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The Housing Market needs to crash.

Mithras said:
The Lincoln Park, Oz Park, Lakeshore, Loop areas have all seen high single to low double digit growth rates over the past couple of year while the poorer south side has been very hard hit.
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Chicago might have seen some low growth rates... but, prices are still well below their peek, even in the areas mentioned above.
 
Mithras said:
The Lincoln Park, Oz Park, Lakeshore, Loop areas have all seen high single to low double digit growth rates over the past couple of year while the poorer south side has been very hard hit.
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Chicago has seen its share of development, but many of the depressed areas are indeed doing quite poorly. There are historic areas where fine heritage buildings are being boarded up or demolished every day for nothing because there is no economic vitality. See nvaughn's Flickr photos.
 
macookie said:
Chicago might have seen some low growth rates... but, prices are still well below their peek, even in the areas mentioned above.
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The y-o-y median price increases for those regions are:
Lincoln Park - +11.1%
Loop - +20.7%
Near North (between Loop & Lincoln Park) - +24.6%
Oz Park - +44.8%
 
I can't wait til interest rates go up. Not because I wish ill on anyone who is stuck to a fat mortgage but because I'm very curious to see how my concitoyens will handle it. (Also, if I'm ever going to buy, I need prices to be at 2007 levels)
 
MTown said:
I can't wait til interest rates go up. Not because I wish ill on anyone who is stuck to a fat mortgage but because I'm very curious to see how my concitoyens will handle it. (Also, if I'm ever going to buy, I need prices to be at 2007 levels)
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Agreed.

LordWanker said:
Highly unlikely
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Why though? They got to this point right?
 
MTown said:
Yes, but there's a lot less land in the Lower Mainland than in Southern Ontario, for one.
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Not long ago I would have agreed with that statement whole heartedly....but I am starting to re-examine my thinking.

Yes more land here....but also a lot more people and faster growth.....add in there seems to be a real predilection of buyers to be in the city as opposed to the suburbs and I think you will see continually rising prices in the downtown areas that have single family dwellings. I think this trend actually gets accelerated by the condo boom.

yes some people do live for long (perhaps forever) in condos but a very large percentage of condo dwellers enter the housing market via condos and look to move up to (semi-)detached housing......the supply of that sort of housing in the city is not moving up at all but the demand from move up condo dwellers sure is going to.....I don't think this is a straight-line increase up but I think over time the value of singles or semis near the downtown core are gonna continue to rise in price at a much faster rate than housing in general.

Just an opinion.
 
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I agree that inflation in both markets is caused by different reasons, but I'm sure there's a huge psychological component to the land availability factor that directly influences both planning and supply-demand.
 
It's not like there's all this land available in Toronto. At least not for the kind of growth people are interested in: in good neighbourhoods, connected to transit & other infrastructure and amenities, etc. In Toronto, we can't touch any existing residential neighbourhoods. They may as well be uninhabitable mountains as far as new development is concerned. Even modest midrises on main streets face stiff opposition. That's why we have Hong Kong style skyscraper condos in previously industrial areas or along railway corridors. It's actually the only way we've been able to accommodate substantial growth in the city.
 
MTown said:
Yes, but there's a lot less land in the Lower Mainland than in Southern Ontario, for one.
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More land in Southern Ontario, but a huge portion of it off limits thants to the greenbelt. Hopefully, Hudak will abolish the greenbelt to bring the prices back down and make housing affordable again.
 
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