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Housing bubble bursting? 🗯

Infosys notindian

Apr 5, 2018 19 Comments

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"Home sales in the Greater Toronto Area (GTA) plunged 39.5% in March compared to a year ago, to 7,228 homes ... The average price for the Greater Toronto Area (GTA) plunged 14.3% year-over-year to C$784,588. In other words, the average buyer in March a year ago is now about C$130,000 in the hole."
http://www.businessinsider.com/the-housing-bubble-in-toronto-is-bursting-2018-4?amp%253Butm_medium=referral&share=47a3726a

Toronto's housing prices are collapsing

Business Insider

Zillow Group

5 19

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TOP 19 Comments

Amazon / Eng n0v

Canada is instituting taxes against foreign purchases. So easy Chinese money isn't so easy in Vancouver or toronto anymore. This would seem to be exactly the outcome politicians were aiming for. Of course, now a bunch of rich homeowners will be pissed.

Apr 5, 2018 11 0
Infosys notindian
OP

2 months ago: Seattle-area rents drop significantly for first time this decade as new apartments sit empty https://www.seattletimes.com/business/real-estate/seattle-area-rents-drop-significantly-for-first-time-this-decade-as-new-apartments-sit-empty/

Apr 5, 2018 0 4
- Google ldBV48
  
  They aren’t that different. It’s not very difficult to convert apartments into condos, and that will likely start to happen as rents fall and vacancies increase.
  
  Apr 5, 2018 0
- Amazon / Eng n0v
  
  You can potentially convert whole apartments pre rental, but it's not easy to do when units have been rented out. In WA state there are some pretty strict condo liability laws for the developer, which is one reason why almost all new construction is rental and not condo. Prices would probably need to get higher for conversions to start happening in a big way. Another factor is that rental finishes are often lower end, walls thin, layouts smaller and optimized for rental market, and so on. Conversions may still happen, but I don't see it happening in a big way until the situation is worse.
  
  Apr 5, 2018 5
Google ldBV48

They aren’t that different. It’s not very difficult to convert apartments into condos, and that will likely start to happen as rents fall and vacancies increase.

Apr 5, 2018 1 1
- New
  DuQvV7
  New
  
  DuQvV7
  
  ^This. Some markets overbuilt and already started this.
  
  Many people nay-saying this have are highly vested in huge mortgages.
  
  Apr 6, 2018 2
Infosys notindian
OP

"San Francisco's metropolitan area lost more residents than it attracted between 2016 and 2017, according to US census data. People are leaving San Francisco because of the out-of-control housing prices. The city's median-priced home now costs $1.5 million."

http://www.businessinsider.com/people-leaving-san-francisco-census-data-2018-3

Pricing correction is due, though it will be a soft landing from millennial flight to cheaper suburbs, rather than a collapse of the home lending market.

Apr 6, 2018 0 3
- Apple / Eng Everybody
  
  Have you tried increasing your housing prices? Maybe that will deter them.
  
  Apr 6, 2018 0
- Zillow Group / Mgmt onslaught2
  
  Pretty sure the follow up article states the rate is fairly similar to previous years. This is also a statewide phenomenon
  
  May 24, 2018 0
Zillow Group Zoomies

Housing inventory is still a big problem. Zillow has a research page about current housing trends at zillow.com/research

There's some interesting facts and figures on there.

https://www.zillow.com/research/inventory-crisis-december-2017-18218/

Apr 8, 2018 1 0

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Housing bubble bursting? 🗯

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