News   Jun 18, 2024
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Baby, we got a bubble!?

Why the sky still isn’t falling on Canada’s real estate market -

Is the media softening on their scare tactics, second article of this kind this week!

Plenty of plankton and four other reasons why Canada’s housing market won’t crash -
House for sale for $1 not too far from where I live.

65 Fishleigh - 1 buck

Classic teardown, and probably going to generate a bidding war, given that it's on the cliff overlooking the lake. I haven't been following local prices closely of late, but my guess is it will go for over $900000. As a gauge, there is a house down the street that has been listed for $2.2 million, with the same view, but which is a very new build.

79 Fishleigh - $2.2 million

For the first one though, the real estate agent seems lazy. He didn't even bother showing a picture of the lake view, which is the main draw for that property.
Holy crap. The one dollar tear down sold for $1040000.

Meanwhile a neighbouring teardown/rebuild is on hold, after the demolition. Apparently, the owner (dunno if individual or builder) cut down two large mature trees to open up the view, without a permit... and was fined $120000.
Wow. The latest May Teranet numbers have the Toronto index at 169.1, which means a 69% increase in home prices since June 2005.

This number has significant relevance for me too, since it represents a milestone of over a 50% increase in home prices since I bought in August 2007 (index 111.61).

Also, this thread started just after October 2009. The index then was 118.27, so prices have risen 43% since then.
Why is a Richmond B.C. neighbourhood with many expensive mansions also one of the city’s ‘poorest’?

The upscale neighbourhood of Thompson, where properties typically sell in the $1-million to $3-million range, ranks high for poverty, according to Statistics Canada figures.

But former Richmond Mayor Greg Halsey-Brandt said the predominantly single-family Thompson neighbourhood has “the most expensive homes and the second highest level of household poverty” in Richmond because many residents under-report their global incomes to Canadian tax officials.