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Toronto house sales off 54% and the average price down 12%

simuls said:
We are definitely seeing a segregation in the market. Units under 300k are still moving relatively rapidly from what I've read.
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Something is happening right now in Mississauga, at least...in the last 2 weeks, it seems that the market under 350K has exploded...I am not exaggerating....

These are all first-time buyers who are driving these sales...an agent pal of mine has made 3 resale deals in the last 7 days, these are properties which have sat there listed since the fall, now all of a sudden everything is selling....and this agent is not the only one...

This is just for properties priced under 350K....the Toronto Star will probably pick up on this in about 2 months time...
 
Bank of Canada recently cut rate to 0.5% so maybe these buyers are being enticed by cheap variable rates.

Fixed terms aren't that bad either ...
 
I've certainly noticed a sharp uptick in buyers walking around my building with listing sheets in their hands and it's been about 6 months since that's happened.
 
indeed I have heard that cheap homes are flying off the market even here in Brampton...


The houses between 300-500k are in a tough situation for a while it appears.

The market is still somewhat alive and it appears once we get out, we will come rebound very quickly it appears.
 
Prices are getting cheaper. Why wouldn't investors not buy at this point. These same people are going to be the ones crying to the newspapers and networks about the money they've just lost.

The fact is that these people will still lose money but not as much as people who had bought in the past year. I'm just hoping that when I'm ready to buy, the market will be at its lowest.
 
Jayomatic said:
Prices are getting cheaper. Why wouldn't investors not buy at this point. These same people are going to be the ones crying to the newspapers and networks about the money they've just lost.

The fact is that these people will still lose money but not as much as people who had bought in the past year. I'm just hoping that when I'm ready to buy, the market will be at its lowest.
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why not try buying when it's trending up. you might miss the absolute bottom but you won't have ride it down.
 
cabbagetowner said:
why not try buying when it's trending up. you might miss the absolute bottom but you won't have ride it down.
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This is very good point, and it also applies to the stock market. Only the luckiest will be able to buy at the 'bottom', and far great many people wants to be that.
 
cabbagetowner said:
why not try buying when it's trending up. you might miss the absolute bottom but you won't have ride it down.
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Well if I try to time the market right at the uptick the prices might just shoot back up and out of my range. In reality, unless you are purchasing as an investment I think you should be able/willing to accept some depreciation in value in exchange for getting a home at an affordable price. Anyone who's buying as a principal residence has to look at being in that residence for at least 5 - 10 years. The market 'should' rebound by then.
 
Woodbridge_Heights said:
Well if I try to time the market right at the uptick the prices might just shoot back up and out of my range. In reality, unless you are purchasing as an investment I think you should be able/willing to accept some depreciation in value in exchange for getting a home at an affordable price. Anyone who's buying as a principal residence has to look at being in that residence for at least 5 - 10 years. The market 'should' rebound by then.
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hope springs eternal
 
Woodbridge_Heights said:
Well if I try to time the market right at the uptick the prices might just shoot back up and out of my range.
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You must be talking to too many realtors ... RE values DO NOT SHOOT BACK UP and definitely not only after 1 year !

Just look at any of the historical longterm housing trends and you will see values decline for few years, then stagnate for several more before any type of appreciate. Certainly NOT SHOOT UP!


Woodbridge_Heights said:
Anyone who's buying as a principal residence has to look at being in that residence for at least 5 - 10 years. The market 'should' rebound by then.
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Tell that to those who bought in ANY of RE cycle peaks.
As example, those who bought in 1989/1990 only saw their prices reach the same level with no appreciation if they waited out until 2005/2006 ... that was 15 years minimum.
 
Woodbridge_Heights said:
Well if I try to time the market right at the uptick the prices might just shoot back up and out of my range.
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Stock prices shoot up. Housing prices doesn't. Fastest skyrocketing prices was between 1985-1989 and that took 4 years. I think the only way we would have another skyrocket will be if Toronto gets the olympics. For some odd reason RE seems to propel up if a city gets the olympics and crash right back down after Olympics. (Vancouver, Beijing)
 
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