daveto
Active Member
"This means that the Promotional annual Interest rate, plus the regular annual interest rate, on an Eligible Account is 3.75%."
Pwned!
Pwned!
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Will GTA house prices go down?
- Thread starter kgee
- Start date
cabbagetowner
Active Member
tastes wrong...
gei
Active Member
please allow me to laugh at your post
this is what happens when people base their assumptions on nothing but "history will repeat itself"
cuzzin_elias
Banned
i sware to allah this is like trying to teach algebra to a carrot
monty76
New Member
I just called and asked its 3.75% not 6.8%.
daveto
Active Member
People laugh at what makes them nervous or uncomfortable.
That's why farts are funny.
On a seperate, but related note, here is the TREB mid month report
http://www.torontorealestateboard.com/consumer_info/market_news/news2008/nr091708.htm
City of Toronto sales down 23%/11% over 2007/2006. Prices up .5% in nominal terms.
OnceAThief
Active Member
What does "in nominal terms" mean?
cdr108
Senior Member
Nominal value refers to any price/value expressed in money of today, as opposed to real value, which adjusts for the effect of inflation.
So prices up .5% in nominal terms actually means we're in negative territory (price decline) when you take into effect of inflation. (July 2008 core CPI : 1.5%; total CPI : 3.4%)
gei said:
Laugh now but you will see.
It's based on more than an assumption that history repeats itself.
Plenty of statistical analysis ... around -25%, but just like inflating RE valuations going up beyond the mean, it typically goes down beyond too.
Dichotomy
Banned
One thing being overlooked is that housing prices going up or down is based on a variety of factors. The tightening of the money markets around the world is leading to tightening of qualifications for new mortgages - that is going to have an affect on housing prices.
For those in the market already, it really doesn't matter (for the short term) whether prices go up or down, as long as they don't lose their jobs. It's more of an issue for someone thinking of getting into the market. Those people could be at risk of losing money in the short term.
I see a 'correction,' but I don't think we're going to see a collapse.
For those in the market already, it really doesn't matter (for the short term) whether prices go up or down, as long as they don't lose their jobs. It's more of an issue for someone thinking of getting into the market. Those people could be at risk of losing money in the short term.
I see a 'correction,' but I don't think we're going to see a collapse.
lordmandeep
Banned
as long as there is some sort of population growth...
confused5o1
New Member
Word, i'm still on the sideline hoping to get my first property... looks like it isn't going to happen this year... only problem is that TO's RE market still hasn't dramatically drop yet which will inevitably come soon.. i just hope its sooner rather than later
monty76
New Member
More Stats:
http://www.marketwire.com/press-release/Toronto-Real-Estate-Board-900986.html
TORONTO, ONTARIO--(Marketwire - Sept. 17, 2008) - The Greater Toronto Area's autumn resale housing market began with moderate activity, Toronto Real Estate Board President Maureen O'Neill announced today.
With 2,726 sales during the first half of this month, activity has declined 16 per cent from the 3,236 recorded during same time period a year ago. Compared to the 2,913 transactions recorded during the first half of September 2006, activity has declined six per cent.
In the City of Toronto, 998 sales were recorded, which represents a 23 per cent decline from the 1,297 transactions recorded in the first half of September 2007 and an 11 per cent decline from the 1,118 homes that changed hands in 2006. However, activity increased 16 per cent in the first half of September 2007 from the same period in 2006.
In the 905 Region, there were 1,728 sales, down 11 per cent from the first half of September 2007, when 1,939 transactions were recorded and within four per cent of the 1,795 sales recorded during the same timeframe in 2006. However, activity increased eight per cent during the first two weeks of September 2007 as compared to 2006.
"Although housing activity in the GTA remains moderate, we're continuing to see a consistent pattern, and this stability is certainly positive news compared to markets in other sectors and in other world cities," said Ms. O'Neill.
At $366,158 the average price of housing in the GTA has increased marginally from the $364,364 recorded a year ago and is up nine per cent from $335,208 recorded in September 2006.
In the City of Toronto, the average price is $386,524 up marginally from the $384,796 recorded in the first half of September 2007 and up 12 per cent from the $343,561 average from the same period in 2006.
In the 905 Region, the average price is $354,395; an increase of one per cent from $350,698 recorded a year ago and up seven per cent from $330,005 recorded in the first half of September 2006.
"The fact that prices have held firm despite moderate activity shows that consumers regard real estate as a sound investment," said Ms. O'Neill.
The percentage of asking price that Sellers receive for their homes has also remained consistent. The list to sale price ratio is 98 per cent, as it was a year ago.
The 26,299 properties listed for sale on the TorontoMLS system have increased 26 per cent from a year ago when 20,841 homes were available. The time that homes remain on the market has increased as well, to an average of 37 days compared to 31 days a year ago.
In a few areas though, activity heated up during the first two weeks of the month.
Transactions in Bowmanville (E17) increased 66 per cent from a year ago, as a result of strong detached home sales.
In Streetsville (W20) activity increased seven per cent compared to mid-September 2007 due mainly to semi-detached sales.
Vaughan (N02) saw a 20 per cent increased in transactions from a year ago due to strong sales of all housing types.
Greater Toronto REALTORS® are passionate about their work. They adhere to a strict code of ethics and share a state-of-the-art Multiple Listing Service. Serving over 27,000 Members in the Greater Toronto Area, the Toronto Real Estate Board is Canada's largest real estate board. Greater Toronto Area open house listings are now available on www.TorontoRealEstateBoard.com.
http://www.marketwire.com/press-release/Toronto-Real-Estate-Board-900986.html
TORONTO, ONTARIO--(Marketwire - Sept. 17, 2008) - The Greater Toronto Area's autumn resale housing market began with moderate activity, Toronto Real Estate Board President Maureen O'Neill announced today.
With 2,726 sales during the first half of this month, activity has declined 16 per cent from the 3,236 recorded during same time period a year ago. Compared to the 2,913 transactions recorded during the first half of September 2006, activity has declined six per cent.
In the City of Toronto, 998 sales were recorded, which represents a 23 per cent decline from the 1,297 transactions recorded in the first half of September 2007 and an 11 per cent decline from the 1,118 homes that changed hands in 2006. However, activity increased 16 per cent in the first half of September 2007 from the same period in 2006.
In the 905 Region, there were 1,728 sales, down 11 per cent from the first half of September 2007, when 1,939 transactions were recorded and within four per cent of the 1,795 sales recorded during the same timeframe in 2006. However, activity increased eight per cent during the first two weeks of September 2007 as compared to 2006.
"Although housing activity in the GTA remains moderate, we're continuing to see a consistent pattern, and this stability is certainly positive news compared to markets in other sectors and in other world cities," said Ms. O'Neill.
At $366,158 the average price of housing in the GTA has increased marginally from the $364,364 recorded a year ago and is up nine per cent from $335,208 recorded in September 2006.
In the City of Toronto, the average price is $386,524 up marginally from the $384,796 recorded in the first half of September 2007 and up 12 per cent from the $343,561 average from the same period in 2006.
In the 905 Region, the average price is $354,395; an increase of one per cent from $350,698 recorded a year ago and up seven per cent from $330,005 recorded in the first half of September 2006.
"The fact that prices have held firm despite moderate activity shows that consumers regard real estate as a sound investment," said Ms. O'Neill.
The percentage of asking price that Sellers receive for their homes has also remained consistent. The list to sale price ratio is 98 per cent, as it was a year ago.
The 26,299 properties listed for sale on the TorontoMLS system have increased 26 per cent from a year ago when 20,841 homes were available. The time that homes remain on the market has increased as well, to an average of 37 days compared to 31 days a year ago.
In a few areas though, activity heated up during the first two weeks of the month.
Transactions in Bowmanville (E17) increased 66 per cent from a year ago, as a result of strong detached home sales.
In Streetsville (W20) activity increased seven per cent compared to mid-September 2007 due mainly to semi-detached sales.
Vaughan (N02) saw a 20 per cent increased in transactions from a year ago due to strong sales of all housing types.
Greater Toronto REALTORS® are passionate about their work. They adhere to a strict code of ethics and share a state-of-the-art Multiple Listing Service. Serving over 27,000 Members in the Greater Toronto Area, the Toronto Real Estate Board is Canada's largest real estate board. Greater Toronto Area open house listings are now available on www.TorontoRealEstateBoard.com.
TrickyRicky
Senior Member
Of the listings I watch downtown, I can't recall any in the last month going above asking or where the property wasn't re-listed at a lower price. In my opinion real estate prices will be in solid negative territory all across the city region by christmas. Unfortunately, for those who are waiting for a price drops, lending conditions may deteriorate faster than prices.
cabbagetowner
Active Member
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News from Reuters
Housing slowdown seen, but no meltdown
18/09/08
TORONTO (Reuters) - Canadian residential home builders' profits will slide in 2008 and 2009 due to weaker demand, but the market is not showing signs of a U.S.-style meltdown, the Conference Board of Canada said on Thursday.
The Conference Board said it expects profit in the industry to slide 3 percent to $3.6 billion on the heels of a 16 percent skid in 2007. Builders' profits doubled between 2004 and 2006.
"This slowdown is an overdue correction in the market, after housing supply outstripped demand for several years," Michael Burt, associate director of the study wrote. "We are now moving into a buyer's market, as home construction and sales activity return to a more normal pace."
According to the study, new home prices are rising at their slowest pace since 2002 because demand is slowing in response to weaker economic conditions and constrained affordability.
The Conference Board also said it expects profits to fall again in 2009 before starting to improve in 2010 as demand for new homes recovers.
"Market conditions in the U.S. have little effect on the Canadian market, so there is little evidence of a looming market crash in this country," said Burt.
News from Reuters
Housing slowdown seen, but no meltdown
18/09/08
TORONTO (Reuters) - Canadian residential home builders' profits will slide in 2008 and 2009 due to weaker demand, but the market is not showing signs of a U.S.-style meltdown, the Conference Board of Canada said on Thursday.
The Conference Board said it expects profit in the industry to slide 3 percent to $3.6 billion on the heels of a 16 percent skid in 2007. Builders' profits doubled between 2004 and 2006.
"This slowdown is an overdue correction in the market, after housing supply outstripped demand for several years," Michael Burt, associate director of the study wrote. "We are now moving into a buyer's market, as home construction and sales activity return to a more normal pace."
According to the study, new home prices are rising at their slowest pace since 2002 because demand is slowing in response to weaker economic conditions and constrained affordability.
The Conference Board also said it expects profits to fall again in 2009 before starting to improve in 2010 as demand for new homes recovers.
"Market conditions in the U.S. have little effect on the Canadian market, so there is little evidence of a looming market crash in this country," said Burt.
Rickie
Banned
Great information provided. These are very much helpful for people who are in need of these details. There are so many organization and even from the government offering some grant for the first time home buyers. A home buyers grant has been prepared to give confidence to the people to move to some definite areas, and will necessitate people to buy their house in the granted area.