Market Watch Infographic for July 2022
قابل توجه خريداران و فروشندگان محترم خانه:
با يك تيم حرفه ای در زمينه فروش و خريد منزل رویایی شما از ابتدا تا انتها همراه شما هستيم.
خدمات ارائه شده:
- ارائه وام با کمترین نرخ بهره موجود در بازار
First, Second, Third Mortgages
- ارزیابی رایگان منزل شما Home Evaluation
- یافتن منزل رویایی شما با توجه به محل و بودجه
- دستیابی به اطلاعات کامل بازار جهت تصمیم گیری صحیح در هنگام خرید و یا فروش خانه
- خدمات ویژه برای خریداران بار اولی First Time Home Buyer
- خرید خانه برای سرمایه گذاری Investment Property
- تازه واردین به کانادا Newcomers
- غیر ساکنین کانادا Non-Resident
- خدمات بازسازی Renovation
☎️راههای ارتباطی با ما از طریق تلفن، ایمیل، واتس اپ، فیس بوک، اینستاگرام و تلگرام:
+1 (647) 772-9502
hoizady@yahoo.com
وب سایت:
https://www.homelifecimerman.com/Hojjatollah-Izady
فیسبوک:
https://www.facebook.com/Hojjatollah.Izady
اینستاگرام:
https://www.instagram.com/ihoizady/
واتس آپ:
https://wa.me/message/72TR24AJCPDPJ1
لینک تلگرام:
https://t.me/Buy_and_Sell_Property_in_Toronto
قابل توجه خريداران و فروشندگان محترم خانه:
با يك تيم حرفه ای در زمينه فروش و خريد منزل رویایی شما از ابتدا تا انتها همراه شما هستيم.
خدمات ارائه شده:
- ارائه وام با کمترین نرخ بهره موجود در بازار
First, Second, Third Mortgages
- ارزیابی رایگان منزل شما Home Evaluation
- یافتن منزل رویایی شما با توجه به محل و بودجه
- دستیابی به اطلاعات کامل بازار جهت تصمیم گیری صحیح در هنگام خرید و یا فروش خانه
- خدمات ویژه برای خریداران بار اولی First Time Home Buyer
- خرید خانه برای سرمایه گذاری Investment Property
- تازه واردین به کانادا Newcomers
- غیر ساکنین کانادا Non-Resident
- خدمات بازسازی Renovation
☎️راههای ارتباطی با ما از طریق تلفن، ایمیل، واتس اپ، فیس بوک، اینستاگرام و تلگرام:
+1 (647) 772-9502
hoizady@yahoo.com
وب سایت:
https://www.homelifecimerman.com/Hojjatollah-Izady
فیسبوک:
https://www.facebook.com/Hojjatollah.Izady
اینستاگرام:
https://www.instagram.com/ihoizady/
واتس آپ:
https://wa.me/message/72TR24AJCPDPJ1
لینک تلگرام:
https://t.me/Buy_and_Sell_Property_in_Toronto
Forwarded from خرید و فروش املاک در تورنتو
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New Condo development by Block Developments located at Dufferin St & Queen St W, Toronto.
Est. Occupancy: December 2022
Minutes to walk to the 301 & 501 Streetcar for travelling to work, play, entertainment or simply exploring all the city has to offer. Steps to Liberty Village, King West. Close to BMO Field, Exhibition Place, Lake Ontario, Forty York, the CNE and so much more! Close proximity to Gardiner Expressway. Minutes away to Trinity Bellwoods Park.
Amenities:
Barbeques, Catering Kitchen, Executive Concierge in Lobby, Fitness Center with Cardio & Weight Equipment, Lounge Areas with Fire pit, Dining & Meeting Room, Eco Friendly Green Roofs, Sunbathing, Designer Decorated Party Room with Full Kitchen, Pet Spa, Security Cameras, Rooftop Terrace Lounge
Prices Start from $1,334,900 - $1,745,900
957 sq ft to 1444 sq ft
Ceiling Height: 9" - 10"
For Booking please call:
Hojjatollah Izady
Realtor
HomeLife/Cimerman Real Estate Ltd., Brokerage
647-772-9502
hoizady@yahoo.com
.
Est. Occupancy: December 2022
Minutes to walk to the 301 & 501 Streetcar for travelling to work, play, entertainment or simply exploring all the city has to offer. Steps to Liberty Village, King West. Close to BMO Field, Exhibition Place, Lake Ontario, Forty York, the CNE and so much more! Close proximity to Gardiner Expressway. Minutes away to Trinity Bellwoods Park.
Amenities:
Barbeques, Catering Kitchen, Executive Concierge in Lobby, Fitness Center with Cardio & Weight Equipment, Lounge Areas with Fire pit, Dining & Meeting Room, Eco Friendly Green Roofs, Sunbathing, Designer Decorated Party Room with Full Kitchen, Pet Spa, Security Cameras, Rooftop Terrace Lounge
Prices Start from $1,334,900 - $1,745,900
957 sq ft to 1444 sq ft
Ceiling Height: 9" - 10"
For Booking please call:
Hojjatollah Izady
Realtor
HomeLife/Cimerman Real Estate Ltd., Brokerage
647-772-9502
hoizady@yahoo.com
.
Toronto, Vancouver housing markets face deepest decline in 50 years, says RBC
GTA home prices have shed $178,000 in four months
The toll that rising interest rates are taking across Canada’s housing markets became even more apparent this past week as reports from local real estate boards revealed the downturn was deepening from coast to coast.
“Prices are sliding fast, and the exuberance that permeated these markets earlier this year is being replaced by fear,” wrote RBC assistant chief economist Robert Hogue in a recent note.
“In the Toronto and Vancouver areas, the decline in activity is quickly becoming one of the deepest of the past half a century.”
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GTA home prices have shed $178,000 in four months
The toll that rising interest rates are taking across Canada’s housing markets became even more apparent this past week as reports from local real estate boards revealed the downturn was deepening from coast to coast.
“Prices are sliding fast, and the exuberance that permeated these markets earlier this year is being replaced by fear,” wrote RBC assistant chief economist Robert Hogue in a recent note.
“In the Toronto and Vancouver areas, the decline in activity is quickly becoming one of the deepest of the past half a century.”
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Apart from the dive housing took in the early COVID-19 lockdown, home sales in Toronto have fallen to the slowest pace in 13 years, Hogue said.
Meanwhile, inventories are climbing quickly, up 58% from a year ago, and buyers are now managing to get “meaningful price concessions” from sellers, he said.
Since March the composite MLS Home Price Index has shed $178,000, or 13%, falling to $1.16 million. In July alone prices declined 3.9% or $47,000.
Toronto is not a buyer’s market yet, according to the sales to new listings ratio, but RBC expects home hunters in the GTA to continue to find better deals, especially in the 905 areas outside of the core where prices soared during the pandemic.
Vancouver, where home sales are down 40% over the past four months, is also experiencing a big chill. July saw an estimated 9% decline.
Home prices have fallen 4.5% since April, or more than $57,000, but RBC thinks the correction here is still in its early stages.
It expects prices to fall more rapidly in coming months, especially in the detached home sector.
The heavy hit to Canada’s two most expensive cities was predictable, but signs of the correction are now cropping up in more affordable cities as well.
“The downturn may be more contained in other markets but unmistaken nonetheless,” wrote Hogue.
Home sales in Montreal this year have been slowing gradually and by July had declined to 17% below pre-pandemic levels. That and a rise in inventories have returned the market to balance, said Hogue.
Previously this had just slowed the growth in prices, but July could be a turning point, with both single-family homes and condo prices actually declining.
“This development took place across the region, suggesting a board-based price correction may be underway,” said Hogue.
Even in Calgary, this year’s real estate star, there are signs the market is softening. Home sales remain at historically high levels, but have calmed since the buying frenzy seen at the beginning of the year.
Higher interest rates are pushing buyers to more affordable options, like condos, and demand for more expensive detached homes is down.
Calgary’s composite MLS HPI peaked in May and has slipped lower since, he said.
A speedy rise to interest rates are the reason for the cross-country correction and with rates expected to go even higher (RBC forecasts another 75 basis by the fall) it will only get worse.
“We expect the downturn to intensify and spread further as buyers take a wait-and-see approach while ascertaining the impact of higher lending rates,” said Hogue.
.
Meanwhile, inventories are climbing quickly, up 58% from a year ago, and buyers are now managing to get “meaningful price concessions” from sellers, he said.
Since March the composite MLS Home Price Index has shed $178,000, or 13%, falling to $1.16 million. In July alone prices declined 3.9% or $47,000.
Toronto is not a buyer’s market yet, according to the sales to new listings ratio, but RBC expects home hunters in the GTA to continue to find better deals, especially in the 905 areas outside of the core where prices soared during the pandemic.
Vancouver, where home sales are down 40% over the past four months, is also experiencing a big chill. July saw an estimated 9% decline.
Home prices have fallen 4.5% since April, or more than $57,000, but RBC thinks the correction here is still in its early stages.
It expects prices to fall more rapidly in coming months, especially in the detached home sector.
The heavy hit to Canada’s two most expensive cities was predictable, but signs of the correction are now cropping up in more affordable cities as well.
“The downturn may be more contained in other markets but unmistaken nonetheless,” wrote Hogue.
Home sales in Montreal this year have been slowing gradually and by July had declined to 17% below pre-pandemic levels. That and a rise in inventories have returned the market to balance, said Hogue.
Previously this had just slowed the growth in prices, but July could be a turning point, with both single-family homes and condo prices actually declining.
“This development took place across the region, suggesting a board-based price correction may be underway,” said Hogue.
Even in Calgary, this year’s real estate star, there are signs the market is softening. Home sales remain at historically high levels, but have calmed since the buying frenzy seen at the beginning of the year.
Higher interest rates are pushing buyers to more affordable options, like condos, and demand for more expensive detached homes is down.
Calgary’s composite MLS HPI peaked in May and has slipped lower since, he said.
A speedy rise to interest rates are the reason for the cross-country correction and with rates expected to go even higher (RBC forecasts another 75 basis by the fall) it will only get worse.
“We expect the downturn to intensify and spread further as buyers take a wait-and-see approach while ascertaining the impact of higher lending rates,” said Hogue.
.
Goodbye housing bubble, you won't be missed
Once buyers realize the bubble has burst, they're not eager to blow a new one
There’s a house for sale not far from me. It’s a dump — a small, older split-level on a modest-sized lot on a busy street in a so-so neighbourhood. The photos of the interior look like something built during the Great Depression and largely untouched since. The yard is weedy and unloved. The back has a shed and not much else. There’s no garage. Nevertheless, the guy wants $1.25 million.
No one has been putting much work into the house for a long time. It’s probably not worth renovating; you could flatten it and start over, though you’d still be on a busy street in a so-so neighbourhood. The bottom line is you’d be paying $1.25 million for the chance to spend a lot more building a home that might never be worth the effort.
.
Once buyers realize the bubble has burst, they're not eager to blow a new one
There’s a house for sale not far from me. It’s a dump — a small, older split-level on a modest-sized lot on a busy street in a so-so neighbourhood. The photos of the interior look like something built during the Great Depression and largely untouched since. The yard is weedy and unloved. The back has a shed and not much else. There’s no garage. Nevertheless, the guy wants $1.25 million.
No one has been putting much work into the house for a long time. It’s probably not worth renovating; you could flatten it and start over, though you’d still be on a busy street in a so-so neighbourhood. The bottom line is you’d be paying $1.25 million for the chance to spend a lot more building a home that might never be worth the effort.
.
A few minutes drive in another direction is another house. It’s bigger, on a nicer lot, in a quieter neighbourhood. It’s been sold twice since 2015 and is on the market again. In 2015, it went for $720,000 and was notably tired-looking inside. The buyers spent some money on it and re-listed in 2019 for $980,000. Since then, it’s been spruced up further and is listed at $1.85 million. In other words, the latest seller wants almost $900,000 profit after three years on some upgrades and much better staging.
I’d be surprised if either seller gets their price. The costlier of the two has already been on the market a month, so no sign of a bidding war on that one. One of the many articles written lately on the state of Toronto’s real estate market reports that prices of detached houses in the city have fallen $500,000 since February, with sales down almost 50 per cent. In the surrounding suburbs, where prices have been only slightly less ridiculous, the decline has been similar: prices down $400,000 in six months, sales down 47 per cent.
I’ve seen this before, more than once. When the Toronto market blew up in 1989, after a similar period of euphoria, it took two decades to recover. I remember putting a big deposit on a high-rise condominium I didn’t really want, out of fear that it would be the last chance — ever! — to get my very own bit of property. Luckily, I quickly reconsidered and got most of my money back. But many didn’t, and they spent 20 years paying mortgages on buildings that weren’t worth it.
It works that way because once buyers realize the bubble has burst, they’re not eager to blow a new one. Ontario Premier Doug Ford, who is selling his house in a pleasant corner of the city so he can buy his parents’ old place, had to chop the asking price by $400,000 after just two weeks. The premier presumably has access to some moderately knowledgeable bankers and realized that if he didn’t slash now, he could have to slash a lot more later.
A lot of people have trouble accepting that fact. The guy near me who is asking close to double what he paid three years ago may be reluctant to accept that he missed the boat. A lot of people made a lot of money by flipping places during the price rise, often having done little more than sit on their purchase for a year or so.
It worked so well for so long, people came to accept it as the norm. House flippers thought they’d actually earned something, when they often just shuffled money around and waited. Now they don’t want to admit the fun is over, and figure if they just sit tight long enough, the market will turn foolish again and they can still get their big cash-out.
It could be a long wait. The reason sales are falling so precipitously is that buyers now expect sellers to make the concessions. If prices have dropped half a million in six months, they might drop another half million down the road. Who knows?
In the meantime, why offer more than you have to? Just in the past month, according to another report, the average Toronto home prices fell $133,000. Which is a substantial amount given today’s higher mortgage rates. Rates may eventually ease, but having admitted it waited too long to raise them, the Bank of Canada may be reluctant to move too quickly to cut them again.
A lot of people are likely to get hurt as the market re-organizes itself: with houses that aren’t worth what they cost, with mortgages they can’t really afford, with homes they bought on the assumption they’d have no trouble selling their existing house at a big profit.
The real estate business is a great game when it’s working in your favour, but it’s still a business and not a cash-printing machine. People keep making the mistake of thinking it’s guaranteed money. It’s not. Over time, property generally grows in value. But abuse it and it’s easy to get burned.
.
I’d be surprised if either seller gets their price. The costlier of the two has already been on the market a month, so no sign of a bidding war on that one. One of the many articles written lately on the state of Toronto’s real estate market reports that prices of detached houses in the city have fallen $500,000 since February, with sales down almost 50 per cent. In the surrounding suburbs, where prices have been only slightly less ridiculous, the decline has been similar: prices down $400,000 in six months, sales down 47 per cent.
I’ve seen this before, more than once. When the Toronto market blew up in 1989, after a similar period of euphoria, it took two decades to recover. I remember putting a big deposit on a high-rise condominium I didn’t really want, out of fear that it would be the last chance — ever! — to get my very own bit of property. Luckily, I quickly reconsidered and got most of my money back. But many didn’t, and they spent 20 years paying mortgages on buildings that weren’t worth it.
It works that way because once buyers realize the bubble has burst, they’re not eager to blow a new one. Ontario Premier Doug Ford, who is selling his house in a pleasant corner of the city so he can buy his parents’ old place, had to chop the asking price by $400,000 after just two weeks. The premier presumably has access to some moderately knowledgeable bankers and realized that if he didn’t slash now, he could have to slash a lot more later.
A lot of people have trouble accepting that fact. The guy near me who is asking close to double what he paid three years ago may be reluctant to accept that he missed the boat. A lot of people made a lot of money by flipping places during the price rise, often having done little more than sit on their purchase for a year or so.
It worked so well for so long, people came to accept it as the norm. House flippers thought they’d actually earned something, when they often just shuffled money around and waited. Now they don’t want to admit the fun is over, and figure if they just sit tight long enough, the market will turn foolish again and they can still get their big cash-out.
It could be a long wait. The reason sales are falling so precipitously is that buyers now expect sellers to make the concessions. If prices have dropped half a million in six months, they might drop another half million down the road. Who knows?
In the meantime, why offer more than you have to? Just in the past month, according to another report, the average Toronto home prices fell $133,000. Which is a substantial amount given today’s higher mortgage rates. Rates may eventually ease, but having admitted it waited too long to raise them, the Bank of Canada may be reluctant to move too quickly to cut them again.
A lot of people are likely to get hurt as the market re-organizes itself: with houses that aren’t worth what they cost, with mortgages they can’t really afford, with homes they bought on the assumption they’d have no trouble selling their existing house at a big profit.
The real estate business is a great game when it’s working in your favour, but it’s still a business and not a cash-printing machine. People keep making the mistake of thinking it’s guaranteed money. It’s not. Over time, property generally grows in value. But abuse it and it’s easy to get burned.
.
آگهی یکی از دوستان
اگر کسی تمایل به خرید سریع ماشین تسلا مدل Y (وای) سال ۲۰۲۲ دارد و نمیخواهد توی نوبت ۹-۷ ماهه بمونه، یکی از آشنایان که ۷ ماه پیش ثبت نام کرده می تواند این مدل ماشین را درماه سپتامبر بهشون بفروشه. در صورت تمایل خصوصی پیغام بدید.
تشکر
.
اگر کسی تمایل به خرید سریع ماشین تسلا مدل Y (وای) سال ۲۰۲۲ دارد و نمیخواهد توی نوبت ۹-۷ ماهه بمونه، یکی از آشنایان که ۷ ماه پیش ثبت نام کرده می تواند این مدل ماشین را درماه سپتامبر بهشون بفروشه. در صورت تمایل خصوصی پیغام بدید.
تشکر
.
Updated Bank Forecast Calls for 23% Decline in Home Prices
Lacklustre economic data, along with tumbling home sales and prices, have led a Canadian bank to release an even more bearish outlook on the housing market, calling for a 23% decline in the average home price between February 2022 and December 2023.
Written by Desjardins Principal Economists Hélène Bégin and Marc Desormeaux, and Senior Director of Canadian Economics Randall Bartlett, the updated residential real estate outlook calls for deeper price pain than the 15% decline the bank initially forecasted at the start of the summer.
“Canada’s housing market is correcting quickly, and faster than we anticipated in our downbeat June forecast,” reads the report.
“At the time, we expected the average home price to fall by 15% nationally from its February 2022 high to the end of 2023. But we’re almost there already. We now expect home prices to fall between 20% and 25% from peak to trough.
.
Lacklustre economic data, along with tumbling home sales and prices, have led a Canadian bank to release an even more bearish outlook on the housing market, calling for a 23% decline in the average home price between February 2022 and December 2023.
Written by Desjardins Principal Economists Hélène Bégin and Marc Desormeaux, and Senior Director of Canadian Economics Randall Bartlett, the updated residential real estate outlook calls for deeper price pain than the 15% decline the bank initially forecasted at the start of the summer.
“Canada’s housing market is correcting quickly, and faster than we anticipated in our downbeat June forecast,” reads the report.
“At the time, we expected the average home price to fall by 15% nationally from its February 2022 high to the end of 2023. But we’re almost there already. We now expect home prices to fall between 20% and 25% from peak to trough.
.
Homebuyers Can Expect Another 10% Chop in Purchasing Power as Rates Rise
As interest rates have spiralled ever higher since March — and are certain to be hiked once again on September 7 — would-be homebuyers’ purchasing power is steadily decreasing.
In fact, the average borrower can expect to see their affordability whittled by more than 10% in the near future, according to lending experts.
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As interest rates have spiralled ever higher since March — and are certain to be hiked once again on September 7 — would-be homebuyers’ purchasing power is steadily decreasing.
In fact, the average borrower can expect to see their affordability whittled by more than 10% in the near future, according to lending experts.
.
Rob McLister, mortgage analyst at Mortgagelogic news, recently wrote in a note that should the central bank pass on a 50-basis-point increase in their next rate announcement, he anticipates a 12% drop for a household earning $100,000, compared to the rates they had access to prior to the July 13th hike.
“Rocketing rates have taken a voracious bite out of mortgagors’ buying power. And it’ll likely get worse before it gets better,” he wrote, pointing to a recent aggregate affordability measure from RBC that pins levels at their worst-ever nationwide.
“This nonstop constriction of mortgage amounts is all too real for the seven out of eight homebuyers aged 25 to 44 who rely on home financing. About two-thirds of them purchase as much home as they can afford, according to CMHC.”
“This loss of leverage could easily take down CREA’s average home price more than 20% from the peak, readily eclipsing the 18.6% decline we saw in 2017-19,” he added.
.
“Rocketing rates have taken a voracious bite out of mortgagors’ buying power. And it’ll likely get worse before it gets better,” he wrote, pointing to a recent aggregate affordability measure from RBC that pins levels at their worst-ever nationwide.
“This nonstop constriction of mortgage amounts is all too real for the seven out of eight homebuyers aged 25 to 44 who rely on home financing. About two-thirds of them purchase as much home as they can afford, according to CMHC.”
“This loss of leverage could easily take down CREA’s average home price more than 20% from the peak, readily eclipsing the 18.6% decline we saw in 2017-19,” he added.
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