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-rele...rd-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]

Originally Posted by 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.

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]

Originally Posted by bullish

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]

Originally Posted by 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.

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 ...

[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]

Originally Posted by trent

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 ? Within 2 month the prices in Toronto will be fully recovered and not buying means that you are missing the boat, again!

[Canadian]

Originally Posted by bullish

Of course they aren't. What did you expect 20% decline maybe ? 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.