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Toronto house sells for more than $1M over asking amid record year for home sales; Makes our housing appear undervalued
Topic Started: 8 Jan 2017, 01:08 PM (4,756 Views)
Trollie
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Ex BP Golly
9 Jan 2017, 05:36 PM
I study them. I'm here because you very petty crims give me light relief.
I always pictured your life being an empty succession of internet ranting. Thanks for the confirmation.
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Bardon
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GTA house goes for $400,000 over asking: ‘It was like a rock concert’
About 800 people viewed the property over three days, eventually selling for $1.1 million.

A Vaughan home that sold for $400,000 over the asking price this week drew so many viewers that people lost their shoes at the open houses.

It's not unusual for homes to sell for tens, sometimes hundreds of thousands of dollars over the listed price in the frenzied Toronto area real estate market.

Despite its dated condition, the estate sale property, which sold on Monday for $1.1 million, attracted about 800 visitors over the course of three open houses — and 50 offers ahead of the designated offer presentation time.

https://www.thestar.com/business/2016/12/21/gta-house-goes-for-400000-over-asking-it-was-like-a-rock-concert.html
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zaph
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Bardon
9 Jan 2017, 08:33 PM
GTA house goes for $400,000 over asking: ‘It was like a rock concert’
About 800 people viewed the property over three days, eventually selling for $1.1 million.

A Vaughan home that sold for $400,000 over the asking price this week drew so many viewers that people lost their shoes at the open houses.

It's not unusual for homes to sell for tens, sometimes hundreds of thousands of dollars over the listed price in the frenzied Toronto area real estate market.

Despite its dated condition, the estate sale property, which sold on Monday for $1.1 million, attracted about 800 visitors over the course of three open houses — and 50 offers ahead of the designated offer presentation time.

https://www.thestar.com/business/2016/12/21/gta-house-goes-for-400000-over-asking-it-was-like-a-rock-concert.html
I had a house in Toronto. I listed it for two pence. It sold for more than $3m over asking.
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Ex BP Golly
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Trollie
9 Jan 2017, 08:29 PM
I always pictured your life being an empty succession of internet ranting. Thanks for the confirmation.
"Always pictured". How long has this been going on?
WHAT WOULD EDDIE DO? MAAAATE!
Share a cot with Milton?
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skamy
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Chris
8 Jan 2017, 09:30 PM
And where's the money coming from idiot?

China gets road blocks from Australia and the next fav destination for black market money, Canada, and you think this is a sign of growth and stability??!

Buy ten houses in Toronto cockhead, if you don't spend a cent there it means the whole premise of your arguement is bullshit. Unless your telling everyone that 30-50% yoy gains is not a part of your long term financial stratergy.

Man, what a douche..............
7 to 10% average annual growth is not unexpected for big wealthy growing cities. The market has been stagnant and is now playing catch up.

Where does the money come from ? I asked myself that question almost 3 decades ago when a waterfront at Tamarama had the audacity to sell for $450K. You will be in for a massive shock when money really starts to flow again into the global economy, you are like a naive child Chris.
Definition of a doom and gloomer from 1993
The last camp is made up of the doom-and-gloomers. Their slogan is "it's the end of the world as we know it". Right now they are convinced that debt is the evil responsible for all our economic woes and must be eliminated at all cost. Many doom-and-gloomers believe that unprecedented debt levels mean that we are on the precipice of a worse crisis than the Great Depression. The doom-and-gloomers hang on the latest series of negative economic data.
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Bardon
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Bardon
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Ye cannae change the laws of physics.


Sousa admitted Tuesday there is a limit to how much he can do to cool off Toronto’s scorching house prices without help from the federal government.

Finance Minister Charles Sousa is injecting some reality into the real estate market.

“There are individuals that are going into subdivisions that are buying 10, 40, 50 homes – holding paper – and flipping it … and they’re crowding out families who are trying to buy,” the treasurer said.

“We can’t do that without the CRA,” he said, referring to the Canada Revenue Agency.

The provincial government had hoped federal Finance Minister Bill Morneau would increase the capital gains inclusion rate for non-principal residences in last week’s budget.

With the average detached Toronto home having jumped 35 per cent year over year to $1.5 million last month, Sousa asked Morneau to make the tax change.

“Those were some of the requests that were made in terms of what degree of capital gains can we not exempt,” the Ontario minister said.

Currently, only 50 per cent of the capital gain on a non-principal home counts taxable income, which has led to speculators flipping houses in the red-hot Greater Toronto market.

While Morneau did not act, Queen’s Park is considering its options to help make housing more affordable.

“Levels of government have to coordinate,” said Sousa, who is expected table his own budget on either April 13 or April 27.

“No one decision is effective – there’s unintended consequences from anything that we do,” he said, adding the province is mindful that any action it takes could have adverse effects for homeowners

https://www.thestar.com/news/queenspark/2017/03/28/sousa-says-ottawas-help-needed-to-cool-real-estate-market.html

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Bardon
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Rents too.

Supply Shortage Pushes up Luxury Rentals in Toronto;

Toronto’s hot property market is not only causing bidding wars among buyers, renters are also feeling the heat as the lack of supply spills over into rental market. The prices of luxury rentals in the largest Canadian city increased 8% in 2016 year-over-year, beating other key global cities in terms of pace of growth annually, according to the Prime Global Rental Index released Thursday by real estate consultancy Knight Frank.

The increase in prime rents comes despite a drop in the number of leases signed over the course of the year. Lack of supply, especially in the condominium market, is mainly to blame. “With luxury house prices in Toronto rising by 15.1% in 2016, buyers who may have been considering single-family homes are now turning their attention to the less-expensive condominium market, which exacerbated the lack of supply further,” said Taimur Khan, senior research analyst at Knight Frank.

In fact, supply is a dominant theme among the prime rental markets in 2016 across the globe, said Mr. Khan. For example, in New York, growing supply cooled down the performance in luxury rentals, which had a 2.4% price increase year-over-year.

On average, the prime rents in 17 cities across the globe tracked by Knight Frank fell 0.4% in 2016, compared to a 1.1% decrease in 2015 and a 2.5% increase 2014. Knight Frank defines luxury/prime rentals as the top 5% of the housing in each city. London is the second weakest market, tying with Hong Kong with a 5.1% decline in 2016. However, the latest data is pointing to an uptick in demand in prime London, which is beginning to counterbalance the effect of a growing supply, Mr. Khan said.

The number of leases signed in prime central London was 20% higher in the final quarter of 2016 compared to 2015.

Among other findings from the report:

Cape Town, South Africa is the second strongest prime rental market in 2016, with a 6.3% increase year-over-year;
The eight Asian cities tracked varied in performance,with Guangzhou having the greatest increase of 3.9% while Hong Kong saw the steepest decline of 5.1%;
North America continued to be the strongest performing region, with average annual prime rental growth of 5.2%;
Europe replaced Africa as the weakest-performing region, with prime rents decreasing 2.1% in 2016.

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http://www.mansionglobal.com/articles/57782-supply-shortage-pushes-up-luxury-rentals-in-toronto-london-among-weakest-markets-in-2016
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Blondie girl
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Seems someone's very happy in Toronto...
Newjerk? can you try harder than dig up another person's blog. My first promo was with Billabong and my name in English is modified with a T, am Perth born but also lived in Sydney to make my $$
It's Absolutely Fabulous if it includes brilliant locations, & high calibre tenants..what more does one want? Understand the power of the two "P"" or be financially challenged
Even better when there is family who are property mad and one is born in some entitlements.....Understand that beautiful women are the exhibitionists we crave attention, whilst hot blooded men are the voyeurs ... A stunning woman can command and takes pleasure in being noticed. Seems not too many understand what it means to hold and own props and get threatened by those who do.
Banks are considered to be law abiding and & rather boring places yeah not true . A bank balance sheet will show capital is dwarfed by their liabilities this means when a portions of loans is falling its problems for the bank.
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Bardon
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Blondie girl
5 Apr 2017, 06:49 PM
Seems someone's very happy in Toronto...
Except those hapless losers that are sitting by on the sidelines agonisingly watching this availble wealth continually slip by them never to come back.

How Canada completely lost its mind over real estate
Canada’s out-of-control real estate market has now gone totally mad­—and there’s no turning back

Not many events can compel people to shell out more than $150 to spend an entire Saturday perched on metal folding chairs inside a chilly, cavernous auditorium. But in Toronto, the prospect of getting rich in real estate will do the trick. Last month, a spectacle billed as the Real Estate Wealth Expo stormed into town, drawing upwards of 15,000 people to see an eclectic mix of speakers, from motivational speaker Tony Robbins to musician and gyration enthusiast Pitbull.
At 8:30 in the morning, a quartet of real estate industry professionals takes the stage to whoops from the crowd for a panel on Toronto’s housing market. Local realtor Daryl King (the “king of real estate!” according to the moderator) tells the crowd the key for first-time buyers is just to get a foot in the door. “We haven’t seen the end of it,” he says of the region’s double-digit surge in home prices. “So buy today, before it’s too late.”

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http://www.macleans.ca/economy/realestateeconomy/how-canada-completely-lost-its-mind-over-real-estate/
Edited by Bardon, 8 Apr 2017, 03:30 PM.
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