Economy 53,160 Posted April 17, 2017 Share Posted April 17, 2017 http://www.blogto.com/city/2017/04/sold-toronto-townhouse-sells-1-million-over-asking/ A Toronto $2 Million Listed Townhouse Sold for $3 Million ironically its in the very same day that the Mayor, Provincial Premier and Federal Government are holding an emergency meeting to decide what to do With home prices surging over 30% in a year, bidding wars in virtually every house, The Government is unsure what to do and will hold the emergency meeting tonight. Link to post Share on other sites More sharing options...
Economy 53,160 Posted April 17, 2017 Author Share Posted April 17, 2017 I live in a city in the suburbs (Brampton) but a house near me sold for $875,000 or $155,000 over asking price... Just a couple of Kilometers to the north and the the Greater Toronto Area ends and turns to farm land. Im in the outermost outskirts of the suburbs. Homes should be cheap here Link to post Share on other sites More sharing options...
DeanWinchester 41,390 Posted April 17, 2017 Share Posted April 17, 2017 4 minutes ago, Economy said: A Toronto $2 Million Listed Townhouse Sold for $3 Million 2 minutes ago, Economy said: I live in a city in the suburbs (Brampton) but a house near me sold for $875,000 or $155,000 over asking price... The townhouse I bought last 2015 is on the low-end on the Scarborough Area but even that has already earned about $60,000-$80,000 in value Flyin' like a 1000 Doves Link to post Share on other sites More sharing options...
Teal Ambition 47,805 Posted April 17, 2017 Share Posted April 17, 2017 Toronto is absolutely insane... I have family that live in Mississauga and built a custom house and their land was 500,000$, but they could probably easily sell their house for over 3$ million +. Meanwhile, my parents bought their land here in Ottawa for a custom house for 125,000$ The difference is crazy ▌│█║▌║▌║ before I am Canadian, I am Chromatican ║▌║▌║█│▌ Link to post Share on other sites More sharing options...
LePetitGAGABLover 21,234 Posted April 17, 2017 Share Posted April 17, 2017 Didn't the housing bubble caused the 2008 recession? Im no expert in economy, but isn't this a bad thing? Spoiler Im a Computer Science major, so I have no clue how economics work. Link to post Share on other sites More sharing options...
homomo 23,883 Posted April 17, 2017 Share Posted April 17, 2017 1 minute ago, Teal Ambition said: Toronto is absolutely insane... I have family that live in Mississauga and built a custom house and their land was 500,000$, but they could probably easily sell their house for over 3$ million +. Meanwhile, my parents bought their land here in Ottawa for a custom house for 125,000$ The difference is crazy In 2009, my family bought a brand new house in rural Saskatchewan for $85,000 Now, I'm studying in Vancouver and know for a fact I would never purchase a house in a major city. 0110100001100101011011000110110001101111 Link to post Share on other sites More sharing options...
monstermusic 45 Posted April 17, 2017 Share Posted April 17, 2017 my parking spot in a condo in Toronto was 50K and that's considered reasonable Link to post Share on other sites More sharing options...
juicyjuicy 2,006 Posted April 17, 2017 Share Posted April 17, 2017 Haha. The housing market is absolutely insane here. My condo in downtown Toronto went up $100,000+ in less than a year...But so has every other condo near me so even if I sell it, I'm really not pocketing much 'cause it'll be difficult for me to purchase something similar... Link to post Share on other sites More sharing options...
Gaga Monster 13,001 Posted April 17, 2017 Share Posted April 17, 2017 22 minutes ago, LePetitMonstr said: Didn't the housing bubble caused the 2008 recession? Im no expert in economy, but isn't this a bad thing? Hide contents Im a Computer Science major, so I have no clue how economics work. That was caused by lack of Wall Street Regulations and Wall Street having too much power/authority. Here is an article on it: http://thehill.com/blogs/congress-blog/campaign/94549-wall-street-and-the-financial-crisis-the-role-of-investment-banks-sen-carl-levin GGD Presidential Elections Link to post Share on other sites More sharing options...
Economy 53,160 Posted April 17, 2017 Author Share Posted April 17, 2017 1 minute ago, LePetitMonstr said: Didn't the housing bubble caused the 2008 recession? Im no expert in economy, but isn't this a bad thing? Reveal hidden contents Im a Computer Science major, so I have no clue how economics work. Yes its bad. Our housing by most measures is already far worse than the US one The US Housing boom lasted 6-7 years and prices reached 7X incomes. In Canada the boom started 17 years ago and prices are 11X incomes (14X in Toronto) and over the last 2 years its only accelerated instead of cooling and the Government has tried several things and they are worried. Even the largest bank asked for further regulation Now people are being caught refinancing equity to shark loan forst time home buyers so they can put downpayment on a home (its illegal) Our standards on who gets a mortgage are a bit tighter than it was in the US and our banks have to hold more cash reserves. Thats the one thing going for us Link to post Share on other sites More sharing options...
Nafen 417 Posted April 17, 2017 Share Posted April 17, 2017 Holy crap! That is insane! Glad to be in Ottawa... Such an underrated city! Link to post Share on other sites More sharing options...
Economy 53,160 Posted April 17, 2017 Author Share Posted April 17, 2017 @Woolfsmck @Luc if u ever thought i was exagerating, read the comments above from other members who live here ^^^^^ Link to post Share on other sites More sharing options...
DeanWinchester 41,390 Posted April 17, 2017 Share Posted April 17, 2017 7 minutes ago, LePetitMonstr said: Didn't the housing bubble caused the 2008 recession? Im no expert in economy, but isn't this a bad thing? Yes but Canada is smaller in scale and focused mainly in two large cities--one of which has a very strong local economy (Toronto) that can support the housing market for longer compared to Vancouver 3 minutes ago, Gaga Monster said: I think the recession was only in the US. That was caused by lack of Wall Street Regulations and Wall Street having too much power/authority. Here is an article on it: http://thehill.com/blogs/congress-blog/campaign/94549-wall-street-and-the-financial-crisis-the-role-of-investment-banks-sen-carl-levin It started in the US but affected global economy Flyin' like a 1000 Doves Link to post Share on other sites More sharing options...
GGM 2,837 Posted April 17, 2017 Share Posted April 17, 2017 Link to post Share on other sites More sharing options...
LePetitGAGABLover 21,234 Posted April 17, 2017 Share Posted April 17, 2017 5 minutes ago, Gaga Monster said: I think the recession was only in the US. That was caused by lack of Wall Street Regulations and Wall Street having too much power/authority. Here is an article on it: http://thehill.com/blogs/congress-blog/campaign/94549-wall-street-and-the-financial-crisis-the-role-of-investment-banks-sen-carl-levin Oh sis. If either China or the U.S.A fail, the WHOLE world fails Link to post Share on other sites More sharing options...
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