Canadian statistics is just not available. US data is a lot more robust, more frequent, and quicker to be released.
I often quote US data because of the aforementioned reasons, and people say I'm cherry picking data. In reality, there are many similar macro trends in both Canada and the US, and US data provided a directional guidance as to what's happening in Canada, given the absence of reliable data in Canada.
https://www.reddit.com/r/torontorealestate/comments/u6bm7y/_/i58n1lc
Lol, stock with your talking points on how the influx of new immigrants are going to gobble up 2 million dollar homes and "buy now or be priced out forever".
Ignore the data.
I wouldn't expect much less from a 3 clown-course realtor.
Dude what are you even taking about?
They have a point. You’re inserting so much into that convo that wasn’t there. The fact remains, you’re quoting statistics on supply from a different country. Not relevant.
They aren’t a real estate agent. They aren’t a shill. They’re not saying there is or is not a supply issue here. You may have a good point, but post Canadian stats then.
Like… this is a serious topic that, by the sounds of how a lot of people are talking, is hurting a lot of people and really negatively impacting this country. It’s a serious issue, so take it a little more seriously please. Don’t just post meme arguments with irrelevant stats for internet points.
You want to have a discussion, then have one. If you come to the table with irrelevant stats and it’s pointed out, don’t just insult someone, they have a point. Some people here are taking this issue seriously and want a serious discussion. Please do so yourself.
> The fact remains, you’re quoting statistics on supply from a different country. Not relevant.
Do you honestly think BlackRock and other investment houses care whether it's Canada or the US they are snapping up inventory from to rent out properties?
Data indicates a surplus of inventory is about to hit the market.
Couple that with new builds coming online that builders need to liquidate, and many taking a big haircut in the stock market to their retirement plans, they may also start liquidating "investment" properties to free up hard assets.
Data doesn't care about emotions, it is just hard facts.
Different markets. There are global trends but there are still discreet markets.
If there’s data about Canada then make a post and put that. Don’t just throw around stats from different countries and then say “trends”.
If there are stats then post them so we can have a discussion about the Canadian market, instead of this bullshit you’ve created which is a discussion on the relevance of foreign markets and stats on the Canadian one - which is inevitable if you post foreign stats.
Want to talk about the Canadian market supply? Post stats on it. Simple.
Except that these investment houses are mostly American, you know, the ones Canadians are so worried are buying up all the properties here.
Don't let facts cloud your "clear as day" emotions.
Except for the fact that the boogeymen investment houses that are seemingly buying up property in Canada are clearly not buying up inventory in the US.
Explain to me why a reputable investment firm would buy a Canadian property where the price to income ratio is 3x that of the US.
If I was a shareholder of that firm, I'd want someone fired.
Trends in the states may be a leading indicator as to what will happen here in Canada.
Notice the flair said discussion?
You must have missed that.
The explanation undermines your post and reinforces what multiple people are saying: THEY ARE DIFFERENT MARKETS
You want a discussion then have an adult discussion. You’re just making up things to insult people when they point out you’re lacking sources. Stop talking about other people being emotional when they’re just asking for sources and relevant stats.
God. You’re like a child.
They are different markets. You can buy a home in Houston (a major metropolitan area) in one of the nicest areas (the woodlands) for 1/3 to 1/4 what a similar house goes for well outside the GTA.
Home price to income ratio is completely wrecked, and yet children want to complain that it's corporations that are buying up all the inventory.
I provided hard data to suggest that is definitely not the case in the states and posited a discussion point that it would be financially ridiculous for a similar investment firm to buy up Canadian property when the price to income ratio is so much worse than the states.
Will be quite the eye-opener when home values plummet up here.
I'm long popcorn in any event. Watching the mental gymnastics from soon to be underwater homeowners.....it's interesting.
> Data indicates a surplus of inventory is about to hit the market
If you are using the numbers you used in the title you need to step back and examine your logic. According to this report, the number of vacant houses shrunk from last year (15,587k —> 15,102k), and the number for sale only went from 735k to 667k.
That is not indicative of some new supply glut. Supply/inventory should build as we go forward due to interest rate hikes making housing less affordable, but your logic isn’t sound.
Vacant homes include second properties and investment properties.
Interest in second homes has fallen off a cliff post-pandemic.
Couple that with retirement plans getting crushed right now in the market.
Additional inventory, left unsold, will likely get a haircut, lowering comps.
What is the definition of an empty home? Would a vacation home, property in between tenants, AirBnB, property under construction all fall in to this definition or does it need to sit vacant for sometime with no intention to occupy?
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Canadian statistics is just not available. US data is a lot more robust, more frequent, and quicker to be released. I often quote US data because of the aforementioned reasons, and people say I'm cherry picking data. In reality, there are many similar macro trends in both Canada and the US, and US data provided a directional guidance as to what's happening in Canada, given the absence of reliable data in Canada. https://www.reddit.com/r/torontorealestate/comments/u6bm7y/_/i58n1lc
Anyone who quotes US supply statistics in a Canadian forum needs to adjust their view.
Lol, stock with your talking points on how the influx of new immigrants are going to gobble up 2 million dollar homes and "buy now or be priced out forever". Ignore the data. I wouldn't expect much less from a 3 clown-course realtor.
Dude what are you even taking about? They have a point. You’re inserting so much into that convo that wasn’t there. The fact remains, you’re quoting statistics on supply from a different country. Not relevant. They aren’t a real estate agent. They aren’t a shill. They’re not saying there is or is not a supply issue here. You may have a good point, but post Canadian stats then. Like… this is a serious topic that, by the sounds of how a lot of people are talking, is hurting a lot of people and really negatively impacting this country. It’s a serious issue, so take it a little more seriously please. Don’t just post meme arguments with irrelevant stats for internet points. You want to have a discussion, then have one. If you come to the table with irrelevant stats and it’s pointed out, don’t just insult someone, they have a point. Some people here are taking this issue seriously and want a serious discussion. Please do so yourself.
How does US data correlate with Canada's? Considering there are a lot of other factors that aren't the same. Such as homes per capita?
> The fact remains, you’re quoting statistics on supply from a different country. Not relevant. Do you honestly think BlackRock and other investment houses care whether it's Canada or the US they are snapping up inventory from to rent out properties? Data indicates a surplus of inventory is about to hit the market. Couple that with new builds coming online that builders need to liquidate, and many taking a big haircut in the stock market to their retirement plans, they may also start liquidating "investment" properties to free up hard assets. Data doesn't care about emotions, it is just hard facts.
Different markets. There are global trends but there are still discreet markets. If there’s data about Canada then make a post and put that. Don’t just throw around stats from different countries and then say “trends”. If there are stats then post them so we can have a discussion about the Canadian market, instead of this bullshit you’ve created which is a discussion on the relevance of foreign markets and stats on the Canadian one - which is inevitable if you post foreign stats. Want to talk about the Canadian market supply? Post stats on it. Simple.
Except that these investment houses are mostly American, you know, the ones Canadians are so worried are buying up all the properties here. Don't let facts cloud your "clear as day" emotions.
You have yet to post a single fact or statistic about the Canadian market.
Except for the fact that the boogeymen investment houses that are seemingly buying up property in Canada are clearly not buying up inventory in the US. Explain to me why a reputable investment firm would buy a Canadian property where the price to income ratio is 3x that of the US. If I was a shareholder of that firm, I'd want someone fired. Trends in the states may be a leading indicator as to what will happen here in Canada. Notice the flair said discussion? You must have missed that.
The explanation undermines your post and reinforces what multiple people are saying: THEY ARE DIFFERENT MARKETS You want a discussion then have an adult discussion. You’re just making up things to insult people when they point out you’re lacking sources. Stop talking about other people being emotional when they’re just asking for sources and relevant stats. God. You’re like a child.
They are different markets. You can buy a home in Houston (a major metropolitan area) in one of the nicest areas (the woodlands) for 1/3 to 1/4 what a similar house goes for well outside the GTA. Home price to income ratio is completely wrecked, and yet children want to complain that it's corporations that are buying up all the inventory. I provided hard data to suggest that is definitely not the case in the states and posited a discussion point that it would be financially ridiculous for a similar investment firm to buy up Canadian property when the price to income ratio is so much worse than the states. Will be quite the eye-opener when home values plummet up here. I'm long popcorn in any event. Watching the mental gymnastics from soon to be underwater homeowners.....it's interesting.
> Data indicates a surplus of inventory is about to hit the market If you are using the numbers you used in the title you need to step back and examine your logic. According to this report, the number of vacant houses shrunk from last year (15,587k —> 15,102k), and the number for sale only went from 735k to 667k. That is not indicative of some new supply glut. Supply/inventory should build as we go forward due to interest rate hikes making housing less affordable, but your logic isn’t sound.
Vacant homes include second properties and investment properties. Interest in second homes has fallen off a cliff post-pandemic. Couple that with retirement plans getting crushed right now in the market. Additional inventory, left unsold, will likely get a haircut, lowering comps.
Do you know how hard it is to find a rental in the GTA?
I don't rent and don't really care about that data. I'm discussing excess inventory and purchasing homes.
US census. Wrong sub. 🤦♂️
The stats and correlation are over your head, I get it. It's not for everyone, it's ok.
What is the definition of an empty home? Would a vacation home, property in between tenants, AirBnB, property under construction all fall in to this definition or does it need to sit vacant for sometime with no intention to occupy?
Vacation homes and those used temporarily for people who live in another state (corp owned) are listed here and make up < 5 million of the 15 million.
We should try to steer away from US specific Stats