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Originally posted by febpreet

What's up with the houses such as the one with the link below, now listed for under $600k? The house and the neighborhood looks alright. I am pretty sure the last time ( I looked at Brampton listings, nothing stood out for less than $800-900k. And, now I could see hordes of the detached homes under $700k:

https://www.realtor.ca/Residential/Single-Family/18507968/78-FARTHINGALE-CRES-Brampton-Ontario-L7A1W8-Fletchers-Meadow

I also know a friend in Brampton, who had quite a hard time a month ago selling his decent detached in a pretty good neighborhood. He had to take it off market eventually.

Good time to be a buyer? Or no?

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Note that prices jumped to almost double in 3 yrs. What happened is that the inflated price came down a bit. The prices did not crash or house values came down.

Example

A 500 K house in mississauga in 2009 became 1.2 million in 2016. Which should have been atmost 800 k per fair evaluation. What happened now is that inflated 1.2 million came to 1.0 million or 950 K. This new lower price is still higher than normal appreciation.

So prices never fell down
They are still out of reach for many

It is the existing home owners who saw very inflated number are crying foul though they did not lose anything

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Non illigitamus carborundum

Don't get fooled by the average selling price has gone down this Summer compared to last Summer. It has definitely gone down, but its irrelevant to the average guy and common man on the street.

What's happening is that the $ 500 K house is still selling for $ 500 K. The $ 750 K house is still selling for $ 750 K.

But the high end luxury house which was $ 1.5 Million is now selling for $ 1.25 Million, so $ 250,000 less. 95 % of us don't buy these houses anyways.

So the average selling price is lower this year, compared to last year in GTA, due to high end luxury houses selling for less.
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Same thing in India, due to DEMONETISATION.

Prices haven't really come down in the up to 1 crore, 2 crore, 3 crore Flats which most Middle class and 99 % of people in India buy and common man buys.

The 10 crore and 15 crore flat, which black money & business man use to buy is maybe selling for 8 crore & 12 crores respectively now.

Demonetisation has not benefited the common man or middle class at all. Just some super rich people are benefiting from it now.