Weekly Market Update, Nov. 10/17

Record inventory for both SFH's and condos. Prices for condos at their lowest point in 4 years. I'm excited for Tom to tell us how things are booming! :)

smitty, you need a lesson in statistical analysis.

Brace yourselves, there’s a couple more big home builders about to file bankruptcy according to some material suppliers.

Agreed, Smitty is clearly not a numbers guy.

Of course condos are down. The only ones worth getting (or the only houses worth getting at this point) are in mature neighbourhoods near/in downtown. The condos and houses outside of the mature neighbourhoods a 30 minute drive to downtown is what's dragging down prices.

Good to see the bubble is finally bursting

Don't know what the big hoopla about downtown is. There's nothing downtown that I want to see including Rogers Place. I don't work downtown and I don't have to go downtown for my Sobeys, Canadian Tire, Walmart, Home Depot, Cut 6, pub, bars, good food, fast food... nothing.
Everything I want or need isn't downtown.

Stephen, having some big builders leave the market can only be a good thing for the ones that remain in the market (particularly the smaller ones). Less competition means better pricing for the builders who are left.

To anyone who lives in the Toronto area Edmonton is a city so small you could throw a stone from one end to the other end.

Downtown is where the action is. It's where you go to see and be seen. Imagine walking into Corso 32 and seeing Connor McDavid. Then going to the symphony and saying hi to the president of ATB there. Then hopping in your Audi and heading down for a late night snack at a restaurant on trendy 104 Street before heading home to your 66th story condo to the city you basically own. Like is wonderful downtown. This is the life people are stiving to live downtown, and are willing to spend anything to get it. Beats going to Canadian Tire and Walmart lol.

Oh please... lol

Actually, I work with numbers for a living. How am I confused? More homes get listed than sold. Even with hundreds of price reductions each week, there are homes that aren't selling and listings that are expiring. Inventory for both homes and condos is at an all time high, and prices haven't increased in a decade. Explain to me exactly what is booming.

Tom - you've paid way too much for a downtown condo in a city that will never be a happening place. Edmonton can be a great place to live for hardworking families in the burbs... but you overpaid for downtown property in a place that will never be Toronto or Vancouver. I think you post on hear to try to convince yourself that you haven't made a big mistake.

Possibly, only time will tell. But in the meantime, suppliers and sub contractors are short money. People not getting paid for services rendered isn’t good for anyone, well except for the one who embezzled the money i guess.

Tom,
It's pretty hard to "see and be seen" when you're peeking through the fur of a parka when it's -30. LOL

Just happen to be in an Opening day of a new home presentation center in Brampton ON. The area that is supposed to crash within the next 2 year.

A 2300 sq ft 38 ft lot is selling at $970,000. Four of them are gone within the first hour.

Closing date is 2 years from now.

GTA and Edmonton is in a different mindset totally.

www.originsbrampton.com

FOMO kicks in even after all those new rules.

I guess there will always be people like you who don't see how amazing downtown is becoming. Did anyone see that Bioware is moving everyone downtown? Huge win for Edmonton, Iveson looked downright giddy in the press conference for spearheading such a coup! There's probably another jump coming to condo sales and rents downtown in the next couple years.

Once the flood gates open, companies will be fighting for space to locate right downtown IMO. I've heard rumours of a few more companies considering closing their suburban offices to move downtown where they can actually attract top staff, the ones that don't want to work in between a Home Depot and an Arbys lol.

Agreed. It's short term pain for long term gain. Too many houses in the suburbs. Infill around downtown seems to be the future, that's what people seem to want to buy.

Shitty, if no one likes downtown, why are condo sales downtown increasing while plunging in the suburbs? And why are there at least 10 condos/rental skyscrapers around downtown being planned for the next five years?

True, I know a lot of trades that haven't been paid; they are scared and that's why the appreciate builders who pay on time. This is a weeding process needed.

I also have some friends in the trades who haven't been paid by large developers for months. I won't name the companies that are allegedly hurting, but based on what the friends are telling me, there will be some big news soon. I would not want to be a trademan right now, there's a lot likelihood of getting paid much for their work until the glut of these suburban homes is reduced, which could take years.

On a long term basis you're right but in the short term it's gonna be the opposite.

I'm just telling you the mentality of a lot of people I know, and why downtown is becoming an insanely hot draw.

When I used to work in downtown Edmonton, we told the guy that he should leave earlier to catch a flight because the airport is 30 minutes away.

He just laughed. :)

The guy was from Toronto. To him, 30 minutes is nothing, and that was years ago.

I didn't even suspect that for five years I worked in such a beautiful place! I just love downtown, its gravel roads and parking lots blowing gentle spring dust , interesting peoples sleeping and walking around (always keep smoke or change in pocket for them ) but don't walk there at night and hopping in your Audi don't forget lock the door, watch where you step ,
don't walk between column (pukes and poops ) .

Brampton will fall the hardest of any city in the GTA.

Tom , this big news is called the new stress test regulations , we aware of it .

Lolllll!

You are the biggest troll. How are you not banned yet?

Tom,

"Bioware is moving everyone downtown"

So this company is able to dictate to its employees where they must live?
Are we in some third world communist country?

Jason,

You sound very giddy. Much like the investors in the dot com companies were feeling in 1999.

:) Haha, just like all the investors in the USA stock markets this year and last, mine included.

Google Pot Stock Frenzy intensifies in Canada, not that I promote Pot, I actually hate the smell of that.

Poor landlord, they have to allow rent who grow and smoke pot...

When? 2018 or 2019?

Price fall is a relative term, sure, it may be down 10% from April, 2017, but it is still up by a lot if you brought it 2 years ago.

Brampton was selling at $600K for a SFH back in 2015, now it is $950K. For 600K, you can only get a townhouse.

Like I said, we will check back a year from now.

with all the money that's been printed over the past 10 years the value of homes has gone down by about 50 percent I am scared to see what the next ten years will bring

it is the opposite. Econ 101, more money printed = inflation. i.e. the Present value is far less than the value 10 years ago.

So, if you didn't buy a house, didn't invest for the last 10 years, you are poor off.

And then the Pope and Bono will stop at the club for drinks, and Elvis will come back from the dead to hang out at Jasper and 105th! Come on man... you're living in a dream world.