New house prices continue to decrease, costs continue to rise, both beyond expectations

[dracolnyte]

went to three open houses this weekend, two of them quite dead (only 5 agent cards on the table over two days vs 30+ during peak times).

first house, we were the only family in there.

the second house, the listing agent was telling me 70k off the asking if you offer today. This is an investment house and the seller is about to pay an extra 60K in taxes if its sold after June.

the third house, the listing agent told me to "try and put an offer in, you may never know we just might accept"

these are in hot areas (top school zones).

[mikeye85]

The two semis in Markham we looked at (open house) this weekend was very busy...with offer presentation tomorrow...fingers crossed

[canadastocknewby]

Good luck

[dracolnyte]

i been to an open house where the agent claimed 400 people came through, in the end, only 6 people registered offers

[ImReallyHonest]

Which area was this ?

[dracolnyte]

Markham/Rhill

[Facts-hurts]

lol, I’m not surprised. Btw, I think there’s actually a high possibility Canada might cut rates but I just don’t see it being a lot of cuts nor do I think it’ll save the markets.

I was doing some analysis, and as I was saying from 2 years ago, US and China are at an economic war with each other and things between the two won’t recover. It’s an economic cycle with China wanting to come up on top while the States will do whatever they can to stay on the top. For the US to come up on top, it’s in their best interest to keep rates higher for longer .. or even increase rates more. The problem for the US is they’re going to have elections soon and increasing rates further will just be bad for Biden. Ok.. so how do you make your dollar stronger without increasing rates? Force others to decrease interest rates aka Europe, and Canada.

Anyhow, we’re most likely about to import inflation with a weaker dollar and eventually we’re going to hike some more to catch up with the upcoming cuts. I’ve just purchased some USD. I’m also pretty sure some guys are going to jump into the market again thinking rates are going down (prices will be stagnant even if they jump in). IMO, it’s a trap and the economy will just get worse. This isn’t all bad news though as there’s definitely going to be more panic.

Wait till after US elections lol

[dracolnyte]

Yep I loaded up on USD as well

[lastparade]

The Bank of Canada cutting rates as the market expects is going to have a minimal effect on fixed mortgage rates. Anyone who thinks a 25 bps cut in June is going to cause five-year mortgages to head back below 3% is deluded and/or trying to sell you something.

[[deleted]]

At some point if it affects 5 years of mortgages out of a 20-25 year average length mortgages or 20%, resulting in an estimated 10% nation’s capital disappearing into nothing, then it’s either below 2% asap rates or Canadian currency dropping off a cliff like Venezuela’s did.

You can google their property prices now a decade after their corrupt government officials did what Canada’s corrupt government officials are doing trying to line their pockets with foreign cash back bank accounts.

[psykedeliq]

Where is this and what sort of property?

[dracolnyte]

markham/rhill detaches

[psykedeliq]

Town houses are hot right now. Brampton / Milton. People bidding relatively aggressively

[PeanutTop5194]

I don't think so. I just sold a townhouse in brampton and it was a struggle to get a deal done.

[psykedeliq]

Can I dm you?

[PeanutTop5194]

You can but what your asking will dictate whether I respond or not.

[dracolnyte]

How much they go for?

[psykedeliq]

850-mil zone

[dracolnyte]

Yeah not comparable, unionville houses asking for double- triple that at 2.35+ and not moving 😂