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Baby, we got a bubble!?

cdr108 said:
sorry KA1, it wasn't meant as a criticism.

Nothing to apologise for, CDR 108. My post was just a light hearted post -- a small joke if you wish to call it that way.

Keep the thread going. That's important, especially since this is the slow time in my business.
Click to expand...
 
Eug said:
I have never seen a 1 year old sale posted there. Are you sure about that?

I still like reading it though. It gives you at least some insight into what types of stuff people are buying, since it includes pictures and locations.
Click to expand...


yes, i'm sure ... it was verified by guava.ca.
someone commented on it and they included the trail of MLS listing #s with the dates and subsequent price changes.

the G&M 'DD' are fun to look at but it's deceptive if people take them for their word if one doesn't know the area and/or do research to see what other stuff in the area has sold for.

sometimes brokers/sellers intentionally list properties under market value to start bidding wars too in hopes of getting more than what they initially wanted, thus giving the impression of selling 'over-asking'.
 
Eug said:
I still like reading it though. It gives you at least some insight into what types of stuff people are buying, since it includes pictures and locations.
Click to expand...

I think it also serves a really nice puff piece for the readers. They can sit at home on a Saturday morning with their coffee and croissant, see how someone's home sold for so much above asking, and feel good about their own home.
 
cdr108 said:
yes, i'm sure ... it was verified by guava.ca.
someone commented on it and they included the trail of MLS listing #s with the dates and subsequent price changes.
Click to expand...
Oh, that's what you mean.

What I meant is that the the homes are usually featured a few weeks to a couple of months after the sell date.

I don't think it's necessarily a big deal that the date of the first listing isn't always listed (although it is sometimes mentioned). If a property is overpriced, it's not gonna sell, even in a sellers market. If a property were $100000 overpriced vs. comparables and doesn't sell, it makes perfect sense for the next agent to price it at $100000 less a few months later.
 
Eug said:
Oh, that's what you mean.

What I meant is that the the homes are usually featured a few weeks to a couple of months after the sell date.

I don't think it's necessarily a big deal that the date of the first listing isn't always listed (although it is sometimes mentioned). If a property is overpriced, it's not gonna sell, even in a sellers market. If a property were $100000 overpriced vs. comparables and doesn't sell, it makes perfect sense for the next agent to price it at $100000 less a few months later.
Click to expand...


sorry, i had 2 separate thoughts and merged them.

there were several sales from early 2010 that were posted in the 'DD' in 2011 that were 1 year old.
i don't recall what they were but if you check the G&M, they might be still there from March or April 2011 I think, unless the comments were deleted.
 
Hi all,

I've been following this thread since 2009. Very interesting theories from both skeptics and optimists.

There was a particular condo listing back in 2010 Nov - Dec that was listed for around $259,000. It was a one bedroom penthouse located in Mississauga City Centre.

Today, I noticed it is listed again for the price of $369,000.

Can someone explain to me how this condo appreciated up by $110,000 in less than a year?

http://www.realtor.ca/propertyDetails.aspx?propertyId=10824463&PidKey=419813521
 
radioheadmike said:
Hi all,

I've been following this thread since 2009. Very interesting theories from both skeptics and optimists.

There was a particular condo listing back in 2010 Nov - Dec that was listed for around $259,000. It was a one bedroom penthouse located in Mississauga City Centre.

Today, I noticed it is listed again for the price of $369,000.

Can someone explain to me how this condo appreciated up by $110,000 in less than a year?

http://www.realtor.ca/propertyDetails.aspx?propertyId=10824463&PidKey=419813521
Click to expand...


is it the IDENTICAL unit, and has it undergone renos since then?

otherwise, i can't see for any reason for a $110K increase in less than a year.
cheap money and lack of supply (for SFH) has definitely caused prices to go up but not like that.
 
It may have been listed below market back in 2010 in the hopes of a bidding war. This time round, it might be listed at market value. Did it sell in 2010? It would be a better comparison to look at selling price vs current listing price to determine if there really is a difference.
 
You could be right. I mean the unit looks fantastic and the view is unbelievable. It may have been listed below market. Unfortunately I don't have the selling price. It would be nice if we know what the selling price is.
 
cdr108 said:
is it the IDENTICAL unit, and has it undergone renos since then?

otherwise, i can't see for any reason for a $110K increase in less than a year.
cheap money and lack of supply (for SFH) has definitely caused prices to go up but not like that.
Click to expand...

No bubble here, folks. Nothing to see. Move along. :D
 
BILD Reports Best May Ever For Condo Sales
June 20, 2011 2:20 pm | by Nada Laskovski | 0 Comments

The Building Industry and Land Development Association (BILD) today reported that May 2011 brought the highest number of condo sales ever for the GTA. "It was the best May ever for condominium sales, following the heels of a record-breaking April," said BILD's Stephen Dupuis.

BILD logo

It's no secret that condos have been in high demand in Toronto. BILD's take on it is that affordability is mainly what's creating a sales boom. But low interest rates combined with great building and suite designs in great locations is creating real excitement resulting in healthy condo sales.

So, while the low-rise sales are down 6% on a year-to-date basis, high-rise sales have jumped 50%.

For more information, see full story from BILD here.

This is from the Urban Toronto website front page. I just posted it here.
 
cdr108 said:
yes, i'm sure ... it was verified by guava.ca.
someone commented on it and they included the trail of MLS listing #s with the dates and subsequent price changes.

the G&M 'DD' are fun to look at but it's deceptive if people take them for their word if one doesn't know the area and/or do research to see what other stuff in the area has sold for.

sometimes brokers/sellers intentionally list properties under market value to start bidding wars too in hopes of getting more than what they initially wanted, thus giving the impression of selling 'over-asking'.
Click to expand...

I've noticed the pieces in the Done Deals section are often from the same few realtors. Do they pay to be featured? Or are they the only ones submitting pieces?
 
A quote from a news item "low rates help push households further into debt' in today's Report on Business section of The Globe and Mail:

'...Mr. Flaherty suggested that he is now more comfortable with the health of Canadian housing saying he is not considering any further action to cool the mortgage market. While there are some hotspots, including Vancouver's condominium market, it is not enough to prompt a change in mortgage rules ...'.

There you have folks. Straight from horse's mouth. Combine this with an earlier statement by Mr. Carney that interest rates will remain stable for a little while.

Party will keep on going for a while. Join in or miss the fun. Bubble, if there is any, is somewhere over the rainbow -- not as yet visible on the horizon.
 
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