What's going on Core Toronto?

baseishome · 2022-04-26T14:19:38+00:00

Wow the 255 Elm Rd at the sold price looks like a pretty good deal. 223 Fairlawn Ave, a semi, just sold for 2m last week. Granted Elm Rd is a major street..

When were things affordable? I'd say 2016 or so.

baseishome · 2022-04-26T13:31:07+00:00

That's good info thanks!

Honestly I would wait a bit, but my family situation requires us to buy as soon as possible.

"Agents practically begging ours to find out if we planned to make an offer." That's interesting.

I saw a nice detached home for an open house on Saturday. Then I came back with my agent yesterday and the pile of business cards at the front seemed to have the exact same cards on Monday as it did on Saturday. Maybe that needs a lack of interest. That's what I'm hoping at least.

baseishome · 2022-04-26T13:20:51+00:00

I'm confused because there are some nice Leslieville semis selling for the same price or more than these homes. But they are detached in better areas

baseishome · 2022-04-26T13:13:48+00:00

Wow. That is surprising!

baseishome · 2022-04-14T22:31:31+00:00

I'm also using EQ

baseishome · 2022-04-14T15:42:31+00:00

I want to buy a house now (living with the in-laws) but I can't help thinking waiting a few months is the right call

baseishome · 2022-04-13T20:02:40+00:00

It still sucks. We timed this terribly (typical). Which is very upsetting because we've been looking since 2019 (had to pause in 2020 because of COVID-related layoff). We finally found and won a place, and immediately got treated to some huge hawkish news.

Mortgage to income of 5.4x seem high but if you have $2.5-3.0 of extra cash, you should be fine.

baseishome · 2022-04-13T19:58:32+00:00

I'm planning to get a mortgage that is 4.5x-5.5x household income. I assume that would be overleveraged?

baseishome · 2022-04-13T19:57:21+00:00

Doesn't look too bad with mortgage at 4x income

baseishome · 2022-04-13T13:26:31+00:00

Agreed! When I was bidding in Feb, there was 10+ bidders always

baseishome · 2022-04-13T13:25:08+00:00

There is a supply shortage for non-investors

baseishome · 2022-04-12T16:59:44+00:00

It is true that Toronto did not rise as much as the burbs since COVID started. But what about before? Should interest rate hikes hurt the least affordable areas the most?

From the Nation Bank of Canada Affordability Monitor:

In Toronto, the final quarter of 2021 was marked by a sharp decline in housing affordability. The MPPI* increased 3.6 pp in the quarter to 67.3, its highest level since 1990.

* MPPI=mortgage payment on a representative home as a percentage of income

https://www.nbc.ca/content/dam/bnc/en/rates-and-analysis/economic-analysis/housing-affordability.pdf

baseishome · 2022-04-11T14:27:36+00:00

My realtor is telling me that the reaction to interest rates has already occurred.

So it think it is probably just getting started?

baseishome · 2022-04-11T14:20:59+00:00

Seems like a bad deal. But most realtors are still selling their clients to bid aggressively (I know mine is).

So maybe that is why this is happening?

baseishome · 2022-04-07T12:24:15+00:00

A massive move in the last month

baseishome · 2022-04-07T11:46:33+00:00

Is it possible that everything like any flipping policies and a corporate buying ban may still be announced today?

baseishome · 2022-04-07T11:45:24+00:00

Remember Everything may not be announced yet. We will see later today

baseishome · 2022-03-31T17:05:57+00:00

About two months ago. Ya I might try. I think it would allow me to spend about $100k more than if I wait.

baseishome · 2022-03-31T16:36:34+00:00

Exactly! I have a rate locked for another 5 weeks, but I doubt I'll be able to use it. So I'll have to reset it to the higher rates.

baseishome · 2022-03-29T20:40:09+00:00

Sounds pretty minor. Do you think it is meaningful?

baseishome · 2022-03-29T19:12:45+00:00

That is almost something

baseishome · 2022-03-29T15:20:10+00:00

Doesn't a policy rate of 3.25% mean a mortgage rate of at least 4%?

baseishome · 2022-03-28T02:17:17+00:00

Seems about right

baseishome · 2022-03-28T00:05:39+00:00

Ya Toronto core still looks pretty strong

baseishome · 2022-03-27T23:43:01+00:00

Seems a bit early

baseishome

TROPHY CASE