TSX:AX.PR.E - Post by User
Comment by
Torontojayon Sep 11, 2024 7:49am
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Post# 36218122
RE:RE:Canadian real estate update
RE:RE:Canadian real estate update
nedstar71 wrote: Torontojay wrote: Home prices in Canada are still declining after several rate cuts. Inventory is rising significantly with really low sales on the demand side. Things are starting to get really ugly out there.
https://m.youtube.com/watch?v=I15fZAPjRZY
My house 'price' more than tripled 2016-2021. Currently still about 3x what we paid for it in 2016. It surprises you that a less than 1% drop in interest rates hasn't bouyed the continued support for housing prices that no average salaried Canadian could possibly afford? Seems pretty obvious to me, and housing prices would have to drop another 30-40% to be even remotely more in line with reality.
Im sure your house has come down significantly in price from its peak. For instance outside of Toronto, home prices have already declined by 20-30% whereas Toronto has declined by just under 20%. The trend is still down and unemployment is rising so I expect this will continue for the foreseeable future. Many condos in Toronto are already selling at pre-covid prices and I believe it's far from over.