Peak Oil
Donate Bitcoin

Donate Paypal


PeakOil is You

PeakOil is You

Sales of New Homes and Condo Plunge 78% In Toronto

Discussions about the economic and financial ramifications of PEAK OIL
Post a reply

Sales of New Homes and Condo Plunge 78% In Toronto

Unread postby deMolay » Tue 21 Apr 2009, 07:18:14

Looks like the Toronto market is getting a shit kicking finally. As Toronto goes generally the rest of the country follows somewhat. http://www.theglobeandmail.com/servlet/story/RTGAM.20090421.wcondo21art2259/BNStory/National/home
"We Are All Travellers, From The Sweet Grass To The Packing House, From Birth To Death, We Wander Between The Two Eternities". An Old Cowboy.
User avatar
deMolay
Intermediate Crude
Intermediate Crude
 
Posts: 2671
Joined: Sun 04 Sep 2005, 03:00:00
Top

Re: Sales of New Homes and Condo Plunge 78% In Toronto

Unread postby rangerone314 » Tue 21 Apr 2009, 08:19:20

$this->bbcode_second_pass_quote('deMolay', 'L')ooks like the Toronto market is getting a shit kicking finally. As Toronto goes generally the rest of the country follows somewhat. http://www.theglobeandmail.com/servlet/story/RTGAM.20090421.wcondo21art2259/BNStory/National/home


78% drop is a big one, but on the positive side (at least for Canada!), the BlueJays are leading the American East.
An ideology is by definition not a search for TRUTH-but a search for PROOF that its point of view is right

Equals barter and negotiate-people with power just take

You cant defend freedom by eliminating it-unknown

Our elected reps should wear sponsor patches on their suits so we know who they represent-like Nascar-Roy
User avatar
rangerone314
Light Sweet Crude
Light Sweet Crude
 
Posts: 4105
Joined: Wed 03 Dec 2008, 04:00:00
Location: Maryland
Top

Re: Sales of New Homes and Condo Plunge 78% In Toronto

Unread postby RdSnt » Tue 21 Apr 2009, 08:24:38

Yupe, this was inevitable. Although a good portion of the decline was going to occur anyways due to the enormous overbuild of condos (particularly highrise) that has been going on the past few years and is still happening. Many boomers are returning to the city and dumping their houses.
Canadians seem to be reacting more to news and anticipating problems before they happen to them and scaling back their purchases.
Having said that my home in downtown Toronto will still sell for twice what I paid for it 7 years ago. I always keep firmly in mind that that isn't what the house is worth, that's just what the current market is deciding.
Gravity is not a force, it is a boundary layer.
Everything is coincident.
Love: the state of suspended anticipation.
To get any appreciable distance from the Earth in
a sensible amount of time, you must lie.
User avatar
RdSnt
Heavy Crude
Heavy Crude
 
Posts: 1461
Joined: Wed 02 Feb 2005, 04:00:00
Location: Canada
Top

Re: Sales of New Homes and Condo Plunge 78% In Toronto

Unread postby PrestonSturges » Tue 21 Apr 2009, 08:51:26

When the tech bubble popped, all the money in Toronto went into bricks and mortar. Condos shot up like weeds.

Alas, the average Canadian gets very filtered news, especially regards business. They are even less likely to know that condo owners always take it in the neck. Bay street is such a joke.
User avatar
PrestonSturges
Light Sweet Crude
Light Sweet Crude
 
Posts: 6052
Joined: Wed 15 Oct 2008, 03:00:00
Top

Re: Sales of New Homes and Condo Plunge 78% In Toronto

Unread postby Dreamtwister » Tue 21 Apr 2009, 11:39:33

Oh come on! $200k plus taxes and $500/mo in maintainance fees for a 600 square foot apartment is such a sweet deal!
The whole of human history is a refutation by experiment of the concept of "moral world order". - Friedrich Nietzsche
User avatar
Dreamtwister
Intermediate Crude
Intermediate Crude
 
Posts: 2529
Joined: Mon 06 Feb 2006, 04:00:00
Top

Re: Sales of New Homes and Condo Plunge 78% In Toronto

Unread postby Blacksmith » Tue 21 Apr 2009, 11:57:51

$this->bbcode_second_pass_quote('Dreamtwister', 'O')h come on! $200k plus taxes and $500/mo in maintainance fees for a 600 square foot apartment is such a sweet deal!


You got to be kidding.

Then $350,000 and $1100 taxes (do own maintanence) for 1100 square feet on a lake doesn't sound that bad.

And I don't have to live in the East (spit, spit).
Employed senior
Blacksmith
Heavy Crude
Heavy Crude
 
Posts: 1064
Joined: Sun 13 May 2007, 03:00:00
Location: Athabasca, Alberta
Top

Re: Sales of New Homes and Condo Plunge 78% In Toronto

Unread postby vision-master » Tue 21 Apr 2009, 12:02:23

Toronto housing market is nutz, just like kali...... :badgrin:
vision-master
 
Top

Re: Sales of New Homes and Condo Plunge 78% In Toronto

Unread postby heroineworshipper » Tue 21 Apr 2009, 15:09:49

Silly Canadians. Just print money & the problem is solved.
People first, then things, then dollars.
There will be enslavement, cannibalism, & zombie invasions.
User avatar
heroineworshipper
Tar Sands
Tar Sands
 
Posts: 890
Joined: Fri 14 Jul 2006, 03:00:00
Location: Calif*
Top

Re: Sales of New Homes and Condo Plunge 78% In Toronto

Unread postby aldente » Tue 21 Apr 2009, 15:51:13

Image
User avatar
aldente
Permanently Banned
 
Posts: 1554
Joined: Fri 20 Aug 2004, 03:00:00
Top

Re: Sales of New Homes and Condo Plunge 78% In Toronto

Unread postby Blacksmith » Tue 21 Apr 2009, 17:12:08

$this->bbcode_second_pass_quote('heroineworshipper', 'S')illy Canadians. Just print money & the problem is solved.


Learned from the best.
Employed senior
Blacksmith
Heavy Crude
Heavy Crude
 
Posts: 1064
Joined: Sun 13 May 2007, 03:00:00
Location: Athabasca, Alberta
Top

Re: Sales of New Homes and Condo Plunge 78% In Toronto

Unread postby deMolay » Tue 21 Apr 2009, 20:26:39

Looks like another crash is coming in the USA as well. http://www.globalresearch.ca/index.php?context=va&aid=13283
"We Are All Travellers, From The Sweet Grass To The Packing House, From Birth To Death, We Wander Between The Two Eternities". An Old Cowboy.
User avatar
deMolay
Intermediate Crude
Intermediate Crude
 
Posts: 2671
Joined: Sun 04 Sep 2005, 03:00:00
Top
Post a reply

Return to Economics & Finance

Who is online

Users browsing this forum: No registered users and 0 guests



cron