So apparently RE agents and MLS are telling us that our 1bdrm 600 sq ft rental condo on Yonge Street in Toronto is worth $279K:
http://www.realtor.ca/propertyDetail...ertyId=8501560
...and the one across the street is worth $300K:
http://www.realtor.ca/propertyDetail...ertyId=8533699
Nobody in their right mind can believe that this RE market is 'normal'.
Crash back to earth anyone? I am desparately hoping for a huge crash in the RE market.
Last edited by Rickson9; 2009-07-25 at 04:20 AM.
Then on top of that you have to pay $279 per month in maintenance fees. I've noticed the same kind of pricing in Ottawa when I was trying to find something for my mother instead of her high maintenance house. In fact, I've seen maintenance fees as high as $450 for a 2 bedroom condo. Seems to me that most people would be better off renting.
Closer to $300/mo actually!Originally Posted by Spidey
Yep. The RE market has crashed in virtually every country on the planet, except Canada. I can't believe that there are still people here that think that RE can still go up.
What will go up is unemployment, taxes to pay for the gov't debt, and mortgage rates...doesn't sound like a good combination to drive RE up does it?
You should check out www.greaterfool.ca
Garth Turner is pretty pessimistic on RE here in Canada.
Garth Turner has been predicting a Real Estate crash for years. Sooner or later he'll be right!
DAvid
"Workin' for a livin'"
So what do you think those condos should be selling for?
No doubt!
$1M so we can cash out!
Real estate is "worth" whatever the market is willing to pay for it. that being said, it does seem steep for a small apt. a long way north of downtown - but it is within walking distance of the Yonge/Sheppard subway station. (In Vancouver they would think it was a bargain)
This is my 1st day here in the forum and 1st post at this forum. So, please be nice!))
I am also an active member at a real estate forum and have some cash flowing rental units here in Ontario. The group, I am with to learn about RE, is meeting once a month in Toronto, too, to discuss the local Ontario market.
If I remember right is the highest numbers of potential new condos in Canada here in Toronto (roughly 14,000 in planning or already in building process until 2011), what I read in my documents a few months ago- even more than Vancouver. So, yes there will be a condo market correction coming, FMPOV.
Comparing these prices to Europe, where I am from..... it would be a bargain.
Last years were "Tiger Woods" years in RE in Canada, but still in controlled growth, because of CMHC financing and the banking systems.
@ OhGreatGuru: Couldn't you say the same about stocks or any other investment: ....is "worth" whatever the market is willing to pay for it."
CU,
Northern Alex.
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