What is happening in the Cdn real estate market?

[DisobeyTyranny]

trump whisperer please do tell...



Are the boom years in the housing market finally petering out? We’ll soon know for sure. One thing is for certain: the marginal home buyer is stepping away from the market in bigger and bigger numbers.

The Calgary Real Estate Board says home sales in the city declined 11.6 per cent in July compared with last year as inventory grew to levels not seen since before the pandemic.
There were 3,911 new listings on the market last month, up 8.6 per cent from a year earlier, as the city’s inventory reached 6,917 homes for sale — a 66.1 per cent surge.

Elbows up gonna fix it any decade now???

 

[Jack Layton]

Fuck that. Illegal crown land construction!

 

[Hirudinea]

They'll never find me.

 

[AhnalSchwaab]

Make sure this isn't in your pocket or your definitely found...

 

[RightOfSask]

I mean isn't that what everyone wanted? Cheaper houses?

 

[HuntStevenson]

Looks like a healthy correction.

 

[Nink]

The unhealthy part of that chart began in 2005 and perhaps was cemented by 2010.

 

[d01tg0d0wn]

Avg house price in my neighbourhood is 750 000.

there is 1 house for sale and its a teardown from what i can tell. 0 inventory even for rent.

i dont know if the correction is working here and i wish it would cause my neighbourhood is full of Liberal assholes

 

[brutana_dilewski]

100%

in 2004, A guy i worked with had a local builder build his home for around 140k. This included a finished basement, and this was a 4 bdroom cookie cutter house.

by the end of 2006, that same house plan cost 250k - it nearly doubled in 24 months!

That same house now sells for around 450-500k.

Mobile homes, apartments are now over 200k each even in shitty neighbourhoods. And this is rural Canada, not Vancouver or Toronto!

 

[d01tg0d0wn]

Edmonton’s housing starts are booming, but is new always better than old?

With Edmonton leading the country in increased housing starts and affordability, home buyers in the city now face a choice between well-loved houses or new builds.

www.ctvnews.ca

I hate this city

 

[ovarieasy]

View attachment boomers helping the economy.mp4

 

[Hirudinea]

Reminds me of those mice that self administer drugs.

 

[MuchoRelax0]

GTA perspective; it’s in correction territory depending on the housing type, condos taking the biggest hit. The Covid run up was retarded and unsustainable. Will it drop more? Probably. However with the greenbelt handcuffs, zoning bylaw insanity I don’t see how prices can’t continue to rise long term.

 

[CaptainTrouble]

Houses are still about 50% overvalued in Canada.

 

[d01tg0d0wn]

A skinny home in Edmonton with unfinished basement in my area sells for 900 000 or close to. No yard, no insulated garage, no under ground power cable, small front yard. Its insane that they sell.

 

[brutana_dilewski]

Rising interest rates will sink the market prices, because nobody has that kind of money to buy unless they take out a huge mortgage loan.

Imagine being on a variable rate plan owing 500k+ - an increase of even 1% on your interest rate means thousands more per month on your mortgage payment.

 

[ex_libris]

It's happening in my circle: one couple can't sell their house even in a desirable Toronto neighbourhood, another had to unload a cottage they had no business buying, coworker freaking out over a rate hike, etc.

 

[TOPDAWG]

This is why I'm happy if I'm not able to move to the US by the time my mortgage needs to be renewed in one more year I can pay my fucking house off.

 

[TOPDAWG]

I'm going to be honest I don't think much is changing overall. I think it's nothing more than the media trying to say look now liberals are in power again house prices are going down.