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Baby, we got a bubble!?

hodgkinsken

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This house and the one attached to it each sold for $630k for a total of $1.26M for the property.
866_8 Shaw.PNG
 

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James

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^ There's a lot of media buzz about that house on 41 Kippendavie selling for $1M but, to be honest, if you look at the location on the map, I don't think that purchase price is totally unbelievable.

People have to keep in mind that often times land values in Toronto make up a larger proportion of the overall price than the building value. This property is obviously just for land value only. It's literally a 1-minute walk to Kew Beach, on a detached lot with a private, not mutual, driveway, and backs onto a park.

Media loves to sensationalize by focusing on the building structure alone and disregarding land and location which I find is insincere and a disservice as it only causes readers to see the half the story and overreact.
 

junior43

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^ There's a lot of media buzz about that house on 41 Kippendavie selling for $1M but, to be honest, if you look at the location on the map, I don't think that purchase price is totally unbelievable.

People have to keep in mind that often times land values in Toronto make up a larger proportion of the overall price than the building value. This property is obviously just for land value only. It's literally a 1-minute walk to Kew Beach, on a detached lot with a private, not mutual, driveway, and backs onto a park.

Media loves to sensationalize by focusing on the building structure alone and disregarding land and location which I find is insincere and a disservice as it only causes readers to see the half the story and overreact.

Totally agree. For a million, I thought it was a relative bargain. Location, location, location.
 

James

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Per TREB's market watch for August, here is a further breakdown for detached home sales. Despite City of Toronto average prices at $1,017,652 the median is still at $790,000 meaning the houses at the upper end are really propping up the average figure.

Toronto West
Average: $792,838
Median: $694,950

Toronto Central
Average: $1,701,337
Median: $1,356,294

Toronto East
Average: $709,115
Median: $641,000

Source: http://www.torontorealestateboard.com/market_news/market_watch/
 

nfitz

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People have to keep in mind that often times land values in Toronto make up a larger proportion of the overall price than the building value. This property is obviously just for land value only. It's literally a 1-minute walk to Kew Beach, on a detached lot with a private, not mutual, driveway, and backs onto a park.
That park belongs to the TDSB I believe ... and is connected to the nearby school.

I always thought backing onto a schoolyard is a disincentive. Not that I disagree in general
 

James

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^ I think backing onto a park can be deemed either a pro or a con, depending on who you talk to. The pro people like not having neighbors directly in your line of sight, having a bit more privacy and not feeling as closed in. The con people dislike the park because of potentially more noise and possibly more foot traffic, depending on the pathways leading into the park and/or location of park amenities relative to your house.
 

Migos

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Condo surge pushes pace of housing starts to highest level since 2012

Builders picked up the construction pace in August, breaking ground on new condos at a breathtaking speed and pushing the annual pace of overall housing starts up to its highest level since September 2012.

Much of the rise in the national figure is tied to Ontario, the housing agency said. Ontario's housing starts figure increased by 43,500 across all types of housing.

"Never underestimate Canada's housing sector's ability to surprise to the upside," TD Bank economist Leslie Preston said of the numbers. "Or perhaps more precisely in August – Toronto's housing market."

http://www.cbc.ca/news/business/condo-housing-starts-1.3220550

More supply to placate Chinese money launderers.
 

NorthYorkEd

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Wonder why the mainstream media is suddenly making waves about this? I live in a newer building that does not have a 4th floor, nor any floor or suite that ends in a "4". The pandering to a certain type of buyer has been going on for years.

At some point, the Chinese will have had their fill, so I wonder who the next group of bottomless-pit investors will be to continue this relentless march to pricing oblivion? Sounds like the tap might already be running dry, if the developers are now going directly to China with hats in hand.
 

RButler

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The media knows exactly what to write about to get people to read the article: bubbles and foreigners get people's attention. Yawn, read this article for the past 10 years.
 

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