afransen
Senior Member
That would have been a disastrous strategy if you had done that any time in the past 20 years.
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Coronavirus and the impact to the real estate market
- Thread starter TheSix
- Start date
Undead
Senior Member
Why Feb?
TheKingEast
Senior Member
You don't win timing the market. Good to buy and sell in the same market.
LMVDR
Active Member
Happy 2021 everyone.
I would like to start a poll. December 31 2021 over December 31, 2020 Toronto condos:
A. Increased 5% in price
B. No change
C. Decreased 5% im price
D. Decreased >5% in price
All existing units included, all precon units excluded.
I would like to start a poll. December 31 2021 over December 31, 2020 Toronto condos:
A. Increased 5% in price
B. No change
C. Decreased 5% im price
D. Decreased >5% in price
All existing units included, all precon units excluded.
Cryptopreneur
Active Member
I don't agree.
This is not a "regular" market.
Whenever you see bidding wars on old 30 year old homes in the suburbs, that isn't a regular market.
When the majority get in, you get out.
Builders are smart. Their prices are inflated by at least 15% right now. The crash happens, they go back to their regular prices.
Undead
Senior Member
I think that's been the case for years now thanks to the bubble. It's gotten more intense during COVID, but bidding wars were a thing well before COVID.
TheKingEast
Senior Member
I never said this was a regular market. What I said was buying and selling in the same market is ideal.
Cryptopreneur
Active Member
Not in Bradford, East Gwillimbury, Innisfil, etc.
Undead
Senior Member
The real problem is ultra loose monetary policy.
DSC
Superstar
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This is not what others (who appear to have facts) are saying. "Homes across the country posted eye popping gains in real estate over the past year, with the area around Toronto leading the pack, according to statistics published by a national association of realtors."
Please cite your sources
slickpete83
Active Member
BREAKING: Ontario is planning to announce emergency house price pump/lockdown spring market 
the only type of home people will be able to afford after the new omicron lockdown
the only type of home people will be able to afford after the new omicron lockdown
Admiral Beez
Superstar
It's a big province and an even bigger country. If you can't afford the GTA and you're single or otherwise mobile, move. If I was a young person there's no way I'd live in Toronto.
There's still lots of affordable homes across the country. In Thunder Bay you can find houses under $200k that would be a million in Toronto, like this one or this one. As for work, there are lots of job over $70k that with a little training would fit many young adults. And that's just rural Ontario. I lived in Fredericton, NB from 2004 to 2007 and housing there was dirt cheap, and still is, and they're facing a desperate labour shortage.
If you're a young adult you may be daft to live in the GTA. Family obligations or friends? Your (and my) immigrant parents didn't let that stop them from abandoning the old country to make a new start here, and neither should you. When I moved to Fredericton with the grandkids I saw my Toronto-based parents more then than when I lived in the GTA, since they'd come and visit and stay several weeks.
The GTA is no longer a place for young adults to start a career and buy their first home. But much of the rest of Canada certainly is.
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Richard White
Senior Member
I am 34 and I realized a long time ago that the GTA is unaffordable. I realized in my 20s that I would not be able to afford a home here and since then I have worked with the hand I was dealt.
I am considering moving elsewhere in Canada or abroad where I can actually afford a home and build a life for myself. I love Toronto, I will miss my family but I cannot afford 2500 dollars a month in rent of a down payment of between 50000 to 200000 dollars for a place worth 1 million dollars.
Undead
Senior Member
How do you see this working when most of the jobs are in Toronto and employers are dead set against remote work?
I'll also say it's somewhat grating hearing you repeat the same points seemingly without considering any of the valid counterarguments presented many times in this thread.
That being said, I am in agreement as I've been pushing my friends, who are all smart and with a good work ethic, to leave Canada altogether. Texas is booming, but remains much more affordable, solid tech growth in Carolina and Virginia, etc.
Hell, even NYC and London are more affordable than Toronto at this point, and offer vastly superior opportunities.