What’s happening to the east?

Not a lot of news to report locally.

Could we be in what Dave calls a ‘flat’ market?

If you’ve got local news, please do post it in the comments below, but in the meanwhile let’s take a look to the east.

From here that means Toronto, where new condo sales are showing the worst August in a decade.

Toronto’s condo market has been a significant source of concern for policy makers in Ottawa in recent years, including at the Finance Department and Bank of Canada. Finance Minister Jim Flaherty expressed concern in 2012 that he felt too many new units were being built, a phenomenon that could ultimately lead to a crash. The Bank of Canada has said that such a crash could pose a threat to the country’s broader economy. Real estate agents say the warnings have been having an impact on the market, by causing some buyers to think twice about getting in.

So wait, what’s the current lack of sales caused by – Too much construction or warnings about too much construction?

Guess it depends on who you ask.

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tyler
Guest
tyler

Bond Yields crashing….approaching June levels.

All that fuss last month about nothing.

Case Shiller
Guest
Case Shiller

Yale Distinguished Professor says expect a 4% a YEAR INCREASE IN US HOUSE PRICES OVER THE NEXT 10 YEARS!!!! It’s on BNN.

WOW!

That is a compounded increase of 50% in 10 years. He says no bubble because half the houses are being bought with cash! That 50% is an average. Expect choice cities like Phoenix and San Diego to go up much more than that!

Those bears here that say Vancouver is no San Diego/Phoenix or want to move South better do it now before they’re priced out over there as well.

Son of Ponzi
Guest
Son of Ponzi

Cash Shiller.
You double posted.
Now we have to down post you twice.

Softy
Guest
Softy

“Plenty of lowball offers being accepted on SFH in Van east, Van West, Richmond and Burnaby.

If you really want a house, don’t be afraid to offer 10-15% below asking and telling them it’s your final offer, especially if it’s been on the market more than 30 days.”

Do you have any examples of this? Unless you post actually sales, it is impossible to know if this is true and it is also impossible to know if the sale price represents an rising or falling market.

Remember, it is sale price that matters, not percent above or below ask price.

Melba
Guest
Melba

….If you really want a house, don’t be afraid to offer 10-15% below asking and telling them it’s your final offer, especially if it’s been on the market more than 30 days.”

Or, wait another 30 days and offer %20 below, or, wait another 60 days and offer %25 below, or wait another 90 days and offer %30 below, or…. well, I think you get the picture.

When asking prices are %50 less than they are now, I’ll consider looking. I don’t really want a house, I want something that’s cheaper than renting and even at %50 off I’m not sure that makes sense in this city of lunatics. But, until then, I’m happy to keep renting.

Harvey
Guest
Harvey

“But, until then, I’m happy to keep renting”

hey nobody is perfect.

Softy
Guest
Softy

“Or, wait another 30 days and offer %20 below, or, wait another 60 days and offer %25 below, or wait another 90 days and offer %30 below, or…. well, I think you get the picture. ”

Your timig is off. On this blog, people like to wait decades, not days.

paulb
Member
Trusted Member

New Listings 238
Price Changes 103
Sold Listings 137
TI:17402

http://www.paulboenisch.com

Softy
Guest
Softy

Red hot sales continue. We are back to the 10 year average in sales and the last 10 years saw the hottest real estate market in history. The real estate boom is clearly back.

Harvey
Guest
Harvey

Yup, I called the bottom of this mini-correction in April.

good-format
Guest
good-format

Total sales so far this month is: 1982
Estimated sales for this month is: 2482 (using 2-week avg)

Avg sales in September (2002 to 2012) is 2585.

Best place on meth
Member
Active Member
Best place on meth

186 W. 48th, original 2.23, reduced to 1.99, sold 1.79

1988 Western Parkway, ask 4.38, sold 3.95

6773 Tyne, Van E. original 900K, reduced to 858K, sold 790K

10315 No. 4 Rd, original 988K, reduced to 948K, sold 836K

7911 Joffre, Burnaby, ask 1.9, sold 1.71

3136 Duchess, N. Van, ask 1.05, sold 960K

3375 Chesterfield, N. Van, ask 1.14, sold 1.04

2.79% 5 yr. NEVER AGAIN
Guest
2.79% 5 yr. NEVER AGAIN

“Bond Yields crashing….approaching June levels.

All that fuss last month about nothing.”

Except Canadian mortgage rates are not going down.

Rates will not be going back down in any meaningful manner due to changes to the CMHC rules.

This renter for one loves it. I picked up several very high quality REIT’s in the last two weeks that were on a 20% off sale with yields of 7% or better.

I don’t have to worry about a busted toilet at 2 am like you amateur landlords.

It's simple
Guest
It's simple

#13 that is now a real investment

Best place on meth
Member
Active Member
Best place on meth

@2.79% 5 yr. NEVER AGAIN

Were they Canadian or US REIT’S?

Renter
Guest
Renter

But a house on 33 Dumfries are sold for 1.5 million.

renter
Guest
renter

a House on 33 and Dumfries are sold for 1.5 million.

Clive
Guest
Clive

” REIT’s in the last two weeks that were on a 20% off sale with yields of 7% or better. ”

give us a names so that we, the homeowners, can make some money!!

carl
Guest
carl

sorry clive we don’t want you to get more debt if you buy the wrong reits because your hydro rates will be skyrocking in a few months

mls watch
Guest
mls watch
Also, price changes are usually down (and often exceed my yearly rent, in just a few months): Address – original – current 7736 MAIN ST $808,888 now 798,888 8058 FRASER ST 699,000 now 679,000 3073 WINDSOR ST 879,000 now 865,000 711 10TH AVE E 879,000 now 849,000 6622 SHERBROOKE ST 969,000 now 948,000 7972 SOPHIA ST 948,900 now 859,900 ! 1222 61ST AVE E 998,000 now 949,000 1328 60TH AVE E 899,900 now 858,000 474 12TH AVE E 888,000 now 859,000 811 64TH AVE E 937,000 now 925,000 4596 WINDSOR ST 979,900 now 949,900 1020 10TH AVE E 679,000 now 659,900 8056 FRASER ST 699,000 now 679,000 976 54TH AVE E 840,000 now 775,000 1121 KEEFER ST 848,000 now 799,000 1072 58TH AVE E 937,000 now 909,000 452 16TH AVE E 948,000 now 888,000 452 16TH AVE E 948,000 now… Read more »
renter
Guest
renter

Then,why the house on dumfries sold for 1.5 million .

Harvey
Guest
Harvey

mls watch: “Also, price changes are usually down (and often exceed my yearly rent, in just a few months):”

soooo dense. o my god. hey and the amount that they cashed is more than what you gona make in let’s say…200 years?

jesse
Member

There have been bidding wars recently. Nothing like a rate hold expiry, with a nesting instinct, to light a fire!

logic
Guest
logic

harvey (22) – – – after they pay off their six figure mortgage and RE leech’s fees, I very much doubt that.

Harvey
Guest
Harvey

@logic

So you are saying that all these people from above list bought just YESTERDAY and today they are selling? I will have too what you are smoking.

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