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Baby, we got a bubble!?

Still waiting on the "collapse". I've been in on 2 condos recently that I lost and I offered list price. 2 beds downtown East of Yonge that are in good condition are flying off the shelves in a matter of days. Won't even consider a house anymore. Complete dumps going for $600K in meh neighbourhoods in bidding wars $120K higher than list price.

Prices seem like they have shifted upwards since the summer. I'd consider those not looking for a property right now very lucky. Those considering entering the market I'd say wait.
 
TheKingEast said:
Still waiting on the "collapse". I've been in on 2 condos recently that I lost and I offered list price. 2 beds downtown East of Yonge that are in good condition are flying off the shelves in a matter of days. Won't even consider a house anymore. Complete dumps going for $600K in meh neighbourhoods in bidding wars $120K higher than list price.

Prices seem like they have shifted upwards since the summer. I'd consider those not looking for a property right now very lucky. Those considering entering the market I'd say wait.
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There's great deals in the 1M+ housing market. I have no idea why anybody buying dumps for 600k if they not planning to rebuild and its on a good size lot.
 
TheKingEast said:
Still waiting on the "collapse". I've been in on 2 condos recently that I lost and I offered list price. 2 beds downtown East of Yonge that are in good condition are flying off the shelves in a matter of days. Won't even consider a house anymore. Complete dumps going for $600K in meh neighbourhoods in bidding wars $120K higher than list price.

Prices seem like they have shifted upwards since the summer. I'd consider those not looking for a property right now very lucky. Those considering entering the market I'd say wait.
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You bring up an interesting point. When I have in the past bought condos to rent out I have paid premiums for somewhat higher floors and sought out good layouts. It has not been worthwhile the past 15 years because everything...good/bad/ugly is renting in downtown Toronto. I wonder now with the extra product coming on line if we will finally see some differentiation for better properties. It has not been really worthwhile (at least from the rental point of view as a landlord) to date as "everything seems to rent. I have to believe if the market should go the other way then those crappy no view layouts wioll drop as more units sit and people start having a choice.
I suspect that you are looking for a liveable 2 bedroom for personal use and if that is the case, you will be much more inclined to see the shortcomings of certain units as will other buyers and the better properties will be more sought after and get their ask (or even more if desirable).
 
RZ12 said:
There's great deals in the 1M+ housing market. I have no idea why anybody buying dumps for 600k if they not planning to rebuild and its on a good size lot.
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Maybe because hardly anybody can afford a million dollar home? What kind of dreamland do you live in?
 
RZ12 said:
Hardly anybody? Guess your hanging with the wrong crowd. 600k-1M is about $1600 more in mortgage a month is that really a lot of money?
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Err. That's a lot of money especially when it's $1600 in addition to a $2500+ monthly payment.
 
RZ12 said:
Hardly anybody? Guess your hanging with the wrong crowd. 600k-1M is about $1600 more in mortgage a month is that really a lot of money?
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With a median pre-tax wage for people in Toronto less than $33,000 a year... I'd say magically finding an extra $1600 a month in the sofa cushions is impossible for most people (especially coupled with the record high level of household debt for Canadians).
 
CITY_LOVER said:
Are you a realtor?
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For now , yes


TheKingEast said:
Err. That's a lot of money especially when it's $1600 in addition to a $2500+ monthly payment.
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Should of been more specific either a family or a couple. I wouldn't say tackling a million dollar mortgage on your own is the best idea.

detroitbootybass said:
With a median pre-tax wage for people in Toronto less than $33,000 a year... I'd say magically finding an extra $1600 a month in the sofa cushions is impossible for most people (especially coupled with the record high level of household debt for Canadians).
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Well there's plenty of work If you want it. This record household debt that you speak of seems very over exaggerated. As I'm coming from someone who has seen vast amount of financial credit reports.
 
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RZ12 said:
Sorry shouldn't be talking about such big numbers. Might offend some people. Guess they can't fathom achieving that in their lifetime.
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With due respect RZ12 I find this somewhat offensive. I can't get use to the fact that a bunch of young people are allowing themselves to be enticed into taking on a lot of debt based on the fact that they can meet the payments.
A million dollars even if it is not what it used to be is a lot of money. People who are on the property rungs already can climb higher and it is not a single leap in at this level but still this is a lot of money given salaries.
I say this as an individual with an income beyond the average and whose principal residence represents a small portion of my total net worth and I feel that a million + for a home is a lot of money. So I mention this as someone who can fathom achieving this in my lifetime and have achieved it and it is still a lot of money...at least in my book.
 
Well said, interested. I am in a similar situation to what you describe and I totally agree.
 
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