Toronto Condos Shift Into 'Buyer's Market'🚨

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  • Опубліковано 9 жов 2023
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    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.
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КОМЕНТАРІ • 57

  • @howy3333
    @howy3333 8 місяців тому +2

    From being in the feild this has become abundantly clear to me. There are many "deals" to be had

  • @guyfantastico8268
    @guyfantastico8268 8 місяців тому

    Thanks for another great update of the market!

  • @denesbastos2001
    @denesbastos2001 8 місяців тому +1

    Great video, I’ve never seen these stats before, excelente breakdown

    • @TomStorey
      @TomStorey  8 місяців тому

      Glad you enjoyed!

  • @kulveersehra1674
    @kulveersehra1674 8 місяців тому

    great video, appreciate the honest take Tom

    • @TomStorey
      @TomStorey  8 місяців тому

      Thanks for watching!

  • @fluttergrrl
    @fluttergrrl 8 місяців тому +1

    Thanks for a clear and concise video. For condos north of Bloor, is the trend also towards a buyers market?

    • @TomStorey
      @TomStorey  8 місяців тому +1

      Yes, it's around 4-6 months of inventory north of bloor depending on specific pocket.

  • @t.k.butler8739
    @t.k.butler8739 8 місяців тому

    I am a master regurgitator, thanks Tom. I’ll throw some of this into our show this week.

  • @howy3333
    @howy3333 8 місяців тому +1

    IM finding that really nice 1 +dens fly off the shelves

  • @andym6603
    @andym6603 8 місяців тому

    Great information and video

    • @TomStorey
      @TomStorey  8 місяців тому

      Appreciate it. Thanks for watching!

  • @suelee5978
    @suelee5978 8 місяців тому

    Very informative 🎉🎉🎉thx

    • @TomStorey
      @TomStorey  8 місяців тому

      You’re welcome!

  • @chrishan3490
    @chrishan3490 8 місяців тому

    great video with insightful analysis. wish you had offered some advice to sellers in downtown condo market.

    • @TomStorey
      @TomStorey  8 місяців тому

      Happy to cover that as well. Anything specifically you’d like answered?

    • @mortgagedavid
      @mortgagedavid 8 місяців тому

      How do condos downtown stand out from the crowd if similar units are in the building?

  • @baseline6786
    @baseline6786 8 місяців тому

    January we will dip back into sellers territory. No rate hikes from boc will spark a bit more from buyers to return.

    • @TomStorey
      @TomStorey  8 місяців тому

      Yea, it’s pretty normal for inventory to come off the market near the end of the year and then things pick up in January.

  • @BrianJordan-jk7do
    @BrianJordan-jk7do 8 місяців тому

    Informative video Tom. Thanks. Could you please advise on the C08 numbers independently of C01?

    • @TomStorey
      @TomStorey  8 місяців тому

      6.2 months of inventory in C08. Less than C01, but also now in a buyer's market.

    • @mortgagedavid
      @mortgagedavid 8 місяців тому

      ​@@TomStoreyis c01 the most dense area of properties? In Ontario?

    • @TomStorey
      @TomStorey  8 місяців тому +1

      @@mortgagedaviddefinitely Toronto. Which would probably mean Ontario also.

    • @mortgagedavid
      @mortgagedavid 8 місяців тому

      @@TomStorey very cool

  • @Amritwalia12
    @Amritwalia12 8 місяців тому +1

    Great content!

    • @TomStorey
      @TomStorey  8 місяців тому +1

      Thanks!! When is your next video coming out?!

    • @SteveKarrasch
      @SteveKarrasch 8 місяців тому +1

      Soon I hope!

    • @Amritwalia12
      @Amritwalia12 8 місяців тому

      Yes very soon!

  • @aysunekrekli1708
    @aysunekrekli1708 8 місяців тому

    Thanks

    • @TomStorey
      @TomStorey  8 місяців тому

      Thanks for watching.

  • @Kadmos
    @Kadmos 8 місяців тому

    Another rate hike end of Oct. is gonna be interesting.
    Feels like a 50/50 chance after seeing that recent jobs report.
    CPI is Thurs so we'll probably have a good idea once that drops.

    • @TomStorey
      @TomStorey  8 місяців тому

      Last week 0.25% felt possible. This week, I have no idea.

    • @baseline6786
      @baseline6786 8 місяців тому

      Nah.. part time jobs led the way and gas prices. Feds are on pause it seems, so boc has no reason to go.

    • @mortgagedavid
      @mortgagedavid 8 місяців тому

      Yes it should be interesting

  • @howy3333
    @howy3333 8 місяців тому +3

    Its the investors who dont get enough rent to carry their properties. All selling

    • @TomStorey
      @TomStorey  8 місяців тому

      I think you’re right.

    • @GreenBeanGreenBean
      @GreenBeanGreenBean 8 місяців тому

      only the people that can't raise their rents to market in a normal way.........if you bought anything new you definitely can.

    • @mortgagedavid
      @mortgagedavid 8 місяців тому

      ​@@GreenBeanGreenBeanYes I agree, I think generally any landlord could increase their rents if the market demands it however it must be fair amount for the area I believe

    • @kylepasta
      @kylepasta 8 місяців тому

      Giant house of cards, quite literally

    • @mortgagedavid
      @mortgagedavid 8 місяців тому

      @@kylepasta not always the case

  • @andrewmccoll1582
    @andrewmccoll1582 8 місяців тому

    It's not fair that now the few people from Gen Z who were able to enter the housing market in the GTA into condos (only thing possibly affordable) are now getting hit hardest with price downdrafts. Freehold properties keep rising?

    • @mortgagedavid
      @mortgagedavid 8 місяців тому

      Agreed, the only way is to either make more income or move away to actually own a home?

    • @BMWF30-416
      @BMWF30-416 8 місяців тому +1

      Location matters… In downtown Toronto for the medium term prices will rise again. Demand will always be relatively high as opposed to other locations in the GTA, due to the employment opportunities, transit options, and population density.

    • @mortgagedavid
      @mortgagedavid 8 місяців тому

      @@BMWF30-416 Yes I totally agree not only that a lot of people want to be in the middle of a city can anyone can tell a huge difference if they drive 3 hours in a straight line anywhere else to compare

  • @soupbob5813
    @soupbob5813 8 місяців тому +1

    Thoughts on 203 College? Theory Condominiums, for a renter.

    • @TomStorey
      @TomStorey  8 місяців тому

      I have not been in that building yet. That building is not under rent control, so keep that in mind if you are looking to rent there.

  • @howy3333
    @howy3333 8 місяців тому +1

    It is starting to turn the other way btw. I believe this is the peak of inventory

    • @Kadmos
      @Kadmos 8 місяців тому

      Yeah everyone better buy now, this guy believes this is the bottom.
      We're turning around from here!!!
      No more rate hikes!
      Best time to get a loan is now!
      We're only going straight up on a rocket from October -> February!!!
      Canadian's have found room to take on even more household debt, despite having the highest debt levels in the G7!
      We found that room in the basement of Brampton homes!!!!!

    • @Mike-uh8iu
      @Mike-uh8iu 8 місяців тому

      Given we are almost certainly going to get another rate increase (U.S is at 5.5% and we generally follow them closely) why would this be the peak? Its actually possible for the interest to go up another full percent in the next year, I think people are going to be very cautious and we are starting to see some people sell instead of renewing when seeing how much the costs have gone up

  • @GreenBeanGreenBean
    @GreenBeanGreenBean 8 місяців тому

    People say that tenanted properties are bad when it comes time to sell.............but the opposite is actually true........if you see a property that is vacant that means they are more willing to accept lowball bids because they are hemoraging cash in a large way with zero income coming in. Tom is 10000000000000000% wrong in this case.....
    Yes, dealing with tenants showing the place is a hassle but at least they are payin the bills.

    • @TomStorey
      @TomStorey  8 місяців тому +2

      Since Sept 1st in C01. Tenanted properties sold for an average price for $741,000 and median price of $693,000. Vacant properties sold for an average price of $791,000 and a median price of $702,000 in the same time period. Tenanted properties sell for less.

    • @GreenBeanGreenBean
      @GreenBeanGreenBean 8 місяців тому

      @@TomStorey this is only the case because newly built condos are usually sold without tenants.....which is bringing the average sold of vacant stuff up because new builds are priced higher. I see many units still vacant in the pre-cons that closed that I have put tenants.....that are trying to sell at a high price.
      I assure you, if you see someone bleeding 4k/month+ in cash you put in a low bid lol.
      Rest assured, probably half of the 'vacant' units are literally brand new product that just closed...... so of course the average will be higher.
      That doesn't mean that you should kick your tenant out before listing

    • @mortgagedavid
      @mortgagedavid 8 місяців тому

      ​@@GreenBeanGreenBeanI think I really depends on the purpose of the seller for the property, some people want to renovate the property and make a look better and some people just want some sort of passive or semi passive income?