This little 3 bed, 2 bath 1800 sq ft dump is at the bargain price of: $725,000.
A house my wife sold (1800 sq ft) in 2000 for $300K just sold for $1,599,000:
Posted on 04/10/2017 6:07:40 PM PDT by davikkm
For homeowners the great, big, unanswered question is whether or not the Canadian real estate market will finally crash in 2017. Turns out, all reports and analysis lean towards a flattening out of property prices in most Canadian markets, with some areas of the country experiencing a decline in both sales activity and prices, as other areas continue to experience price gains, albeit at a much slower pace than we’ve seen in recent years.
“Doug Porter, chief economist for the Bank of Montreal, used the “bubble” word recently in describing the housing market in the Greater Toronto Area. He said that prices anywhere within commuting area of the city “are overheating and perhaps dangerously so”. If you believe that’s scaremongering, let remind you that it has happened before. Between 1989 and 1996, Toronto house prices fell by 40 per cent, adjusted for inflation. It can happen again and probably will. It’s just a matter of time. Toronto’s housing market isn’t the only financial bubble these days. The stock market is just waiting for someone to stick a pin in it. As of the end of last week, the price/earnings ratio of the S&P 500 was 26.47. That’s the highest since 2010. The historic mean, using data going back to the late 1800s, is 15.64.” thestar
(Excerpt) Read more at investmentwatchblog.com ...
Tokyo.
A refugee bubble
I can’t believe some of the prices I see on TV - whenever I see —— wait for it —— yes, The Property Brothers (I’ve seen a couple dozen episodes but not many lately).
Some of the house prices in the cities are astronomical, or so it seems.
I went to Toronto a few years ago. The amount of construction going on was incredible, especially along the lake.
Vancouver’s is worse.
Still going strong for now. Been hearing of a collapse for many a moon now. We might be reaching a peak now since the prices are beginning to get out of hand but one never knows.
Despite the current Canadian government, Toronto is one of my favorite cities on the planet.
Lived here most of my life. It’s far from perfect (indeed the politics sucks) but it has some charms.
The Property Brothers are actually Canadian. One of them lives in Toronto. I was in the greater Toronto area this past summer. The Cambridge-Kitchener-Waterloo region...Ontario’s breadbasket. Miles and miles of DuPont, Monsanto/Bayer GMO farms, interspersed with converted farmland, turned into housing developments. 5-10 acre plots with about 40-80 houses or townhouses on them. No real yard. Not cheap either. Starting at $350,000CDN.
I lived in Toronto when the bubble really burst in 1990. It fell off a cliff because the Canadian government jacked interest rates up to 20% to “cool off” the hot market. With mortgage rates still under 3% you won’t see a similar drop. The metro Toronto population is growing by about 250,000 people each year so demand is high and supply can’t keep up.
This little 3 bed, 2 bath 1800 sq ft dump is at the bargain price of: $725,000.
A house my wife sold (1800 sq ft) in 2000 for $300K just sold for $1,599,000:
It’s only worth what someone will pay. If people are paying “astronomical” prices then there is no bubble.
GEEZE a home for three quarters of a million in the ghetto with bars on the windows WHAT A BARGAIN!!! Who the HELL can afford that in the LA ghetto???
Nobody, except teachers, sanitation engineers, DMV clerks and those people who stand around all day watching one guy fixing a pothole.
Yeah, I knew they were Canadians. Some of those prices just shock me.
Thread BUMP!
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