| porschetr |
| (Post Master Supreme) |
| 09/20/20 10:39 AM |
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Housing market has gone mad
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I've been watching for a last couple of months, and the market has reached another peak.
In Woodbridge, Original conditioned $1.0 ~ 1.3M houses (2,500-3,000sq, 25-30 years old) are selling in less than 24hrs with multiple offers.
3 weeks ago, a house was sold at 1.21M, a week after a house on same street was sold for $1.24M. and a couple of days ago, $1.27M for house in far worse condition.
A buddy of mine is looking in Whiby/Osahwa.
This $600-700k home had 15 offers LOL.
People who didn't shop because COVID since March are now all going for it at once. Vacation money not spent this summer is going towards the house too I guess.
Wonder what's gonna happen when CERB ends and the second wave of Covid sweeps.
| Hatorade |
| (Post Master Supreme) |
| 09/20/20 06:08 PM |
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Re: Housing market has gone mad
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You’re a tad slow. Market has been mad since January 2020...
| Risky Business |
| (Post Master Supreme) |
| 09/21/20 05:15 AM |
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Re: Housing market has gone mad
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Originally Posted By: porschetr
I've been watching for a last couple of months, and the market has reached another peak.
In Woodbridge, Original conditioned $1.0 ~ 1.3M houses (2,500-3,000sq, 25-30 years old) are selling in less than 24hrs with multiple offers.
3 weeks ago, a house was sold at 1.21M, a week after a house on same street was sold for $1.24M. and a couple of days ago, $1.27M for house in far worse condition.
A buddy of mine is looking in Whiby/Osahwa.
This $600-700k home had 15 offers LOL.
People who didn't shop because COVID since March are now all going for it at once. Vacation money not spent this summer is going towards the house too I guess.
Wonder what's gonna happen when CERB ends and the second wave of Covid sweeps.
In Woodbridge, Original conditioned $1.0 ~ 1.3M houses (2,500-3,000sq, 25-30 years old) are selling in less than 24hrs with multiple offers.
3 weeks ago, a house was sold at 1.21M, a week after a house on same street was sold for $1.24M. and a couple of days ago, $1.27M for house in far worse condition.
A buddy of mine is looking in Whiby/Osahwa.
This $600-700k home had 15 offers LOL.
People who didn't shop because COVID since March are now all going for it at once. Vacation money not spent this summer is going towards the house too I guess.
Wonder what's gonna happen when CERB ends and the second wave of Covid sweeps.
The "peak" ended so to speak about a week ago as we finally saw lower absorption relative to new listings on detached. Not to say prices aren't crazy, but it's not as aggressive as it was in July/August, mostly because kids are back to school and it's typical seasonality.
The 2017 run up was pretty much the same price wise to now.
There is EI after CERB, and CERB people for the most part aren't home owners or potential owners so little to no relevance to the housing market (short term at least).
| Screamin Type ARGH! |
| (Post Master Supreme) |
| 09/21/20 07:47 AM |
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Re: Housing market has gone mad
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yeah shit around here gone full retard as well
| Risky Business |
| (Post Master Supreme) |
| 09/21/20 08:35 AM |
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Re: Housing market has gone mad
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Any suburb that was sub $1M detached prior to this was on fire, all of Durham, north York Region (Newmarket/Queensville/etc), Burlington.
Lots of buyers remorse inbound
I saw more stupidity in the last 2 months than in the past 10 years in terms of buyer behaviour. Pre construction is even worse.
| Hatorade |
| (Post Master Supreme) |
| 09/21/20 11:21 AM |
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Re: Housing market has gone mad
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Buyers remorse will only happen if prices fall and with stupid interest rates and lack of supply that’s not happening.
| Senor Eduardo_82 |
| (Post Master Supreme) |
| 09/21/20 01:55 PM |
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Re: Housing market has gone mad
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Since we're talking about real estate.... does private sale data still get logged with TREB, and therefore available on sites like HouseSigma?
| Risky Business |
| (Post Master Supreme) |
| 09/21/20 02:34 PM |
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Re: Housing market has gone mad
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It should show up on Geowarehouse, but I've seen instances where they aren't on TREB.
| Hatorade |
| (Post Master Supreme) |
| 09/21/20 02:50 PM |
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Re: Housing market has gone mad
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Originally Posted By: Senor Eduardo_82
Since we're talking about real estate.... does private sale data still get logged with TREB, and therefore available on sites like HouseSigma?
Nope. As RB said, can only see via Geo.
| Screamin Type ARGH! |
| (Post Master Supreme) |
| 09/21/20 07:33 PM |
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Re: Housing market has gone mad
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fuck it gonna put my house up at 2x what i paid, see what goes down.
hator, you and rog get some sexy commish bruh!
| A2B-Lexus |
| (Post Master Supreme) |
| 09/21/20 10:13 PM |
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Re: Housing market has gone mad
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My area around Kennedy and 16 is 250-300k more than what it was a year ago. I should talk my wife into downsizing townhouse back to 9th line. We'd be close to mortgage free.
| Risky Business |
| (Post Master Supreme) |
| 09/22/20 04:45 AM |
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Re: Housing market has gone mad
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Originally Posted By: A2B-Lexus
My area around Kennedy and 16 is 250-300k more than what it was a year ago. I should talk my wife into downsizing townhouse back to 9th line. We'd be close to mortgage free.
uhhh good luck, I've been looking there on and off for a main + coach to buy/rent, IIRC from pre covid they are up 300k+. I stopped looking once I saw some go close to 1.5M. At 1.1m it was high, but could work. Not anymore.
| Big Tasty |
| (Post Master Supreme) |
| 09/22/20 08:28 AM |
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Re: Housing market has gone mad
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Around here all the builders are buying up the small bungalows and A-frame houses and putting up the cookie cutter massive houses.
| Risky Business |
| (Post Master Supreme) |
| 09/22/20 09:12 AM |
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Re: Housing market has gone mad
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Not a single builder is buying right now.
Anything going up now or breaking ground now was bought pre covid by builders. Post covid the numbers are stacked against the builder or the possibility of even breaking even. It's a double edged problem, land skyrocketed because of covid lack of inventory and construction costs went through the roof because of manufacturing shutdowns. Any of you try to get lumber recently? It's effectively double the price unless you have a direct connection with a mill.
| Simon_the_Pieman |
| (Post Master Sr) |
| 09/22/20 03:50 PM |
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Re: Housing market has gone mad
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Originally Posted By: Risky Business
Not a single builder is buying right now.
Anything going up now or breaking ground now was bought pre covid by builders. Post covid the numbers are stacked against the builder or the possibility of even breaking even. It's a double edged problem, land skyrocketed because of covid lack of inventory and construction costs went through the roof because of manufacturing shutdowns. Any of you try to get lumber recently? It's effectively double the price unless you have a direct connection with a mill.
Anything going up now or breaking ground now was bought pre covid by builders. Post covid the numbers are stacked against the builder or the possibility of even breaking even. It's a double edged problem, land skyrocketed because of covid lack of inventory and construction costs went through the roof because of manufacturing shutdowns. Any of you try to get lumber recently? It's effectively double the price unless you have a direct connection with a mill.
trade demand also up so it's a waiting game or paying premium to bump you up the line
| TheRealCSnapper |
| (Post Master Supreme) |
| 09/23/20 08:31 AM |
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Re: Housing market has gone mad
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a nice newly Reno'd house around the corner listed at 2.49....and then down to 2.39....and after a few weeks, it's currently listed at 1.89
| Risky Business |
| (Post Master Supreme) |
| 09/23/20 08:48 AM |
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Re: Housing market has gone mad
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Somebody got greedy, now they will lose their shirt.
| SuPeR-MaRiO |
| (Post Master Sr) |
| 09/23/20 07:36 PM |
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Re: Housing market has gone mad
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Are there any comparables? A difference of $600k is a significant drop (mind you I'm guessing they won't accept anywhere near that new asking price).
| Risky Business |
| (Post Master Supreme) |
| 09/24/20 04:57 AM |
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Re: Housing market has gone mad
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They will accept whatever the place is worth, FYI these types of things are very common in the 2M-4M range of homes, it happens a lot (mis priced, massive price write downs, etc). You don't really see it with regular homes, but with more expensive stuff it's easier to miss the ball completely. It reflects badly on the realtor and it's usually the owners that are the issue.
I am starting to get way more picky who I work with, working with irrational people is a waste of time (got burned by this already lol). Live and learn.
| Risky Business |
| (Post Master Supreme) |
| 09/24/20 05:07 AM |
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Re: Housing market has gone mad
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So many homes bought in 2016-2017 are currently selling for less than people paid for them back then (higher end)
Sold for 3M now, 3.45M in 2017
Asking 3.9M, sold for 3.1M
| SharpSpoon |
| (Post Master Sr) |
| 09/27/20 08:36 AM |
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Re: Housing market has gone mad
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I don't follow the residential market very actively but my GF work mostly in DT condos. She has a lot of clients that have purchased as investment properties and rent them out. Due to the slow leasing activity you can see the ones who bought without ever thinking it would be vacant and they are looking to get out of the condos. I suspect this will be the case for many more people as leasing remains slow and offices remain closed downtown.
I'm in the commercial leasing space and see the impact on the office market, not only now but how companies expect they will use their space in the future.
| Denis Si |
| (Post Master) |
| 09/27/20 03:19 PM |
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Re: Housing market has gone mad
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3 houses in my hood sold 200+ over asking for an average of 1.3. W T F
people ain’t scared of 2nd wave?
| Risky Business |
| (Post Master Supreme) |
| 09/27/20 06:50 PM |
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Re: Housing market has gone mad
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covid got cancelled bruh
| Denis Si |
| (Post Master) |
| 09/28/20 10:39 AM |
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Re: Housing market has gone mad
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700 cases today l e l