Hey,
Just wanted to ask as I am curious. What's the current situation with the GTA Real Estate? The News mentions about the depleting sales in the detached SFH. Have you guys noticed any slump in prices as well, or is it minuscule? I was checking Realtor.ca and found quite a good number of homes in the $600-700k range, while there was none whatsoever last year during the same months. What's the situation on the ground?
Also, how is Guelph to buy an investment property. Not for flipping, but a long term rental and hold.
Thanks,
In March this year, the number of home sales down 40% as compared to last year. The average home price in GTA also down 14% as compared to last year.
After a long time, I have seen a reduction of over 100k for inventory clearance by a builder at 410/Bovaird Drive but the original prices were too high, over 1.2m.
At least, there is no more multiple offers bid war. The new home builders have almost stopped and not bringing out any new inventory. They are trying to squeeze the inventory in hope to keep the market up or at least keep the prices at the same level.
Most of the development land in and/or around GTA is already taken up by the builders so they are just playing the game of reducing the inventory to keep the prices up - the old demand and supply rule. The resale home prices follow the new home prices. The banks have tightened up the mortgages but credit unions jumped in. The usual hot spring market is as cool as the current weather - no sign of even warming up.
I don't anticipate any increase in home prices for at least first half of this year. Better you should watch till the second half. The best time would be the end of this year - just my gut feeling.
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A Delhite in Toronto
“The renewed decline in house prices in February suggests that the housing market is in a price correction,” as quoted by The Huffington Post. “Tougher mortgage rules and recent increases in interest rates have negatively impacted home sales and this will continue to depress prices.” .
It looks to me that there is an expectation of an income from the rental of a property, when one buys and then rents it out. When that factor is fixed, the other partners in this crime step in and take their share. I can explain the same in dollars and cents and in numbers to you with a few examples. The returns are greater, if you can find a lower priced home. You also know that they all vanished when the RE brokers opened their eyes. There is a slight lag in their brain functions. But sitting at a distance and doing the analysis, I arrive at the right picture to tell you all about it. It only comes with YEARS OF EXPERIENCE and analysis.
That said, what follows is now the new norm. The Banks want the lion's share. The Interest rates are UP. That took care of their share. The initial DEPOSITS are moving up and the disposable income automatically drops, which dictates that you scale down your expectations of buying a beautiful home and look for cheaper properties. The higher priced ones will become HIGH PRICED and gets side lined. So, the owners who are either retiring or bought as an investment, NOW want to sell them and get out. So, they do the best that they can do and move out of the picture.
It is redundant for me to tell you that the whole population being transient and NEW to this country and since has NO ROOTS and being a wandering population does not know where the next generation is going to settle down and so liquidate their positions at a certain time in their lives and enjoy their last days in their Native Country or in warm climates and let the next generation do what they feel that they should do. All of this is the WHOLE picture that I see at different locations here in Canada. Please bear in mind that the next generation is well educated and have their own abode to hang their hats too. The OLD Home stead and having a FARM and a BASE etc., was the old era and in the new cosmic age, I am seeing things emerging and every day I see new concepts appearing on the web sites and news services, and I find it is difficult to keep in touch with everything. All of this is happening right in front of me and the current generation calls it 'THE CHANGE'.
You and me are stuck between "A Rock and the Change", so to say.
Is this real estate scenery? No, this is the summation from the beginning to the end of an individuals entry and exit. The property part is just the middle of it, that which you are looking for.
Hope you enjoy reading it.
FH.
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Quote:
Originally posted by febpreet
Hey,
Just wanted to ask as I am curious. What's the current situation with the GTA Real Estate? The News mentions about the depleting sales in the detached SFH. Have you guys noticed any slump in prices as well, or is it minuscule? I was checking Realtor.ca and found quite a good number of homes in the $600-700k range, while there was none whatsoever last year during the same months. What's the situation on the ground?
Also, how is Guelph to buy an investment property. Not for flipping, but a long term rental and hold.
Thanks,
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