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  Canada Immigration Forum > About Canada > Real Estate & Mortgages > Present House market in GTA area is incredibly insane...
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Present House market in GTA area is incredibly insane...




After reading this, I am pretty sure to buy a house will be a dream for middle class people....

IMO our children will be have a dream forever only to buy a house in GTA area after 15 years.

House price is extremely crazy....Cgh:(

Don Mills home sells for $1.15 million over asking price.....really.....:cuss:

Fifty years ago, a young couple paid $27,000 for a modest home in Don Mills. That approximately 1,500-square-foot house sold for $2.3 million, more than $1.15 million over the nearly $1.19 list price on Wednesday.

The home on Norden Cres. near Lawrence Ave. East and Don Mills Rd., drew 31 offers following 175 showings over nine days. Two weekend open houses attracted another 75 viewers, said listing agent Sohail Mansoor of Royal Lepage Signature Realty.

We anticipated it would be busy. We could not have predicted that outcome, he said on Friday.

https://www.thestar.com/business/2017/02/10/don-mills-home-sells-for-115-million-over-asking.html

is this effect because of USA election/Trump elected? or Chinese people are bringing all money to North America?


 
Last edited by: RBO on 13-02-17 14:07:13
RBO

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Member since: Aug 06
Posts: 1688
Location: Mississauaga

Post ID: 233981 13-02-17 13:48:26
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Full House
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Member since: Oct 12




Posts: 2027
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Few years back people bought a home, then another and soon after that a complex and may be a strip plaza later on. All these were dreams. The dream is still the same, but it has taken a different form. Just buy one property and live in it and then sell it fifty years later and then make your big bucks. That is a different route that they are taking.

What is so different? You be the one to tell me what your dream is? If it is the owning of a property, then go a little distance away and buy or build one then live in it and then will come a time when there is a demand for it and sell and move on.

I remember a guy who was working in side of one of the Boxes planted in the bushes on my street. He had a big huge truck and a ladder on his roof. Said that he lived 80 MILES away on HWY 10 then. That was a few good years ago. Last summer I passed by that way on a Saturday and guess what, I ran into the same guy and sat down at Timmies for a coffee with him, after 30 years. He said that that place is booming now, thanks to the RFugees he is selling lots in that area after dividing his acreage now. Each lot is 40 x 100 goes for 125000 and an acre gives him 11 of them. He says he is moving into town and will be in the office, just a walking distance from work. Did he plan all this? NAW, just happens that he hung in there till he found it was a good time to get things done his way.

So, go and do it. It does not matter how you do it. Work hard and hang in there. You got the hang of it.

FH.

Edit. Now that will help all of the neighbours. Their properties will all get priced higher.
Here is a link to it. .: https://enterhome.ca/toronto/5-norden-crescent


 
Last edited by: Full House on 13-02-17 16:23:06
Post ID: 233988 13-02-17 16:21:15
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febpreet
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What about these houses in Brampton that are still in 600s? Crappy neighborhoods? Could you still able to find a detached (2 Car garage - with Basement, and less than 10-15 years old) in Halton Hills, Milton, Brampton, Georgetown, Caledone for under $700s?

How's it going at Mount Pleasant area (Brampton)?

https://www.realtor.ca/Residential/Single-Family/17792570/2-DUNURE-Crescent-Brampton-Ontario-L7A2Y5-Fletchers-Meadow

https://www.realtor.ca/Residential/Single-Family/17800155/342-BRISDALE-Drive-Brampton-Ontario-L7A3B9-Fletchers-Meadow

https://www.realtor.ca/Residential/Single-Family/17790298/31-EMMETT-Circle-Brampton-Ontario-L7A3M2-Fletchers-Meadow

On the other hand, Metro Vancouver's market hasn't picked up yet since the 15% foreign buyer tax. Having said so, prices haven't fallen and it's hard to find a decent detached in a decent neighborhood (suburbs, i.e. Surrey, which is more like Brampton) listed/selling for under $800k. Vancouver proper is still not less than $1.5-2 mils (crappy 40 years old houses).


 
Last edited by: febpreet on 14-02-17 15:55:40
Post ID: 234000 14-02-17 15:49:07
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RBO
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Location: Mississauaga


Quote:
Originally posted by febpreet

What about these houses in Brampton that are still in 600s? Crappy neighborhoods? Could you still able to find a detached (2 Car garage - with Basement, and less than 10-15 years old) in Halton Hills, Milton, Brampton, Georgetown, Caledone for under $700s?

https://www.realtor.ca/Residential/Single-Family/17792570/2-DUNURE-Crescent-Brampton-Ontario-L7A2Y5-Fletchers-Meadow

https://www.realtor.ca/Residential/Single-Family/17800155/342-BRISDALE-Drive-Brampton-Ontario-L7A3B9-Fletchers-Meadow

https://www.realtor.ca/Residential/Single-Family/17790298/31-EMMETT-Circle-Brampton-Ontario-L7A3M2-Fletchers-Meadow</font>



Now a days, intentionally Agents are listing house price way less than current value of the house to attract more buyers to fall in Bid war.

plus depends on area price is vary too.

House was sold over $200000 asking price.... ;)

http://bramptonist.com/house-brampton-sells-200000-asking/


 
Post ID: 234001 14-02-17 16:15:58
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realdevsahni.fb
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Member since: Feb 17




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As of now, the market is steep 'caz of supply. buyers are getting panicky after getting into offer presentations and loosing out. I have witnessed an old townhouse selling for more than 700k while you can get brand new for less.

Situation is deplorable and there is nobody to blame but the city for planning the reduction of single family homes and giving rise to concentrated living in condos and " Urban towns". there is no cap on builders for charging avg. $700 / sq ft for a condo and then change in the name of maintenance. but if you want a bush and a garden you have to act now before the listings are gone to a new high. long gone the days when price changes were a yearly event, if you watch the market prices are going up daily ! :(


 
Post ID: 234002 14-02-17 16:19:22
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Agent Raj
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Posts: 23
Location: Vaughan


Market is indeed seller based due to many factors. There just aren't enough new homes being built to accommodate first time buyers or current owners looking to move into a newer home.

The latest BILD report highlighted how there were over 12,000 NEW detached builder homes to choose from a decade ago (2007) vs only 534 in 2016. Builders continue to point the finger at ever increasing development costs, bureaucratic red tap, and spiraling labour costs.

While the supply is ever-shrinking, the demand in ever-increasing due to regular increase in population, existing migrants, new 1st generation of Canadians, and new migrants. Many new migrants seem to be better of financially when arriving here or/and get well paying jobs here. This is enabling them to purchase a home a lot quicker than past migrants, therefore increasing the home buyer base.

All this is further exacerbated by real estate investors (flips, short/long term rentals, or new development) who seem to have been more active in the past decade than ever before.

While Ontario government has hinted at possible tax similar to B.C., that really hasn't helped B.C either. While the overall home sale have dropped in B.C., there is still a huge shortage of homes with prices still rocketing upwards.

Perhaps a combination of new tax, higher interest rates, and tougher mortgage approval rules would work but then would the government really want to disrupt the economy where housing is creating tons of jobs and plenty of tax for the government.

With the market being so difficult to predict, the perfect time to get into a house is NOW, whenever that may be.


 
Post ID: 234247 13-03-17 21:50:06
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hchheda
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Member since: Aug 05




Posts: 2201
Location: Woodbridge


Quote:
Originally posted by Agent Raj

Market is indeed seller based due to many factors. There just aren't enough new homes being built to accommodate first time buyers or current owners looking to move into a newer home.

The latest BILD report highlighted how there were over 12,000 NEW detached builder homes to choose from a decade ago (2007) vs only 534 in 2016. Builders continue to point the finger at ever increasing development costs, bureaucratic red tap, and spiraling labour costs.

While the supply is ever-shrinking, the demand in ever-increasing due to regular increase in population, existing migrants, new 1st generation of Canadians, and new migrants. Many new migrants seem to be better of financially when arriving here or/and get well paying jobs here. This is enabling them to purchase a home a lot quicker than past migrants, therefore increasing the home buyer base.

All this is further exacerbated by real estate investors (flips, short/long term rentals, or new development) who seem to have been more active in the past decade than ever before.

While Ontario government has hinted at possible tax similar to B.C., that really hasn't helped B.C either. While the overall home sale have dropped in B.C., there is still a huge shortage of homes with prices still rocketing upwards.

Perhaps a combination of new tax, higher interest rates, and tougher mortgage approval rules would work but then would the government really want to disrupt the economy where housing is creating tons of jobs and plenty of tax for the government.

With the market being so difficult to predict, the perfect time to get into a house is NOW, whenever that may be.



Thank you for circulating the OREA and TREB spiel about more building permits. Can you explain how new house construction is going to douse the overheated housing market? As it is the new homes being built are already above current market rates...More housing permits will only bring in extra profits for the builders/developers. Nothing is going to ease the actual consumers pain unless the cartel of builders, developers, RE agents and mortgage agents is breached.

Hiren


 
Post ID: 234248 14-03-17 08:09:44
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RBO
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Posts: 1688
Location: Mississauaga


Compare same house (apple to apple) than feels prices are ridiculously high...

Comparison: Smaller lot house 38 ft lot sold by Mattamy (Oakville) as below:

Snowberry model in January 2016 at 940k
Snow berry model in Spring 2016 at $1.08m
Snowberry model in 2nd February 2017 at $1.426m
Snowberry model in 10th February 2017 at $1.56m

So basically within one year same house price increased by $620,000...:cuss:

Mattemy released total 90 + 106 + 24 = 220 house in last one month and surprisingly all sold out within 3 weeks with crazy prices.

Mattamy Homes JUST released new house in Oakville - Preserve - 45 feet lot starting price $1.689M - 2950 sq ft house only....

http://mattamyhomes.com/gta/communities/oakville-the-preserve.aspx

Two weeks ago, I was there at Sales centre on Saturday to just see what's going on and found more than 300 people was in line up to buy the house and house available for sale was only 75 units....

it is purely, demand is very high and supply of new houses is very low....:confused:


 
Last edited by: RBO on 15-03-17 12:22:05
Post ID: 234254 15-03-17 12:20:30
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Agent Raj
Junior Desi
Member since: Jul 09




Posts: 23
Location: Vaughan


Quote:
Originally posted by hchheda

Quote:
Originally posted by Agent Raj

Market is indeed seller based due to many factors. There just aren't enough new homes being built to accommodate first time buyers or current owners looking to move into a newer home.

The latest BILD report highlighted how there were over 12,000 NEW detached builder homes to choose from a decade ago (2007) vs only 534 in 2016. Builders continue to point the finger at ever increasing development costs, bureaucratic red tap, and spiraling labour costs.

While the supply is ever-shrinking, the demand in ever-increasing due to regular increase in population, existing migrants, new 1st generation of Canadians, and new migrants. Many new migrants seem to be better of financially when arriving here or/and get well paying jobs here. This is enabling them to purchase a home a lot quicker than past migrants, therefore increasing the home buyer base.

All this is further exacerbated by real estate investors (flips, short/long term rentals, or new development) who seem to have been more active in the past decade than ever before.

While Ontario government has hinted at possible tax similar to B.C., that really hasn't helped B.C either. While the overall home sale have dropped in B.C., there is still a huge shortage of homes with prices still rocketing upwards.

Perhaps a combination of new tax, higher interest rates, and tougher mortgage approval rules would work but then would the government really want to disrupt the economy where housing is creating tons of jobs and plenty of tax for the government.

With the market being so difficult to predict, the perfect time to get into a house is NOW, whenever that may be.



Thank you for circulating the OREA and TREB spiel about more building permits. Can you explain how new house construction is going to douse the overheated housing market? As it is the new homes being built are already above current market rates...More housing permits will only bring in extra profits for the builders/developers. Nothing is going to ease the actual consumers pain unless the cartel of builders, developers, RE agents and mortgage agents is breached.

Hiren





Hiren,
The facts I stated above were by found by a BILD study/report and reported/covered by almost all newspapers, nothing to do with any other real estate body, as you stated above.

Number of permits issued along with builder plans are available for your local city hall. One can do bit of research and legwork to verify builder claims but I guess it's much easier to dismiss others views using pessimistic "spiel" glasses.

Builder prices are high since they have very few homes available and can ask for whatever they decide. They are "for-profit" businesses and individuals in a capitalist based economy.

If there were 12000 new homes (as in 2007) to choose from vs 534, there would not be bidding wars (or at least not that often) and builders woudl price the homes more conservatively. And that 12,000 was only detached. Imagine similar supply of semi or town-homes being available as well.

12000 new homes would also result in more homes being available in lower priced resale house market since some of those folks would be "moving up" into newer or larger home. That would directly benefit first time home buyers.

I merely stated builder's claims that ever increasing development costs, bureaucratic red tap, and spiraling labour costs is hampering their ability to build more new homes. Every individual can choose to read into that builder claim as we wish.

The fact is shortage of homes will keep driving the prices high until either a lot more new homes/resale inventory is available or mortgage rates rise significantly.










 
Last edited by: Agent Raj on 15-03-17 13:30:36
Post ID: 234255 15-03-17 13:30:01
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Full House
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Member since: Oct 12




Posts: 2027
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I for one do not grudge anyone in trying to buy into one of these properties that are being offered for sale. A few people have the money to pay for it all. A few are employed and are switching into some thing newer and bigger and are qualifying for it. So, go for it guys.

The money is made available to those who can afford, and the banks will welcome them with red carpets. They are also tightening the screws to curb speculations and new entrants from outside the country with tonnes of money to spare and many more are popping in each and everyday. All of these are factors that we know are for those who has to live by them and also make efficient use of them. And for the rich and also to the get rich quick BUILDERS, it has become a normal behaviour and they do not care if they do not sell one of their homes. They will wait till the next one who will drop in and fall in love with it and write a cheque. They have worked with all of the sceneries and adjusted their prices accordingly.

They are not hungry anymore. I can READ their arrogance from the prices and in their ADs. One thing that I appreciate too is the quality of their product. It is immaculate.

Let us face it guys.. It is a BUYER's Market. Let them enjoy it.

Hang in there.

FH.

I bough mine and paid for it counting pennies. See what they did to the pennies.


 
Post ID: 234256 15-03-17 14:39:47
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Contributors:
Agent Raj(2)  febpreet(1)  Full House(4)  hchheda(1)  RBO(3)  realdevsahni.fb(1)  
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