Seller's Rushing To The Exits But Can’t Get Out (Toronto Real Estate Market Update)
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- เผยแพร่เมื่อ 27 ก.ย. 2024
- BOOK A CALL WITH SANTO: calendly.com/t...
In this episode we take a look at the current Toronto Real Estate Market specifically the detached home prices and market trends for week ending June 12, 2024. We also discuss the recent influx of listings that have come on the market recently and why it's making it even more difficult for your house to get sold.
This video will focus specifically on Toronto but be sure to SUBSCRIBE for more reports on other areas!
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Santo Sessa & Daniel Sessa
Re/Max Premier
(647)560-7778
santo@teamsessa.ca
*This video, nor any of the other videos on the Team Sessa Real Estate TH-cam channel, does not constitute legal or financial advice. This is strictly intended for educational and entertainment purposes only.
Speculators better start giving them away. We are not buying unless the prices are lower. I rather move to another country than buy your overpriced properties.
Speculation is risky. If you hope for great profit, great loss is also possible.
I blame the real estate agents 100% for this continued misinformation amongst sellers. Unfortunately, I still see some misinformed buyers playing in to thier misinformation which will lead to a big hurt later on
If they haven't learned yet, not to listen to corporate media and "experts", after everything that just happened in the world; they will never learn and deserve what they get!
Speculation and taking an action on speculation through confirmation biases cannot be blamed to third party, own up adult decisions.
Real estate agents they aren’t putting a gun to buyers heads to buy .
Agents are the worst
Oh the train wreck is just getting started on my POV. We just had a murder happen in the GTA. People are ready to snap!
This place is so sad my kid can’t get part time work cause he doesn’t speak Punjabi I swear English was our language
better start teaching your kids punjabi, i just changed my sons name from Kevin Baker to Samjeet Singh and he got 2 job offerings
Cap
Systemic discrimination
Maybe the Punjabi kid gave a better interview.
@@andyanderson3628 His son has white skin and no one hires whites in the GTA anymore. Employers don't want to be called out for discrimination. I hire quasi-whites in my businesses people who sort of look white but aren't white.
Finally, the start of a housing market recovery is upon us (in which prices decline so an average family can buy).
That we usually term such a thing a housing crash instead of recovery shows just how addicted people are to ever increasing prices, ultimately hurting all of future society.
Developers sold condos and pre construction with fake pre approval letters. The people who purchased should not have been sold since they were not qualified. Realtors , mortgage brokers , mobile mortgaage reps invloved in mortgage fraud. There are profesional people who do not do fraud however we have so many unprofessionals who afe creating spculators in canada
Developers are now scrutinizing all applications and pre-approvals. They didn’t care before and now they care a lot!
@teamsessa that is very good and I hope CRA is connected with banks . Canadians needs that and more so our government needs that so they can collect un accounted tax which is not being paid by speculators to CRA.
The problem is the barrier of entry to become a mortgage pro or realtor is far too low. A lot of snakes slither into the profession and ruin it for the really good professionals who unfortunately are becoming the minority. The good thing is usually a market corrections will flush the snakes out.
Well said
This is healthy for market dynamics. Shake the weak hands out and what remains will help stabilize the market.
Those "weak hands" are boomer retirees who will have to go on social assistance if they get "shaken out" of their primary & rental home equity.
@@JPs-q1onot necessarily most boomers and retirees are mortgage free. They can also obtain a reverse mortgage if over age 55 and remain into their home. It’s the wannabe inexperienced landlord that will likely be shaken out and the over leveraged fake rich house poor fool that will be shaken out along with the leased Benz on the lot.
Awesome. Days of affordable housing prices even at high rates are coming.. it'll be good for everyone the Realtors (cause more sales happen at right price) and end users. Only people who will be crying are speculators who speculated and got houses to not actually live in them. Thus speculation comes at a price which they must pay and not sell their bad decisions to someone else.
Some more maybe crying with an interest rate change.
Almost 0 chance of that. Houses still selling for millions. Only tiny condos are sitting on the market. And even those small condos, the prices will slowly drop but they'll never be affordable.
@@andyanderson3628 The savers and retirees who still live in Canada and didn't move to Mexico yet to get double digit returns in interest on their money.
Fear and greed is a powerful thing in markets
Average price since Jan have gone up half a million dollars on Toronto detached homes.....CRISIS !!
Love the colour of ur shirt. 💕
Thank you!!
@@teamsessa Are you Lark Davis' (@TheCryptoLark) dad? The similarity in facial features (sans hair), voice, and mannerisms is uncanny!
@@JPs-q1oHe lives in New Zealand so probably not
Everything in Markham and Stouffville is selling over ask. After June 25th inventories will dwindle to nothing as in no inventory to buy.
I only want to look for a home that was not built or bought & sold in the last 5-6yrs.
I will find out how much it went for all those years ago, and offer a modest increase for their home. I will not be their profit guarantor for their 'investment'.
If I do make an offer on something newer, I will be an absolute savage on the price.
I have more patience than money
We still have to look forward to the 2nd half of 2024, all of 2025, all of 2026 and part of 2027 as all the low rate mortgages reset. Then throw in a recession and we have the 1988-1995 Toronto house price crash rerun. And this bubble is way bigger than 1988, when prices went down a nominal 40% from peak - more than 50% after inflation. Best time to buy was late 1990s, late 2020s may be a good time to buy.
Have you considered that a recession would force rates back down and thus, have many buyers back into the market?
@@amrikshergill1621 rates go down because people dont have money left to support the economy.
That is a very generalized statement. Does not apply to everyone. In fact, recessions can be good for many. If there is an opportunity, there will probably be a buyer/speculator/whatever you want to call it. I think it is disingenuous to suggest otherwise.
@@amrikshergill1621 The mortgage renewal wave plus increases in unemployment will reinforce price falls. Also, when people see recession they tend to pull back, not take more risk (including the lending institutions). Recession will also reduce immigration, on top of the moves made by the government recently. There will also be an FX limit on interest rate cuts, otherwise the BoC may risk a currency run that will end up raising rates. In addition, there are a lot more questionable loans out there which rising prices have bailed people out of again and again. The regulators will be shown to have been sleeping at the wheel.
@@amrikshergill1621 monetary policies are pretty broad and general in itself. if the majority of the population cannot uphold the economy, a few deep pocket bulls will definitely not uphold the real estate market.
A few weeks ago a local agent told me that once that first rate drop happens things will go crazy. I told her that I thought she would be very disappointed. Her new listing is sitting, just had a price drop. I also think some owners know that the market will be saturated next spring when many will have to renew at higher rates and have decided to list now.
Florida and Arizona starting to look reasonable for the first time in forever. Huge fan of Savannah, Georgia in this market. Actually was in Potsdam, New York and was very impressed just a few weeks ago. No interest in Canada real estate in the least that's for sure. Looking forward for that to change tho!
The reason for that is because the houses are over priced and now buyers realized that they preferred not to buy than losing money in the future
Its a combination of people waiting for lower rates to buy, sellers waiting for lower rates to cause higher prices, and the capital gains taxes coming that people want to unload.
What is the data for downtown?
I don’t understand your question.
The days of 5% for selling a home needs to end. No way that should be the equivalent of one year median wage in Canada.
That's another reason housing is unaffordable.
nice properties for good deals still sell ... not so-so properties
Yes, true.
Housing prices will continue to fall , even more so in real terms. The productivity of an economy directly relates to the cost of living. If a Canadian worker is 5x as efficient as say a mexican worker, but the cost of living is 1/5 the cost of living in Canada, it is smarter for companies to setup in Mexico, even if the productivity is equal. However Canadians are not 5 x as efficient as Mexican workers, which is why China is building car factories over in Mexico. Lots of IT companies are setting up in South America, as Remote working works well for them. For Canada, there are two choices, either housing needs to fall about 20% from here, or the Canadian dollar needs to fall to 60 cents US per every CAD dollar. If the BoC has lower rates than the FED then money will flow out of Canada into the US, which will help lower the value of the CAD, but it will also make it so no new businesses are created in Canada.
Valid points. However AI and robotics could change a lot of this. Lower regulation and lower taxes would at least make it attractive for business to operate in Canada. But nope we just raised our cap gains tax and the gov keeps spending like crazy.
@@s82002 AI and robots are deflationary and will lower the cost of housing
@@canadianrepublican1185 I agree that net job losses will have a deflationary effect globally. However, Canada will fare worse than other major economies as any new jobs that would have been created from new business investment will just leave to lower tax and lower regulation countries like the U.S. basically we’re screwed and really only have housing and what’s left of oil industry to rely on.
@@s82002 taxes aren't the bad thing , productivity is, and regulations. Productivity includes the cost of shelter , if housing fell 50% in price , it would move our productivity up so much that tax would not be considered. Regulations in Canada are crazy, a good example of this is drone tech, in Canada computer controlled drones are not allowed, even over your own land . But in the US you can get something called a pixhawk , and free software called ardupilot, makes drones completely autonomous. Privacy regulations also hurt us in a similar way .
We’re pretty much on the same page except for the “taxes not being the bad thing”. We’re taxed to death here carbon tax and the new cap gains tax changes are hurting businesses making Canada less attractive when just south of the boarder you have both lower taxes and less regulation.
The data is great... less so the first section
It's quite amusing that the "experts" said buyers would jump into the market after a rate decrease, but instead it was all the sellers who jumped into the market 🤷
Alot of houses for sale in my medium city 500k pop, some selling Instantly, others sitting and rotting.
Which city is that?
Don't buy now... in Toronto... prices headed MUCH LOWER.
What about the former lawyers Cartel and Bui people trusted them to pay off their mortgages from the home sale and they allegedly kept the money cbc has the story it's a incredible.
Will the change in the American dollar affect us?
Absolutely. It ain't gonna be pretty.
I usually fast forward the beginning intro..and go straight to the charts. Santo always has click bate headlines for the sideliners to think they may get a deal on a home who have been waiting since 2018.
Baseline, don’t give my secrets away.
Thanks!👍
Investors trapped in their own game. How nice...haha
Don’t enjoy too much. This might bring down the whole system.
They will be bailed out and everyone will pay. Watch and learn.
@@Rob9345you sound like one of them caught holding the bag. The whole system doesn't come down because of bankrupt investors. That's an excuse for handouts 😂
50% reduction in condos will be a good thing
@@AmolGharatit may if mortgage delinquencies exceed what banks have set aside to buffer. Unlikely but it’s a possibility and facts are that the banks have this as their top concern.
Save us with with your wealth Santo plz!
99.9% of people in this world are selfish. When people were buyers they were upset about price. When they became sellers they still upset about the price. The point is..humans only care about themselves and their families. Everyone complain because they are being on the wrong side of the oppression. Once they are the oppresors they dont care anymore. Only a few elders leave in this world that acutally put good things above their own needs even if their family is not rewarded greatly. When i bought my house. Just say he was nice man. Just say i was the lowest offer and this man really like the fact as a young man starting my family. And he gave me a 25% discount On a very expensive property. His wife was so upset. She wanted to squeeze everything but then he said to her i guess we came rich to this country. We didnt have any help. We made it ryt to the top. Man her face sunk.
The govn of canada didn't significantly lower the rates. Just a show. Inflation is never gonna be under control if they keep printing money.
It still affects the savings accounts and 1 and 2 year GIC rates. Everything at the short end to fleece retirees and savers.
The muppet boiler room real estate flipping market is dead😂
Capital gain tax
Lots of people are gonna lose a lot of money. Feel for rhe kids... the parent should've known better. Nothing ever goes up forever...😊
I only watch the first half of your video cuz of your stories lol I could care less about the numbers.
Glad you enjoy the stories.
I find the stories very beneficial and on point - always look forward to them ❤️
Bubble crash
Who cares about Toronto it's only a bunch of left tires over there...
🎉
❤
You look very scared...owww.
This guy is full of it. He contradicts himself everything he says haha.
"Average price have increased" When they say that, they don't consider all the houses that kept listing and not selling and relisted again. Their price was rejected.
And the fact that only rich, all cash buyers are closing on what isn't considered the average home.
@@datruth4766 Where I live the people could pay cash for dozens of homes but choose to leverage everything to the hilt and buy hundreds of properties all with mortgages instead.
@@parkerbohnn ill be happy to take one off their hands when they can't pay those mortgages ... half off!
lets wait for more unemployment
More layoffs will further interest rate cuts. Those job losses are low paying jobs. People who weren't in a position to buy a home anyway.
We need lower unemployment to drive interest rates higher so home prices can fall.
@@parkerbohnn likely that will not happen
Just take a few sellers to take a loss and lower their price. Similar to how prices just jumped. Just took a few buyers to buy at higher prices and it created a new baseline
Spot on
The bank is not likely going to approve mortgages if prices were to start trending downwards. Think about it.
The banks would approve whatever based on what they see on paper. But they won't value the house (appraise) at the price the borrower chose to buy the house for. Now their mortgage might be for 1 mil, and they might buy a hoise for 1 mil, but then if the bank appraises the house at 900, they have to pay the difference from their pockets, which 90% can't do.
Is this Lark Davis' dad making this video? 😁
No one told people to over extend themselves. Their greed will eventually affect us all very negatively. They need to live within his/her means. Make your bed…..
Hi Santo, is there any way you can include the average ask prices in your weekly market reports? The condo market isn't reflecting a lot because so many of the investor-style layouts aren't selling.
Let me see what I can do Cassius.
Who wants to live in the GTA anyways?
regular folks that are tapping out
And the condo fees are very high
Canadian pezos coming to your town 😀
The Mexican Peso has appreciated more than 30 percent against the Canadian dollar the past 2 years. The Peso was once thought of as a currency that always went down, not anymore.
I thought it was the opposite. Canadians moving to live in Mexico.
@@JeremyMacDonald1973 All the retirees from Canada are flocking to Mexico as the cost of living is so much lower and the interest on your money in Mexico is more than double what you'd earn on a 5 year GIC in Canada.
Those who are getting into the condo life. You’re in for a surprise in years to come building needs repair, maintenance fee go up ridiculous high.
there is a good chance non urban areas will see lower prices. however unless there’s organic wage increases and interest rate stay at reasonable levels, and government to let the free market flourish, otherwise it’s going to be a stale.
Found your channel through my husband, excellent video, thank you.
Awesome! Thank you!
What is with the prices in Bancroft?
No apostrophe needed on “Sellers” in title…
Interesting
Its only been 12 days since the cut. Are you seriously expecting things to pick up instantaneously?? The big banks haven't lowered their fix rates in response yet. Once they do, it will effect sentiment and bring more buyers. No it won't be a stampede but gradual increase. Prices on detaches will increase slowly as well. Keyword, slowly/gradual
The boom is over, it's the economy that controls this and houses are going to go down. History repeats itself . People's wages can't sustain these prices,the lottery is over get used to it.
Its just the condos
Ok man we get we should list through you ;-)