Toronto Homes Sales At 20 Year Low
Вставка
- Опубліковано 24 чер 2024
- P.S. Whenever you’re ready there are 3 ways we can connect.
1 - Book an appointment with me 📅
calendly.com/tomstorey
2 - 💾 DOWNLOAD Our FREE Buyer's Guide: tinyurl.com/3zwv7px3
💾 DOWNLOAD Our FREE Toronto Seller's Guide tinyurl.com/mssbtpnz
3 - Check out my weekly podcast, “The Tom Storey Show” 🎙️
/ @thetomstoreyshow
Video Chapters
[00:00] Market Crash Explained
[00:14] 2023 Market Breakdown
[00:30] Buyer and Seller Opportunities
[00:57] Data Analysis Insights
[01:09] Market Recap Overview
[01:24] November Statistics
[01:48] Inventory Dynamics
[02:16] Toronto's Price Trends
[02:44] Condo Market Analysis
[03:40] Detached/Semi Review
[04:32] Sales Volume Crash
[07:08] 2024 Buying/Selling Advice
The opinions expressed herein are solely that of Tom Storey, not Royal LePage or the TRREB and should not be misconstrued as advice or the basis of an agency relationship whatsoever. Please consult your professional advisor prior to taking action on any decisions relating to the matters discussed in these videos. This communication is not intended to cause or induce breach of an existing agency agreement. This is not financial advice. - Розваги
This is how real estate crashes normally happen, demand goes away and then you wait for sellers to capitulate and lower prices. It can take a while.
Yup but spring rate cuts will have things warming up again
@@Chris-se3ncnope
@@Chris-se3nc if rates are being cut we're in a recession - recessions aren't bullish
@@Chris-se3nc the affordability problem started way before interest rates hikes. People were already losing their shirts.
Today's market seems to be following the 1990's price trajectory pretty perfectly:
1989: 15-20% drop (2022)
1990: +10% spring market bull trap (2023)
1991: -10% from previous year bull trap (2024)
1992-1994: prices grind down to 40-50% off-peak (2025???)
Interesting...👍
@@saty.7brilliant observation!
Tom is very smart and dedicated. I still watch his videos even I already bought my house
To be fair the biggest drop in average house prices in Canadian history took place in 2022. It just got recoiled by the strongest spring market in history in 2023 lol. Classic Canadian volatility.
Prices are down on average 22 percent from the peak (February 2022). That is a correction, but more to come, stay tunned.
2022 was the largest drop in house prices in Canadian history - I think that qualifies as a crash
The Canadian real estate is not crashing as of yet, the real crash is currently happening among a majority of Canadians who now find themselves in a debt trap/ financial slavery with no way out due to the ridiculously high cost of living. In my humble opinion, anyone who makes less than $250k a year in household income with less than $250k in saving has no business to be entering the condo market in the GTA or other major Canadian cities like Vancouver. As I said, condo. Not condo town or detached as which require a much higher income and savings . The math simply doesn’t work with lower income. In short, Canadians who didn’t have a chance to be part in the widespread lottery winning like/ get rich quick scam in the residential real estate market are now officially screwed.
Where did you get your bookshelf ? Can you link it ? Great insight on the Toronto Real Estate Market.
It was an IKEA purchase like 7 years ago! I can’t find the exact model, but it was something like this: www.ikea.com/us/en/p/rudsta-glass-door-cabinet-anthracite-60434825/
Condos barely trade above construction/replacement value so of course they aren't going down much. When any new stuff is gonna be 30% more especially with development charges/subsidized housing requirements.
Construction costs will be the base for sure.
May you please shed some lights on Mississauga market?
Thanks
Anything specific you're looking to learn about the Mississauga market?
Thanks for your response Tom!
Your expectations for 2024 specifically the detached houses
thanks again for all your videos, they’re great and really helpful!
This is absolutely insane
Dollars don't make sense to buy unfortunately
They do when rates get cut values will go up there after..
@@baseline6786 That is not the case all the time. Real Estate agents give that pitch for FOMO
Oddly December is going to be a strong month for the downtown condo market...
Sure
I am still waiting for the crash in prices.....A correction of 30-50% back to pre-pandemic prices is needed.
🤔🤔🤔
🤷♂️
Prices are being boosted in Toronto by the new luxury tax starting Jan 1. So perhaps that should be factored in if you look at the low sales and proportion of over 3 mil homes selling - boosts prices . Dont you think this is worthy of consideration when u talk about prices for this fall? My first comment is gone ?? First time commenting……
I heard that UA-cam has been deleting comments. What was your first comment? Must have been a good one
I heard that UA-cam has been deleting comments. What was your first comment? Must have been a good one
Interesting point. There were 1,607 sales in the city of Toronto in November of 2023. 52 of them were over 3M. That’s 3.2% of total sales. If we removed all the sales over 3M and recalculated average price, it would be $936,000 for November. Then we would have to go back to every other month this year and take away the sales over 3M to see if it makes any real difference in the numbers. Also keep in mind that a lot of the 3M + sales happen off market, so those numbers are not reported in the board stats.
Ok fair point , but have you seen data on 3m or more detached home sales in Toronto for Dec .
It’s almost 25% , and some just under 3 mil.
That seems like a lot to me, and would keep these house prices elevated in Nov and Dec.
Seems the narrative about house prices staying up more than expected isn’t factoring this in.
@@CAF-ju1ui In December (until December 16th at 3pm) There have been 623 sales in Toronto. 24 of them were over 3M. If we only focus on detached, there have been 202 sales, 17 of them were over 3M. That’s 8.4%. It will have some level of impact on average price. This data is all up to date directly from the Toronto Real Estate Board. Where are you getting 25% from?
But they want a price crash😅. Too bad sellers aren’t obliged to sell for less than they want.
Buyers dictate prices not sellers. I have a hockey stick im going to pst it for sale $1000 because i want 1000 for it will any buy it for $1000
@@mikeyb7786 I can only speak about real estate in my local area which is the west side of metro Vancouver. In general on a macro level sellers aren't distressed so if they list but if they don't get at least what they want, they remove and wait for the spring or rent it out. Rent prices are high with a low vacancy rate so no issues there. Half of homes in Vancouver are mortgage free so less mortgage payment pressures. And still any good quality move in ready home still gets multiple offers above asking. So overall sellers are still in the driver's seat. Now with lower fixed rates here and soon lower variable rates, we'll likely move soon back to a strong sellers market.
Colour me surprised.
Who knew that the market must correct itself,,,,and the overspending by government has caused this problem before,,,,history repeats itself when you have a mental midget in the top position.
I am sure no one predicted this,,,but some of us did,,,and warned others.
Get on with it,,,,
Pierre isn't in charge bro, which is 100% who you are talking about..... that dude wanted the pension plan to buy bitcoin at over US$65k.... the guy doesn't know anything about finance (yet was the finance critic)... which just shows you how stupid most conservatives are.
@GreenBeanGreenBean I find it interesting that you did not mention the liberals saying,,,they were taking on debt, so you don't have too,,,,,
Or how about,,,interest rates are at historic lows and will stay there.
Or how about,,,when they told Canadians,,,now is the time for you to spend your savings and use your credit cards.
Hmmmmmmmmm
JUSTIN TRUDEAU GIVES CANADIANS THE PERFECT XMAS GIFT.....................JUSTIN TRUDEAU RESIGNS