Toronto Is Booming!

[Willyboy]

I agree. Minimal impact.

It's also interesting with regards to the 15% tax that corporations and foreign students are exempt. If I were a "foreign buyer" I can think of a couple ways to avoid this meaningless tax.

Toronto real estate prices will continue to climb.

Will continue to climb? For how long and how much until they top out?

 

[Rickson9]

“Toronto is a very buoyant market,” Horwell said in an interview Tuesday. The condos will pay for themselves and do “very, very well.”

[Toronto] is the fourth-largest metropolitan area in North America, the second-biggest financial hub, and features burgeoning high-tech, education and health-care industries that are driving growth and job gains.

http://www.financialpost.com/m/wp/n...housing-bubble-drama-with-new-condo-project-2

 

[Willyboy]

“Toronto is a very buoyant market,” Horwell said in an interview Tuesday. The condos will pay for themselves and do “very, very well.”

[Toronto] is the fourth-largest metropolitan area in North America, the second-biggest financial hub, and features burgeoning high-tech, education and health-care industries that are driving growth and job gains.

http://www.financialpost.com/m/wp/n...housing-bubble-drama-with-new-condo-project-2

I totally agree with you on that. I personally have been to Toronto over ten times and I love it. But eventually it will follow the cycle like every other city and it did in the past. I'm not saying there's gonna be a crash but there will be a peak for sure and then it will slow down then boom again and so on.

So the question is when it will top out and how much more appreciation it will gain until then before it slows down for a while (not crash) and rebound again.

 

[Thomas Beyer]

Consider cashing out now says this mortgage & financial expert & author (that used to frequent the REIN stages), Calum Ross: http://findependencehub.com/toronto...-investors-sell-now-top-mortgage-broker-says/

 

[Rickson9]

^ Hm should I listen to Nobuyuki Matsuhisa who does business in 18 countries across 5 continents and is building a hotel, restaurant and 700 condo units in Toronto... or a guy with a book and "used to frequent the REIN stages".

That's a tough one.

 

[Cory Sperle]

^ Hm should I listen to Nobuyuki Matsuhisa who does business in 18 countries across 5 continents and is building a hotel, restaurant and 700 condo units in Toronto... or a guy with a book and "used to frequent the REIN stages".

That's a tough one.

Better start buying like crazy then, as I assume you have been all this time right?

 

[Rickson9]

Toronto real estate is hot. Everybody knows this. But it's also pulling up real estate prices all around it!

http://www.moneysense.ca/spend/real-estate/the-flames-of-torontos-real-estate-market-are-spreading/

 

[Cory Sperle]

So no you haven't been buying, your just telling everyone else to.

 

[Cory Sperle]

^ Hm should I listen to Nobuyuki Matsuhisa who does business in 18 countries across 5 continents and is building a hotel, restaurant and 700 condo units in Toronto... or a guy with a book and "used to frequent the REIN stages".

That's a tough one.

Where's your book, name, photo, website, or anything whatsoever to provide credibility. Please provide or kindly exist gracefully.

 

[Rickson9]

Government intervention had virtually no impact on Vancouver real estate prices and it won't be any different in Toronto.

Vancouver Home-Price Surge Defies Canadian Housing Jitters

“Demand has been increasing for months and supply is not keeping pace,” Jill Oudil, president of the board, said in a statement. “We’ll likely continue to see prices increase.”

https://www.bloomberg.com/news/arti...e-price-surge-defies-canadian-housing-jitters

 

[Willyboy]

Vancouver Home-Price Surge Defies Canadian Housing Jitters

“Demand has been increasing for months and supply is not keeping pace,” Jill Oudil, president of the board, said in a statement. “We’ll likely continue to see prices increase.”

https://www.bloomberg.com/news/arti...e-price-surge-defies-canadian-housing-jitters

I've been hearing too many similar comments for the last few months that Vancouver absorbed the shock and is on track again for price increases!

It's funny how they don't tell the whole story and those who have vested interest keep telling the public that Vancouver is going nowhere but up!

I'm wondering why they fail to tell that:
1- The foreigner tax that was initially low compared to a depreciation in Canadian dollar of about 30% was watered down a few months after it was introduced.
2- And how new measures were introduced so new home buyers could borrow even the down payment.

These two measures almost cancelled the effects of the initially low foreigners tax and new mortgage rules and of course the price will creep up again considering also the interest rate is still very low.

Nobody get me wrong. I'm not against Vancouver or Toronto or any other city but when we discuss something we have to see the whole picture and not just the part of it that we'd like to see.

 

[Rickson9]

Average Toronto house price jumped to $921K in April despite spike in listings

The average price for all types of homes combined sat just shy of $1 million, at $920,791, last month.

That's a jump of 24.5 per cent compared to last April, and TREB predicts home prices won't decline.

Between 2008 and April 2017, foreign buyers in the GGH amounted to an average of 2.3 per cent.

http://www.cbc.ca/beta/news/canada/toronto/real-estate-toronto-treb-foreign-sales-homes-1.4096697

The foreign tax was irrelevant because Toronto doesn't have a foreign buyer problem.

 

[Rickson9]

Unemployment rate in Ontario drops to lowest in 16 years

http://www.cbc.ca/beta/news/canada/toronto/unemployment-rate-ontario-1.4101255

Calgary's unemployment rate is still the highest of any major Canadian city at 9.3%

http://www.cbc.ca/beta/news/canada/...yment-rate-still-highest-april-2017-1.4100873

 

[Willyboy]

I decided not to buy in Ontario.

 

[Rickson9]

Canada new housing prices rise on Vancouver, Toronto strength

Prices for new housing in Canada rose by 0.2 percent in March from February on gains in Toronto and Vancouver, two of the country's hottest markets in recent years, Statistics Canada data indicated on Thursday

https://m.investing.com/news/econom...home-prices-climb-0.2-percent-in-march-483061

Victoria, Toronto luxury homes among fastest-selling

Toronto's increase of 20 per cent was the largest increase in the markets studied

http://www.cbc.ca/beta/news/canada/british-columbia/toronto-victoria-luxury-homes-1.4109307

 

[Thomas Beyer]

Good analysis of alignment or misalignment on BC in this linked article.
http://vancouversun.com/storyline/b...nt-with-the-ndp-and-liberals-on-20-hot-topics

My prediction: Christy Clark will remain Premier for 3-4 months and then in the fall will be sacrificed on the altar of global warming as NDP plus Greens amend BC Elections Act to allow for proportional representation which the Liberals bitterly oppose. Cancellation of Site C dam, oil pipelines and Massey Bridge, minimum wage of $15/h, unsustainable wage & benefit hikes for civil servants, tax hikes and more debt all likely to happen the next 2-3 years.

Continued strategy of preferring takers over makers all in the name of social justice, equality, fairness and of course, the environment. There is no price too high here to pay.

The result: rising unemployment, falling net wages, falling housing affordability, higher taxes and massive debt accumulation as shown successfully first in ON, then in AB and now in BC too !!

After ON, BC too all of a sudden has become a far more risky place to invest !

 

[Thomas Beyer]

Apparently a huge increase in listings in GTA as people cash out. Prices might fall due to much higher supply in GTA than normal. https://betterdwelling.com/city/toronto/toronto-real-estate-agents-losing-st-charts

Do not expect an automatic price increase after the last 2-3 years massive jumps.

 

[Rickson9]

Dream of that single-family home in the suburbs fading fast as highrises move in

http://www.financialpost.com/m/wp/n...-fast-as-highrises-move-in&pubdate=2017-05-20

 

[Rickson9]

Newly built GTA home prices soar despite surge in re-sale listings

Prices still increasing as demand outstrips historically low inventories, say builders.

https://www.thestar.com/business/20...s-soar-despite-surge-in-re-sale-listings.html

 

[Rickson9]

Actor Robert De Niro, celebrity chef Nobu Matsuhisa and a cavalcade of development executives are betting huge on Toronto despite outside concerns about a real estate bubble in the city.

The "Taxi Driver" star said he's getting a free unit in the development, which could mean the New Yorker will swing by the city more frequently.
"Toronto's a great city. It's got a great film festival," he said.
"It's a great city and an important city."

http://www.bnn.ca/nobu-toronto-execs-say-they-re-not-concerned-about-real-estate-bubble-1.765430