Toronto Housing in Freefall: Gov’t Says “No Bailout”
Toronto’s housing market just had its second-worst August in 12 years, with sales plunging and prices dropping by over $400,000 since the peak. Despite the media’s talk of a “rebound,” the numbers tell a very different story. Even Canada’s Housing Minister Gregor Robertson admits the condo market is in freefall—and says no bailout is coming anytime soon. #torontorealestate #TorontoHousingCrash #canadianrealestate Links: GTA REALTORS Release August Stats: https://trreb.ca/market-data/market-watch/ Toronto home sales and prices dip in August: https://www.theglobeandmail.com/real-estate/toronto/article-toronto-home-sales-and-prices-dip-in-august/ Toronto-area home prices continue to slide — with detached homes plummeting 10%: https://www.thestar.com/real-estate/toronto-area-home-prices-continue-to-slide-with-detached-homes-plummeting-10/article_772646e5-e689-494a-9bd3-33e9218c079c.html GTA housing market sees best July in 4 years: real estate board: https://www.cbc.ca/news/canada/toronto/greater-toronto-housing-market-july-trreb-1.7602069 Toronto housing market rebounds but Vancouver recovery remains slow: https://www.wealthprofessional.ca/investments/alternative-investments/toronto-housing-market-rebounds-but-vancouver-recovery-remains-slow/389912 Toronto condo market is in ‘free fall,’ federal housing minister says: https://www.thestar.com/real-estate/toronto-condo-market-is-in-free-fall-federal-housing-minister-says/article_66c26722-1f22-4b28-bf95-3e98f2e02159.html Ottawa to expand 30-year amortizations, raise insured mortgage cap: https://globalnews.ca/news/10757723/ottawa-to-expand-30-year-amortizations-raise-insured-mortgage-cap/ Toronto’s Richard Silver of Sotheby’s urges Carney to allow foreign buyers: https://realestatemagazine.ca/torontos-richard-silver-of-sothebys-urges-carney-to-allow-foreign-buyers/ Policy interest rate: https://www.bankofcanada.ca/core-functions/monetary-policy/key-interest-rate/ Inflation Calculator: https://www.bankofcanada.ca/rates/related/inflation-calculator/ Average Ontario housing prices are now about 22.5x people's disposable income: https://www.blogto.com/real-estate-toronto/2022/03/average-ontario-housing-prices-are-now-about-222-times-disposable-income/ Toronto Home Prices Forecast to Climb Another 10% in 2022: https://storeys.com/toronto-home-prices-forecast-climb-2022-re-max/ ‘My financial life was turned upside down’: Toronto homeowners stuck in a market shift: https://www.ctvnews.ca/toronto/article/my-financial-life-was-turned-upside-down-toronto-homeowners-stuck-in-a-market-shift/ They bought their home in March 2022. Why this Ontario couple calls the purchase a nightmare: https://www.cbc.ca/news/canada/london/they-bought-their-home-in-march-2022-why-this-ontario-couple-calls-the-purchase-a-nightmare-1.6750229 Canada's home sales climb almost 4%, the fourth monthly rise in a row: https://financialpost.com/real-estate/canada-home-sales-climb-almost-4-per-cent-july-crea Posthaste: Five market predictions in the wake of the 'hottest year in Canadian real estate history': https://financialpost.com/executive/executive-summary/posthaste-five-market-predictions-in-the-wake-of-the-hottest-year-in-canadian-real-estate-history Couple ordered to pay $470,000 after reneging on Ontario home deal: https://www.thestar.com/news/gta/couple-ordered-to-pay-470-000-after-reneging-on-ontario-home-deal/article_5e212592-ad11-5ba5-ba33-c5aeb1ce988d.html iPro scandal: Groups representing 90,000 realtors call on province to reform RECO: https://www.thestar.com/real-estate/ipro-scandal-groups-representing-90-000-realtors-call-on-province-to-reform-reco/article_6c67e2c2-db69-42df-b36e-7c673fe96bd6.html Mark Mitchell – Mortgage Broker London Ontario 920 Commissioners road east London, Ontario N5Z 3J1 Phone: (519)860-2102 (Call or Text) MarkMitchell@LondonOntarioMortgages.ca Brokerage Lic: 10464 Broker Lic: M16001479 https://www.LondonOntarioMortgages.ca – Apply Online!! Youtube Channel: https://www.youtube.com/c/MarkMitchellMortgageBrokerLondonOntario Subscribe NOW for more Mortgage/Financial News/Videos. Follow me on Social Media: Instagram - https://www.instagram.com/mortgagebrokerlondonontario Facebook - https://www.facebook.com/londonontariomortgages Twitter - https://twitter.com/londonmortgage1/ LinkedIn - https://www.linkedin.com/in/mark-mitchell-london-s-mortgage-broker-197842123/ TikTok - https://www.tiktok.com/@mortgagebrokerlondon?lang=en Commentary on this Channel should not be considered financial advice.
