4%

http://www.movesmartly.com/2008/09/toronto-real-es.html

 

[lordmandeep]

I say flat to 1% decrease this year

5% next year.