ArcticS
New Member
question, what effect would this have, if any on the rental market?
|
|
|
Toronto's condo market booms
- Thread starter MikeMang
- Start date
ArcticS
New Member
A little off topic, but for someone who's currently a renter and looking to purchase as a primary residence, would there be much of a benefit in waiting for the market to drop before buying? Wouldn't any savings made from lower prices be offset by lost equity going to rent payments instead?
Observer Walt
Senior Member
Well that assumes that prices will in fact drop, which is not a foregone conclusion, in spite of all the doom and gloom.
The question of "timing" a purchase has come up several times in this forum recently. I think there is a consensus that it is a waste of time and energy. Review your financial situation, determine if you can handle carrying costs of a house or condo, preferably get prequalified for a mortgage, then go out and find what you want.
The question of "timing" a purchase has come up several times in this forum recently. I think there is a consensus that it is a waste of time and energy. Review your financial situation, determine if you can handle carrying costs of a house or condo, preferably get prequalified for a mortgage, then go out and find what you want.
OnceAThief
Active Member
Yup I think you should buy if you have the resources, you like the place and feel the price and time is right.
No one has a crystal ball, if we did we'd all be retired.
No one has a crystal ball, if we did we'd all be retired.
gei
Active Member
A lot of people I know are considering moving downtown long-term in light of gas prices, and the direction they are headed. Some more seriously than others of course.
But I wonder what long term impact this will have on the condo market downtown overall. Obviously it will be a positive one, but the question is how big of a difference will it make.
But I wonder what long term impact this will have on the condo market downtown overall. Obviously it will be a positive one, but the question is how big of a difference will it make.
B
Bigchew
Guest
Generally, as my posts indicate, I am nervous about the Toronto real estate market. That being said, it is very difficult to time.
Another thing going for condos....empty nesters are selling their houses and buying condos. I can see a big change in my building in the past 2 years- more and more retirees are moving in. And we are just at the beginning of this trend.
I follow the MLS listings for condos in C1 and for houses in a few other districts on a daily basis. While the house listings continue to rise, the condo listings in C1 over the past week or so have stabilized and now in fact are going down. Looks like the second half of April may be decent for C1 condos.
Another thing going for condos....empty nesters are selling their houses and buying condos. I can see a big change in my building in the past 2 years- more and more retirees are moving in. And we are just at the beginning of this trend.
I follow the MLS listings for condos in C1 and for houses in a few other districts on a daily basis. While the house listings continue to rise, the condo listings in C1 over the past week or so have stabilized and now in fact are going down. Looks like the second half of April may be decent for C1 condos.
APM
New Member
I follow the MLS listings for condos in C1 and for houses in a few other districts on a daily basis. While the house listings continue to rise, the condo listings in C1 over the past week or so have stabilized and now in fact are going down. Looks like the second half of April may be decent for C1 condos.[/QUOTE]
You give me HOPE!!! I am looking at 2 now. And did see one about a month ago same size but not a good view. Now same building with a very good view better spot only $10,000 more. I am new at this and I might be wrong but I do think I see what you are talking about. Hope this goes on.
You give me HOPE!!! I am looking at 2 now. And did see one about a month ago same size but not a good view. Now same building with a very good view better spot only $10,000 more. I am new at this and I might be wrong but I do think I see what you are talking about. Hope this goes on.
ArcticS
New Member
salvius
Active Member
I'd be very surprised if there is not a slowdown and steadying of the prices as we enter the recession, but I'm not sure what that means in the long term. However, the house market is definitely more protected than the condo market in any case.
urbandreamer
recession proof
They are indeed! The guys behind Neptune/Murano/22 etc have a huge ad screaming $10,000 cash back. Hilarious.
Meanwhile, I've noticed the Globe's resale housing classified section has ballooned from 1 page to 2.5 in recent weeks--a sign that market is building with inventory?
Meanwhile, I've noticed the Globe's resale housing classified section has ballooned from 1 page to 2.5 in recent weeks--a sign that market is building with inventory?
APM
New Member
PM and we can find out.
B
Bigchew
Guest
Condo market appears to be strong....
year-over-year listings:
Jan 26: -22%
Feb 9: -16%
Feb 23: -10%
Mar 8: -13%
Mar 22: -16%
Apr 5: -2%
Apr 19: +8%
Apr 26: +13%
May 3: +4%
Looks like the second half of April was quite strong for condos in C1....listings are now falling at a rapid rate, as are rentals. Beach listings are now starting to fall.....Looks like the "weather" exuse was perhaps more accurate than some of us thought (including me!)
So...still too early to call.
year-over-year listings:
Jan 26: -22%
Feb 9: -16%
Feb 23: -10%
Mar 8: -13%
Mar 22: -16%
Apr 5: -2%
Apr 19: +8%
Apr 26: +13%
May 3: +4%
Looks like the second half of April was quite strong for condos in C1....listings are now falling at a rapid rate, as are rentals. Beach listings are now starting to fall.....Looks like the "weather" exuse was perhaps more accurate than some of us thought (including me!)
So...still too early to call.
OnceAThief
Active Member
Any info on C8 bigchew?
B
Bigchew
Guest
I don't follow C8.
The full month of April sales will be out soon...maybe tomorrow morning. You can check the Toronto Real Estate Board web-site (under news.) It usually takes the media a day or two after the release to report on it. It should be interesting to see what the numbers are.
The full month of April sales will be out soon...maybe tomorrow morning. You can check the Toronto Real Estate Board web-site (under news.) It usually takes the media a day or two after the release to report on it. It should be interesting to see what the numbers are.
APM
New Member
listings are now falling at a rapid rate, as are rentals. Beach listings are now starting to fall.....Looks like the "weather" exuse was perhaps more accurate than some of us thought (including me!)
So...still too early to call.[/QUOTE]
Does that mean for a person that is looking to buy a condo at C1 it would be smart to wait?
Thanks
So...still too early to call.[/QUOTE]
Does that mean for a person that is looking to buy a condo at C1 it would be smart to wait?
Thanks