Toronto real estate is undergoing a revolution no less dramatic than the French Revolution.
Home Buyers staged a Coup d’état, they boycott buying home in the hope that the housing market will crash as a result. The have-nots wanted a real change in regime.
They wanted to transform Canada from an “Sellerland” to a “Buyersphere”. They wanted “Democratic Affordable Home Price-ism”, not “Authoritarian Premium Property Price-ism”.
Home sellers on the hand are playing same old, same old … “You wanted a house, pay a premium. Otherwise, you may leave anytime you like, the door is always open. Or you may want to check out Timbuktu”.
Meanwhile, media has it Toronto home sales decline continues into June.
And the headline continues …
Realtors’ internal numbers show Toronto home prices fell more than 6% in two weeks – Sales also plummeted 50% in early June, wiping out about $2.5 billion in market activity
That Toronto’s real estate market sees shift away from earlier frenzy. Despite the government’s best efforts to cool the market, home prices rose overall in May
Canadian overall home prices rose in May as Toronto soared: Teranet House Price Index
Prices were higher in all 11 cities included in the index, led by a 3.6 percent increase in Toronto and a 3.1 percent rise in nearby Hamilton
Canadian home prices rose in May as Toronto remained robust despite recent government efforts to cool the market, while prices in Vancouver picked back up to hit a fresh peak, data showed on Wednesday.
The Teranet-National Bank Composite House Price Index, which measures changes for repeat sales of single-family homes, showed prices rose 2.2 per cent last month.
Prices were higher in all 11 cities included in the index, led by a 3.6 per cent increase in Toronto and a 3.1 per cent rise in nearby Hamilton.
While other recent data suggested activity in the Toronto market cooled in May, Wednesday’s report pointed to accelerating price growth in the resale market.
Compared with a year ago, prices were up 28.7 per cent in Toronto and 23.5 per cent in Hamilton, a record for both. For Toronto, Canada’s largest city, it was the fourteenth consecutive month of acceleration in home prices on an annual basis, the report said… Financial Post
Well, who’s gonna win the war? Who will reign supreme, the buyers or the sellers?
Here are some insane property transactions highlighted by Robyn Urback recently … Enjoy.
Spend $1 million to reach out and touch your neighbours.
BYO Kitchen.
Listed: $499K Sold: $988K
Should wash the crap off the garage before we list the house?
Nah, this is Toronto.
Listed: $899K Sold: $1.12M
Listed: $3.295M Sold: $4.2M
The equivalent of a backyard shed in a normal city is $800,000 in this dysfunctional one.
(Oh, and no parking)
Oh, you wanted a DETACHED house for $1.3 million?
Lol move to Oshawa.
Listed: $899,000 Sold: $1.29 M
A bungalow where the kitchen is in the basement.
Perfect for buyers under 5’5″
Listed: $679,900 Sold: $1.05M
$1.65 million for a semi where classic Victorian meets your chiropractor’s office.
Parkdale honeycomb house is still on the market, for $3.4 million.
Anyone?
Someone bought this thing for $850,000.
What half a million dollars will buy you in Leslieville.
*Bring steel toe boots
Asking $700,000. Includes a half-eaten can of beans and a pair of fingerless gloves.
EVERYTHING’S FINE.
$1.218M
This house, which I’m convinced is just a repurposed shipping container, actually sold for under asking: $2.4M
Whaddaya Say?