Only 319 new condo units were sold in the third quarter, down 54 per cent from a year ago and the lowest quarterly total since 1990 when Toronto’s condo market faced a severe crash, according to a quarterly condo report by the real estate research firm Urbanation.
Lemmings, what are your opinions on the housing market?
Long overdue for a correction. I agree with the article largely.
Condos will sell just not for the price that they want. I honestly never thought I’d see this bubble pop and I don’t want to say I’m delighted because there are many people that can be or are hurt by this … however, we needed to see housing as differently than we’ve been doing so.
Do you think it will drop more? What is a fair price?
I think it’ll drop more? I don’t see any uptick specifically with respect to the condo market just yet? My friend who’s a real estate agent says it’s going to go further but he’s like very Chinese and his analysis is based on Feng Shui so I don’t know how I feel about that.
A fair price is harder to pin down because there are different types of condos in different locations with different amenities as well. Also, as much as I hate housing costs in Toronto and it is high. This is a global phenomenon too. So like, personally, I’d just want housing to be in the reach of a regular Canadian with a decent salary but there’s so many macroeconomic factors at play that a “fair price” is something I’m genuinely not qualified to answer.
It’s so hard to predict the future. From one had the demand is there- lots of people are looking for homes and condos. From another hand, sales are low which will drop prices more.
Very difficult to say.
Considering those who would lose the most are landlords, I don’t feel bad at all. The little guy I definitely have sympathy for, but this needs to happen.
Goooood. Crash and burn.
Private Industry is telling the government “We can’t handle record prices and record demand. Please socialize housing construction”.
I mean, isn’t that basically what Carney is trying to do with the new “Build Canada Homes” program?
No. That is Canada giving corporations protected profit for private housing. Not public housing.
Can you explain this?
Do you mean private industry is asking for social money to invest in their construction?
No
I mean private industry can only operate on a profit based motive. Housing being a literal neccessity that private industry self- admittedly can’t do, it is now up to the public to take over.
The last 50 years of neoliberal rhetoric around privatization has only brought about multiple existential crises. It’s long past due time to put bad ideas to rest.
tbf, you actually could make quality housing, high-density housing for an affordable price, and sell (not rent) it for a profit…some real estate developers back in the day used to do this.
it’s just these businesses realized they could make even more money not building homes, if they captured legislature to get themselves a bunch of speculation incentives then just purposefully didnt build anything new while sitting on old land/buildings.
there is a long history of this same cycle of housing boom/bust going back centuries. there have been occasional surges in housing when someone with actual morals and work ethic acquired the capital to throw down housing.
you actually could make quality housing, high-density housing for an affordable price, and sell (not rent) it for a profit.
Don’t tell me, tell them.
Good, let it fall more!
