Comments on: Greater Toronto Detached Real Estate Prices Dropped As Much As $178k Last Month

By: Gerald Silva

Gerald Silva — Fri, 12 Aug 2022 18:54:19 +0000

In reply to Anonymous. Excellent!

By: Paul Ward

Paul Ward — Fri, 12 Aug 2022 08:49:18 +0000

Govt has a long history of changing formulas for statistics to try to make problems go away. Not only CPI, but unemployment is another one. Substitute CPI with CP lies. Thanks to the author for bringing this to everyone’s attention.

By: Dan

Dan — Thu, 11 Aug 2022 13:19:26 +0000

In reply to Anonymous. well written comment. i agree 100%.

By: Thomas

Thomas — Wed, 10 Aug 2022 17:37:34 +0000

In reply to JP Lim.

hard to satisfy everyone on this front. They’ve said before they try not to repeat the same point more than once a month, so if they published a peak-to-trough article they wouldn’t do another in the same month, just a change in article.

It’s the opposite of the much more annoying take from MSM where they show year-over-year gains, but that’s not relevant to someone buying today since you don’t know if the house is getting cheaper or more expensive.

By: Anonymous

Anonymous — Tue, 09 Aug 2022 20:55:18 +0000

How do people afford these houses? unless you are among the rich, these people just become ‘house poor’? It is so funny that now, boc is trying to control inflation, I think it’s too late but they have to try. I think more hikes are coming because it doesn’t seem enough, it’s not making a dent. So as I know, interest rate is there to control inflation, to cool down a hot economy and encourage people to save/spend less. The problem with that, I think, is because people sat on stimulus money or savings for 2.5 years-during pandemic! people could not go on vacation, travel, work on house project etc due to pandemic. Now, after 2.5 years, people are TIRED, they say life is short etc, so they go on a spending spree – going on vacation around the world, spend like crazy, can’t blame them, but inflation? what inflation, they have the I don’t care attitude (no fault of them). And this is against what boc had in mind and I think this is why inflation is not going down but going up again, thus boc will have to increase interest rate again and again, they are against the current and they should have done it while the housing market was extremely hot but kept fueling it with low interest rate (I might be wrong though……not). More, now the household debt is at almost 1.86?? The writings are on the wall. 100%.
Let’s talk about layoffs? already happening and more coming.
Let’s talk about Recession? already here…
Let’s talk about the people who is about to renew their mortgage? how many will have to make that tough decision to sell?
Let’s talk about the buyers who are getting excited that the house prices are going down but can’t pass the stress test and still can’t afford?
Let’s talk about that bell curve where some will make it, some barely, some won’t? which one will you be?
Let’s talk about the housing bubble bursting? read the housing news, all are in the red.
Gotta think wisely about spending folks, those memberships and subscriptions, those $7 coffees. Everyone wants your money and you are willing to give them- spending spree, subscribing etc, but I bet you that no one will be willing to help you when you will be going through tough financial times. Good luck! Tough times are coming!

By: JP Lim

JP Lim — Tue, 09 Aug 2022 15:39:17 +0000

I enjoy better dwrlling’s articles and analysis. Could you consider providing a bit of perspective on the price drops in homes, especially in Vancouver and Toronto area, but compare it to where it brings us to in terms of pricing. Prices have more than doubled in the past 10 years and this correction in prices bring us back to prices in 2021? How much further do prices have to fall to provide the same “relative” mortgage buyers were carrying say 10 or 20 years ago with current interest rates?