Mid-February 2009 Toronto rela estate sales

[trent]

Of course TREB haven't released the mid-February sales numbers for Toronto, but I fully expect the numbers to be worse than the decline we had in January. Where do you think the Toronto real estate market is headed in 2009?

[Canadian]

I just found this about the Mid-February Toronto sales:

http://www.marketwire.com/press-release/Toronto-Real-Estate-Board-951957.html

The 416 sales are down 23% and prices are down 8% year-over-year. This will be slow and painful decline for homeowners, which will drag for years. I'm not in a hurry to buy, as I can afford to wait 2-3 years until the last seller in denial capitulates :).

[trent]

The numbers aren't as bas as I expected, however this is just half a month data. I'm sure that price decline in Toronto by the end of the year will reach 25% from the pick we had last spring.

[bullish]

The numbers aren't as bas as I expected, however this is just half a month data. I'm sure that price decline in Toronto by the end of the year will reach 25% from the pick we had last spring.

Why not down by 50% or even 75%? I'm really sorry for all of you who missed the boat. The strong spring market is around the corner the prices are due for a quick recovery.

[Canadian]

Why not down by 50% or even 75%? I'm really sorry for all of you who missed the boat. The strong spring market is around the corner the prices are due for a quick recovery.

Strong spring market? What are you smoking?? By the beginning of the summer the price decline in Toronto will be at least 20% from the peak. Lets go back to this thread in a few months to see who was right...

[trent]

I think that the full February numbers will be worse the the mid-month results. Anybody buying now will see a huge decline in their homes in not too distant future and it's quite possible the majority of the buyers that bought in the last 3 years to end up with negative equity.

[heyjude]

I think that the full February numbers will be worse the the mid-month results. Anybody buying now will see a huge decline in their homes in not too distant future and it's quite possible the majority of the buyers that bought in the last 3 years to end up with negative equity.

I think so too. Last October MLS reported 300% increase in product availability! I think only the real estate agents refuse to believe it and admit it.

One of the previous posters is probably a real estate agent ...:p

[trent]

The numbers are out and they are not so bad as I expected, but this won't last long. By the end of the year price will be much lower, without any buyers to be seen.

[bullish]

The numbers are out and they are not so bad as I expected...


Of course they aren't. What did you expect 20% decline maybe :p? Within 2 month the prices in Toronto will be fully recovered and not buying means that you are missing the boat, again!

[Canadian]

Of course they aren't. What did you expect 20% decline maybe :p? Within 2 month the prices in Toronto will be fully recovered and not buying means that you are missing the boat, again!

I think this May will see at least 15% decline compared to last May, which more or less was the top of the market. Nobody will buy houses until prices are better aligned with incomes, and this means 40% down from here for Toronto's market.

[khahim]

Laeeque Ahmed approached our brokerage with some felicitous deal. We asked him that he do no involve our firm in shady deals like these. Our guess is, stay away from him while buying or selling. His sales pitch may seem too good to be true and it definitely is.