Very interesting, thanks. In my area in New West / East Burn I have noticed about 10 newer houses listed at 3 million that have stayed sitting on the market for well over a year. It doesn't seem like there's any demand at that price.
I think it’s one reason, along with high interest rates, high strata, property taxes, difficult rental rules. Capital gains tax makes it less profitable. Along with slowing economy in Canada slowing real estate purchases. Also banks are more strict and cautious lending now
This is a good thing. Markets need to correct every few years and usually the more expensive units are the ones to take the biggest hit because of the limited amount of buyers out there that can afford them. Most reasonably priced condos (Under a million) are still selling although not at anywhere near the levels they have in the past.
Very interesting, thanks. In my area in New West / East Burn I have noticed about 10 newer houses listed at 3 million that have stayed sitting on the market for well over a year. It doesn't seem like there's any demand at that price.
I think it’s one reason, along with high interest rates, high strata, property taxes, difficult rental rules. Capital gains tax makes it less profitable. Along with slowing economy in Canada slowing real estate purchases. Also banks are more strict and cautious lending now
time to buy luxury if there's no competition.
This is a good thing. Markets need to correct every few years and usually the more expensive units are the ones to take the biggest hit because of the limited amount of buyers out there that can afford them. Most reasonably priced condos (Under a million) are still selling although not at anywhere near the levels they have in the past.
And we wonder why housing is so unaffordable in Canada. It's like a giant "FOR SALE" sign on the entire country.
No more crazy China money.
Precisely, there is a spillover effect.
take the profit out of real estate, park your money in somethhing productive. You have turned it into a cakewalk.
Like what?