Only 319 new condo units were sold in the third quarter, down 54 per cent from a year ago and the lowest quarterly total since 1990 when Toronto’s condo market faced a severe crash, according to a quarterly condo report by the real estate research firm Urbanation.
Lemmings, what are your opinions on the housing market?
Long overdue for a correction. I agree with the article largely.
Condos will sell just not for the price that they want. I honestly never thought I’d see this bubble pop and I don’t want to say I’m delighted because there are many people that can be or are hurt by this … however, we needed to see housing as differently than we’ve been doing so.
Considering those who would lose the most are landlords, I don’t feel bad at all. The little guy I definitely have sympathy for, but this needs to happen.
Do you think it will drop more? What is a fair price?
I think it’ll drop more? I don’t see any uptick specifically with respect to the condo market just yet? My friend who’s a real estate agent says it’s going to go further but he’s like very Chinese and his analysis is based on Feng Shui so I don’t know how I feel about that.
A fair price is harder to pin down because there are different types of condos in different locations with different amenities as well. Also, as much as I hate housing costs in Toronto and it is high. This is a global phenomenon too. So like, personally, I’d just want housing to be in the reach of a regular Canadian with a decent salary but there’s so many macroeconomic factors at play that a “fair price” is something I’m genuinely not qualified to answer.
It’s so hard to predict the future. From one had the demand is there- lots of people are looking for homes and condos. From another hand, sales are low which will drop prices more.
Very difficult to say.