ILuvTO
Active Member
^^^^^Unreal. When will the madness end? Something has got to give eventually.
^^^
cdr: /this article all but says the market is totally overheated. the other issue is the buyer is from china with family money. Maybe if this is the case Toronto will go the way of Vancouver with locals being displaced and unable to afford to live in the city.
My real concern is foreign money can change its mind much more easily that locals can. If the decision for whatever reason is that Toronto is "not the place to be", these prices are absolutely unsustainable by the local market conditions alone.
My fear is that i do not appreciate that our market is totally out of our control. While we may have a social and moral responsibility to the country, foreign money has no such loyalty and will seek out the best place for it to invest. While that may be Canada for now, and I believe Canada is a superb country, that may not always be the case.
Sadly (if you're trying to buy a house in Toronto these days), it is not isolated. My girlfriend's dad is an agent that works mainly in North York. The other night he was showing me dozens of instances on the MLS where mainland Chinese buyers (you can generally tell from the names) paid exorbitant prices for modest bungalows over the past few years. The Chinese elite are moving their money out of their country as quickly as possible, and for better or worse, a lot of it is dumped into Toronto real estate. Also, I was attending York U up until a few years ago, and many of the Chinese students were in the same situation as the girl in this story -- sent here not just to receive an education, but to purchase real estate on their parents behalf as well.
Meh. Like I said, we just bought a condo for 8% under asking. It was in North York. Bayview Village in fact, one of the nicest areas of North York. It's in immaculate condition in a building < 5 years old. Hardwood floors, granite counters, etc. Move in quality, no work needed, except a new dining area light fixture because the previous owners want to take the existing one with them. Fine by us because that's the one stylistic choice for the place (chandelier) we didn't like. Overall "reno" cost: $100.
It's hard to give you an exact number because for several of the units we looked at the exact square footage wasn't included. However, the ones we looked at ranged from the low $400s to closer to $550 bux per square foot for asking price. However, that's asking price. We bought for 8% under, which in our case is probably around $490 psf based on my guessimate of the square footage.Hey Eugene, what does a new condo in the Bayview Village area sell for per square foot these days?
This is the house:This Toronto bungalow sold for $421,800 over asking. Yes, really
http://www.theglobeandmail.com/life...421800-over-asking-yes-really/article2362078/
This is the house:
She's a moron. Or at best, she's a gullible rich young immigrant.
That doesn't explain the other 3 bids over $1 million though. Yeah, it's a 60 foot frontage, but that doesn't justify a $150000 premium, much less the $300000+ premium over fair price it sold for. Given the description and the location, I would have expected an $800000+ sale price, but $1.18 million is just stupid.
Luckily, this type of stupidity is not representative of the market at large.
This is the house:
She's a moron. Or at best, she's a gullible rich young immigrant.
That doesn't explain the other 3 bids over $1 million though. Yeah, it's a 60 foot frontage, but that doesn't justify a $150000 premium, much less the $300000+ premium over fair price it sold for. Given the description and the location, I would have expected an $800000+ sale price, but $1.18 million is just stupid.
Luckily, this type of stupidity is not representative of the market at large.
It's Yonge and Finch in Willowdale. Dunno the exact address. Regardless, it's still stupid.do you know the address?
from the article, all i know is that it's close to Yonge St in Earl Haig School district.
Perhaps, but I don't usually see flippers and developers paying $150000 over fair market price. I see them buying crap-buckets for cheap, or reasonable but dated homes for fair market price.maybe the other 3 offers were flippers/developers looking to either sever the property and build 2 houses on 30ft lots, or a developer who's acquiring properties to build more condos since the proximity to Yonge subway.
This Toronto bungalow sold for $421,800 over asking. Yes, really
http://www.theglobeandmail.com/life...421800-over-asking-yes-really/article2362078/
...
She's a moron. Or at best, she's a gullible rich young immigrant.
That doesn't explain the other 3 bids over $1 million though. Yeah, it's a 60 foot frontage, but that doesn't justify a $150000 premium, much less the $300000+ premium over fair price it sold for. Given the description and the location, I would have expected an $800000+ sale price, but $1.18 million is just stupid.
Luckily, this type of stupidity is not representative of the market at large.