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Posted on: 10-07-09 08:23:07
Naaaaaaaaaaaah I don't think so - but correct me if I m wrong ...
The houses being brought today are brought at a price lesser than what they would have been fetched at in 2008 / 2009 .
Sales transactions may have increased but have the prices jumped up .
We are still in a recession and people are holding to their purse strings ....... Necessary purchases would still be made ........ but the scenario becomes much different when economy is rising , people have burgeoning incomes and they do leisure purchases ....... aka 2007 - 2008 ...
Would you call the current GTA RE market to be a buyers or sellers realistically ?
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Fido.
Quote:
Originally posted by Fido
Naaaaaaaaaaaah I don't think so - but correct me if I m wrong ...
The houses being brought today are brought at a price lesser than what they would have been fetched at in 2008 / 2009 .
Sales transactions may have increased but have the prices jumped up .
We are still in a recession and people are holding to their purse strings ....... Necessary purchases would still be made ........ but the scenario becomes much different when economy is rising , people have burgeoning incomes and they do leisure purchases ....... aka 2007 - 2008 ...
Would you call the current GTA RE market to be a buyers or sellers realistically ?
Real estate is a very local business. The national, provincial, regional, city, sub-division, street, type of housing, price range can all show different trends.
Look at this http://www.realestate-ontario.com/marketwatch.htm to see the price growth etc. On the right hand column you will see yearly reports that will help answer your question.
Lisiting to sold ratios in the above data will help you understand if you are in buyer's or seller's market, http://www.realestate-ontario.com/realestatemarketconditions.htm
In my opinion, the reasons why house prices did not drop drastically in GTA are because homes are still affordable; prices did not shoot up like in many other cities (Edmonton, Calgary, Vancouver etc.), low interest rates are the key, there is a short supply of new inventory and immigration is playing a major role. Again, results will change when you will compare different cities/towns within GTA, neighbourhoods, type of properties etc.
If the economic recovery does not take place sooner, then I am afraid that the prices will definitely drop.
Buyers in today's market should be buying with enough equity (at least 10-20%) and should not over pay when it comes to multiple offers. Above all, they should not spend more than 40% of their household income on housing expenses. This is my opinion.
Thanks,
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Amit Kalia, Broker, REALTOR®
RE/MAX Real Estate Centre., Brokerage
independently owned & operated
100 City Centre Dr, Unit 1-702
Mississauga, ON L5B 2C9
Phone No.: 905-339-5111
Website: https://www.realestate-ontario.com/
Condo Blog: https://condopundit.com/blog/
Royal LePage housing survey finds stable national real estate markets for the remainder of 2009 http://condopundit.com/wordpress/?p=123
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Amit Kalia, Broker, REALTOR®
RE/MAX Real Estate Centre., Brokerage
independently owned & operated
100 City Centre Dr, Unit 1-702
Mississauga, ON L5B 2C9
Phone No.: 905-339-5111
Website: https://www.realestate-ontario.com/
Condo Blog: https://condopundit.com/blog/
Quote:
Originally posted by seenappa
Good going Jagmag,
First, let’s start with the BASIC list of requirements for a new home. Here is mine.
1) Budget between 150K and 250K Only.
This will be my first (starter) home. A learning platform for all good, bad and ugly experiencesof home owning.
2) A two floor freehold town home: A single floor condo will feel like i am living in my present Apartment. I might as well feel like i have moved to my own place.
3) Location, Location, Location!!
Markham or Brampton or Richmond hill etc. (i keep hearing that Mississauga, etobicoke, Scarborough are considered bad neighborhoods .Is it true?)
Good neighborhoods mean good schools, safety and good returns on future home sale.
4) Not older than 5 years.
I have heard of horror stories from friends of a roof replacement costing 20K or burst pipes costing a paycheck.
Do correct me on the above and would love to see if all of you are on the same page.
seenappa
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The best way to find yourself is to lose yourself in the service of others.”
Mahatma Gandhi
I am a new immigrant and I owned a condo 3BHK at reasonable price and with the help of sincere and honest agent/mortgage manager as well as good lawyer. If you wish to have their help like I did please call me and I shall give you their tel no.s I have three agents who are really very helpful and will not bother with their commission and help you on humanity ground and give you sincere advise. one is operating in brampton and second one in missusauga and third one who helped me etobicoke condo. call me and I shall give you their tel nos. my mobile is 416-877-8785 after 7pm during weekdays and anytime between 10am to 8pm during weekdays.
Quote:
Originally posted by seenappa
Good going Jagmag,
First, let’s start with the BASIC list of requirements for a new home. Here is mine.
1) Budget between 150K and 250K Only.
This will be my first (starter) home. A learning platform for all good, bad and ugly experiences
2) A two floor freehold town home: A single floor condo will feel like i am living in my present Apartment. I might as well feel like i have moved to my own place.
3) Location, Location, Location!!
Markham or Brampton or Richmond hill etc. (i keep hearing that Mississauga, etobicoke, Scarborough are considered bad neighborhoods .Is it true?)
Good neighborhoods mean good schools, safety and good returns on future home sale.
4) Not older than 5 years.
I have heard of horror stories from friends of a roof replacement costing 20K or burst pipes costing a paycheck.
Do correct me on the above and would love to see if all of you are on the same page.
seenappa
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The best way to find yourself is to lose yourself in the service of others.”
Mahatma Gandhi
Recovery underway in key Canadian markets ends buyer dominance in resale housing, says RE/MAX report. Read full report here: http://www.remax-oa.com/MediaNewsroom/Pages/ReadMore.aspx?ItemID=50
Some excerpts:
Greater Toronto Area
Pent-up demand for residential housing continues to fuel home buying activity across the Greater Toronto Area. The number of homes sold in June – at 10,955 -- came close to the historic record of 11,146 units set in May 2007, while pressure on average price is sending housing values higher than one year ago. Although balanced market conditions prevail, there are those communities that have clearly transitioned into sellers markets. Inventory is key, with the number of properties currently listed for sale down approximately 30 per cent from 2008 levels. Over the past six weeks, momentum has been building, with demand strongest for homes priced between $300,000 and $600,000. Multiple offers are once again commonplace, especially in the city’s coveted hot pocket neighbourhoods.
Affordability – in terms of low interest rates and housing values – has been the impetus for first-time buyers. Luxury home sales have also experienced solid demand in recent months, with 291 homes changing hands over the $1 million price point in June – a new record. The threat of higher interest rates and home prices are expected to stimulate a flurry of home-buying activity in the months ahead. By year-end, sales are forecast to exceed 2008 levels.
You can find information on Regina, Edmonton, Calgary, Vancouver etc in the report.
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Rajeev Narula, Broker, REALTOR®
ACE TEAM REALTY INC., Brokerage
10 Kingsbridge Garden Circle, Suite 704
(Opp Square One - HWY10/403)
Mississauga, ON L5R 3K6
Bus: 1-888-355-3155 Ext. 300
Fax: 1-888-443-3155
Email:
Web: http://www.RAJEEV.ca" rel="nofollow">LINK
Some time ago I was doing an open house for one of my listings, I met with a novice first time buyer. This gentleman asked me if this open house was my own listing. I answered yes and he carried on with his viewing. After he was done seeing this home, I asked him if he liked it and if he wanted more information.
He replied that his budget was somewhat lower and asked me to send him some listings in the area that were listed by myself. This surprised me and I was curios to find out the reason why he wanted to buy only my listings. He replied that he thinks that buying a home from a listing agent will save him money. Moreover, since there will only one salesperson representing both the buyer and seller, there could be savings for the seller in terms of commission and the seller will pass some that savings to him (the buyer).
Being in the business for many years now, I understood what was going through the buyer's mind and politely asked him the following:
"In today's market, fair market priced homes sell for approx. two percent less than their asking price and in the case of multiple offers, they could sell for much more. If this home was in his price range, and my seller agreed to sell three or four percent below the asking price, would he have bought my listing?".
He said "Yes, definitely. I would have."
I then asked him: "What if I tell you that this property is overpriced by four per cent over the fair market value?"
He did not see this coming. He was shocked to see how easily he could have fallen into the listing agent's trap, and have ended up buying a property from the seller's agent (whose primary allegiance is with the seller.)
This buyer was smart and quickly understood the myth behind buying a property from the listing salesperson and saw benefit in working with a buyer agent.
See full post http://condopundit.com/wordpress/?p=136
Regards,
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Amit Kalia, Broker, REALTOR®
RE/MAX Real Estate Centre., Brokerage
independently owned & operated
100 City Centre Dr, Unit 1-702
Mississauga, ON L5B 2C9
Phone No.: 905-339-5111
Website: https://www.realestate-ontario.com/
Condo Blog: https://condopundit.com/blog/
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