i have learned a lesson now. never put all your trust on retalor with all my respect to Mr Tom .cuz everyone wants to do their job, sell you a unit, and move on. and you're the one who will deal with everything. They will make everything look easy until you realize ur fKd
Tx for the video Tom, if I may ask a question, why are there all these listings now? Rates? Investor dumps? AirBNB dumps? Financial stress? Done with Canada/Ontario? Would love your take since you deal with so many client/sellers.
Thanks for watching. For my own listings it's been a lot of people moving up to freehold and several investors who had variable rates and didn't want to take the monthly loss anymore. Then a mix of life changes, job opportunity, etc. I have not yet had any "forced sales" but based on how much the rates have change it's clear that type of listing will be a part of the market.
Just when I bought my first condo because of a contrarian view. And because im 27 and need to move forward with life. Well, the Canadian bubble explodes. Great.
At 6.3+% rates no price is affordable. At least the party is over for investors/speculators whom I hope are forced to eat massive losses. Invest in something real that generates productivity and makes us more competitive with the US vs just trading properties like a ponzi scheme.
We’ve been browsing the North Burnaby condo market since mid July, my wife wants a 1 bed with den, but the deal killer is the “shared laundry”, which is a feature of older stratas. Agents have told us “ Just put a combo unit where the dishwasher is”, but what is my liability if the place ever floods? We’ve seen units listed at 499,900 with 2 open houses on the weekend, followed by “offers taken Tuesday 7PM”, re-listed in two weeks to 539,990. Going to be some heartbroken sellers soon 😢
@@TomStorey you’re right, I think the inventory is increasing in both cases. Detached sales are very low, but condo sales are a bit better. So I guess they balance out.
Oh, but there is a HUGE housing shortage in Toronto!!! Or, maybe not. Maybe a HUGE investor problem, and as the investors collapse, inventory will increase and sit, sit, sit…. (Despite the tremendous housing shortage!!!) Oh, and the prices are coming down…. And will come down more quickly, and yet properties will sit, sit, sit…. (But there is a housing shortage!!!) So, much nonsense in the market.
An exemple of a ''WAW'' factor is when you pay 50$ to eat a burger in a fancy restaurant, the barmaid better not spend her time getting drunk with her friends at the bar instead of serving you like I've saw at the Vertigo restaurant. Otherwise, you might as well just go get yourself a Bigmac trio for 12$ at Mc Donald.
Nope. Soon enough the leadership in China will scare the wealthy their into buying up real estate in Canada again and the the Canadian Elites will welcome them. Canada's economy is resource extraction and real-estate. Gotta feed the beast. Why aren't prices dropping? Ask yourself that.
As the moment, you will likely see prices hover. But if we add more inventory and push into buyers market, that's when prices tend to fall. Another rate increase would also have an impact on prices.
i have learned a lesson now. never put all your trust on retalor with all my respect to Mr Tom .cuz everyone wants to do their job, sell you a unit, and move on. and you're the one who will deal with everything. They will make everything look easy until you realize ur fKd
can you give more details?
of what?@@reds1122
Sorry to hear Steven. I wish we could have spoken before you purchased.
Tx for the video Tom, if I may ask a question, why are there all these listings now? Rates? Investor dumps? AirBNB dumps? Financial stress? Done with Canada/Ontario? Would love your take since you deal with so many client/sellers.
Thanks for watching. For my own listings it's been a lot of people moving up to freehold and several investors who had variable rates and didn't want to take the monthly loss anymore. Then a mix of life changes, job opportunity, etc. I have not yet had any "forced sales" but based on how much the rates have change it's clear that type of listing will be a part of the market.
Just when I bought my first condo because of a contrarian view. And because im 27 and need to move forward with life. Well, the Canadian bubble explodes. Great.
If you're going to hold it for 5 years, history (in Toronto) has shown you will likely be happy with your purchase.
At 6.3+% rates no price is affordable. At least the party is over for investors/speculators whom I hope are forced to eat massive losses. Invest in something real that generates productivity and makes us more competitive with the US vs just trading properties like a ponzi scheme.
Hey Tom thanks for the vids. Would love to see some more charts though.
More to come!
Great video. Yes please do the second part.
Working on part two now. Thanks for watching.
We’ve been browsing the North Burnaby condo market since mid July, my wife wants a 1 bed with den, but the deal killer is the “shared laundry”, which is a feature of older stratas. Agents have told us “ Just put a combo unit where the dishwasher is”, but what is my liability if the place ever floods?
We’ve seen units listed at 499,900 with 2 open houses on the weekend, followed by “offers taken Tuesday 7PM”, re-listed in two weeks to 539,990.
Going to be some heartbroken sellers soon 😢
Not sure, I think new listings for freehold is also increasing aggressively, no?
Not at the same rate as condos.
@@TomStorey you’re right, I think the inventory is increasing in both cases. Detached sales are very low, but condo sales are a bit better. So I guess they balance out.
Oh, but there is a HUGE housing shortage in Toronto!!! Or, maybe not. Maybe a HUGE investor problem, and as the investors collapse, inventory will increase and sit, sit, sit…. (Despite the tremendous housing shortage!!!) Oh, and the prices are coming down…. And will come down more quickly, and yet properties will sit, sit, sit…. (But there is a housing shortage!!!) So, much nonsense in the market.
Canada is for sale to foreign buyers.
An exemple of a ''WAW'' factor is when you pay 50$ to eat a burger in a fancy restaurant, the barmaid better not spend her time getting drunk with her friends at the bar instead of serving you like I've saw at the Vertigo restaurant. Otherwise, you might as well just go get yourself a Bigmac trio for 12$ at Mc Donald.
lol can't argue with that
Do you think condo prices will only go down from here?
Nope. Soon enough the leadership in China will scare the wealthy their into buying up real estate in Canada again and the the Canadian Elites will welcome them. Canada's economy is resource extraction and real-estate. Gotta feed the beast. Why aren't prices dropping? Ask yourself that.
As the moment, you will likely see prices hover. But if we add more inventory and push into buyers market, that's when prices tend to fall. Another rate increase would also have an impact on prices.
Helps a lot. Thanks.
Thanks!
People cannot afford condo fees
Thanks!
Thanks for watching!
Soooo, wait for the crash?
I wish I knew.
So as a buyer I have a great chance to get a good price?
Better chance now than earlier in the year.
define good price? wait a little longer and you'll get a great price.
Always great information Tom!
Great video as always
Thank you!