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Posted on: 26-10-08 02:35:03
http://www.greaterfool.ca/
Housing may dip until 2010
Your home may still be your castle, but it’s not worth what it was yesterday.
With residential sales expected to drop 30 per cent this year and another 18 per cent in 2009, median prices have declined by 12 per cent since last March and are likely to fall another 13 per cent in 2009 and a further five per cent in 2010, assuming market conditions begin to improve by then, the report says.
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Q: How are our CD experts looking their local market in 2009?
Where in the world of GTA housing the prices are folding back. I am not able to witness any. How about others ? Is the price drop just in papers or in reality. I am not able to see any stories... it is really a surprise to me.
Quote:
Originally posted by rahul_singh23
With residential sales expected to drop 30 per cent this year and another 18 per cent in 2009, median prices have declined by 12 per cent since last March and are likely to fall another 13 per cent in 2009 and a further five per cent in 2010, assuming market conditions begin to improve by then, the report says.
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Q: How are our CD experts looking their local market in 2009?
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The cowards never started,
The weak died on the way,
Only the strong arrived.
http://www.youtube.com/watch?v=_yK1i9cLAMM
Quote:Where I live, it is very much a reality and I can see it all around.
Originally posted by JRF
Where in the world of GTA housing the prices are folding back. I am not able to witness any. How about others ? Is the price drop just in papers or in reality. I am not able to see any stories... it is really a surprise to me.
Houses used to sell like hot cakes until earlier this year - most houses sold within a week or so and the good ones usually went in less than a week usually at or even above asking.
The prices were outrageous and IMO way more than what the property and house were worth in real terms.
For last 6 months to so, there has been a dramatic change.
Houses are not selling for months.
Sometimes the owners are changing agents 2 or three times.
They are cutting asking prices in chunks of $10,000 or more at a time.
Those who made plans or bought bigger houses assuming they will get a certain asking price for their homes are now wondering how to get out of this situation.
The real estate slowdown is very real and it is possible that it's going to be like this for a while.
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"Mah deah, there is much more money to be made in the destruction of civilization than in building it up."
-- Rhett Butler in "Gone with the Wind"
Thanks for the information. I see the pace has slowed down but the price continue to remain just with a little correction (a very little so far).
My gut feeling says, the houses which cost more than 700K+ would be worst ones to dispose against the 300K+ properties.
Quote:
Originally posted by pratickm
Where I live, it is very much a reality and I can see it all around.
Houses used to sell like hot cakes until earlier this year - most houses sold within a week or so and the good ones usually went in less than a week usually at or even above asking.
The prices were outrageous and IMO way more than what the property and house were worth in real terms.
For last 6 months to so, there has been a dramatic change.
Houses are not selling for months.
Sometimes the owners are changing agents 2 or three times.
They are cutting asking prices in chunks of $10,000 or more at a time.
Those who made plans or bought bigger houses assuming they will get a certain asking price for their homes are now wondering how to get out of this situation.
The real estate slowdown is very real and it is possible that it's going to be like this for a while.
-----------------------------------------------------------------
The cowards never started,
The weak died on the way,
Only the strong arrived.
http://www.youtube.com/watch?v=_yK1i9cLAMM
I live in Markham and actually a friend of mine listed ahosue for 490K and got an offer for 494K. In the end he decided not to sell. Two houses in my neighborhood got sold in about 2-3 weeks, not sure for how much though. I was expecting a melt odwn but I see bigger houses selling faster than smaller one's. I am not sure maybe the price increase in the past was not significant in Markham so maybe the correction will nto be significant either and thus people continue to buy.
Quote:I'm talking of houses in the 300K range.
Originally posted by JRF
Thanks for the information. I see the pace has slowed down but the price continue to remain just with a little correction (a very little so far).
My gut feeling says, the houses which cost more than 700K+ would be worst ones to dispose against the 300K+ properties.
Unfortunately, I don't live in a neighbourhood where houses cost > 700K
I think it is more than just a correction.
Of course, different areas have different behaviours and it's possible that some areas of the GTA are still growing strong (like bc2on said).
In other cases, IMO, the prices are coming down to what the property is worth in real terms.
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"Mah deah, there is much more money to be made in the destruction of civilization than in building it up."
-- Rhett Butler in "Gone with the Wind"
Quote:
Originally posted by JRF
Where in the world of GTA housing the prices are folding back. I am not able to witness any. How about others ? Is the price drop just in papers or in reality. I am not able to see any stories... it is really a surprise to me.
Real world example:
I know this neighbourhood because a couple of friends live here and i almost bought a semi on this street:
e.g 1
3822 QUIET CREEK DR, MISSISSAUGA, Ontario
Today's price : 479,000$
Selling Price of a home on the same street (same builder) in 2007 which is 100sq for smaller than this home : 502,000$
e.g 2
3825 QUIET CREEK DR, MISSISSAUGA, Ontario
Selling price: 469,900
same sq ft as above home. Has been listed for more than 6 months, started with 529,000$ now has come down to 469,000.
e.g 3
#37 - 80 ACORN PL
selling price: $289,900
a similar model like this without finished basement was listed for more than 300K last year
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