It never was, and it will never be one.
And here is a smart Alec commentary by Bloomberg,
No idea. But fret not, because Deutsche Bank advised,
And some smart Alecs believe real estate speculation in Canada is never a conspiracy by foreigner speculators. It’s a completely home brew, home made phenomenon …
Anyway, back to Stephen Poloz. As a typical member of the Government of Canada, it’s anticipated he will maintain the status quo – did nothing other slashing interest rate … untill there is too much complaints – Housing Bubble, Inflation & No Pay Rise, so on and so forth, except Mr. Poloz does have another trick, nothing new, just no more slashing interest. But just like Mark Carney, don’t expect him to jack up the interest rate either. Certainly not anytime soon.
Sorry, Mr. Poloz doesn’t know how to handle that kind of situation (raise intereste rate). Not yet.
Anyway, times are still good. Forget about the interest rate … Get into the market before the Dragon spits out her scary fire again.
Seeing is believing…
22A Birch Avenue – SUMMERHILL
4+1 bedroom, 4 bathroom town house at 22A Birch Avenue in Summerhill.
This townhouse was listed at $2,885,000. It sold about 2 weeks later for $2,850,000.
($35,000 less than the asking price is not exactly a discount. It’s pittance sum when the asking price is close to $3 millions).
In another word, this townhome sold for asking – close to $3 millions.
147 Lisgar Street – BEACONSFIELD VILLAGE
($500K over asking)
4 bedroom, 5 bathroom semi with a detached garage on a 20 x 136 foot lot at 147 Lisgar Street in Beaconsfield Village (Little Portugal).
In July 2012 it was listed $1,195,000 and sold a month later for $1,200,000.
The house was asking for $1,699,000
Guess how much it sold for?
Which is about 12% increase in price or $500 grands more.
In today’s market… not so crazy. Especially for a house that is has been tastefully renovated.
Here is another one near the jail, the mental hospital (and the East side Chinatown) …
211 Bain Avenue – RIVERDALE
4 bedroom, 3 bathroom house with a 1 car detached garage on a 17 x 115 foot lot at 211 Bain Avenue in Riverdale.
It was a house that used to look like this in 2009…
So, they gutted the place and added a third floor.
Looks like a good reno jo, except the first floor felt really small.
Otherwise, it was a dream house … sorta.
It was listed at $1,790,000, and the price was raised to $1,890,000.
I expect it to sell closer to $1,950,000.
It didn’t. But it did sell for what they were asking for …
See, not a single home was sold less than asking.
So, the banker was right, “Mr. Poloz, Toronto’s housing bubble is not your problem”. Trust this is probably what Mr Poloz wanted to hear after all – Everything is fine and dandy. The sky is blue, roses are blooming … and enjoy the summer.