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Baby, we got a bubble!?

So if you combine this article from the Toronto Star...

http://www.thestar.com/business/201...moderate-risk-of-price-correction-report.html
Toronto real estate at 'moderate risk' of price correction: Report
Toronto annual price gains have been more than triple the rate of average salary increases, raising a yellow flag.

...with this one published the same day...

http://www.thestar.com/business/201...world-for-real-estate-for-the-ultra-rich.html
Why Toronto is 'hottest' city in the world for real estate for the ultra-rich
Toronto came out on top for demand among highly desirable urban destinations, out of more than 80 global markets.

...it definitely makes me cautious as the market is getting frothy over here.
 
Vancouver has become a ‘critical money laundering hub’ for international criminals, experts say
http://news.nationalpost.com/news/c...g-hub-for-international-criminals-experts-say

Vancouver is “emerging as a critical money laundering hub†for international criminals, due to a convergence of factors including drug money, international connections, an active port, and a hot real estate market, experts say.
Click to expand...

Duhaime also said Vancouver’s thriving real estate market is a key factor, and added that some dirty money in Vancouver is brought in from overseas, whether from corrupt foreign officials, weapons trafficking or other means, and some is locally generated, often from the illicit drug market.
Click to expand...

Hopefully we deport some of these people. I'm sure Xi Jinping would love to fill his jails with these folks.

Reminds me of Miami in the '80s. That entire city was built on drug money.
 
James said:
So if you combine this article from the Toronto Star...

http://www.thestar.com/business/201...moderate-risk-of-price-correction-report.html
Toronto real estate at 'moderate risk' of price correction: Report
Toronto annual price gains have been more than triple the rate of average salary increases, raising a yellow flag.

...with this one published the same day...

http://www.thestar.com/business/201...world-for-real-estate-for-the-ultra-rich.html
Why Toronto is 'hottest' city in the world for real estate for the ultra-rich
Toronto came out on top for demand among highly desirable urban destinations, out of more than 80 global markets.

...it definitely makes me cautious as the market is getting frothy over here.
Click to expand...

they don't take into account the massive black-market wealth that exists. so much money that is made is not official.
 
yin_yang said:
they don't take into account the massive black-market wealth that exists. so much money that is made is not official.
Click to expand...

Black market eh, what type of underground economy does Toronto have?

http://www.bloomberg.com/news/artic...t-housing-boom-is-far-from-manhattan-s-condos

Onex Corp., Canada’s largest private equity firm, plans 795 condos across three towers in a project called Grand at Sky View Parc. Sales have started at the first building, where current listings range from a $513,888 studio to a two-bedroom for $971,888, according to StreetEasy.com.

Half of the not-yet-built apartments went into contract within six hours on a single day in January, said Michael Dana, the New York-based president of Onex Real Estate Partners. Ninety-five percent of the buyers are Chinese, he said.
 
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wang888 said:
Black market eh, what type of underground economy does Toronto have?

http://www.bloomberg.com/news/artic...t-housing-boom-is-far-from-manhattan-s-condos

Onex Corp., Canada’s largest private equity firm, plans 795 condos across three towers in a project called Grand at Sky View Parc. Sales have started at the first building, where current listings range from a $513,888 studio to a two-bedroom for $971,888, according to StreetEasy.com.

Half of the not-yet-built apartments went into contract within six hours on a single day in January, said Michael Dana, the New York-based president of Onex Real Estate Partners. Ninety-five percent of the buyers are Chinese, he said.
Click to expand...

you have no idea, huh?

i know someone who just bought a cottage, straight cash. hundreds of thousands of dollars. all with money made off of cocaine/ketamine/ect.
 
Same thing is happening in Toronto with the calabrian mob laundering both their money and south american money here through construction. Nobody talks about it much.
 
Nothing new. There is dirty money everywhere. It's only a matter of time these criminals get caught. So while they are buying properties in cash, driving around in fancy cars, it will and usually does all come crashing down. When you think no one is watching, they are all watching. What good is having a nice house and a nice car when you have to sleep with one eye open or having to watch your back everywhere you go?
 
Well, it is new. It's something that's really only started happening in the last 15 years. It's the elephant in the room when economists are trying to square the circle between real estate prices and income in Toronto. Our police force has been extremely weak in combating it.
 
James said:
Detached homes definitely still hot.

Average PriceMedian Price
Toronto West$863,259$710,000
Toronto Central$1,591,721$1,312,500
Toronto East$746,110$672,000
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Indeed. I'm in Toronto East BTW. Still lots of reasonably priced detached homes here in decent areas. Well, decent compared to Toronto Central at least. Not so decent compared to most of the rest of Canada. Three quarters of a million for average. Geez.

It's downright cheap in some areas, but I wouldn't live in those cheap areas.

wang888 said:
http://www.theglobeandmail.com/repo...d-high-prices-climb-in-april/article24253481/

we all know the singles and townhomes are getting hot... i think the condo market is going to heat up again. 5.8% price increase is pretty good.
Click to expand...
Why?

I don't share that optimism for the condo market.
 
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