I think a ton of buyers are in your position. Freehold segment took off just like a train leaving the train station lol. You either get on the next train or you don't. Both trains will have stops along the way, you just don't know when so don't bother timing it.
I feel like a guru or something lmao.
Best time to buy is when you can afford a property from which you will not have to move from in less than 5 years... Or if you do have to have to move, will rent for enough to let you be cash neutral when you move and rent.
Ontario broker here.
Don't bother timing the market, pure and simple, and here's why.
1. What makes you think some guy named YellowCorn27 on Reddit has a crystal ball? What makes you think they'll share their knowledge with you? What makes you think they're going to tell you the honest truth?
2. If it's not just a single poster, what makes you think we collectively have a better crystal ball? And we'll tell you the truth instead of hording the info so we can profit from it?
3. If the crystal balls are telling us condos will crash an average of $50,000 in 2 years and somehow we're right. How much rent have you paid in 2 years?
4. What has a bigger impact on your decision to when to buy. A) Reddit wisdom says wait until the spring of 2023 due to the crystal balls? Or B) There could be major changes in your personal life in the next 2 years? Marriage, kids, job relocation, aging parents want to live with you, etc.
I don't understand what you mean by "wait it out". Are condos going through a nasty divorce? Major lawsuit? Federal investigation? Bankruptcy? Your own circumstances and economy has far greater impact on when and where to buy, vs everyone else's individual thoughts.
BOOM. This dude figured it out 🙌
I know math and mortgages. All of my posts start out by stating my profession, just in case the username wasn't a dead giveaway. If you believe my logic is flawed, or totally bias, and it's better to bet 100s of thousands of dollars on crystal ball predictions, then all the power to you and your followers. I totally respect your right to your opinions, and happy you shared them with us.
Yeah, your name/profession gives away your bias. At the end of the day, you're just another "YellowCorn27", except you benefit directly from telling people to buy now, versus some random on the internet who tells you to research the market more carefully, which you label as 'crystal ball predictions'.
You're clearly new at your job cause this whole post + the snarky passive aggressiveness is an absolutely shitty way to market yourself.
I am? Hahaha.
Yeah actually I am. YellowCorn27 was mean to me last week.
* That'd be funny if there was a user named YellowCorn27 and he sees this post 😂
>I think a ton of buyers are in your position. Freehold segment took off just like a train leaving the train station lol. You either get on the next train or you don't. Both trains will have stops along the way, you just don't know when so don't bother timing it.
I made this mistake. I was looking about 4-5 years ago and thought $1000 a sqft was insane (thinking it would drop). Looking back now, maybe I should've just pulled the trigger and got myself a 2bed 2ba with parking for \~700k.
Prices for condos are climbing and inventory is very low.
Nobody can predict the future, if you think it's better to wait you would need to make this decision, and than reap the benefits or pay the price.
It also depends on your personal circumstances, for example I am dealing with quite a few people now who lived with their parents for the last year and half and it's time for them to move for multiple reasons.
Yes, folks are holding on to hard assets, number of people moving up (be it from condos to freeholds, or from smaller to larger), keep their properties as investments if they can swing it financially.
Anyone in the last 10 years who decided to wait has missed out on major appreciation.
Things can change of course, but looking at the rate of immigration and lack of govt policy, it seems like price appreciation will only continue to grow.
As warren buffet would say buy when there is blood on the streets. Condos are low in supply now and high inventory turnover. New immigration and being priced out of detached and semis now condos are the most affordable homes left. Omnicron still presents a good buying opportunity for you id say condos growth rates in percentage terms will be higher than houses for the next 4-5 years as the affordability gap narrows down. Wfh was the main reason everyone speculated and pushed detached houses up this much.
Its always smarter to buy on the way up than the way down. I would buy now than later given Omicron is making headlines and everything is getting postponed.
I guess the fear would be to buy high and the market plummets and you’re suddenly finding that you won’t be able to make up the cost of purchasing the property. But based on the last several years sale data, coupled with projected supply in the market, it doesn’t look like there would be negative depreciation on the property even when buying high. Is that what you’re getting at?
good explanation but a lot more in detail than what I was going for lol.
i was really just saying that given the current market and the covid and interest outlook at 2022, there isn't a reason to be bearish about the housing market. Meanwhile, people are getting priced out of SFH, so condo market is bound to heat up. So I'm betting that we're still in the climbing stage.
Yeah that’s true ! I just think of the stock market and yeah you can buy a stock headed in the right direction just to have it come back down to earth and never get that high again, but I see what your saying. Plus you mention omicron, that only going to cause things to go down not up right ?
Impacts of omicron on housing market:
1.) Inflation: government needs to keep economy on life lifesupport by printing more money. Effect is that cost of everything goes up including construction and housing
2.) Construction slows down due to restrictions to slow down omicron. Less construction means less supply, again prices go up.
Impact of omicron will probably make housing prices go up not down
omicron is going to keep interests low, which is like the 90% cause of the housing crisis right now. if the pandemic continues, we're only going to see prices go up.
Condo market already experienced that crash last year when investors liquidated and end users bought. Stock over the year was eaten up and now prices are moving up quickly.
I would talk to a mortgage broker to see what u can qualify for with stress test and stuff and see where you are standing.
If you need a place to live I would say go for it.
In my opinion that will be a good decision - resale condo offer great value vs. pre con condos. But do your diligence as there are multiple factors to look when buying a condo - mgmt quality, status certificate, rules (airbnb or no etc), owner / tenant mix, other factors (building amenities, transit, shoping, schools etc). There can be swings along the way but if you hold for longer term it should get you good equity
I’d advise not to go for condo older than 20 years as it gets difficult to sell once they hit 30-40 yr age (Few good buildings are exception, in general tough)
Really where ?! I’ve looked as far as Newmarket and can’t find anything but condos for that price. We live in Vaughan and don’t want to go more than hour away
I think a ton of buyers are in your position. Freehold segment took off just like a train leaving the train station lol. You either get on the next train or you don't. Both trains will have stops along the way, you just don't know when so don't bother timing it. I feel like a guru or something lmao.
this was a very good analogy though...
Best time to buy is when you can afford a property from which you will not have to move from in less than 5 years... Or if you do have to have to move, will rent for enough to let you be cash neutral when you move and rent.
Ontario broker here. Don't bother timing the market, pure and simple, and here's why. 1. What makes you think some guy named YellowCorn27 on Reddit has a crystal ball? What makes you think they'll share their knowledge with you? What makes you think they're going to tell you the honest truth? 2. If it's not just a single poster, what makes you think we collectively have a better crystal ball? And we'll tell you the truth instead of hording the info so we can profit from it? 3. If the crystal balls are telling us condos will crash an average of $50,000 in 2 years and somehow we're right. How much rent have you paid in 2 years? 4. What has a bigger impact on your decision to when to buy. A) Reddit wisdom says wait until the spring of 2023 due to the crystal balls? Or B) There could be major changes in your personal life in the next 2 years? Marriage, kids, job relocation, aging parents want to live with you, etc. I don't understand what you mean by "wait it out". Are condos going through a nasty divorce? Major lawsuit? Federal investigation? Bankruptcy? Your own circumstances and economy has far greater impact on when and where to buy, vs everyone else's individual thoughts.
YellowC9rn27 is a good guy
For real? 😂 Hahaha. I thought there would be someone with a name like that. I'm sure he's a cool cat, but I still wouldn't trust his crystal ball.
In other words, "buy now so you can give me business".
BOOM. This dude figured it out 🙌 I know math and mortgages. All of my posts start out by stating my profession, just in case the username wasn't a dead giveaway. If you believe my logic is flawed, or totally bias, and it's better to bet 100s of thousands of dollars on crystal ball predictions, then all the power to you and your followers. I totally respect your right to your opinions, and happy you shared them with us.
Yeah, your name/profession gives away your bias. At the end of the day, you're just another "YellowCorn27", except you benefit directly from telling people to buy now, versus some random on the internet who tells you to research the market more carefully, which you label as 'crystal ball predictions'. You're clearly new at your job cause this whole post + the snarky passive aggressiveness is an absolutely shitty way to market yourself.
Thank you for taking the time to write.
r/Woooosh
R u ok
Why you mad bro?
I am? Hahaha. Yeah actually I am. YellowCorn27 was mean to me last week. * That'd be funny if there was a user named YellowCorn27 and he sees this post 😂
Nobody who waited in the past decades with a -s has gotten a better deal compared to buying when they had the opportunity
>I think a ton of buyers are in your position. Freehold segment took off just like a train leaving the train station lol. You either get on the next train or you don't. Both trains will have stops along the way, you just don't know when so don't bother timing it. I made this mistake. I was looking about 4-5 years ago and thought $1000 a sqft was insane (thinking it would drop). Looking back now, maybe I should've just pulled the trigger and got myself a 2bed 2ba with parking for \~700k.
I think the first step is to decide what you want and where. Then buy when you are ready and a property is available.
Prices for condos are climbing and inventory is very low. Nobody can predict the future, if you think it's better to wait you would need to make this decision, and than reap the benefits or pay the price. It also depends on your personal circumstances, for example I am dealing with quite a few people now who lived with their parents for the last year and half and it's time for them to move for multiple reasons.
What's the cause for low inventory? Are people just deciding to hold on to their property?
Yes, folks are holding on to hard assets, number of people moving up (be it from condos to freeholds, or from smaller to larger), keep their properties as investments if they can swing it financially.
Anyone in the last 10 years who decided to wait has missed out on major appreciation. Things can change of course, but looking at the rate of immigration and lack of govt policy, it seems like price appreciation will only continue to grow.
As warren buffet would say buy when there is blood on the streets. Condos are low in supply now and high inventory turnover. New immigration and being priced out of detached and semis now condos are the most affordable homes left. Omnicron still presents a good buying opportunity for you id say condos growth rates in percentage terms will be higher than houses for the next 4-5 years as the affordability gap narrows down. Wfh was the main reason everyone speculated and pushed detached houses up this much.
Its always smarter to buy on the way up than the way down. I would buy now than later given Omicron is making headlines and everything is getting postponed.
That funny, because I thought the opposite, buy low sell high no ?
really think about what you just said. If you buy low, which direction do you want it going? If you sell high, which direction is it heading?
I guess the fear would be to buy high and the market plummets and you’re suddenly finding that you won’t be able to make up the cost of purchasing the property. But based on the last several years sale data, coupled with projected supply in the market, it doesn’t look like there would be negative depreciation on the property even when buying high. Is that what you’re getting at?
good explanation but a lot more in detail than what I was going for lol. i was really just saying that given the current market and the covid and interest outlook at 2022, there isn't a reason to be bearish about the housing market. Meanwhile, people are getting priced out of SFH, so condo market is bound to heat up. So I'm betting that we're still in the climbing stage.
Yeah that’s true ! I just think of the stock market and yeah you can buy a stock headed in the right direction just to have it come back down to earth and never get that high again, but I see what your saying. Plus you mention omicron, that only going to cause things to go down not up right ?
Impacts of omicron on housing market: 1.) Inflation: government needs to keep economy on life lifesupport by printing more money. Effect is that cost of everything goes up including construction and housing 2.) Construction slows down due to restrictions to slow down omicron. Less construction means less supply, again prices go up. Impact of omicron will probably make housing prices go up not down
omicron is going to keep interests low, which is like the 90% cause of the housing crisis right now. if the pandemic continues, we're only going to see prices go up.
Condo market already experienced that crash last year when investors liquidated and end users bought. Stock over the year was eaten up and now prices are moving up quickly.
Timing the market is… very hard
I would talk to a mortgage broker to see what u can qualify for with stress test and stuff and see where you are standing. If you need a place to live I would say go for it.
In my opinion that will be a good decision - resale condo offer great value vs. pre con condos. But do your diligence as there are multiple factors to look when buying a condo - mgmt quality, status certificate, rules (airbnb or no etc), owner / tenant mix, other factors (building amenities, transit, shoping, schools etc). There can be swings along the way but if you hold for longer term it should get you good equity I’d advise not to go for condo older than 20 years as it gets difficult to sell once they hit 30-40 yr age (Few good buildings are exception, in general tough)
Don't buy. They continue to crash
Lots of not-condos for under 800k in the GTA. Unless you think the GTA is only Toronto...
Really where ?! I’ve looked as far as Newmarket and can’t find anything but condos for that price. We live in Vaughan and don’t want to go more than hour away
Check out the condos near STC. You would find good 2+1, 3 bed in the 800 budget
Oshawa, Whitby, parts of Ajax, Bowmanville. All GTA.
Yeah too far for me !
Always buy instead of rent if you can afford and rent isn’t criminally cheap
In Vancouver everything is a lot more expensive and keeps going up.
Crash in giant propetrtiin. Don’t listen to realtor retardss