DTube - Toronto Housing Market Sees Biggest Drop In 30 YEARS! - The Bubble Is BURSTING!
One of our most recent video reports!
See the original article below:
Josh Sigurdson talks with author and economic analyst John Sneisen about the crashing Toronto real estate market as house prices drop harder than they have in 30 years.
March sales in Toronto dropped 40% from last year, the lowest since 2009. The average selling price for all homes dropped 14% from a year earlier, the biggest drop since 1991.
Detached home prices dropped the most which is notable as condo sales are the only thing that has gone up. There's a reason for that. People can't afford the detached homes anymore, but they are largely downgrading to condos.
The Toronto Real Estate board in a recent report said,
"The share of high-end detached homes selling for over $2 million in March 2018 was half of what was reported in March 2017, further impacting the average selling price."
To top it all off, active listings went up 103.1% since March of 2017. That is a massive rise in homes for sale, a recipe for disaster.
We've been warning about this for a long time. We remember well the euphoria of people in Toronto telling us it would just keep going up forever. The bubble was growing larger and larger. People were looking at their house as an asset. Their eyes became glassy and the hockey stick reached its peak and now we see a massive drop out. We will soon see similar in Vancouver. We reported on BMO's collateralized debt obligations which many of us remember from 2006 and 2007 before the bubble burst.
Collateralized debt obligations (CDOs) are packages of a bunch of mortgages, mostly bad mortgages with a few good mortgages. The package is rated by the top few good mortgages, often triple A. That is insane.
The level of derivatives manipulating the markets into temporary prosperity will burst the bubble and cause long term pain.
We need to be self sustainable and not fall for the fake speculation.
Stay tuned for more on this story from WAM!
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they always continue printing i don`t expect deflation
This graph is telling. Where is Canada's real estate correction? Oh yeah that's right, it hasn't happened yet....
Source
I'll hold my properties for a few more years - it will bounce back - it always does - might take this opportunity to scoup up a few more at a lower price. One man's trash is another's treasure.
Sell high, buy low. Some people forget about the first part.
Agreed - I take my opportunities and make the most of them - even if I sold right now I wouldn't be loosing on principal - potential gains yes - but not initial investment. Made a killing on pot stocks buying low - got in on CGC at under $5 cdn dumped when it spiked a few months back.
Ha, pretty soon the Canadian dollar is going to be dropping faster than Bitcoin under Trudeau. Dont worry, the budget will balance itself though.
Watch out below if the stock market has a correction or this war the military industrial complex is trying to start with Syria (and potentially Russia) goes live. These house prices were obscene a few years ago and will revert to some semblance of reasonableness at some point. There just has to be a trigger.
Didn’t get to see the full video , I have to guess that a lot of the problems with video play on DTUBE aren’t just bugs in the system related . I highly suspect that there is more to it then that , because if it were a kittens and puppies video I doubt you’d have any trouble with it . Just thought I’d mention it 🧐