Canada, data, economy, presales, prices, supply

What’s happening to the east?

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126 Comments

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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Overpaid

Wow. The average doctor really doesn’t make much money. Some of them make (take!) way more than they should be , taking advantage of the MSP fee chart. Looks like the regulators need to visit MSP’s billing schedule.Im a pipefitter and I almost make twice the median doctor wage. Now that’s officially crazy.

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Snake

1)what-are-b-c-s-most-valuable-university-degrees

http://blogs.vancouversun.com/2013/09/13/what-are-b-c-s-most-valuable-university-degrees/

2)bc-doctor-salaries what your doctor goet paid ?

http://blogs.vancouversun.com/2013/09/26/bc-doctor-salaries/

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Bilbo Bloggins

Everywhere I look sellers who bought recently are losing money.
Haha, went open house shopping last couple of weekends.
One place listed for 679K… seller bought it back in 2012 for 695K so he already down 15K in a year and half not even including closing cost and seller fees.
Anyway assessed is only 633K. I thought about low balling an offer of 625 but even if I get a 520K mortgage at 2.5%, after 3yrs I only paid off 25K. The property could easily dropped by 10% by then.
No thanks — I keep my down payment fully invested elsewhere.

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Joe Mainlander

“Realtor fired for telling truth about Vancouver real estate bubble”

http://www.youtube.com/watch?v=2zMTHIkv-n8

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Snake

Laid off Hydro meter readers still looking for work, union says Workers had been told they would be retrained

http://www.vancouversun.com/sports/Laid+Hydro+meter+readers+still+looking+work+union+says/8959689/story.html

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Laurey

since when that rag of the paper start asking for subscription?

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frank

Here is the list of all the salaries.

http://blogs.vancouversun.com/2013/02/27/bc-hydro-coughs-up-salary-data-in-new-format/

Look at the bottom. Powerex employees are really making money. two of the traders make $900K!

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snake

Vancouver man duped $500K in fake romance

http://ca.news.yahoo.com/vancouver-man-duped-500k-fake-romance-001617275.html
———————————————-
Damn that my down payment for a house

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snake

@RealityCheck Says

My buddy and his wife both work for BC Hydro and earn about $250,000 a year I am curious what do they really do to deserve $125,00 each ?

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Son of Ponzi

# 99 and #102
Thank you for your insider information.
See, Softie, that’s why I visit this blog. For useful information on which I can base my RE decisions on.
Not for the nonsense that you are resurgitating, after a night out with your RE buddies.

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Son of Ponzi

Please repeat after me:
“It’s home”owers” not homeowners.c

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Da Bears!!

98 sold listings!!! 1 day in a row with under 100 sales!!! guys, this is the end!! the crash is upon us~!!!

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Laurey

RealityCheck: “Sorry honey…..”
I hope you are female 🙂

“It amuses me to see renters waiting for a crash yet don’t have several hundred thousand in their accounts to put down if housing went south”

well that was my point exactly few days ago. majority of renters or owners don’t have even 30k sitting in their account.

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paulb

New Listings 140
Price Changes 75
Sold Listings 98
TI:17342

http://www.paulboenisch.com

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patriotz

@105: From your link:

“60 per cent of employees at Ontario’s electric utilities (Hydro One and Ontario Power Generation) earned more than $100,000 in 2012”

Not an apples to apples comparison, as Ontario cities operate their own electrical systems which employ all the customer side personnel. The two provincial agencies employ a disproportionate number of engineers and high voltage maintenance personnel.

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RealityCheck

Patriotz:

House worth $500,000. Mortgage $200,000

Net—-> ++++++++++++$300,000

So I agree with former poster…..that person is $300,000 better than a renter. Renter is clueless thinking that homeowner is jus $200,000 in debt.

Love you way of thinking….just dying laughing..

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RealityCheck

Laurey:

Huh? “doing that great”??

Sorry honey but several hundred in the bank is nothing these days.

I think you need to understand that if interest rates skyrocketed and RE fell a catastrophic 33%, without a hefty downpayment your monthly payments would be TOO HIGH to afford.

It amuses me to see renters waiting for a crash yet don’t have several hundred thousand in their accounts to put down if housing went south.

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patriotz

@95: “he has no debt because mortgages are assets”

Well of course mortgages are assets. But for the lender, not the borrower. 🙂

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Laurey

“Hopefully, we have a total 20% correction so a $700,000 house would be $560,000. Then it would work for a lot of people here on this blog who have several hundred thousand saved already.”

here we go again, not 100k but several hundred in the acc.
ok so why do you need to own a house if you are doing that great?

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RealityCheck

Hopefully, we have a total 20% correction so a $700,000 house would be $560,000. Then it would work for a lot of people here on this blog who have several hundred thousand saved already.

Having said that, bears such as Garth Turner only say a 15% correction may come…hope he is wrong. 20% would do it for most people. My buddy and his wife both work for BC Hydro and earn about $250,000 a year (typical at BC hydro). They are hoping for a 20% reduction in prices as well…

bring it on!!

http://www.news1130.com/2013/09/26/bc-hydro-slammed-for-six-figure-salaries/

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snake

Where Are The Cheapest Condos In Toronto?

4-bedroom, 2-bathroom condo for $149,900

http://www.torontorealtyblog.com/archives/where-are-the-cheapest-condos-in-toronto/9916

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mls watch

Here is one:

http://edition.cnn.com/2013/09/24/business/china-wealthy-rich-poor-divide/?hpt=hp_t3

The China Society of Economic Reform released a survey Monday that found “gray income” was 6.2 trillion yuan (U.S. $1 trillion), or 12% of GDP. “Gray income” can range from illegal cash from kickbacks to unreported income and gifts.

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YVR

“I’ll pass along one most outsiders don’t know, when the cost of a used home exceeds the cost of a a new build, you crash.. I have seen this multiple times and its easy to predict… Its one of the only variables that is bullet proof and not controlled by outside interests!” This is the dirty little secret realtors don’t want you to know when they talk about sellers who can’t get their price just taking the property off the market. Of course we know not all sellers of used properties can do that, but ALL new builds must sell within a reasonable period of time. There is no take it off the market and wait for the market to get better (which won’t happen anyway). From what I have seen most spec SFH new builds are being cut by… Read more »

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