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“As a home buyer you want to be more cautious about buying in a neighbourhood that has a high number of investors. Many of those speculators who moved in are now hurting, trying to move out.
Looking at the areas that have had the steepest decline in prices during the first quarter of 2018 versus the first quarter of 2017, it’s no surprise that the areas that were once dominated by investors are showing the steepest price declines.” So here is what the sales looked like in the upper GTA swath as the bubble built and as the speculators moved in, bigtime: Now we’re on the other side of the curve. The hoods with the biggest price gains in 20 and seeing the largest price plops in 2018, with asking prices off 25-30%, and sale prices dipping even further.
In a sign of the ongoing role government intervention is playing in the market, one in three Canadian homebuyers said they had decided to forgo a home purchase in light of the new mortgage qualification rules that came into effect January 1, according to a new Re/Max survey conducted by Leger. If you think that new build contracts are one sided and unfair (they are) you really seriously need to read a bank mortgage agreement. I’m calling between 750k to 790k //////////////////// Smokie as I said before, under 1 million is hot again.
Buyers are now swarming the media with stories of how unfair it is when you buy something that has not even been built after signing a contract that’s completely one-sided, without any legal counsel. The kids are still devouring every new condo development that comes along with a bicycle locker and has a hip name. And in some places, the gutters run red with the guts of gamblers. Aside from that: Even if it was a brand new build in 1991, 27 years means quite a lot in repairs. Chandra-Herbert, for his part stated “this is work I’ve taken on since before I was an MLA” . Google that name, and if you’re an amateur landlord in BC, you should start thinking seriously about listing your rental properties for sale. The inertia looked to be unstoppable only one year ago. If that speculator bar graph is accurate we are some real deep shit in the GTA.