I am very closely following the market in GTA since 2021-22. Here is what I think is happening. As there are lot of people who wants to buy, there are batches of people whose conditions met either during Spring 2023, Spring 2024 or Oct 2024. Conditions meaning 1. they thought this is the last chance before prices go up, They lost the patience and hope of lower prices 2. They wanted to buy from long time and they felt the time was right So we saw little surge in activity comparatively, but at the end, people are limited in this country who afford to actually buy with such high prices. so after those couple of months market is again in the same situation. So prices are not going to go up unless first it crashes or magically people get hugh amount of money because fundamentals are too far to support such price !
Exactly, the prices are so drastically above what incomes will support it makes no sense. Prices will be continuing to drop for a while until they are back more in line with incomes in my opinion....
I live near Vaughan Mills Mall and it is packed full every day and especially on weekends. People are buying and shopping. I passed Yorkdale and the parking lot was full. I just bought a new build for $850K mind you it is out of the city but if you work from home or only commute a few days a week it is doable. Charges are ridiculously high and a hinderance for developers. Things need to change.
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I am very closely following the market in GTA since 2021-22. Here is what I think is happening. As there are lot of people who wants to buy, there are batches of people whose conditions met either during Spring 2023, Spring 2024 or Oct 2024. Conditions meaning 1. they thought this is the last chance before prices go up, They lost the patience and hope of lower prices
2. They wanted to buy from long time and they felt the time was right
So we saw little surge in activity comparatively, but at the end, people are limited in this country who afford to actually buy with such high prices. so after those couple of months market is again in the same situation.
So prices are not going to go up unless first it crashes or magically people get hugh amount of money because fundamentals are too far to support such price !
Exactly, the prices are so drastically above what incomes will support it makes no sense. Prices will be continuing to drop for a while until they are back more in line with incomes in my opinion....
I live near Vaughan Mills Mall and it is packed full every day and especially on weekends. People are buying and shopping. I passed Yorkdale and the parking lot was full. I just bought a new build for $850K mind you it is out of the city but if you work from home or only commute a few days a week it is doable. Charges are ridiculously high and a hinderance for developers. Things need to change.
Thanks for sharing!
Lots of information here! Enjoyed listening to your conversation.
Farmers growing wheat within city limits is the problem in my western city.
(5) years fix didn't move that much.......
The bond market has other ideas. Only variable rates will be coming down. Trump spending will push fixed rates higher.