Article after article after article discusses the real estate price drop in Toronto across all housing classes in 2018. While in Vancouver prices continued to rise with the average price hitting $1,059,000. You can continue to willfully ignore reality. It will not change the facts. https://www.macleans.ca/economy/realestateeconomy/gta-real-estate-sales-falling/
You are completely wrong, and you are the one being willfully ignorant. Your idea of "facts" is as misguided as that clown Trump that you call leader.
We already know that Nine_Ender will not read links and educate himself - preferring to remain willfully ignorant. Here are articles and statistics from 2018 (and late 2017) for other people who desire to learn more about the 2018 drop in the housing market in Toronto across all housing categories from low cost to high cost from downtown to suburbs. Throughout 2017 - the pundits in Toronto could get away with saying the real estate market has slowed in its growth compared to 2016 while claiming it was just a temporary bump. By early 2018 the nerves were raw. In March 2018 it was clear to everyone in Toronto that a real estate train wreck had occurred with an huge drop in prices and sales. Investors held hope in Condo's -- attempting to claim in early 2018 that Condo prices did not drop - while failing to recognize that this was only due to that only high-priced Condos in the $1.5M price category were still selling (driving up the average price). By April 2018, the situation could not longer be simply be ignored by investors. Condos were obviously on the decline as well -- while the only bright spot appeared to be a 2.2% increase in detached house prices from February 2018 to March 2018 (which promptly disappeared by May). From a development perspective, several Condo projects have been stopped in Toronto over the past weeks as financial backers pulled out - forcing the buyers to seek refunds to their deposits. Coupled with examples in May of new detached houses not selling after $200,000 price drops. Toronto home prices see biggest drop in almost 30 years March sales down 40% from a year ago, the lowest since 2009 http://business.financialpost.com/r...y-home-sales-tank-from-last-years-record-pace Sales for the market as a whole, including condos, townhouses, and semi-detached homes, fell 40 per cent to 7,228 units in March from a year ago but were up from February. That’s the lowest sales figure for March since 2009. Toronto-area home prices drop more than 12% in February as sales plunge https://www.thestar.com/business/re...p-in-february-as-number-of-sales-plunged.html Re-sale home prices in the Toronto region dropped 12.4 per cent, or about $110,000, year over year in February. The average price fell to $767,818, from $875,983 for all housing categories, including detached, semi-detached, town homes and condos. Toronto's housing market is tanking http://www.businessinsider.com/torontos-housing-market-is-tanking-2018-3 Real estate sales are cratering around the GTA. Is this a crash in the making? https://www.macleans.ca/economy/realestateeconomy/gta-real-estate-sales-falling/ Toronto Home Prices Fall for Seventh Month as Lending Tightens https://www.bloomberg.com/news/arti...es-fall-for-seventh-month-as-lending-tightens 'Reckless' Toronto housing market cost sellers $135M over 135 days: report https://www.ctvnews.ca/business/rec...t-sellers-135m-over-135-days-report-1.3882209 Canadian Home sales plummet 16.9% as average price drops 5% led by Vancouver, Toronto http://canoe.com/business/home-sales-plummet-16-9-as-average-price-drops-5-led-by-vancouver-toronto 7 charts that show how regulatory changes have dealt a serious blow to the Canadian housing market http://canoe.com/business/home-sales-plummet-16-9-as-average-price-drops-5-led-by-vancouver-toronto This Week’s Top Stories: Canada Has A Subprime Mortgage Problem, and Toronto Detached Homes Shed Over $100k https://betterdwelling.com/this-wee...em-and-toronto-detached-homes-shed-over-100k/ Toronto Real Estate Leads The Country In Average Price Declines https://betterdwelling.com/toronto-...verage-price-declines-saint-john-pops-higher/ Another primary driver in the decline... some of this is self-inflicted from the Ontario 15% tax placed on sales to foreign buyers since April 21, 2017. Toronto foreign-buyer home sales drop to 2.5 per cent of real-estate purchases https://www.theglobeandmail.com/rea...ome-sales-drop-to-25-per-cent-of-real-estate/ The number of homes sold to foreign buyers in Toronto has dropped steadily over the year since the province introduced a 15-per-cent tax on such purchases, falling from 7.2 per cent of sales in May, 2017, to 2.5 per cent over a three-month period ending in February. (Toronto Housing price drop 2018 provides 8,350,000 results at Google)
Life is too short to deal with simpletons like you. You lack the critical thinking ability to even understand the data you keep posting about on this site. Whether it's Toronto real estate, Canadian health care, or the US education system, you just don't get it and probably never will.
Although I don't have a horse in this race as it were, it does appear you were presented with overwhelming support for an apparent fact. Would it not be best either to accept this fact or to find a way to refute it? Stating the poster is a "simpleton" and "lack the critical thinking ability..." is merely an ad hominem attack, provides no credible support for your position, and can lead some readers to conclude you actually possess the attributes that you are accusing the other side of. Please think through this issue and either directly or indirectly provide support for your opinion or accept the evidence presented as factual.
Well post some facts and statistics to refute anything I posted. Oh -- you can't. And never have. You spend your time piling on insults and attacking people. Fortunately reasonable people can go back and read my posts, become educated, and make up their own minds about who demonstrates critical thinking on this site.
As a current Seattle area resident, I understand that we have expenses. We repave the exact same part of certain interstate highways every year, remodel our schools to look like Miami CSI sets, and build new 1 billion dollar stadiums next to a perfectly fine stadium that ends up getting teared down. In addition, without "revenue enhancements" going to key contractors, a major source of campaign funding could dry up. How else are we going to attract the "best and the brightest" politicians? Fortunately, we have been able to implement many add on fees to businesses, increase supplemental taxes on real estate such as a sellers excise tax, implement new home impact fees that would make Bernie Madoff blush, and require business to purchase goods and services in order to maintain compliance with our fruitful regulations. The businesses whose products and services are required to be purchased are very enthusiastic contributors to our Democratic politician reelection campaigns. We get lots of businesses and executives to move here because there is still no state individual income tax. Don't feel sorry for us, however. We have a bountiful sales tax rate of about 10% and very impressive vehicle registration fees. In addition, we charge parking fees on certain public streets in residential neighborhoods and user fees for certain parks. Last and certainly not least is our road taxes. Most states would squeal with delight if they received anywhere near what we receive in road taxes. Ok, the previous revenue source was not last. We also partially toll certain lanes on our highways and have added tolls to bridges where no tolls have existed before. Although we sometimes get some whiners, such as major employer Boeing, we usually get them back into line by threatening them with a lawsuit and or giving them a small token of our appreciation such as a partial regulatory "vacation". Although we have been losing a few business expansion opportunities to states like Utah, New Mexico, Colorado, and Texas, so has California. Besides, who needs those narrow minded, profits first businesses anyway? It is through the free money that businesses and the wealthy provide that allows us caring politicians to enjoy a reasonable, well-earned standard of living. I'm also happy to report that our exalted Governor Jay Inslee has gone on record as saying our no state individual income tax policy is inefficient. We can only hope a state income tax will implemented soon. Even if it is a token amount to start, at least it is a start. We have seen the benefits of electing Democrats politicians to lead us. We must never return to Republican leadership and their antiquated, low tax policies. Disclosure, although the information above is factual, it was presented in an tongue and cheek manner.
It could be worse. You should see the campaign material the crooks running for local office in DC send out. It's like they tried to come up with a laundry list of terrible policies. Their main goal is to prevent more whites from moving here and eroding their political base of low IQ racist black voters.
On the subject of Toronto -- one amusing aspect is how the Toronto Real Estate Board (TREB) continued to put out positive real estate information in 2018 that was completely detached from reality. It reached the point that even the Ontario government told them their information was fraudulent and unacceptable. TREB even went as far as blasting other real estate organizations which reported the truth... 'Far too negative': TREB blasts Ontario Real Estate Association for suggesting dream of home ownership is dying http://business.financialpost.com/r...-association-over-negative-portrait-of-market When they were not busy blaming the government for the drop in sales... Toronto Real Estate Board Blames Government For 18% Drop In Sales https://www.huffingtonpost.ca/2018/...in-2017-but-average-price-went-up_a_23323707/ While courts affirmed that TREB acted fraudulently and abused the market... Abuse of Dominance: Long-Awaited Federal Court of Appeal Decision Confirms Decision Against the Toronto Real Estate Board https://www.mccarthy.ca/en/insights...ms-decision-against-toronto-real-estate-board What a fine organization which forces real estate brokers to stop sharing house sale information publicly with customers with the threat of revoking access to the MLS. Moral of the story -- Never believe realtors pushing their hustle http://www.trebhome.com/about_TREB/who_we_are/index.htm The TORONTO REAL ESTATE BOARD is a not-for-profit corporation founded in 1920 by a small group of real estate practitioners. Today, as Canada's largest real estate board, TREB serves more than 49,000 licensed real estate Brokers and Salespersons in and about the Greater Toronto Area. TREB is the collective voice for both its commercial and residential REALTOR® Members and operates under the direction of an elected voluntary Board of 16 Directors. Mission Statement To be the primary professional resource providing, preserving and promoting the continuing real estate success of all Members.
I'm not sure what you think the facts are in this case but Gwb_Trading does rather biased searches and adds his own homemade conclusions to them. He is misrepresenting the nature of the Toronto real estate market this year, suggesting the market is crashing among other faulty or exaggerated conclusions. I don't have to prove anything he's the one swinging theories that lack substance. There is only a tinge of reality to what he is saying; only detached home buyers who bought since January 2017 and overextended their budgets have real issues. For most long term residents of Toronto and area, the last two years are a non-event in their lives. Even using Gwb_Trading's post, it says the average home went up roughly 15% in value from March 2016 to March 2018. In reality, many other articles have shown that in that time period, detached home prices swung wildly and in the face of large new taxes may have gone down considerably in price this year. However, more affordable homes like condos and townhomes for families actually went up considerably in price. Some of those prices tapered off the last 3 months. The exact details are inconsequential to long term owners it's just short term volatility and anyone truly short on money can make a mint renting out their place in this market. I am more aware of local market fluctuations more then Gwb_Trading. So this concept that I have my head in the sand is absurdly stupid but if this is what Elite Trader posters see as intelligence you are welcome to it, it has no impact on my life. Reminds me of what occurred on this site early in this bull market in stocks when I tried to defend the likely long term trend in US equities ( in the years 2010-2013 ) only to be mocked by a small arrogant crew on here. Given time, my opinions stood up rather well. I take a fundamental view about markets and ignore short term noise that young traders and some emotionally charged posters tend to obsess about. I've been around long enough to see how many events tend to play out on a longer term basis. Current demographic studies suggest continued rapid growth in Toronto until the year 2050. Trump has added to this trend creating even more demand for housing for the growing IT professional market here right now.