Nobody Wants Your Terrible Deal (GTA Condo Real Estate Market Update)
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- Опубліковано 10 жов 2024
- BOOK A CALL WITH SANTO: calendly.com/t...
In this episode, we look at the current GTA Condo Markets - Toronto, York Region & Peel Region for the week ending Oct 2, 2024. We also discuss the problems people face as they place their hopes in the assignment market while not realizing that the resale market makes it almost impossible to compete on price without taking a major loss.
This video will focus specifically on GTA Condo Markets - Toronto, York Region & Peel Region but be sure to SUBSCRIBE for more reports on other areas!
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Santo Sessa & Daniel Sessa
Re/Max Premier
(647)560-7778
santo@teamsessa.ca
*This video, nor any of the other videos on the Team Sessa Real Estate UA-cam channel, does not constitute legal or financial advice. This is strictly intended for educational and entertainment purposes only.
It’s always good for humanity when greed gets punished
4 years of price gains wiped out and still dropping
Also, add inflation over that time of 30%
@@dirtyburger7528 anyone that thought $1400 a foot is anything but absurd didn’t take grade 8 math. Speculation and greed will be the demise of many.
We are just getting started
The real problem is manipulation from Bank of Canada during the COVID time we had inflation every month 5,6,8 percent and Governor said it’s transitionary and Low interest rates will stay at least to end of 2023,which means they will start to raise it from 2024. Than after 2 years increases from March 2022 to March 6th 2024 we dropped inflation to 2.8 but again Governor said no rate cuts regardless of lower inflation we’ll NO allow Real Estate spring market rally. That was the crucial signal for Real Estate Market. After 19 quarters of increasing the Interest rates we got back peanuts just 3 quarters down? Watch out on October 15th new inflation report about 1.5 percent and still 4.25 interest rate? CMHC is another player which doesn’t allow 40 years mortgages with NO premiums so it’s very clear the Government wants to crash the Real Estate Market. 😮
@@klausr3581that's not a plus unless your buying your home with gold
Real estate what a great job.
Buried a bunch people in debt and now you get to make it on the sale.
Max condos 600,700 square feet 450 000 anything over that is royal ripoff plus another ripoff mentenance fee up to 600,700,hundreds dollars good luck to sellers.
Oh man these last few videos have been 🔥🔥🔥 if real estate is such a locked in investment why not keep it? Especially when borrowed money costs start to rise.
I will buy an assignment if I get a 30% reduction in price.
Of course current properties are better deal because assignments are still obligated to full purchase agreement (unless developer brings it down)
The maintenance fees are unaffordable and they can go up every year.
Assignment selling makes me furious. Assignment selling is a huge part of the problem. If they get wiped out, it may be the beginning of a real estate market that benefits ACTUAL home owners and it will force developers to make condos that are big enough for a family to live in
Write to your local MPP or MLA and demand legislation to regulate the assignment market. It is completely within their jurisdiction. If they know their citizens are informed and upset it can really shift the balance of power.
I feel worse for first time buyers.....speculators not so much....
Feel bad for these people
They paid too much for 'magic beans' and haven't yet accepted the fact that it's not worth what they paid for it
Cut those assignments to 50 cents on the dollar..f them
Its all a matter of supply and demand. There is too much supply on market today. Dont sell till 2027 when builders stop building. Talk then.
The country is doomed prices are out of control and people acting like zombies when it comes to buying a house.
Good job great info 👍
Awesome.. let's see what happens to those to bought these stocks..
Good job
This should be illegal. Buying something that isn't built, then reselling it before it's built.
agreed.
is the point coming?
It’s under your hat.
The condo flippers are flipping out.
Boooh ya. Every day that goes by it gets worse and worse. Nobody wants your shoe box condo. Literally no one. Take the loss and move on. Today will always be a better day to take a loss than tomorrow. Good luck.
100% wrong as always.... most condo sales are the 1 bedroom type (not that I have those, I have 2 and 3 beds)
@@GreenBeanGreenBean did you miss the getting worse and worse part? Nothing can stop this. Absolutely nothing. Good luck to you.
@@jeffotoole4509 You do realize condos are basically still at all time high prices and will be going higher by next year as rate cuts kick in.
@@GreenBeanGreenBean worse and worse. Nothing is stopping it. The trend is my friend.
Those getting destroyed right now are assignment speculators who had no intentions of closing but to flip on assignment and international buyers who want to offload. Most local investors are still perfectly capable of holding and will not budge until the market comes back. They’ll just rent it out even at a loss and hold for another decade if needed. That’s the sentiment I’m getting on the ground.
So, just keep it until prices come back…
Many can't close
Fear stage is coming...
Only a fool is buying or renting in toronto now... prices headed much lower
Sure they are..keep dreaming.
Those people are breaking the #1 rule of investing.... never sell, keep renting it out and refinance if needed.
What the heck are you even talking about? That's not even close to the #1 rule of investing. The #1 rule of investing is undisputably "don't lose money". Holding on to dead-money real estate as it continues to depreciate is doing just that, losing money. Also speculating it will go back up isn't investing, it's gambling.
@@ElectronicWasteland-p2x 10000000% wrong, you couldn't be more wrong if you tried.
You get an F for effort.
Real estate selling costs are large and if you tried to sell every time the market moved down a few points you would be losing money nonstop.
Real estate is close to the all time highs, it ain't dead money.
It will always go up over time in the long term as dollars because ever more worthless..... thems the facts.
@@GreenBeanGreenBeanIf investors were well capitalized they could follow your rules, but most of these precon investors don't have the cash to close and do as you say. The strength of the players dictate the strength of the team, and as most condo investors are weak the market is weak.
@@GreenBeanGreenBean That's not the facts. You're letting recency bias of Canada's hot housing market distort your perception of reality. The last ~20 years are a temporary market distortion brought on by cheap credit and rampant speculative buying.
It's an extremely overvalued asset by any sane/objective measure, and that makes the downside risk extremely high. Housing markets that correct can take a decade or longer to recover, multiple decades in real terms. So what you say is correct, the price will eventually go up, but we all might be dead before that happens. Go study what happened to Tokyo land values in the 1990s if you don't believe me.
Market melt-up soon
The latest U.S. jobs report just killed off any chance of a melt-up.
So many people are going to regret selling now. Once the money printer turns on all around the world prices will continue their inevitable march up.
Yea but that'll make things only worse.. don't be happy. All the commodities will get costly but people's salaries won't be able to keep up.. must of the people won't be able to buy at even discounted price and home prices will have to meet the fundamentals.. land cost will have to give in the case.. don't believe me? Go on and tell your near and dear ones to hold on and find out..
The money printer is on full blast right now!
Filling the heat?
Can't wait for the 3 million dollar townhouses
@@markz1013 yea that's going to seal the deal for Canada.. not sure why a lot of people don't realize why BOC isn't doing that already if it was the easy way out..
Selling agents are very upset at their clients right now. Agents are not making money, so they are asking their clients to lower their price so they can make the sale. But the sellers know that regardless of irresponsible government money printing, regardless of central bank shenanigans, their properties are worth MORE than they are currently asking. Only reason it's priced that low is because their agents wouldn't work with them if that wasn't that asking price. And if they don't have an agent their property will be blacklisted by all agents and you wont get any showings. This was proven as fact years ago. Shame on anyone upset their clients won't lower their price. Do your job.
lol what? Houses are overpriced, bottom line.
@@coolneter1 i think you need to go look what townhouses are worth in Brooklyn
The ones who might be open to sell at a loss- they still need the money to cover the losses right? What if the person doesn't have the 200k loss to pay out of pocket- what will he do?
Go bankrupt?!
They need to close on the unit
Bankruptcy. Do not pass GO, do not collect $200.. your out of the game