South Forest Hill Residences prices.The turnover of new homes plummeted by 96%. According to data released by the Canadian Land and Building Development Association, only 45 new detached houses have been sold in the Greater Toronto area, down 96% from a year earlier. A total of 289 new apartments were sold, down 89% from the same period last year.Please Visit: South Forest Hill Residences prices to Get Your VVIP Registration Today!
This is not a cliff fall, it is simply cramping and peeling.
While the trading volume data are terrible, the transaction price is also infinitely saddening.
The two houses on the same street are basically similar in size and size. The only difference is that one has made a new outfit and the other has not.
Do you think it will cost 300000 Canadian dollars to decorate a 3000-foot house?
The answer is obvious.
But one of the two houses sold for 1.87 million on Oct. 13, and the other sold for 1.51 million on Oct. 26.
There are only two possibilities for this disparity:
1. The gap between buyers is too big.
2. The market has changed too much.
But the reality is that as long as the buyer is not looking for a real estate agent of 250, there will not be such a big price difference. So the conclusion is that the market is changing faster than we can imagine.
If you just look at the trading volume, you may not feel anything.
But Greater Toronto had an inventory of 11900 new homes available for purchase at the end of October, including 10291 apartments and 1609 detached houses.
According to the transaction capacity in September, it will take a year and a half for independent houses to digest inventory and more than three years for apartments to digest inventory.
In today’s Greater Toronto housing market, even the biggest bulls dare not say that it does not have a bubble.
But can the new house be sold at the same price as the two adjacent houses above?
“it’s very difficult,” said Sherwood, a spokesman for BILD.
Because construction costs rose 20 per cent from September 2021 to September 2022, while new home prices rose 12 per cent from September 2021 to September 2022, and detached houses rose 18 per cent from a year earlier.
For developers, their profit margins are smaller than they were a year ago! Under the premise of no loss, there is little room for manoeuvre in new house prices. But the problem is that Canadian developers do not need loans to build houses, if tens of thousands of houses can not be repaid, then how dare not predict the future.
Behind the new house, developers with a certain scale of funds are still so difficult that the second-hand housing market has long been unable to bear the pressure.
Individual investors have limited ability to withstand the pressure to raise interest rates, and a sale is almost the only option.
1. Toronto single garage detached house 1.25 million, similar detached house sold 1.87 million more than a month ago.
2. The independent house of 432 pairs of garages in the mainstream community of Richmond Mountain sells for only 1.18 million.
3. The Stufville town house sold for 870000. Two months ago, a smaller town house on the same road sold for 1.28 million.
A few days ago, a new condo sold for 699 yuan per foot, and today it sells a new condo834 for 6 years.
You can find countless house price murders in Toronto on all kinds of social media if you like. By contrast, Vancouver house prices are also falling, but obviously not to such a precarious extent.