Sort by:   newest | oldest | most voted
Anonymous
Guest
Anonymous

At least Toronto can justify higher prices relative to Vancouver because there are REAL jobs in the Toronto area, not just real estate industry jobs like Vancouver.

registered
Member
registered

According to Sauder Toronto prices are less than 60% of Vancouver's:

http://cuer.sauder.ubc.ca/cma/index.html#

It's hard to see how Toronto rents can be higher too, especially given that it has much, much more purpose built rental stock. I would love to see metrics Mercer used but unfortunately that costs $$$.

patriotz
Member

@fixie guy:

It’s hard to see how Toronto rents can be higher too, especially given that it has much, much more purpose built rental stock.

NYC has far more purpose built rental stock (as a % of total dwellings) than any other North American city and it also has the highest rents.

Rents generally follow incomes and the simplest explanation for higher rents in Toronto than in Vancouver is that incomes are higher.

Vancouver long had a higher rent/income than other major Canadian cities but perhaps oversupply and greatly reduced net domestic migration is bringing that to an end.

Anonymous
Guest
Anonymous

Sale/list <40%

New Listings – 292

Back On Market Listings – 9

Price Changes – 115

Sold Listings – 115

*Attached & Detached – Date: 07/12/2011

space889
Guest
space889

Luanda Angola is ranked as the most expensive in the world to live in for housing cost? I think there is something wrong with the methodology or the results just isn't being reported right.

http://www.vancouversun.com/business/Toronto+pass

YLTN @ Work
Guest
YLTN @ Work

@space889:

The point of the post is to mock how papers like the VS read the AP notes version of the story only and don't do their own research. If you go the Mercer site you will see that this is a totally useless study unless you are a US corporation that needs to work out what stipend to pay your overseas employees for different locations:

http://www.mercer.com/articles/1095320

patriotz
Member

@space889:

Luanda Angola is ranked as the most expensive in the world to live in for housing cost?

It's the most expensive city in the world for housing US business executives in an executive lifestyle.

Which is what Mercer is being paid to research in the first place. The problem is that the MSM are slow to catch on to this.

real_professional
Member

A buddy of mine just passed the news:

BNN – TD calls for 15% in 2012, 10% in 2013 cut in housing prices.

real_professional
Member
http://www.bnn.ca/News/2011/7/13/Real-estate-set-… Economists at TD Bank say Canada’s real estate market is set for a pullback, led by the country’s two hottest markets, Toronto and Vancouver. A new report from TD predicts resale activity will fall by 15.2 percent and average prices will drop by 10.2 percent over the next two years. “A combination of more subdued job and household income growth, rising interest rates, the recent tightening in borrowing rules for insured mortgages and fewer first time home buyers are expected to be the chief culprits behind the slowdown,” TD says. Vancouver’s real estate market will fare the worst in the next two years. TD predicts a 25.4-percent peak-to-trough decline in sales and a 14.8-percent pullback in prices by 2013. —- This is huge for a bank to come out and say this. —- First Capital Economics and then TD
WFT?
Guest
WFT?

@real_professional:

Don't listen to grad students. RE only goes up and it goes up forever.

Anonymous
Guest
Anonymous

@real_professional:

14.8% for Vancouver? I always wonder how they come up with these numbers (why not 14.9% or 14.7%). I would bet they never explain it because the real prediction is much worse and the number we see is one that's not meant to freak out the public too badly but still keep the bank's credibility when prices do fall. Afterall, a $1.2 million average home in Vancouver would be worth $1.02 million after a 15% haircut. That's still not affordable by any historical means or income levels that currently exist.

Anyone else notice that with every article that comes out claiming a slowdown is on the way, Vancouver is continually pointed out as the most in danger/having the largest potential drop in prices? I wonder how HAM feels about that?

Anonymous
Guest
Anonymous
Best place on meth
Member
Best place on meth

@real_professional:

We're seeing a big slowdown in sales already.

When was the last time sales peaked in March for the year?

Maybe never.

ReadyToPop
Guest
ReadyToPop

The company behind the gold bar vending machines plans to install 50 across Britain over the next few years, allowing ordinary shoppers to invest in the precious metal as an investment.

Gold ATM machine at Westfield: meet the first customer

Yup….hey dad remember when nobody could afford a house and gold was over a grand? Yeah son, but central banks are still here….RTP

real_professional
Member

Hey guys I think the point that has been missed is: TD has come out to say this

They have to be conservative by virtue of "If I'm wrong" … the bank economists were wrong in the magnitude on the way up and they will be too conservative on the way down.

When the sell off begins the momentum crowd will over extend the losses – housing will become too cheap, assets don't correct to fair value they go beyond.

But when the banks turn on real estate we have news.

gordholio
Member

#9, Real Professional: You can bet if the banks – the organizations that make so much money by lending to greater fools – are now coming out and saying this:

1) They've known for a helluva lot longer.

2) The percentage drops they're publically predicting are far more conservative then the percentage drops they discuss in their inner sanctums. In time, they'll slowly modify those figures.

Patiently Waiting
Member
Patiently Waiting

@Best place on meth: This has been a weird year for real estate in Vancouver.

YLTN @ Work
Guest
YLTN @ Work

@Anonymous: I bet Cam Good is more worried. As many on this blog agree that a good portion of HAM is ill gotten gains therefore what will this type of person do to the soothesayer (Cam Good) who convinced them that Real Estate in Vancouver only goes up after it crashes?

Bubba
Guest
Bubba

How's the RE terrain out there ?

Man, here in Richmond its getting stinky stagnant.

All classes of listings(new, old in between) sitting idle.

Devore
Member
Devore

@YLTN @ Work: I don't think cowardly white collar criminals will be loading up on muscle to get revenge on eager salesmen.

Anonymouse
Guest
Anonymouse

@YLTN @ Work:

"As many on this blog agree that a good portion of HAM is ill gotten gains"

So it must be true?

CC
Guest
CC

banks have to be conservative with these reports in order to keep business growing while at the same time preserving their reputation by stating that they were aware of the bubble, just not sure how profound it was going to be. If they are calling for 25% drops, count on at least double that happening.

Best place on meth
Member
Best place on meth

@Bubba:

Richmond is a smoldering wreck, loads of price reductions of 10%.

asalvari1
Guest
asalvari1

Hello

I lost my tracker ability to track the solds and sold prices today !

The livelistings.ca ceased to send the sold data due to :

** SERVICE CHANGE NOTIFICATION **

There has been a major change to Neighbourhood Watch. Due to a change by your local real estate board, sold information is no longer available. We are working on an alternate method of providing this information to you in the future…

I wonder if you guys would have alternative source that still operates – I really relied on the sold data delivered via livelistings…

pls help.

registered
Member
registered

@7 patriotz Says: "The problem is that the MSM are slow to catch on to this.

The Vancouver Stunned might not, but some understand: http://ca.news.yahoo.com/toronto-surpasses-vancou

And a nice look into what constitutes the focus of these surveys: http://www.elisekrentzel.com/?p=159

It didn't occur to me that, targeting the niche of expat executives, these surveys focus on the spending habits of a well heeled sub-set with even less statistical relevance to the local population.

wpDiscuz