RE:RE:RE:RE:RE:RE:RE:RE:RE:RE:RE:RE:RE:RE:RE:RE:RE:Cad : USD
Lllennn wrote: A 37th-floor luxury condo in the heart of Toronto’s entertainment district that sold for a $320,000 loss is an example of a condo market that hasn’t been this tough in decades, realtors and observers say.
NO VOLUME? 1.90-2.00 volume IMO not fact imo.
I remember having a discussion with someone on Stockhouse that the Canadian housing market was in a bubble. The general push back I received was that immigration will keep property prices elevated. I of course disagreed with this individual.
Now here we are, with over 1.2 million new immigrants entering Canada over 12 months and real estate is getting pummeled in Toronto. Keep in mind that most of these immigrants land in Toronto. Why aren't property prices moving higher?
The real estate correction in Canada is far from over. Prices always continue to drop AFTER they lower interest rates as it did in the 1990's and GFC.
We need to restore housing affordability in this country. Home prices will continue to decline or your wages need to increase substantially. One of these two things has to happen. So far it hasn't been the latter.