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#9906849 - 09/20/20 10:39 AM Housing market has gone mad
porschetr Offline
Post Master Supreme


Registered: 05/15/01
Posts: 23391
Loc: WBridge
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.

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#9907050 - 09/20/20 06:08 PM Re: Housing market has gone mad [Re: porschetr]
Hatorade Offline
pheggit
Post Master Supreme


Registered: 11/05/99
Posts: 26894
Loc: Toronto, ON
You’re a tad slow. Market has been mad since January 2020...
_________________________

'07 997.1 GT3
'08 E90 M3
'11 E90 d
'02 Rota Grid - 195-55-16FR (RIP)
'04 Volk GTC - 245-35-19F/275-35-19R (Sold to a farm boi)
I thought Spark was a robot from the old movie and I kind of remember seeing him telling some engineer showing the equation for a clear metal that the guy would event years later - porschetr

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#9907245 - 09/21/20 05:15 AM Re: Housing market has gone mad [Re: porschetr]
Risky Business Offline
Provides a Great Work Environment. he/him
Post Master Supreme


Registered: 05/17/10
Posts: 44789
 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.



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).

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#9907280 - 09/21/20 07:47 AM Re: Housing market has gone mad [Re: Risky Business]
Screamin Type ARGH! Offline
High Value Poster
Post Master Supreme


Registered: 02/20/01
Posts: 47632
Loc: T.O. - Canaduh
yeah shit around here gone full retard as well
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"Ban low performance drivers, not high performance cars"

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#9907320 - 09/21/20 08:35 AM Re: Housing market has gone mad [Re: Screamin Type ARGH!]
Risky Business Offline
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Registered: 05/17/10
Posts: 44789
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.

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#9907463 - 09/21/20 11:21 AM Re: Housing market has gone mad [Re: Risky Business]
Hatorade Offline
pheggit
Post Master Supreme


Registered: 11/05/99
Posts: 26894
Loc: Toronto, ON
Buyers remorse will only happen if prices fall and with stupid interest rates and lack of supply that’s not happening.
_________________________

'07 997.1 GT3
'08 E90 M3
'11 E90 d
'02 Rota Grid - 195-55-16FR (RIP)
'04 Volk GTC - 245-35-19F/275-35-19R (Sold to a farm boi)
I thought Spark was a robot from the old movie and I kind of remember seeing him telling some engineer showing the equation for a clear metal that the guy would event years later - porschetr

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#9907608 - 09/21/20 01:55 PM Re: Housing market has gone mad [Re: Hatorade]
Senor Eduardo_82 Offline
miataist
Post Master Supreme


Registered: 01/09/03
Posts: 38036
Loc: Ca�ada
Since we're talking about real estate.... does private sale data still get logged with TREB, and therefore available on sites like HouseSigma?
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#9907664 - 09/21/20 02:34 PM Re: Housing market has gone mad [Re: Senor Eduardo_82]
Risky Business Offline
Provides a Great Work Environment. he/him
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Registered: 05/17/10
Posts: 44789
It should show up on Geowarehouse, but I've seen instances where they aren't on TREB.

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#9907685 - 09/21/20 02:50 PM Re: Housing market has gone mad [Re: Senor Eduardo_82]
Hatorade Offline
pheggit
Post Master Supreme


Registered: 11/05/99
Posts: 26894
Loc: Toronto, ON
 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.
_________________________

'07 997.1 GT3
'08 E90 M3
'11 E90 d
'02 Rota Grid - 195-55-16FR (RIP)
'04 Volk GTC - 245-35-19F/275-35-19R (Sold to a farm boi)
I thought Spark was a robot from the old movie and I kind of remember seeing him telling some engineer showing the equation for a clear metal that the guy would event years later - porschetr

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#9907917 - 09/21/20 07:33 PM Re: Housing market has gone mad [Re: Hatorade]
Screamin Type ARGH! Offline
High Value Poster
Post Master Supreme


Registered: 02/20/01
Posts: 47632
Loc: T.O. - Canaduh
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!
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"Ban low performance drivers, not high performance cars"

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#9907993 - 09/21/20 10:13 PM Re: Housing market has gone mad [Re: Screamin Type ARGH!]
A2B-Lexus Offline
Post Master Supreme


Registered: 04/19/01
Posts: 45550
Loc: Raptors Land
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.
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#9908031 - 09/22/20 04:45 AM Re: Housing market has gone mad [Re: A2B-Lexus]
Risky Business Offline
Provides a Great Work Environment. he/him
Post Master Supreme


Registered: 05/17/10
Posts: 44789
 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.

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#9908082 - 09/22/20 08:28 AM Re: Housing market has gone mad [Re: Risky Business]
Big Tasty Offline
Post Master Supreme


Registered: 02/10/02
Posts: 19600
Loc: Toronto
Around here all the builders are buying up the small bungalows and A-frame houses and putting up the cookie cutter massive houses.
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#9908118 - 09/22/20 09:12 AM Re: Housing market has gone mad [Re: Big Tasty]
Risky Business Offline
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Registered: 05/17/10
Posts: 44789
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.

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#9908720 - 09/22/20 03:50 PM Re: Housing market has gone mad [Re: Risky Business]
Simon_the_Pieman Offline
Post Master Sr


Registered: 08/13/01
Posts: 9457
Loc: The A
 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.


trade demand also up so it's a waiting game or paying premium to bump you up the line
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"I'd love it if we did it... but I guess I'm a big skeptic on Canadians because so many are retarded as fuck." - 355-Si, 2020

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#9909097 - 09/23/20 08:31 AM Re: Housing market has gone mad [Re: Simon_the_Pieman]
TheRealCSnapper Moderator Offline
Post Master Supreme


Registered: 12/05/02
Posts: 31954
Loc: Toronto, Canada
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
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#9909104 - 09/23/20 08:48 AM Re: Housing market has gone mad [Re: TheRealCSnapper]
Risky Business Offline
Provides a Great Work Environment. he/him
Post Master Supreme


Registered: 05/17/10
Posts: 44789
Somebody got greedy, now they will lose their shirt.
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#9909799 - 09/23/20 07:36 PM Re: Housing market has gone mad [Re: Risky Business]
SuPeR-MaRiO Offline
Post Master Sr


Registered: 06/28/01
Posts: 6111
Loc: Toronto, Ontario
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).
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#9909963 - 09/24/20 04:57 AM Re: Housing market has gone mad [Re: SuPeR-MaRiO]
Risky Business Offline
Provides a Great Work Environment. he/him
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Registered: 05/17/10
Posts: 44789
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.

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#9909964 - 09/24/20 05:07 AM Re: Housing market has gone mad [Re: Risky Business]
Risky Business Offline
Provides a Great Work Environment. he/him
Post Master Supreme


Registered: 05/17/10
Posts: 44789
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


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#9911707 - 09/27/20 08:36 AM Re: Housing market has gone mad [Re: Risky Business]
SharpSpoon Offline
Post Master Sr


Registered: 11/29/04
Posts: 7246
Loc: GTA
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.

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#9911797 - 09/27/20 03:19 PM Re: Housing market has gone mad [Re: SharpSpoon]
Denis Si Offline
Post Master


Registered: 04/11/01
Posts: 2798
Loc: T.O.
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?

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#9911865 - 09/27/20 06:50 PM Re: Housing market has gone mad [Re: Denis Si]
Risky Business Offline
Provides a Great Work Environment. he/him
Post Master Supreme


Registered: 05/17/10
Posts: 44789
covid got cancelled bruh
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#9912126 - 09/28/20 10:39 AM Re: Housing market has gone mad [Re: Risky Business]
Denis Si Offline
Post Master


Registered: 04/11/01
Posts: 2798
Loc: T.O.
700 cases today l e l
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