Nonsense – Canadian Real Estate 10% Overvalued

TD Bank, IMF say Canadian real estate 10% overvalued
CBC.ca

The International Monetary Fund agrees, estimating Canada’s real estate is 10 per cent too expensive, according to an assessment of the Canadian economy released today.

Affordability is falling as prices rise, but TD expects price hikes to slow

Many experts and economists, from the OECD to the IMF, agree the Canadian housing market is overvalued – the question is by how much.

According to TD economist Diana Petramala, the figure is 10 per cent. The International Monetary Fund agrees, estimating Canada’s real estate is 10 per cent too expensive, according to an assessment of the Canadian economy released today.

The truth is it’s either 90% overvalue or it’s still undervalue … It looks as if people think Canadian real estate is still a steal. That’s key … Demand, baby, it’s demand that matters, not what Joe can afford.

So, what 10% ? Utter nonsense.

Another nonsense …

Toronto house prices could slip in 2015, TD Bank predicts
The Star

Report estimates Toronto, Vancouver real estate markets are 10 to 15 per cent overvalued, compared to 10 per cent for rest of country

Barely has the year — and a whole new round of bidding wars — begun and the first of the big banks has weighed in with a warning that Toronto’s housing market is 10 to 15 per cent overvalued.

So is Vancouver’s, says TD Economics in a report released Monday, noting that both cities have been seeing “frothier conditions” than the rest of the country, where house prices remain about 10 per cent overvalued, largely because of low interest rates.

Crash in 2015 ? Why 2015 ? I predicted as early as 2005 at most. It didn’t happen. So, on what ground did you to say it will be 2015, and only 10%-15% ? Why not this year ? Why not 2020 ?

Look, even this junk is going for $1,035,000

SOLD – 455 Manning Avenue – PALMERSTON

Two weeks ago, I posted a gutter at 592 Manning Avenue that was listed at $649,990.
It had 30 offers and sold for $908,000.
This house at 455 Manning Avenue needs a new rough…
And everything else.
It is 3 bedroom, 4 bathroom semi on a 19 x 126.5 foot lot with no parking.
It is located just a few doors down from the recently renovated semi at 439 Manning Avenue that was listed at $1,358,000. It had been listed for $789,000 in March 2011.
This house was listed at $749,900.
The renovated house at 439 Manning Avenue sold for $1,400,000 in November.
This house that needs to be gutted just sold…
For $1,035,000.
I guess there was that flip at 469 Euclid Avenue that sold for $1,675,000….But still.
photos via google

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