The slowdown underway in Toronto’s housing market continued last month, with new figures showing the number of homes sold in Canada’s biggest city fell by almost half compared with a year ago.
»»» Subscribe to CBC News to watch more videos:
Connect with CBC News Online:
For breaking news, video, audio and in-depth coverage:
Find CBC News on Facebook:
Follow CBC News on Twitter:
For breaking news on Twitter:
Follow CBC News on Instagram:
Subscribe to CBC News on Snapchat:
Download the CBC News app for iOS:
Download the CBC News app for Android:
»»»»»»»»»»»»»»»»»»
For more than 75 years, CBC News has been the source Canadians turn to, to keep them informed about their communities, their country and their world. Through regional and national programming on multiple platforms, including CBC Television, CBC News Network, CBC Radio, CBCNews.ca, mobile and on-demand, CBC News and its internationally recognized team of award-winning journalists deliver the breaking stories, the issues, the analyses and the personalities that matter to Canadians.
source
But Blackrock and Vanguard are buying like tomorrow eh?
Ultimately, affordable and sustainable prices needs to be addressed via increased supplies. Not single family homes but low rise condos etc. Zoning are municipal and provincial matters. These issues exists not only in Toronto or Vancouver but California and other major cities as well!
I hope it dropps 90 percent my house is paid off and i would love to buy 2 more properties to rent….🤑
Price in the GTA dropped $66,000 in June. Now down $188,000 in 90 days. That is -14% from February peak. The Trend is dropping about 1% per week.
Number of Sales in the actual city of Toronto (not GTA) was 2,400 in June for all types of residential property. A record Low for June.
The Covid Boom is unwinding, and do not be surprised is all of the $432,000 rise in prices during Covid is gone by the end of this calandar year. We are about half way there.
There will be lots of defaults by heavily leveraged home owners who bought at the top and their property values are now underwater…. hopefully they didn't sign up for a short term mortgage too
Sold over asking 🙄
And water is wet Mr / Mrs real estate person
If you don't make enough why buy. You need to make $50 an hr to liv in this country. Wake ⏰️ up people
More!!!
What about the farmer's protest in the Netherlands??????
Bubbles go pop
Anyone else smell a recession coming???
Justice, justice, justice for Jovenel Moise.
Wow, I thought Heather Hiscox was fired? If not (yet) WHY?!?!?
This needs to crash. Unbelievable.
Of course it’s going down, the interest will go through the roof soon..,
✨💜👑 VirgA CEO, CFO, COO, CMO, CHRO 👑 Advertisement • Spokesperson • Vision • Inspirational ✨ Bloomberg • K-pop • BETNetworks ✨💜
Headquarters • An American Entertainment Multi-Conglomerate ✨🌆👑 The Most Popular 👑🌆✨ Beauty • Fashion • Culinary Arts • Entertainment ✨🎨👑 Stock Market • Bonds • Gold • Real-Estate 👑🎨✨
✨💜👑 Queen Alisa, Monarchy • Sovereign • Kingdom 👑💜 ✨🌏 ✨ Creator ✨🌏✨
Take a look at percentage of our GDP made up by real estate. We have built a house of cards and it's going to be brutal.. bb
People's salaries are not increasing 10, 20, 30% as housing increased during the past 12 months, not to mention inflation in other areas. Add in stress testing from financial institutions to afford the debt, something has to give.
You can ask anything you want for in Toronto.
Woohiooooooo
It's cause everyone is coming to Calgary to buy houses now
This channel should be shut down
Shame on the smallhat THEIVES at the bank of Canada
Dream on!
Mike Martin's
Legislation a percentage to affordable new home builds is long overdue. Build war time homes such as they did after the war. So families have a chance at owning a home.
Hope bc drops prices
Never ever before have we seen pandemic inflation followed by high gas prices and which causes higher inflation yet. Bank of Canada now making things worse
Recession coming because of liberal spending and debt
Breaking news…Boris Johnson to resign !! My next prediction, is that ALL of the FBI leadership, will be jailed !! Sit back n watch this all unfold !!
Oh I sure feel sorry for those real estate firms, not being able to bend us all over a barrel anymore. Must be so hard for them.
Real estate prices SHOULD go down. They were criminally overpriced for quite some time.
Hope it will correct more for the real value…!!
Big sales drop implies no demand, what the intention might be. This thing will fall. Investors, common ppl are not willing to pay for this over leveraged price house, hence the huge drop. Be prepared for the worst is yet to come!
Where is the James Topp coverage!!
price drop so far is insignificant, long way to go to become attractive to buyers. At least another 25% to 30% depending on the interest rate.
Correction Not A Crash ? Or will it become a crash with stagflation or recession?
Not perfect scenario but tells the story>>>
$300.000 = House price in January 2020 before pandemic
$507,000 = House price in February 2022 before interest rate increase
30% = 2 year annual compounded increase
Assume: a “reasonable” year on year increase would have been 10% then
$363,000 would have been February 2022 value.
$144,000 = the overvaluation
(-28%) = the correction
If you owned before 2020 you are still ok
$500.000 = House price in January 2020 before pandemic
$845,000 = House price in February 2022 before interest rate increase
$605,000 = Should have been February 2022 value.
$240,000 = the overvaluation
(-28%) = the correction
$1,000.000 = House price in January 2020 before pandemic
$1,690,000 = House price in February 2022 before interest rate increase
$1.210,000 = should have been February 2022 value.
$480,000 = the overvaluation
(-28%) = the correction
For anyone that bought new for a ate closing and did not sell their homes yet this is nasty. Holding two properties in effect in a falling market. And the new build will likely not appraise or they might not qualify.
Dont buy do not throw your $away, wait October you will buy your dream home at a 50% discount
I dont believe it
real estate agents have over valued the market and with interest rates rising…..prepare for a crash.
Don't depend on Realtors for advice. Remember they play both sides. A Canadian told me that unlike here in the U.S. mortgage interest is not tax deductible????
Many investors/traders advice – that at the start of the bear market, you should sell and buy later on. My question – How do they know at the beginning of the correction – whether stocks would fall by 5%, 10%, 20%, 30% or more?
Great! Please keep falling so i can maybe buy my first home before i turn 30!
inflammation for food is tremendous.
Even with a 40 or 50 percent drop, homes are still overvalued. I have no sympathy for people who ignored repeated warnings of rate hikes/crash and about to get burned.
It is just the beginning, wait & c
Remorseful?
Homes coming off the market and than relisted at lower or higher prices. Buyers showing remorse who bought in the peak of February 2022, are not closing deals homes coming back on the market.
Real Estate is a falling knife in Ontario markets like Hamilton,Mississauga, Brampton.