Why Does Toronto Have a Record Number of Condos for Sale During a Housing Shortage?
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- เผยแพร่เมื่อ 8 ก.ค. 2024
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The Toronto area condo market continues to cool, with the number of condos available for sale reaching a new record high, surpassing last month’s record - so will this surge ease the housing shortage in the Toronto area?
One way to help answer this question is to look at the year-over-year change in the number of new listings during the second-quarter by condo size. One common argument circulating in the media is that Toronto is seeing a spike in the number of small condos listed for sale, as investors exit the market, which don't appeal to end-user buyers who want larger spaces for themselves and their families, and the data largely supports that narrative.
#torontohousing #torontorealestate #torontorealestatemarket
the condos are 400 sq feet and 700k plus. just go to jail you get the same thing and food for free.
Better health care too
LOL! True
Couldn’t have said it better!👍🏻
People just don’t want to pay for the stupidity of other people overpaying 2 years ago for no reason. Good now they all know not to run in the dark.
Just how many luxury condos the city had allowed to build over the past ten years while ignoring the serious shortage of affordable and senior RGI apartments left unattended for decades ? Doing big developers favors and now .... serves them right .....
because realtors aren't pricing things sensibly
Clients drive that bus at the end of the day. Realtors are in the business of selling property, not watching it sit. Sellers can be delusional.
Realtors should advise sellers properly. Some of something is better than all of nothing.
@@tammyvibes87 I know lots of realtors. They give their clients solid market advice about a range to expect for their property. The realtor gets NO commission if the property doesn’t sell. It is the client who says “my property is worth way more than that, you must be a bad realtor”. So the realtor relents, because they don’t want to lose a listing and they price the property too high. It doesn’t sell, and that is the client’s fault, not the realtor’s, but the client will find any excuse (“you didn’t market it right, bad photos, etc”) ANYTHING but “the price is too high”. We all think our house is worth more than it is. But guess what, your house will sell at MARKET VALUE. Or it won’t sell.
@@davidhughes6048a realtors true value is revealed during a market like this.
@@tammyvibes87 I've been related to a delusional seller. I promise you, if the agent had done more than suggest a better price, it would have have lost them a customer. I watched them pull it off the market after a couple of years and rent it out, which was another disaster and they never made that money back.
We don't have a housing shortage, we have a housing and mortgage bubble.
Both, one is triggering the other. The root cause is the stupid immigration nonsense causing a skyrocketing demand.
this is exactly right; there is no housing shortage in canada--in fact, it's the opposite...WAY WAY too many units have been built.
The BOC talk of rate cuts is assinine . We need rates to hold (or continue to slowly raise them) for a decade and distress sales from people to force prices down. Instead they are trying to keep people in homes they cant afford and should have never bought @@matthewjames1172
There most definitely is a shortage. Its also true we have a bubble though. We build at best 50% of the inventory we need to each year
@@sandcastledx shortage is mostly in the GTA and Lower Mainland
In the last four years, we have essentially crammed 12 years of inflation into our time. Who's to say there won't be at least a couple more of these significant spikes in the following forty or fifty years? What can you do, given that adults believe this to be the largest financial concern, to ensure that inflation doesn't wipe out all of your retirement savings?
At $179,100, my portfolio has increased by 16.86% over the last year, with a significant emphasis on high yield ETFs.
Follow your desires... You own the money. It's your money; you are the one who understands your circumstances the best.
It is time to change if you are not receiving raises on a regular basis at work to keep up with inflation. It's a bad idea to wait around for someone to give you more money and just sit back and hope for the best. You cannot expect someone else to look out for you if you do not care to take the initiative to better your financial condition with a financial advisor such as *Leah* *Foster* *Alderman*
the reminder to be patient and wait for an upward trend as well as for a break-through moment.
Although it's probably not enough of a step up just yet, I looked up the individual you suggested and had a nice review of her.
Buying a condo makes as much sense as buying an electric car, you will have regrets.
Yep!
No regrets with the electric car. I spend a lot less money to drive a decent ev than I did a decent ice. Plus, I spend no time pumping has.
About those condos though… yikes!
Record numbers of listings because the entire Canadian housing market is in a MASSIVE bubble driven by fomo low rates and MASSIVE amounts of speculation, along with 20 years of terrible government policy.
And now unfortunately that bubble is popping.
The next 5 years are going to be NASTY
Unfortunately this bubble was inflating , fortunately it’s popping
If this means my kids are going to be able to buy a house, good. But interest rates have to go down as well.
have you checked Teranet, house price is still rising
Housing will come crashing down in toronto... massively overpriced
@@edsedlak6827kids will struggle more than parents
This guy isnt even in Toronto, but is telling me whats happening where I am ? What an expert !
Looks like he's on a balcony in Greece, he is an expert actualy. Being away for a few weeks is normal - we can take a vacation from time to time doesn't mean he's removed from his knowlege while he's away dude.
How can you say prices are sticky when I’m literally seeing condos sell for 2018 prices?!
I'm guess it depends on the type of condos. Larger condos probably have sticky pricing. Smaller condos are not in demand.
Or not selling at all. Just sitting on the market for months.
FTHB need to hold on to their wallets, we might even see 2015 prices by next year - still not buying these shitboxes though
The facts don't care about what you're seeing.
@@the_ikiru lol the facts are that condo owners are rekt 😂😂😂
The bottom line is housing should not be just another asset class. Creating a dependency on investors instead of owner occupiers will always result in higher cost unsuitable housing. The best thing that government can do is to make Canadian housing unattractive to investors.
There is an AFFORDABLE housing shortage. Price matters at least as much as supply.
Because one can't raise a family in a 700K one bedroom plus 'den'.
Nothing gets fixed until prices drop about 20% & then gradually turn around
More like a 1/3.
If you write an article saying prices are up year over year but you don't mention the huge downturn in the market at the same time, you are just filling a narrative for your advertisers.
3 million immigrants are coming. My realtor never lied in his life, real estate prices never go down.
Thank you for the detailed information!
Am I missing something or is MLS inventory not a true reflection of inventory as there are so many presale condo's which are not permitted to be listed on MLS. Condo inventory is likely double what is being reported and growing. When is the media going to acknowledge the true state of affairs? As defaults continue to grow in behind the scenes, things are going to become very interesting!
Because not everybody can afford a new condo, even a small one with the little they produce. When BofC says Canada has a productivity problem, what do you think it means and what do you think are the consequences?
John you recently went to Greece you noticed condos selling for $100,000 to $150000 euros do you think the average price of $750000 is going to last in Toronto? And if so will we see a gradual then sudden drop off in 2025 2026?
You people don’t understand the cost of competition on these 416 condos. You cannot build for less then 1200 per sqft anywhere in the 416 without loosing money
Great video, thanks
What do you think of hard condos like factory lofts? they seem to be cheap on maintenance fees, and pretty big for the money. Im i missing something?
There is a politically acceptable solution to the economic catastrophe the government has created with the capital gains tax exemption on the primary residence. Allow existing homeowners to keep the exemption on their current primary residence but make capital gains on all future home purchases taxable as ordinary income. Then lower income taxes on all individual taxpayers by an equal amount. This will have a desirable side effect of lowering all home prices to an affordable level based on fundamentals (e.g. incomes) over time. It will also rebalance the economy encouraging investment in more productive sectors other than real estate and drawdown banks inflated mortgage books.
You know what works even better. Shrinking government to it's original mandates and not allowing anymore interference with economy and no printing new money's to satisfy greedy billionaires. Let the natural economy based on a finite resource return and watch the magic unfold. Anything else is clown school advice and unwanted by anyone who actually understands economics and how it functions based on governments and empty meaningless virtue...
Canada is the most corrupt country I have lived in and I have lived in several in Asia, Europe and North America. The voters here have failed completely to hold politicians accountable. Everything that has happened to real estate here was predictable and predicted. All you had to do was look what happened in the US in 2008. The Fed bailed out Canadian banks to the tune of $114B in 2008 and as a result Canada didn’t correct and Canadians learned nothing. The government and the banks went back to inflating the bubble by making Canada a global money laundering and tax evasion Mecca. They all failed: politicians, banks, BoC, regulators, investors and voters. Canada needs to get punched in the mouth and finally learn something.
I guess we don’t have a shortage after all! lol
No one can afford it at these interest rates... If you can't sell it??
Rent to own.... With government backing , that would help fix the housing crisis...
The muppet boiler room condo flipping market is dead 😂. Unbelievable but true
Do you people think this is only a problem here in Toronto? In Europe, it's the sane issue.
There is no mass market for "larger" condos anywhere near current prices ..low income families can barely afford small old rental units in the city or townhomes 2 hours away
tldr; interest rates
The condo buyers now are end user buyers, not investors so they are looking for long-term livable condos instead of the micro condos.
Have friends who were waiting since 2010 for a major housing crash
cost is the obvious answer. Condo market is totally manipulated.
Its an affordability crisis
Canada is fked, I'm not paying 1mil+ for a 1500sqft townhome, I'm not a sucker. I rather stay in my over priced 900 sqft condo I bought 7 years ago for 500k.
Jesus John, get back to your vacation
I can see the buyer will regret not buying now. The price is down but people don't buy and still waiting for lower price. If we had a normal market the price would be higher at least 10 percent
The aging boomers make up 30 percent of all home ownership.
Toxic mortgages are at an all time high, defaults and attempted sales will follow.
The price of housing is out to lunch and most people are staying away from buying right now. 1 in 3 new immigrants either move back or move elsewhere due to insane housing costs. This will get worse until people stop coming and only leave.
Within the next couple years there will be a massive shift. The value of the dollar will be moving from housing into the new digital economy.
Just the boomer issue alone will have tons of housing left sitting empty, while new listing grow stale and accumulates quickly.
A bunch of home owners are already stuck with toxic mortgages and that will become exastrabted as the housing markets spiral and implode. 2008 will look like a picknick.
Toilets in the SKY
Tax change simple.
This clown John was saying a few months ago that prices will peak again 😅.
why are there a record number of Condos?....why are there a record number of Agents.? ....same !! each come with the talking head pod cast...all spewing the same info. Most come with the same backdrops/ virtual staging...same plants and expecting different results. ''heard it all before'' at least some fix the hair and lighting before going on camera.
Condos are a good investment..by 2080 double
Good luck on 2040
Condos are never a good investment unless you have the money to cough up at any point due to shared expenses.
Yes. Aging population . Condo is the appropriate place to live
Watch TV and eat chips and gaze out over hell
people are beginning to realize the emperor has been naked for a while
It's easy to play chicken when consumers have nothing left to squeeze. So who can make a movement? Investors taking losses.
Don't buy any real-estate in toronto.. prices heading much lower
These condos are tiny.
Low production video. Not interesting at all to watch this.
The Socialist narrative vs the Capitalist narrative
BOC cut rates to 4.5% but still too high need -0.5% .. banks have to pay me to take a mortgage or real estate prices too high lol
There is no mass market for "larger" condos anywhere near current prices ..low income families can barely afford small old rental units in the city or townhomes 2 hours away