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at least u get a window with a good view lol..
 
This might seem off topic, but how is it that Toronto, along with Mississauga, can lose population over the past two years, yet housing costs are still rising at ridiculous rates? There has to be a bubble, and the house and condo investors/flippers aren't aware of it yet. Real estate is usually the last of the investment silos to crash when there is a necessary or inevitable correction to be had. Are there any (honest) real estate experts who can explain what the frig is going on?
 
Irishmonk said:
This might seem off topic, but how is it that Toronto, along with Mississauga, can lose population over the past two years, yet housing costs are still rising at ridiculous rates? There has to be a bubble, and the house and condo investors/flippers aren't aware of it yet. Real estate is usually the last of the investment silos to crash when there is a necessary or inevitable correction to be had. Are there any (honest) real estate experts who can explain what the frig is going on?
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It's absolutely a bubble and been for many years now.

Toronto has been losing people for well over 10 years if international immigration is excluded. Otherwise, prices are rising because of low interest rates (induces real estate investment), excessive immigration and overly restrictive zoning.
 
Irishmonk said:
This might seem off topic, but how is it that Toronto, along with Mississauga, can lose population over the past two years, yet housing costs are still rising at ridiculous rates? There has to be a bubble, and the house and condo investors/flippers aren't aware of it yet. Real estate is usually the last of the investment silos to crash when there is a necessary or inevitable correction to be had. Are there any (honest) real estate experts who can explain what the frig is going on?
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The pressures are not so straightforward as you put it.

Toronto may be losing population, but downtown Toronto is not and demand for downtown stock is rising. Meanwhile, the suburban parts of Toronto have restrictive zoning and relatively fixed housing supply.
 
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Some comments based on my own recent experiences house hunting over the last 30 days or so:

1. Medium-density housing is an absolute must within the 416. We are screwed if all levels of government don't figure this out. We can't condo build our way out of this housing crisis. Condos are also a starting point for many young people but are not a sustainable residence for the majority of families, not with the continuously shrinking unit sizes in the name of maximizing developer profit.
2. Blind bidding process absolutely must go and although not the sole reason for rapidly rising housing prices, they are certainly contributing to it and playing off of people's irrational emotions. We've finished in the top 3 for the last 3 properties we've submitted offers for. Every single time the listing agent comes back and asks top 3 bidders to "re-submit." We make some adjustments but are not willing to max out our budget for a variety of reasons, namely because these properties are not worth overbidding $50 - $100k. Instead of simply choosing the best offer off the jump, the listing agent uses the blind bidding to their advantage to have someone overbid well beyond what is rationally necessary. Scrap the blind bidding system and people will be much more sensible in their resubmissions. Unfortunately, TRREB and OREA adamantly oppose removing the blind bidding system and that organization has a lot of clout.
3. Realtor commissions should be reduced. Some realtors are knocking points off their commission to obtain clients but realistically, their compensation is completely out of line relative to the value they provide. Again, a difficult problem to overcome given the immense prowess of TRREB and OREA.
4. Capital gains exemptions on properties needs to go, particularly for the investor/landlord class. It's become a system of sheer speculation leading to immense wealth concentration which only serves to exploit the working/rental class. Anything beyond a primary residence needs to be taxed to curb this ridiculous speculation that's occurred over the last 15 years or so.

The convoy debacle is a complete distraction from the real issues we are facing as a 1st world country. If people would devote the same time and energy towards our politicians regarding the outrageous housing market and crisis we are all facing, that would get politicians at all levels to move and do something.
 
Translude15 said:
3. Realtor commissions should be reduced. Some realtors are knocking points off their commission to obtain clients but realistically, their compensation is completely out of line relative to the value they provide.
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Agreed. If I ever sold my downtown semi it would nearly sell itself for $1.5 million or more. Why the heck would I give some realtor $75k or more for the privilege of listing my house on MLS and sticking their sign in my lawn? That has to work out to about $5,000 an hour in time/effort to sell my house. Better off to just get a proper valuation of your house and use a flat fee service like https://www.forsalebyowner.ca/.
 
Toronto landlords be like: “Cozy, spacious, modern studio. $1,500 a month.” 😁
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Toronto tenants two days after signing a 1 year lease ☹
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Interesting a semi in an affluent Toronto pocket just traded for 22% less than the previous sale 6 months ago. that's $1,125,000 cheaper 😮, 💡money laundry gone bad , bankruptcy or divorce ? , what's your guess
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