Canadian home ownership inches further out of reach
Toronto-Dominion Bank economists, who estimate that home prices nationally are overvalued by 8 per cent, said in a recent report that they believe affordability is at it’s weakest point since about 2000 because of the sharp rise in home prices in recent years.
Home sales recovering but condo prices having trouble keeping pace
Existing home sales appear to be rebounding in Canada’s two most expensive markets with a new trend showing a widening gap between low rise home prices and condominiums in Toronto.
Condominium prices falling while low-rise homes continue to soar
A housing crash based on the type of home you have? Is that really possible?
It certainly didn’t happen that way in the early 1990s. When the real estate market crashed in Toronto, the entire housing sector saw prices plunge. Even commercial real estate tanked in the high-interest rate environment.
This time around, many wonder whether a specific type of housing could falter while other categories remain strong. Most eyes are on the condo market in such a scenario.
Toronto — now the largest condominium market in North America — is the epicenter for the concern and on Tuesday another set of statistics showed that market foundering once again.
Renter in TO: –
I cannot justify purchasing at these prices for a number of reasons:
(1) Interest rates have been artificially suppressed and cannot stay at these levels for much longer. QE and the QE tapering in the USA could go wrong – horribly wrong. This kind of economic manipulation has never been done before and we don’t know how it will end. After 2008-09, it’s a scary time economy-wise. Check out how much the US government deficit and debt is and then tell me everything will be just fine.
(2) The CMHC is approaching it’s limit of $600B in mortgages. The government is nervous and has been changing the rules making it harder to borrow for the past 2 years. They don’t want to guarantee all the lending anymore!! Canadians seem to be obsessed with buying real estate. If a lending Guarantor is nervous, that that says something’s wrong.
(3) Compare the average household income to the average
single family dwelling. That gives you a sense of whether it’s affordable or
not. It’s out of whack. I was taught in 2001 that 3 times your income is what
you can afford. Sounds reasonable. People in Toronto are now borrowing about 5 or 6 times and in Vancouver – it’s 11! Where are people getting the money!? They’re not earning more – they’re keeping pace by borrowing much more.4) Millennials can’t buy now and probably won’t buy in the future. They don’t have the money and already have about $30K in school debt with entry level jobs. It will be years before they have a down payment at these prices. It’s all about living for the now, tattoos, $7.00 lattes and the latest smartphone apps. “Real estate?? That’s so 2004!!” That’s how they think. And if housing crashes, then they will feel vindicated into thinking “I’ll never buy – real estate is for losers” and they’ll rent for a long, long time or stay with their parents even longer. In the meantime, they’re going out to eat!
(5) Even if those reasons don’t grab you, just ask yourself, in today’s economy do you feel comfortable borrowing that kind of money? You may feel it won’t crash, but don’t you think…it’s possible? It did in the US, Japan, France, the UK, Greece,….Canada may be on deck. Do you want to risk destroying $70-100K in equity and do you know how long it takes to save that up again? If it does crash, not only will you be trapped in your new place which you cannot sell for a gain, you will feel trapped in your job because your paycheque will be critical to pay the damn mortgage.
Will the condo walls come tumbling down during fake quake?
New Listings Tue Aug 27 2013
Open Map
C2703804 – M6J – 82 DOVERCOURT RD Toronto, Ontario – $ 885,000
Price Change. Aug 1: $ 1,250,000 Aug 27: $ 885,000
Fantastic Queen West Semi Detached Home Located Steps From Vibrant Queen Street. This Property Is Currently Configured As A Single Family Dwelling …
C2708472 – M2N – 3 EVERSON DR Toronto, Ontario – $ 389,000
Price Change. Aug 27: $ 389,000 Aug 8: $ 395,000
T/H Centrally Located, Bright 2 Bdrm+Den. Approx 910 Sqft Located In The Heart Of The Desirable Young & Sheppard Area …
C2712801 – M2J – 41 GREEN MEADOWS CIRC Toronto, Ontario – $ 1,229,000
Price Change. Aug 27: $ 1,229,000 Aug 13: $ 1,249,000
This Magnificient Home Is In A Quiet Enclave On The Bud Mcdougal Estates.The Carlisle Model Boasts 4508 Sq.Ft.Including Finished Basement.Lg,Private …
C2714545 – M2R – 455 DREWRY AVE Toronto, Ontario – $ 858,800
Price Change. Aug 15: $ 849,990 Aug 27: $ 858,800
Beautifully Renovated 3-Bedroom Bungalow In North York; All Rooms Of The Home Have Been Renovated Within The Past Six Years. The House Comprises Of …
C2722246 – M4G – 406 SUTHERLAND DR N Toronto, Ontario – $ 1,798,000
Price Change. Aug 25: $ 1,739,000 Aug 27: $ 1,798,000
Beautiful Custome Built Home In South …
C2722704 – M2N – 28 SOMMERSET WAY Toronto, Ontario – $ 735,000
Gorgeous Spacious Bright 3 St. Tridel Home (Not Stacked). End Unit Like Semi With Skylight & Huge Windows Overlooking Parkette. Approx 1966 Sf. 3 Bdrms …
C2722755 – M4N – 37 ROSLIN AVE Toronto, Ontario – $ 899,000
Solid Detached Home On Beautiful South Lot In Desirable Wanless Park …
C2722787 – M5T – 71 NASSAU ST Toronto, Ontario – $ 675,000
Two Unit Rowhouse In The Heart Of Kensington Market. Upper 1 Bdrm Rented $ 875 Per Month + Hydro. Lower 3 Bdrm Rented $ 1550 Per Month + …
C2722799 – M5T – 73 NASSAU ST Toronto, Ontario – $ 625,000
6 Room, 3 Bdrm Rowhouse In The Heart Of Kensington Market. Rented For $ 1650 Per Month + Hydro With 25% Down Vtb 1st 4% 5 …
C2722806 – M4V – 71 BALMORAL AVE Toronto, Ontario – $ 3,695,000
Outstanding One Year New Classic Georgian W/Transitional Interior Stylings. 5,324 Sq/Ft On All Levs. Magazine Worthy. Finest Luxury Appointments …
C2722820 – – $ 839,000
58 Feet Frontage Prime Demanding North York Area*37One Bus To Finch Subway Across The Road* Minutes Walk To East Don River Natural Trail* Excellent School …
C2722823 – M4V – 319 LONSDALE RD Toronto, Ontario – $ 1,249,000
Forest Hill Village! 2-Storey Condo With 2+1 Bdrms/3 Full Baths-Walnut Hrdwood Flrs, High Ceilings, Crwn Moulding, Carrera Mrbl Finishes-Stunning Chef s …
C2722868 – M2H – 49 CLIFFWOOD RD Toronto, Ontario – $ 829,000
Spacious, Desirable A.Y. Jackson – Cliffwood School Area (French Immersion). Beautiful Deep Lot, Large Spacious Sized …
C2722875 – M3C – 40 SUNNY GLENWAY WAY Toronto, Ontario – $ 152,000
Excellent Condo Town-Home At An Excellent Location! Priced Too Sell!!! Just Minutes To The Dvp, 401, And Downtown Toronto! This Is An Excellent …
C2723014 – M5P – 525 RUSSELL HILL RD Toronto, Ontario – $ 1,580,000
Must Assume Tenant, Great Investment, Tenant Moves Out July 1, 2014. Newly Renovated House At Forest Hill! Walk To Eglinton/Avenue Rd. …
C2723089 – M2J – 15A GREEN MEADOWS CIRC Toronto, Ontario – $ 1,298,000
Stately Custom Built Home In The Highly Sought After Mcdougal Estates, Situated On A Pie Shaped Lot! Features A Large Eat-In Kitch, Open To The Sun-Filled …
C2723143 – M4J – 8 HAVENBROOK BLVD Toronto, Ontario – $ 789,000
Prestigious Henry Farm Location, Across From Havenbrook Park, Tennis Courts & Baseball Diamond. Short Walk To Subway, Fairview Shopping, Betty Sutherland …
C2723303 – M6J – 131 BEACONSFIELD AVE Toronto, Ontario – $ 799,000
Victorian Townhouse In Beaconsfield Village. Solid Home! Original Condition Waiting For A Renovator! Lots Of Character!! 1 Foot …
C2723314 – M2R – 316 BETTY ANN DR Toronto, Ontario – $ 849,000
North York Central,A Bright Well Maintained, Large Side- Split, Renovated Kitchen, Beautiful Landscaping, Newer Windows, Recent …
C2723367 – M3H – 32 REDMOUNT RD Toronto, Ontario – $ 849,000
A++ Location In The Clanton Park Neighbourhood. Premium 71 Feet Frontage – Reverse Pie Shap Lot. Pride Of Ownership Thru-Out This Home. Neweer Kitchen, …
E2711684 – M1K – 14 CORINNE CRES Toronto, Ontario – $ 549,900
Price Change. Aug 27: $ 549,900 Aug 11: $ 569,900
Completely Re-Modeled Bungalow, With Top Quality Materials Installed With Outstanding Craftsmanship And Design. It Has A Built In Home Theatre, Perfect …
E2716972 – M1E – 41 PAYZAC AVE Toronto, Ontario – $ 529,900
Price Change. Aug 27: $ 529,900 Aug 17: $ 549,900
Gorgeous Bright Spacious Home With $ $ $ $ $ Of Upgrades Throughout. Shows Like A Model. Renovated Eat-In Kitchen With Granite Counters. New Hardwood Floors. …
E2722083 – M1N – 4 KENNY AVE Toronto, Ontario – $ 989,000
Price Change. Aug 24: $ 369,000 Aug 27: $ 989,000
This Thoughtful Design Will Fit Into The Neighbourhood While Offering All The Modern Amenities- 10 Ceilings On Main Floor & 9 Ceiling In Bsmt Make …
E2722683 – M1L – 25 STRANGFORD LANE Toronto, Ontario – $ 290,000
Location!Location!Location! Beautiful 2B/R Condominium, Approximately Only About 4 Year Old …
E2722730 – M1N – 128 HEALE AVE Toronto, Ontario – $ 449,000
Country Bliss In The City!This Reno d Home Is Situated On A Large Lot With A Great Backyard,Offering Mature Trees,Flowering Bushes & Perennial …
E2722851 – M1K – 135 LORD ROBERTS DR Toronto, Ontario – $ 460,000
Beautiful Bungalow In The Sought After Area Of Scarborough! Convenient, Ideal Location For Family With Small School Age Children! This Is A Secure, Safe …
E2722872 – M2R – 18 HAREWOOD AVE Toronto, Ontario – $ 1,049,000
Incredible Custom Home With Superb High End Finishes. 9Ft And 10Ft Ceilings, Pot Lights, Coffered Ceilings W/Recessed Lighting, 4 Inch Oak Wood …
E2722879 – M1M – 25 CLIFFCREST DR Toronto, Ontario – $ 1,389,000
Spectacular Custom Built 4 Br Home With Fabulous Lakeviews!!Approx 3500 Sq Ft Of Sunfilled Living Space. Above Grade Nanny/In-Law Suite.Gourmet Kitchen, …
E2722883 – M1S – 198 PLACENTIA BLVD Toronto, Ontario – $ 519,900
Demand Location! E-Z Access To Ttc, Schools, Shopping, Restaurants, Park & Hwy.main Bath, Eaves,Fascia, Scoffits, Roof, Aluminium Siding. Windows & Doors …
E2722897 – M1M – 16 WALTONICE RD Toronto, Ontario – $ 498,000
Absolutely Stunning Home, Fabulously Reno d, W, A Very High Quality Materials, Oversized Open Concept Bungalow, 2 Bdrm Base. Apt, Main Flr …
E2722926 – M1E – 17 PICKFORD RD Toronto, Ontario – $ 564,000
Very Nice, Beautiful Home Within Walking Distance Of All Amenities. Very Nice Family Oriented …
E2722944 – M1W – 671 HUNTINGWOOD DR Toronto, Ontario – $ 389,900
Great Locale, Renovated Beautiful Eat-In Kitchen. Flexible Closing To Accommodate Your Rate. Dining Area …
E2722949 – M1R – 26 LYNNVALLEY CRES Toronto, Ontario – $ 499,900
**5 B/Rooms, 2 Full Wash Rooms, Apartment With Sep Entrance, Basement R/I Kitchen, New …
E2722956 – M1C – 4 DARCY MAGEE CRES Toronto, Ontario – $ 567,000
Your Search Is Over.Unique 4-Level Side/Split With 2 Separate Driveways.Separate Entrance To In-Law Suite.Kitchen And Baths Have Been Totally …
E2722986 – M1N – 24 COLGATE AVE Toronto, Ontario – $ 599,000
Spiffy Semi In South Riverdale! Renovated Kitchen (2011) With White Cabinetry And Walk-Out To Yard. Separate Living/Dining Rooms, Gas Fireplace, Superb …
E2722987 – M4K – 42B TORRENS AVE Toronto, Ontario – $ 719,000
**** Power Of Sale **** Custom Built Home, Ideal For Large …
E2723046 – M1B – 19 ROSEBANK DR Toronto, Ontario – $ 375,000
Well Kept Bright Connor Townhouse With Private Side Yard. Functional Layout. Steps To Ttc & Close To All …
E2723099 – M1N – 4 KENNY AVE Toronto, Ontario – $ 369,000
Builder Opportunity! This Quiet Street In Desirable Birchcliff Village Is Ready For You To Build A Beautiful Family Home. Close To Ttc, Schools & Parks. …
E2723115 – M4J – 615 GREENWOOD AVE Toronto, Ontario – $ 579,000
Nice Big Detached Home, 10 Homes South Of Danforth. Very Spacious Principal Rooms. Currently Set Up As A Duplex. Fantastic Tenant On 2nd Floor, Who …
E2723116 – M1M – 1 MARKANA DR Toronto, Ontario – $ 529,900
Welcome To 1 Markana Dr Fully Renovated House In Mature Neighbourhood With 5 Bedrooms & 3 …
E2723127 – M1N – 26 AYLESWORTH AVE Toronto, Ontario – $ 639,000
Gorgeous 4 Bedrooms Shinning Custom Built 7 Years Old Home With Tons Of Upgrades. Oak Hardwood Floor ,Stairs, Pot Lights, Skylights, Casement Windows, …
E2723137 – M1W – 22 TAMBROOK DR Toronto, Ontario – $ 449,900
Back On Ravine, Great View. Link Detached House, Wider Driveway. Finished Walkout Basement, Very Bright. Front Porch With Door To Garage. Ceiling Fan …
E2723207 – M1K – 140 HAILEYBURY DR Toronto, Ontario – $ 499,900
This Well Cared For Home Has Been Meticulously Cared For And Well Maintained. Many Upgraded Features That Are Sought After Are In This Home, Included …
E2723300 – M1H – 358 BELLAMY RD N Toronto, Ontario – $ 420,000
Detached Home Situated In High-Demand Neighborhood With Three Bedrooms & Finished Basement. Ideal Place For …
E2723348 – M1H – 38 LEE CENTRE DR Toronto, Ontario – $ 290,000
2 Storey Townhouse. Excellent View. 3 Bedrooms. Shiny Hardwood In Living And Din. 2 Full Washrooms. 5 Appliances. Close To Schools, Parks, Groceries, …
W2672416 – M8Z – 12 WILLOWBROOK RD Toronto, Ontario – $ 769,900
Price Change. Aug 27: $ 769,900 Jun 21: $ 789,900
Spacious & Charming Brick & Stone Bungalow Set On A Large 50 Ft Lot. Many Updates!! Great Curb Appeal. Desirable Neighborhood! Long Private Drive With …
W2703201 – M8W – 478A VALERMO DR Toronto, Ontario – $ 819,000
Price Change. Aug 27: $ 819,000 Jul 31: $ 838,000
Just Completed In July Brand New Home In Alderwood,Income Potential Basement With Separate Entrance Or Use It As A Recreation Room The Choice Is Yours,12 …
W2705987 – M6S – 719 WILLARD AVE Toronto, Ontario – $ 549,000
Price Change. Aug 27: $ 549,000 Aug 3: $ 579,000
3 Bedroom, 2 Washroom Home In Upper Bloor West. All Amenities You Can Find, Shops,Parks,Grocerise,Ttc And Much More.Features Main Floor Brazilian Cherry …
W2713052 – M6S – 14 EVANS AVE Toronto, Ontario – $ 898,000
Price Change. Aug 27: $ 898,000 Aug 13: $ 950,000
Gracious Bloor West Village Residence! Circa 1923. Private Drive! Oak Trimmed Foyer. Bay Windowed Living Room With Open Hearth. Formal Dining Room. …
W2722760 – M6N – 167 ROSETHORN AVE Toronto, Ontario – $ 639,990
Great For Investment Or A Large 4 Bedrooms Single Family Home. Great Location. Three Separate Units. Two 1 Bedroom Apartments And 1 Three Bedrooms …
W2722850 – – $ 429,999
Excellent Opportunity To Renovate, Build Or Move In! Gorgeous Lot With Private Driveway *Sep Ent To Bsmnt* Short Walk To Ttc On Eglinton, Dufferin And …
W2722862 – M6N – 15 HILLDALE RD Toronto, Ontario – $ 469,000
Wow! Welcome To 15 Hilldale Rd, This Spacious & Very Well Maintained Home Features Hardwood Flrs, Throughout, 4 Bedrooms, 2 Car Garage, 2nd Flr Bathroom …
W2722890 – M8Y – 23 GLENELLEN DR E Toronto, Ontario – $ 1,078,000
Spectacular Sunnylea 3+1 Bdrm Home On A Great, South Lot. Every Square Inch Has Been Beautifully And Thoughtfully Renovated. Large Family Room Addition. …
W2722960 – M9B – 312 RATHBURN RD Toronto, Ontario – $ 685,900
Exceptionally Well Maintained Home, Stunning Decor, Move In Ready. Gleaming Hardwood Flooring, Custom Scottish Stained Glass Window. Dining Room Walkout …
W2722995 – M9V – 20 KITTIWAKE AVE Toronto, Ontario – $ 399,000
Location! Location! 3 Bedroom Semi-Detached Raised Bunglow With One Bedroom, Finished Basement With 2 Seperate Entrances, Already Rented For $ 750. …
W2723000 – M9V – 192 TAYSHAM CRES Toronto, Ontario – $ 429,900
Spacious 3 Bedroom Detached Bungalow In High Demand Area. Finished 2 Bedroom Basement With Sep …
W2723003 – M9V – 6452 FINCH AVE W Toronto, Ontario – $ 297,000
Bright, Spacious And Clean 4-Bedroom End Unit Condo Townhouse. Totally Renovated From Top To Bottom. Separate Living And Dining Room. Large Eat-In Kitchen …
W2723028 – M4R – 1307 WESTON RD Toronto, Ontario – $ 529,000
Great Investment Property, Renovated And Updated With Great Tenants, Corner Lot With Detached 2 Car Garage And Large Driveway With 4 Car Parking. Forced …
W2723097 – M8V – 2725 LAKE SHORE BLVD W Toronto, Ontario – $ 529,900
This Charming 3 Bedroom Semi Detached Home Features An Expansive Bay Window, Wood Burning Fireplace, Crown Moulding With Premium High Baseboards And …
W2723187 – M8Z – 1050 THE QUEENSWAY AVE Toronto, Ontario – $ 249,900
Immaculate! Stunning Unit!! Open Concept, Upgraded Kitchen With Granite Counter Tops, Backsplash, Spicer Cabinet, Glass …
W2723220 – M8Y – 185 PARK LAWN RD Toronto, Ontario – $ 689,900
** Charming Well Maintained Home In Popular South Etobicoke ** Gorgeous Mature Backyard, Deep Private Lot, Professionally Landscaped. Two Tier Deck, …
W2723227 – M9W – 73 CLEARBROOKE CIRC Toronto, Ontario – $ 429,000
Popular Kipling Heights Neighbourhood. This 3 + 3 Bedroom, 2 Bathroom Home Is Ready To Move In! Gleaming Hardwood Floors, Updated Kitchen(2011), Newer …
W2723304 – M6N – 13 BEECHWOOD AVE Toronto, Ontario – $ 437,700
Beautifully Renovated And Updated Bungalow With Finished Bsmt In Great Family Neighbourhood. Close To Highways 400 & 401, Shops, Parks, School, Transit! …
W2723352 – M6H – 1525 DUFFERIN ST Toronto, Ontario – $ 850,000
Grand 3 Unit House On The Corner Of Dufferin St & Regal Rd W/Views Of Downtown & The Lake. Superb 4 Bed Owners Suite, As Well As One 2nd Flr & One Lower …
W2723353 – M9W – 71 WESTOWANIS DR Toronto, Ontario – $ 585,000
Gorgeous 4 Bedroom, 4 Washroom Brand New House At Prime Location. Lots Of Upgrades. 3 Full Washroom, Fireplace, Hardwood On Main Floor & 2nd Floor …
W2723382 – M6M – 40 HARDING AVE Toronto, Ontario – $ 679,900
Very Modern Custom Built Home By Quality Builder. Completely Finished Basement Unit , Brand New 4Pc Bath, Rec …
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