Luxury waterfront property in Oakville !

She bought near Orangeville where the market is normal.

Double the house for a few $ more, and a great school a block away for the kids etc.

Interesting thou is that a house on her street where she just sold was listed and there seems to be no flurry of takers. There were at least 300 groups who looked at her house. Only one winner, so there was a lot of unfulfilled buyers out there a week ago.

 

"Supply and demand"

 

When will the market cool off? It seems like the classic car market has cooled.

 

Toronto Is World's Second Hottest Luxury Real Estate Market, Says Christie's International Real


NYC in the making?

 

No idea where building permits are down... I don't know of any bored contractors out there.
But a blip in one large subdivision could show a 3% dip

 

A friend's house was appraised at $550 a year and a half ago, listed last week at 600, sold 663. Quite the growth.

Also there are only about 1600 fully detached houses available in the GTA, supply way low.

 

Lots of TO escapees moving to Niagara Region, where this move is of course pushing prices up noticeably.
What is more puzzling is who is buying the houses in TO. When we are earning big bucks I still couldn't imagine going in the hole for a $1M house. Perhaps the newbies don't care about debt load like us oldies did.

 

Rick, I hear that a lot retirees that are selling their TO homes are moving to London. They sell their TO homes for $500,000 - $750,000 and buy the same home (or larger) in London for $250,000-$300,000

 

Just a few I came across on my feed from the Toronto Life magazine.

The $1.5-million Hillcrest house that proves not every property sells overnight

The $810,000 Annex home that proves size doesn't necessarily matter

The $810,000 house that proves Beach living isn't cheap

 

Ponzi finance.

The price of real estate in dollars is directly tied to the amount of debt a bank is willing to create against the property.

For 'price' to increase each new 'buyer' has to take on a greater level of debt.

Obviously anyone with elementary school math can see where this leads. Classic ponzi scheme.

Real estate 'prices' in Toronto have been compounding at rates faster than the wage income needed to support the debt. If the prices are compounding, that also means the debt is compounding, as mentioned before they are directly related.

You now have a situation in Ontario where people are paying upwards of 40-75% of their monthly take home on shelter costs. This means demand is reduced across the board for other consumption. Welcome to debt induced stagnation.

The finance industry is absolutely raping the economy by gobbling greater amounts of surplus value shifting wealth into fewer and fewer hands.

The imbecile Canadian is always behind his equally aloof neighbor the American. It is absolutely incredible to see, how one can repeat the mistakes tit for tat, that lead to the ruin of ones neighbor previously. Better talk about a new kitchen reno or a dumb hockey game instead.

The exorbitant housing cost ends up killing the host economy by completely slowing down family formation. So the logical answer is more immigration as new 'workers' are needed to keep the ponzi going. The side effects do not end there but are visible everywhere, including the 'quality' of home building itself. You literally have communist-inspired monotone and mechanistic formation of 'communities' via the mass production of 'suburbia'. There is nothing more anti-social than spending 2-3 hours a day by yourself in your car, just to head from 1 box to another. People are paying multiples of their income for 'homes' built out out of absolute garbage.

Canada, always the posture child for what a third rate developed country should be.

 

The inventory is low because home owners are not selling due to the price of homes. If they sell, it's very difficult to upgrade to a larger home in the same area, without taking on more debt then you had before. So people are staying put. I'm not going anywhere until I see prices level off.

 

Seems to me the better way is a) decide you need/want to move, b) find some place or area that meets you new needs/wants, c) sell your present abode ensuring the math makes sense, d) buy the 'new' place perhaps living somewhere else temporarily, e) move and be happy.
If the move is important to you, then you might even consider going further into debt although IMO less debt is a better reason to move.

 

I could get 300k profit right now if I sold. And I have only been here for 4 years. Trouble is everything else as increased the same. I can't upgrade without increasing my debt. I currently owe just over 200k on my home. My monthly is peanuts compared to what I would have to pay if I upgraded to a larger home. It just does not make sense in the current market. Which is why I and many others are staying put. The inventory will only get smaller and prices will to rise as a result. I won't sell for anything less then 600k at the moment. That would give me enough to upgrade and keep my mortgage the same.

 

Wise plan. A good question to ask is Do I need a larger house, or do I want a larger house. Debt free living is not to be under-estimated, esp. if you are still working. It provides you with an amazing amount of freedom to make decisions about your quality of life or career changes.

 

As someone looking to transition from a condo to a home it's not the best feeling.
Great time to be downsizing, not so much the rest of us.

 

So true

 

There is a new listing the next block west of my home on King street in old Oakville.
It is a home with a huge back yard that will be divided The lot is considered water front, but has a city park walkway between the lot and the lake.
2.3 or 2.4 for the small home, 3.99 for the lot.
If you build on the lot you will have to negotiate with the owner of the home, because you will need access. Buy while hot for 6.2.