The number of condo units for sale in the GTA have hit record highs but buyers are not biting. Shauna Hunt with a look at why the market appears to be flatlining
"If you're a buyer out there, it's amazing for you". Really? It's amazing for me to pay $700,000 for a 500 sq ft shoe box? I am sure it'd be more amazing for the seller who paid $150,000 for it 5 years ago.
@@adamgibson473 what's fair and just about asking someone for a lot of money, so they can rent out their own apartment to themselves? Doesn't sound very equitable to me.
The problems is the maintenance fees. They are too high for the lack of repairs in the building. Its very obvious the Condo board steals from their community of neighbours and mismanages funds.
Condo fees are so funny...if you don't have to pay them. I worked for an investment firm who bought condos in toronto...wow....the monthly fees in the early 00s were HALF the rent i pay today!!!
@@stoneneils A lot of scammers condo boards put on 'television services' as a means to farm fees. If it costs 90 bucks to pay for the service yourself why is the board asking owners for 200 for this? This money very clearly does NOT pay for television services.
Prices and maintenance fees are way too high. People are working two jobs just to survive as wages are not increasing. Condo market is saturated especially the units under 700 sqft.
You probably still won’t be able to afford it. People are always saying if it was 10% less, 20% less, 50% less. If you can’t afford it today and you couldn’t afford it 5 years ago or 10 years ago - you’ll always complain about the price. It sounds harsh but it’s reality. If anything drops 50% EVERYONE will buy it - still leaving you on the sidelines because you’ll always be thinking about a price drop just as you are now. 2008 prices will never come back. Sorry
Almost all the buildings put up in the past 10 years are complete garbage. I know someone who was putting down flooring in many units (new immigrant, 15/hr cash, zero experience). Condo fees will go through the roof as these buildings age and all the problems are discovered. Future slums selling for 600k is literal insanity.
I wouldn't hate living in a condo per se, the problem is that the only condos getting built are glorified closets! So long as there aren't affordable multi-bedroom units, people are NOT going to return to the city. They'll leave the country before sharing a one bedroom with their partner and kids!
Over the last 15 years, developers were not building condos for people to live in - they were building condos for investors who were looking to flip them for a quick buck. Those time are gone. Time to reflect and adjust. And for many people, to loose a ton of money .. just like many have made a fortune with the quick scheme over the last 15+ yrs.
Way to many people have invested in condos. A multitude wasn't even qualified for the mortgage. Now with the risen interest rate to stay for a while eventually and slowly they have to get out of the market. So there is a lot more to come for sale in the next two or three years.
@@Lifeisapartydresslikeit True but, it won’t be a significant interest rate cut. With the policies Liberals following inflation will stay high until they are out.
And all these empty condo towers...is the vacant home tax applied to them? Or is that just applied to seniors, to shake them down and force them out of their own homes because they didn't or forgot to or didn't understand and fill out a declaration?
This guy said things will return back in a couple years. Who are these experts you're bringing on the show? I didn't know we can make bold claims years out and claim to be an expert. Just get a psychic palm reader and astrology expert at that point.
Can’t wait for you to wake up! I should come back to this comment by 2027 and see what the price of housing will be. It won’t be lower than it is today and that is a FACT! The man is 💯 correct I. What he is saying!! Real estate will be higher than it is today in 2 to 5 years from now. If you don’t know that you’ll be left behind
Hopefully housing prices will go down and those investors who messed up the housing market can’t get profit from their house. Hopefully they will be tax more ofr leaving the house vacant
There is hardly a day that goes by without the Canadian media report’s on residential real estate. Once the domain & last bastion of the working class. It’s now reported on, much like the stock market.
The most effective option is to jack up condo development fees. If the new condos cost $5MM to build on avg, Canadians will be forced to buy whatever is available
I thought there was a HOUSING SHORTAGE? Love being ZOOMED by Government. This market needs an adjustment... and here it is. Builders will resist and you can be sure the Finance companies will try to stop any crash/readjustment.
This why only buy detached dwelling only! That's where you can make easy money! I have made so much dumb money in the last 15 years from detached dwelling. I love bidding wars
@@leonchen89 Yeah, you gotta take advantage of the system. Sometimes I feel I'm living in a dream. I just hope they don't add more taxes. I'm glad so many people are relying on their primary residence as their retirement fund. I don't think the government will allow it to crash. It would be a disaster. You have to keep the money machine going.
Ya because their garbage. If you wanna get fleeced this is the move for you. Glad they’re losing their money because they tried to rip ppl off and this is what happens. Love it
It’s shocking how consistently terrible the audio production on this channels vids are. The dialogue is always on only the right channel like… are they going out of their way to ruin these videos?
Condos were meant for investors to rent out. No one grows a family in condos. Maintenance fees forever and over priced. I never spent that much a month for up keeping my house. Condos are made for strata companies
Condo’s are made for a start and for retired folks who cannot use the stairs. My first two condos were in 2004 and 2011. I don’t knock condos because they wouldn’t have allowed me to have equity to move to a freehold townhome in 2015 to now a detached home since 2017. I have with a finished basement where I rent the unit out. Same with my friends. Condos to now their detached homes… we aren’t complaining
$ 700,000 for 500 square ft is crazy.
Plus the high condo fees.
I am trying to buy from last 3-4 months, I dont like anything. bl@@dy shoebox rathouse everywhere
Now people are starting to realize it 🤣
They are all rentals... oversea smoney scooping these units up.
Condos, the 21st century equivalent to trailer parks.
Condos are to cities what trailers are to rural areas.
Still better than the trash who live in SFH lol.
Only condos are socially accepted
@@berrex5152condo's for slaves!
@@berrex5152nah it's Canada, Tents all the rage and stylish these days.
"If you're a buyer out there, it's amazing for you". Really? It's amazing for me to pay $700,000 for a 500 sq ft shoe box? I am sure it'd be more amazing for the seller who paid $150,000 for it 5 years ago.
I am trying to buy from last 3-4 months, I dont like anything. bl@@dy shoebox rathouse everywhere
Exactly! Most of these people are absolutely clueless!
Condos = appartments that you buy, but still have to pay rent to 😅 I'm missing something right?
Equity
@@adamgibson473 what's fair and just about asking someone for a lot of money, so they can rent out their own apartment to themselves? Doesn't sound very equitable to me.
If you're talking about condo fees...BINGO!! lol....i have been warning people for twenty years.
I am trying to buy from last 3-4 months, I dont like anything. bl@@dy shoebox rathouse everywhere
@bajcar That's how buying with any mortgage works. It's how your parents bought the house you're staying in.
Here's a tip: drop the prices. People are ridiculous.
I am trying to buy from last 3-4 months, I dont like anything. bl@@dy shoebox rathouse everywhere
The problems is the maintenance fees. They are too high for the lack of repairs in the building. Its very obvious the Condo board steals from their community of neighbours and mismanages funds.
Condo fees are so funny...if you don't have to pay them. I worked for an investment firm who bought condos in toronto...wow....the monthly fees in the early 00s were HALF the rent i pay today!!!
@@stoneneils
A lot of scammers condo boards put on 'television services' as a means to farm fees. If it costs 90 bucks to pay for the service yourself why is the board asking owners for 200 for this? This money very clearly does NOT pay for television services.
I am trying to buy from last 3-4 months, I dont like anything. bl@@dy shoebox rathouse everywhere
@@mazedar_tv
Be like the Canadian community. Refuse to buy. Blockade the profiteers from making profits on garbage. No point supporting greedflation.
Prison style condos duh
I am trying to buy from last 3-4 months, I dont like anything. bl@@dy shoebox rathouse everywhere
Wait until prefab units save the market - haha. "chicken coups for the masses"
Prices and maintenance fees are way too high. People are working two jobs just to survive as wages are not increasing. Condo market is saturated especially the units under 700 sqft.
And the rooms in those condos are TINY..i had 120 sets of keys...maybe TWO units were liveble without banging into the walls all day.
I am trying to buy from last 3-4 months, I dont like anything. bl@@dy shoebox rathouse everywhere
Buyer beware.....😮😮
Don't buy condo for at least 2 years.
Price is going to drop over 30% from now 🎉🎉
I’m ready for rollback to 2008 prices where I can actually afford something
You probably still won’t be able to afford it. People are always saying if it was 10% less, 20% less, 50% less. If you can’t afford it today and you couldn’t afford it 5 years ago or 10 years ago - you’ll always complain about the price. It sounds harsh but it’s reality. If anything drops 50% EVERYONE will buy it - still leaving you on the sidelines because you’ll always be thinking about a price drop just as you are now. 2008 prices will never come back. Sorry
This guy obviously does not come to the city on Mondays and Fridays. Hybrid work is here to stay
Ryerson University - with a new name. What would you expect?
Rents need to go up in toronto. Hige losses of 50% coming. Do not buy yet. Most about to lose homes.
Duhh ya dont say thats what happens when ya vote trudeau in 3 times
I am trying to buy from last 3-4 months, I dont like anything. bl@@dy shoebox rathouse everywhere
Almost all the buildings put up in the past 10 years are complete garbage. I know someone who was putting down flooring in many units (new immigrant, 15/hr cash, zero experience). Condo fees will go through the roof as these buildings age and all the problems are discovered. Future slums selling for 600k is literal insanity.
Yes shoebox condos not built for living in. I wonder why nobody wants them.
I am trying to buy from last 3-4 months, I dont like anything. bl@@dy shoebox rathouse everywhere
I wouldn't hate living in a condo per se, the problem is that the only condos getting built are glorified closets! So long as there aren't affordable multi-bedroom units, people are NOT going to return to the city. They'll leave the country before sharing a one bedroom with their partner and kids!
Over the last 15 years, developers were not building condos for people to live in - they were building condos for investors who were looking to flip them for a quick buck. Those time are gone. Time to reflect and adjust. And for many people, to loose a ton of money .. just like many have made a fortune with the quick scheme over the last 15+ yrs.
oh look another AGENT talk talk talk you interview the same 2 people ALL THE TIME
Good prices will go back down to where they should be
Condos are a problem because people will have no money for mortgage payments plus the condo fees.
Lol!! The “crash” will not be temporary, the prices will continue To drop even if interest rates continue to drop.
The bubble has started, enjoy living these tiny pocket size homes
Way to many people have invested in condos. A multitude wasn't even qualified for the mortgage. Now with the risen interest rate to stay for a while eventually and slowly they have to get out of the market. So there is a lot more to come for sale in the next two or three years.
Rates are coming down. Don’t count on rates staying high. There will be two more rate cuts this year
@@Lifeisapartydresslikeit True but, it won’t be a significant interest rate cut. With the policies Liberals following inflation will stay high until they are out.
Future slums
And all these empty condo towers...is the vacant home tax applied to them?
Or is that just applied to seniors, to shake them down and force them out of their own homes because they didn't or forgot to or didn't understand and fill out a declaration?
Did she actually say if you’re a buyer it’s amazing for you.
"Cookie cutter and not that interesting" is real-estate agent speak for "unlivable" or "intended for investors".
Yes, cutting mortgage rate from 7% to 6.5% this year will be a HUGE relief for most house flippers. Imagine, now they can save $100 per month.
Don't worry, the money launderers will come back 😂😂😂😂
This guy said things will return back in a couple years. Who are these experts you're bringing on the show? I didn't know we can make bold claims years out and claim to be an expert. Just get a psychic palm reader and astrology expert at that point.
Can’t wait for you to wake up! I should come back to this comment by 2027 and see what the price of housing will be. It won’t be lower than it is today and that is a FACT! The man is 💯 correct I. What he is saying!! Real estate will be higher than it is today in 2 to 5 years from now. If you don’t know that you’ll be left behind
Never, ever buy a condo.
Hopefully housing prices will go down and those investors who messed up the housing market can’t get profit from their house. Hopefully they will be tax more ofr leaving the house vacant
NOW HE GONNA GET YAS ON CAPITAL GAINS ON TOP OF IT ALL!!! GO WOKE GO BROKE TORONTO YA SHOULD LISTENED LOOKS AWESOME ON YAS ALL
Write your MP (a letter, on paper - postage is free) and tell them to start talking again about the negatives of massive immigration.
Condo fees Reno's they demand thousands . Amazing how 90 thousand condos and less then 1500 low income homes built since Trudeau Ford got elected.
There is hardly a day that goes by without the Canadian media report’s on residential real estate. Once the domain & last bastion of the working class. It’s now reported on, much like the stock market.
Buyers are looking at the interest rate risk after the initial loan period is over
The most effective option is to jack up condo development fees. If the new condos cost $5MM to build on avg, Canadians will be forced to buy whatever is available
5 millimeters?
Trudeau's government has destroyed the Canadian dream and made as suffer the worst Canadian nightmare
I thought there was a HOUSING SHORTAGE? Love being ZOOMED by Government. This market needs an adjustment... and here it is. Builders will resist and you can be sure the Finance companies will try to stop any crash/readjustment.
Its just a gully.
This why only buy detached dwelling only! That's where you can make easy money! I have made so much dumb money in the last 15 years from detached dwelling. I love bidding wars
Yep and you can rent each rooms out with combined income double to triple the mortgage payments.
@@leonchen89 Yeah, you gotta take advantage of the system. Sometimes I feel I'm living in a dream. I just hope they don't add more taxes. I'm glad so many people are relying on their primary residence as their retirement fund. I don't think the government will allow it to crash. It would be a disaster. You have to keep the money machine going.
Dumb money goes into dumb investment.
Let it 🔥
Ya because their garbage. If you wanna get fleeced this is the move for you. Glad they’re losing their money because they tried to rip ppl off and this is what happens. Love it
Housing is not for investing, the stock market is for investing. Houses are HOMES for human beings ffs. greedy landlords. cut all prices in half!!
We should bring in more immigration into Canada to buy and live in these condos.
Hopefully that's sarcasm
You should bring them all to your house.
They'll just buy to rent out as an investment.
Yeah ... we need a university professor to enlighten us on real estate market.
No, thank you.
AI and technological advancement makes big city lifestyles less attractive for a good number of people.
Sewer
It’s all gonna crash. Get outta TO
crash
But but Trudeau will save us right???
🤣🤣🤣🤣🤣🤣👍
fix the audio
If you want higher prices keep voting liberal/NDP :)
It’s shocking how consistently terrible the audio production on this channels vids are. The dialogue is always on only the right channel like… are they going out of their way to ruin these videos?
Don't Buy, You Don't Need Them.
You Don't Need To Capitalize Every Word In Your Comments But You Do
Sorry boss Toronto is a dumpster as of 2024, paint the entire city with rainbow colours
The question is; is Justin Trudeau going to rescue us condo owners?
day 201 of telling citynews to fix their audio problem
Get a life
Condos were meant for investors to rent out. No one grows a family in condos. Maintenance fees forever and over priced. I never spent that much a month for up keeping my house. Condos are made for strata companies
Condo’s are made for a start and for retired folks who cannot use the stairs. My first two condos were in 2004 and 2011. I don’t knock condos because they wouldn’t have allowed me to have equity to move to a freehold townhome in 2015 to now a detached home since 2017. I have with a finished basement where I rent the unit out. Same with my friends. Condos to now their detached homes… we aren’t complaining