In this video, Toronto real estate agent Tom Storey discusses the slow down in Downtown Toronto condo sales.
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The opinions expressed herein are solely that of Tom Storey, not Royal LePage or the TRREB and should not be misconstrued as advice or the basis of an agency relationship whatsoever. Please consult your professional advisor prior to taking action on any decisions relating to the matters discussed in these videos. This communication is not intended to cause or induce breach of an existing agency agreement. This is not financial advice.
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How are you feeling about the condo market?
There will be 495,000 new immigrants this year, they will sell.
Currently there are 96,510 new Condo's in the Construction Phase. Most will be completed in the next 12 months. Almost all were bought by Investors. They will have to take possession. They will either try to sell them or rent them out. I suspect that rental rates will start to drop by Q2, and continue to slide through 2023. By how much, I don't know.
Many other investors could try to sell the units which will also increase the volume of active listings on the Toronto market. Prices of Condo's could fall as a result. By how much I don't know. There are a lot of moving parts to this market. The Good news, there are now. more than 70,000 Realtors in the GTA to serve you (Sarc) Thanks for the work Tom.
Thought you had to be non white to live in downtown Condos in TO. You know foreign investors money for their kids in Canada.
Everyone should hold selling their condos, prices will go up again in few years, I am selling
I made a 500K offer on a million dollar condo and it was declined
C08 area has become a big injection site area. Harder and harder to find descent people who are not on some kind of drugs.
Dump all your Canadian real estate before you get peanuts for it. Nobody is interested anymore just like the government wanted !!!
the crash of all time coming
Great video Tom. new subscriber
Comparable condos in my harborfront building have been selling for MORE in the last 12mo than what I purchased for in July 2021. Buy a good product and the value will hold. And this is an older building with 1k+/mo maitenance.
Hey A 3 bed condo in Scarborough Toronto is going for 500000 right now
How much do you think it’s going to drop by Spring 2023?
The market has shifted so much in the past couple of years!
Buyers have to forget about yesterday's prices we're living in a new reality now. Everything is inflated and they're going to have to pay more. Builders aren't going to sell condos at losses
This real estate market is acting very technical now. The first thing to drop is volume and then prices will tumble. And the condo sector is obviously last to be impacted by interest rate hikes because they are the most affordable option in a wildly over priced market.
More expensive alternatives are experiencing a bull trap right now and will see another leg down going into the winter. So don't be in a rush to buy anything, interest rates are still increasing and at some point there will be a snap in prices including condos.
I mean nothing's gonna happen till rate holds expire and sellers adjust their expectations to the new reality
No one wants to pay the ridiculous condo monthly fees
C01 is resilient. When a house sells in my neighborhood, everyone knows who bought it and what they paid. No stone goes unturned, lol
Hey Tom, remember to fire Steve. Cheers
Why does this surprise anyone? When credit was cheap, market went up. Now when rates are sky rocketing either prices have to fall or there won't be volumes. People pumping gta and gvrd haven't seen these rates for 15 years.
This is just the beginning. Wait for next year when recession hits and all the rate hikes are priced in. Sellers will have to adjust price or forget transactions. Buyers are getting priced out by the day and others are going to wait for 1-2 years following the 'bottom is far away' news all over the internet.
You should start a podcast.
Low volumes usually indicate inflection points in the stock market. If that’s the case here, it means it’s a battle between sellers and buyers right now. I think the moneys gone anyways and sellers are holding out due to conditioning. Once the seal is broken they’re all gonna wet their pants.😂
My 530ish sq condo is up for renewal, mortgage payment will be up by $500. Still 300K left 🙁 But I will hold for long term. Immigration still looking very strong…
Short term prices fall people wait….long term housing supply gets worse while the government adds over 500k new immigrants to the GTA basically then rates ease and everyone complains about housing being too pricey.
In April the rates were 2%, now they are over 5%. The kind of people who can afford to pay 3k+ a month for 500 square feet don't see the value.