Seen more than a few listings being sold out here (Durham region) actually selling for less than what people paid in 2022/2023. I think I'll wait til March to see where this is going. Great videos as always Mark.
Hey sean, Thanks for the comment (and the info)! Not a bad plan - I think January's numbers should give us a much better idea of where the market is headed.
I seen a headline similar for this in Toronto too however there was also a shit ton of listings that terminated before christmas, that are only getting relisted now
if you check properly almost 70 percent of the crazy supply in GTA are one bedrooms or studio condos. Single houses supply is just up about 10 percent more than 2022 and 2023. Let’s see the interest rate cut on January 29 and unemployment data in January 10th . If will get 25 percent tariffs on January 21st than will get emergency rate cut at least 0.75 or 1 percent.
@@miloradrabasovik7938 If your confident with a variable rate that's 100% going to go back up within 12 months. 10 year treasuries are at 4.7% yeilds and has been rapidly climbing. Long terms hit 5% today. Fixed mortgage rates are going up, not down. Normal market trends don't apply when Canada cuts against the grain with the US. And the inflation from a massive divergence would be a much bigger problem than lost real estate profits. Emergency cuts to zero are as unlikely as Trump going woke. Under any circumstances.
Keep drinking the kool aid milo . The government sponsored ponzi scheme Canadian Real Estate fuelled by low rates and easy access to credit is over if we get the tarrifs values listings will surge, values will plummet and banks will tighten up credit like you have never scene. There is no saving this sinking ship especially now that CRA income verification will come into effect this year and Helocs are being changed from 80 percent to 40 or 50 percent come 26. Our banks have liquidity issues now just wait until the massive unemployment created by the tarrifs. Anyone who thinks these tarifs will be good for real estate because if rate cuts really needs an education in economics. There is some other news scheduled to come out this year as well and when this hits the news it's going to cause anarchy in the streets.
I have been watching the London market closely for years, and the western GTA for DECADES before that. "Flips" in Old East Village that we $600K as recently as a year ago! There is a detached (NO parking available though) for $325K. I would have BET money that it was a low-ball asking price to promote a bidding war, but it's been on the market for over 50 days. Ones that "need work" however are available well below $400K - not a LOT below $400K but still, unheard of in recent years.
@@MortgageBrokerLondonOntario Thanks for the HONEST and straightforward video about the London Market. Honesty is sometimes hard to come by, but you know it when you see it ... and it's worth more than anything else.
Canadian economy cant support those price. And with the economy shrinking, it does not make sense to think house price will rise. We should invest in productive asset/industry, not trade house like overprice baseball cards.
Hey yves, Thanks for the comment :) Definitely a good point - trading houses back and forth, as a means of underpinning the economy, never turns out well.
I can’t believe the titles of these news articles….”price will return to pandemic peak”……ok I will hold you accountable to that statement….oh wait…it’s Canada….theres is zero accountability here
Hey angus, Thanks for the comment :) Agreed - Its the certainty with which these assertions are made, and the fact that these 'experts' are continually called back, without questioning, that gets me.
Hey legacyturbo, Thanks as always for the comment :) I think that's probably very much the case - this isn't 21 anymore - the cost of living has really ate into any disposable income.
Thx Mark. I think this spring could be very interesting and could go either way. Slow and steady uptick would be preferred but we will see. Thanks again for the data.
Londoners and Canadians should be fearful of the lack of jobs that are going to be created like all the employment growth is all in government side. We've had more small business closures now then when it was during the pandemic lockdowns. I work for Windows and doors company in the mentioned that London did not allow a lot of permits to go through for home building in that this year 2025 they're allowing a lot more to come through to come online anymore inventory to the market. London's been booming since I came here in 2017 and hasn't shown much reasons to slow down
NP! Sorry for the long winded comment. 😅 We hope these permits become homes. Problem I keep hearing from other channels is the dev costs are too high with the interest rate. What other municipalities of done I don't know how many but very few realized they need to drop their develop charges down to nothing if they want to do business. And so our annual numbers didn't look so well so nobody got any profit sharing. So 2024 was like the worst year for the windows and doors and other divisions.
going to say the reason the news keep saying the market will go up is there is always a real estate agent saying it will to drive their sales. its the built in bias to these people that help to drive fomo. in the end we ae losing jobs even with rates dropping the cost over all is far to high. many will not pay off their house in there life time. my sisters kid is currently looking at 1.6million dollar house I mean she makes good money but a 30yr mortgage means it will cost them 3million its a crapy 30ft wide house down town if remote work takes off again and tanks to travel time and less people you know it will just to get staff there is no way it can hold that kinda value
Hey ivannightly, Thanks as always for the comment :) Definitely a good point - the 30 year mortgage simply enabled more interest payments/higher prices - I'm not sure the extent to which it will make housing more affordable in the long term.
Hello - what does finance conditions mean exactly? I guess I am asking what the criteria is for good conditions. th-cam.com/video/FPCRh0hmFBg/w-d-xo.html
Hey Mark, A finance condition means you make an offer but it is conditioned on you securing financing (so if, for whatever reason, you're not able to secure financing, you're not bound by the initial offer). This enables your lend to conduct a review of the property, your documents, etc, before you're firmly beholden to purchase said property.
With JT hangen'em up, I'd have loved him to come out and just tell Trump to STFU already.. a bit of a step up from the snowball comment. Like, we need to tell him he is a POS and show thr world we're not cowards.. Drop the gloves Trump if you have the kahones to fight a Canadian on the ice
People are not paying attention to the economics of real estate. If it was gonna take off the relaxed conditions. 2025 might see prices fall across board except if foreign investors come in or those with some loots to pay cash. These were the folks who ruined this market. The best we should see this year is that prices hold steady
Listing in December may be a result of increased stress due to reduced ability to make mortgage payments. Mortgage delinquency rate has rose approx 25bp yr over yr. Applying the increase in delinquency to approx 50k mortgaged homes, in London, that would be an increase of listings by 125 delinquency homes.
Hey bipolarpunt, Thanks as always for the comment :) I had wondered that too - potential anticipatory selling as well - though I try not to be alarmist without the data.
Better new source than the news
Thanks chris!! I really appreciate that :)
Great detailed reporting...as usual!
Thanks singsongventure!! That's very much appreciated :)
Seen more than a few listings being sold out here (Durham region) actually selling for less than what people paid in 2022/2023. I think I'll wait til March to see where this is going.
Great videos as always Mark.
Hey sean,
Thanks for the comment (and the info)! Not a bad plan - I think January's numbers should give us a much better idea of where the market is headed.
I seen a headline similar for this in Toronto too however there was also a shit ton of listings that terminated before christmas, that are only getting relisted now
Hey tyler,
Thanks for the comment (and the info)! I think that's very much the case - though it doesn't show up in the data.
if you check properly almost 70 percent of the crazy supply in GTA are one bedrooms or studio condos. Single houses supply is just up about 10 percent more than 2022 and 2023. Let’s see the interest rate cut on January 29 and unemployment data in January 10th . If will get 25 percent tariffs on January 21st than will get emergency rate cut at least 0.75 or 1 percent.
@@miloradrabasovik7938
If your confident with a variable rate that's 100% going to go back up within 12 months.
10 year treasuries are at 4.7% yeilds and has been rapidly climbing.
Long terms hit 5% today.
Fixed mortgage rates are going up, not down.
Normal market trends don't apply when Canada cuts against the grain with the US.
And the inflation from a massive divergence would be a much bigger problem than lost real estate profits.
Emergency cuts to zero are as unlikely as Trump going woke.
Under any circumstances.
Keep drinking the kool aid milo . The government sponsored ponzi scheme Canadian Real Estate fuelled by low rates and easy access to credit is over if we get the tarrifs values listings will surge, values will plummet and banks will tighten up credit like you have never scene. There is no saving this sinking ship especially now that CRA income verification will come into effect this year and Helocs are being changed from 80 percent to 40 or 50 percent come 26. Our banks have liquidity issues now just wait until the massive unemployment created by the tarrifs. Anyone who thinks these tarifs will be good for real estate because if rate cuts really needs an education in economics. There is some other news scheduled to come out this year as well and when this hits the news it's going to cause anarchy in the streets.
Happy New Year, Great seeing you and BIFF again!
Hey Justin,
Happy New Year to you too!! Lol :)
Another excellent report, Mark.
Thanks citizeng! Always appreciate the comment :)
Thanks for clickiiiiing!!!
Thanks Brandy!!!
Thank you for the updates
Hey d4gd4g,
Very welcome :) Thanks as always for the comment :)
The rush is starting of over priced junk that just keeps rotting away 😅
Is it advisable to enter a Condo or a freehold market in London??
LoL at people who said they'd move to Canada to escape Trump... not that anyone actually did that... Both times...
Hey datruth,
Thanks for the comment :) lol - they may want to re-think that.
All lefties do is cry, lie and virtue signal
I worked in a factory with 2 Americans on the first and they loved it here compared to USA....so now what
I have been watching the London market closely for years, and the western GTA for DECADES before that. "Flips" in Old East Village that we $600K as recently as a year ago!
There is a detached (NO parking available though) for $325K. I would have BET money that it was a low-ball asking price to promote a bidding war, but it's been on the market for over 50 days.
Ones that "need work" however are available well below $400K - not a LOT below $400K but still, unheard of in recent years.
Hey capnkirk,
Thanks for the comment :) Unreal - we haven't seen a detached for less than 400k in some time - not a great sign!
@@MortgageBrokerLondonOntario Thanks for the HONEST and straightforward video about the London Market.
Honesty is sometimes hard to come by, but you know it when you see it ... and it's worth more than anything else.
Definitely more "for sale" signs around London these days...
Hey travis,
I've noticed that too - they're not turning over as fast as they once did.. not good!
question is, why are so many people selling?
Canadian economy cant support those price. And with the economy shrinking, it does not make sense to think house price will rise. We should invest in productive asset/industry, not trade house like overprice baseball cards.
Hey yves,
Thanks for the comment :) Definitely a good point - trading houses back and forth, as a means of underpinning the economy, never turns out well.
Listing, up sales down.
I can’t believe the titles of these news articles….”price will return to pandemic peak”……ok I will hold you accountable to that statement….oh wait…it’s Canada….theres is zero accountability here
Hey angus,
Thanks for the comment :) Agreed - Its the certainty with which these assertions are made, and the fact that these 'experts' are continually called back, without questioning, that gets me.
People are broke ..!!! Inflation has taken a toll on peoples savings. This is the new normal .!! Even if they dropped interest a lot lower forget it.
Hey legacyturbo,
Thanks as always for the comment :) I think that's probably very much the case - this isn't 21 anymore - the cost of living has really ate into any disposable income.
Thx Mark. I think this spring could be very interesting and could go either way. Slow and steady uptick would be preferred but we will see. Thanks again for the data.
Hey pilotgirl,
Thanks as always for the comment :) Agreed - it should definitely be an interesting (and unprecedented) spring :)
Londoners and Canadians should be fearful of the lack of jobs that are going to be created like all the employment growth is all in government side. We've had more small business closures now then when it was during the pandemic lockdowns.
I work for Windows and doors company in the mentioned that London did not allow a lot of permits to go through for home building in that this year 2025 they're allowing a lot more to come through to come online anymore inventory to the market. London's been booming since I came here in 2017 and hasn't shown much reasons to slow down
Hey andrew,
Thanks as always for the comment (and the info) :) So it looks like more orders are coming through for windows this year?
NP! Sorry for the long winded comment. 😅
We hope these permits become homes. Problem I keep hearing from other channels is the dev costs are too high with the interest rate. What other municipalities of done I don't know how many but very few realized they need to drop their develop charges down to nothing if they want to do business. And so our annual numbers didn't look so well so nobody got any profit sharing. So 2024 was like the worst year for the windows and doors and other divisions.
I am looking for a broker....are you taking new clients sir?
Hey dstylez,
Yep - feel free to contact me any time :)
going to say the reason the news keep saying the market will go up is there is always a real estate agent saying it will to drive their sales. its the built in bias to these people that help to drive fomo. in the end we ae losing jobs even with rates dropping the cost over all is far to high. many will not pay off their house in there life time. my sisters kid is currently looking at 1.6million dollar house I mean she makes good money but a 30yr mortgage means it will cost them 3million its a crapy 30ft wide house down town if remote work takes off again and tanks to travel time and less people you know it will just to get staff there is no way it can hold that kinda value
Hey ivannightly,
Thanks as always for the comment :) Definitely a good point - the 30 year mortgage simply enabled more interest payments/higher prices - I'm not sure the extent to which it will make housing more affordable in the long term.
Hello - what does finance conditions mean exactly? I guess I am asking what the criteria is for good conditions.
th-cam.com/video/FPCRh0hmFBg/w-d-xo.html
Hey Mark,
A finance condition means you make an offer but it is conditioned on you securing financing (so if, for whatever reason, you're not able to secure financing, you're not bound by the initial offer). This enables your lend to conduct a review of the property, your documents, etc, before you're firmly beholden to purchase said property.
Prices coming down even if it's a small change is good. It helps and that's what we need. It's welcome news.
Hey Womba,
Thanks as always for the comment :) I think many who have been waiting it out would definitely agree!
No, I'm gonna 😂 👍🏼
Lol :) Thanks coconut!
With JT hangen'em up, I'd have loved him to come out and just tell Trump to STFU already.. a bit of a step up from the snowball comment. Like, we need to tell him he is a POS and show thr world we're not cowards..
Drop the gloves Trump if you have the kahones to fight a Canadian on the ice
The guy smack talks the CIA and you think he is scared of Canada? Good one.
@Brian-dg3gh tf you talkn bout??
People are not paying attention to the economics of real estate. If it was gonna take off the relaxed conditions.
2025 might see prices fall across board except if foreign investors come in or those with some loots to pay cash.
These were the folks who ruined this market.
The best we should see this year is that prices hold steady
Hey noke,
Thanks for the comment :) I think that's probably a good point - the investors, speculators, etc, have all left the market.
The Yuan is set to plunge this year against the Canadian dollar so very few foreign buyers will emerge.
FP headline tomorrow: "2025 spring market is coming in hot, experts agree"
LOL - It wouldn't surprise me :)
Listing in December may be a result of increased stress due to reduced ability to make mortgage payments. Mortgage delinquency rate has rose approx 25bp yr over yr. Applying the increase in delinquency to approx 50k mortgaged homes, in London, that would be an increase of listings by 125 delinquency homes.
Hey bipolarpunt,
Thanks as always for the comment :) I had wondered that too - potential anticipatory selling as well - though I try not to be alarmist without the data.