Johnzz
Active Member
I paid about $600/sf including parking and storage, Miele appliances
You've cracked a home run here neuhaus, well done!
I didn't even know this project existed.
I paid about $600/sf including parking and storage, Miele appliances
I'm fairly confident UD has been saying this is the wrong time to buy for the last 3+ years
If not him I'm sure many have ... I can point you toward countless articles over the last 5+ years that utter this same sentiment.
Many people have been saying that 'houses are overpriced' for the last 3+ years. The fact that houses prices have sometimes gone up doesn't mean it's not true. What is different today, is that supply is greatly exceeding demand. Just like in 2008. If you're wondering what the beginning of a downturn looks like, this is it.
People have been saying this for 8 years. Every year the same thing. Every year demand grows and grows and grows, and of course, so does supply. The beginning of a downturn doesn't look anything like this. Perhaps a pause for now. I don't want to argue the point...it gets very silly, but frankly i'm tired of all the naysayers year in and year out being continually wrong. Can't anyone get anything right? It's curious as to why the analytics are wrong so much of the time in all markets. When people get things wrong for many years in a row, and finally things turn and now they look correct, are they really right now. I say no becasue they missed the whole move. They've proven they don't know what they are saying, and now they are just lucky.
The person that says Up, up up during the boom times then changes and correctly calls a top is the only one that gets it right. There are shockingly few of these people around.
People have been saying this for 8 years. Every year the same thing. Every year demand grows and grows and grows, and of course, so does supply. The beginning of a downturn doesn't look anything like this. Perhaps a pause for now. I don't want to argue the point...it gets very silly, but frankly i'm tired of all the naysayers year in and year out being continually wrong. Can't anyone get anything right? It's curious as to why the analytics are wrong so much of the time in all markets. When people get things wrong for many years in a row, and finally things turn and now they look correct, are they really right now. I say no becasue they missed the whole move. They've proven they don't know what they are saying, and now they are just lucky.
The person that says Up, up up during the boom times then changes and correctly calls a top is the only one that gets it right. There are shockingly few of these people around.
I've set a date for myself - if the market does not start dipping by the end of the year, I will bite the bullet and plunge.
I've got my 20 percent saved for a $250k condo. I'm hoping that will net me a new (or less than 3 years old) 1B+D around 700sq feet with parking in midtown. Probably a little idealistic, but one can always hope.
Stupid thing is that in Toronto, supply never does seem to outpace demand.
Two years ago I was a bull planning on buying, and then shortly thereafter (thanks to various interest forums) I moved to the bear side.
I bought at the beginning of 2007 a unit for either personal or family use in a luxury building. Presently it is 34% higher than what I paid. I fully expect it may go down back to what I paid, possibly even drop 5-10% below that in a worst case scenario. That said, as it is for personal use, it does not matter as I would not barring a material change be forced to sell.
The "investment unit" I bought in early 2008 was bought in Liberty Village at $410/sq. ft. for a mid level floor, 777 sq. ft. 2 bedroom/2 bathroom with 90-100 foot balcony, west face, with parking and locker to be ready in 3 years (approx. $365/sq. ft exclusive of parking and locker). Presently, prices (this unit is sold out) are $460/sq.ft. or so.
Resales nearby are closer to $480-$500/sq.ft including parking/locker. When I was asked by some people I know whether to buy now, I advised against as I fully expect they will be able to buy again at $400/sq. ft. in 2-3 years, rather than my unit appreciating further or even staying at $460-$500/sq. ft. range.
Again, I plan to rent it out or possibly use it for family members.
My concern is and has always been, how many "investors" are out there who are marginal and when prices adjust downward, will be forced to unload at depressed prices thereby lowering the market for all until such time as the weak are out and the market again shifts in favour of the seller vs. the buyer.
The "investment unit" I bought in early 2008 was bought in Liberty Village at $410/sq. ft. for a mid level floor, 777 sq. ft. 2 bedroom/2 bathroom with 90-100 foot balcony, west face, with parking and locker to be ready in 3 years (approx. $365/sq. ft exclusive of parking and locker). Presently, prices (this unit is sold out) are $460/sq.ft. or so.
This sounds a lot like 'Do as I say, not as I do'.
Also find this really amusing:
So it's ok for you to buy speculative units to rent out for a whopping 2.2% net return but other people are 'marginal' investors?
No personal disrespect intended. I am merely dissecting your words to show you that there are quite hypocritical.
There has been a lot of talk that the housing market will slow down or fear of a 10% correction. There is a steady flow of 100,000 immigrants that come to Toronto every year. And like all taxes, they usually slow spending for a little while but sooner or later Canadians will end up moving on with their lives and purchase again. It is unlikely prices will drop but perhaps stay stagnate for a year or so. All this fear leads me to believe that more investors will see the opportunity of prices remaining the same and eventually drive prices up 4 years from now in 2014.