Is the housing bubble about to burst
- Thread starter K Douglas
- Start date
You mean concrete shoe boxes on the corner of every GTA neighborhood starting at $1 million plus aren't high in demand. The shock and awe.Well the OP was in January and now November.
Here is a different take in the video. I expect the price to reach 2010 level.
Will see.
Or
Condo project cancellations hit record high
The number of new condo developments being shelved continues to climb. New research from Urbanation shows the new condo market is on track to record its worst year for sales in 35 years.toronto.citynews.ca
There is always a sucker, dumb ass showoff, or kiss ass crazy nutjob out there.
Here's the dilemma when it comes to housing. Politicians and those without home ownership cry about the need for affordability. However, the possible unintended consequence for that is the price of homes for everyone else could drop, hurting current home buyers. I know several people nearing retirement age who plan to downsize and use the profit of their home to live off of. If the value of the house dropped 20%, they would be FUCKED.
So, what this does for the housing bubble/crisis is tricky. Yes, shoebox condos were bad investments. Who could raise a family in those? And there are thousands of units like that all across the GTA. So, the condo market will probably tank of a few years. But homes....I don't know how much they will dip. They are still coveted by most buyers, and they are still selling, for the most part, fairly quickly.
So, what this does for the housing bubble/crisis is tricky. Yes, shoebox condos were bad investments. Who could raise a family in those? And there are thousands of units like that all across the GTA. So, the condo market will probably tank of a few years. But homes....I don't know how much they will dip. They are still coveted by most buyers, and they are still selling, for the most part, fairly quickly.
Greenbelts and nimbys are actually a good thing. Prevents the concrete jungle hell holes from taking over beautiful natural green spaceYeah. It has come down somewhat but still quite high. Add NIMBYS and greenbelts and hard to see big crashes in Toronto and Vancouver.
Canada Takes in – Proportionately – Four Times as Many (Legal) Immigrants as U.S.
New information from IRCC shows that Canada is taking in about four times as many immigrants proportionately as we do.cis.org
They've been losing the war on these issues lately. Even the bike lanes have human rights now.
When you make an investment, you assume the risk of that investment. Investors will lose, but first time home buyers will gain.
Let's hope. Investors and developers was the reason we're quickly losing our skyline greenland and farmland.
House prices should not be kept artificially up for the sake of protecting the retirement eggs for those who chose a strategy reliant on real estate prices. The investment is speculative and should be treated as such. I don't see people keeping stock prices up for those that chose stocks over real estate for retirement egg. And for many people who have held real estate for a long time, a 20% drop is still much higher than their initial purchase price in most cases.
My grandmother about 30 years ago bought in a building that had two bedroom condos and something like 1800 feet (not a penthouse). They don't make things like that anymore, which I think is stupid. Imagine having something like that near a subway line and schools. It would be amazing...
I agree with you...But, imagine you're the mayor/premier/PM who made a move that caused your home value to drop like that. First, there could be many people who find their mortgage is not underwater...But, would you ever get re-elected? Or your government? I know my home value surged by something like 145% in just over a decade...That is insane!!
With the aging population, thats a huge voter base. It's not politically favorable to let the market crash. I just wonder how the hell the younger generation will get a foot in the door, especially those who won't be getting any significant inheritance. Generational homes may be the future (until all the boomers die off).
I recall reading several years ago that when the boomers start to die off there could be a glut in the market, which would depress prices. I'm not sure if the demographics for this possible outcome are still in play. I mean, boomers are living longer, and many are doing things could delay the sale of a home.
Yes or simply passing the home down to a younger family member. With the way prices have been, I think generational homes may be the only option. I just wonder how that will impact people's decision of whether to have kids. There are a lot of consequences that come downstream which could prove veryyy problematic
Two bedroom condos are less than 700 square ft now. It really boggles the mind. They don't want people to have families anymore. I know plenty of people that crew up in a three bedroom condo.
Totally agree. Our natural birth rate in Canada is well below the level for just replacement, which means we NEED immigration or we'll face a demographic disaster. But, that also puts significant pressure on the housing market. But, what really needs to happen is cities need to stomp out the NIMBY crew, and build denser in places that make sense. I'm not saying they should level a subdivision and put up apartments, but areas near major transit or along busy roads could have denser homes, like those four-floor apartment buildings. But, you need to make them large enough so people can raise families in them.
