Real Estate Professional forum is the place for positive industry interaction and welcomes your professional and informed opinion.

Sales fall, listings up in Toronto

Notify me of new replies via email
Real Estate Professional | 03 May 2017, 09:25 AM Agree 0
In its first release since Ontario’s new housing plan, TREB releases Toronto market stats and provides update on influence of foreign buyers and short-term speculators
  • R. R.R. | 03 May 2017, 10:01 AM Agree 1
    As for foreign buyers go , some of these investor hire local people whom have been in Canada for more then three years , front them the money to do the transaction and within a year re sell the property for a nice profit.. being the holder of the mortgage under a incorporated name , these investors never get caught or even polled so the numbers are higher then that
  • | 03 May 2017, 10:01 AM Agree 0
    Did TREB share this information with the Municipality and Province before they made their decision to implement new taxes? If not, there's a big disconnect between what the government says and does then what is reality.
  • Real Estate Professional | 03 May 2017, 12:10 PM Agree 0
    Yes, it has been my experience that the foreign buyer percentage quoted or polled by statistics is very low and not realistic, at least not in the GTA. I have experienced foreign buyers hiring local people to "front" the property purchase on their behalf. I believe this will continue, as they attempt to avoid paying the foreign buyer tax.
  • R.E. Pro | 04 May 2017, 09:05 AM Agree 0
    Foreign Buyer assessment was conducted by evaluating how many Buyers were using a Foreign Address outside of Canada?? REALLY??
    Is that like Principal Residence being determined by receiving personal mail to the property?? The system is a joke! Either they really have no clue, or they really DON'T WANT TO ACKNOWLEDGE THE TRUTH!! With so much of the GDP being Real Estate Purchases and Renovations, I suppose a blind eye is better than a leg cramp to a drowning man!
  • Just Asking | 07 May 2017, 03:08 PM Agree 0
    So if foreign buyers are insignificant Mr. TREB why did April sales drops so much......... Did locals say I feel bad for foreign buyers so I won't buy either????? Get serious!!!!!
  • Sharon Steeves | 08 May 2017, 09:56 AM Agree 0
    I would assume that the rapid increase in listings is due to people dreaming of getting top dollar for their homes while they can before prices decline and competition increases. I know if that was my position to sell and take the money and run, then rent or move to an area in Canada with a lower price point in housing, I would be doing that . Lots of boomers out there with that choice that are still currently sitting on large equity properties at a time in their lives where they can live with,less and enjoy their lives by travelling, a smaller home etc.
  • Kam | 08 May 2017, 09:09 PM Agree 0
    These statistics are very misleading. Firstly most speculators or investors will purposefully wait for just after a year to sell, in order to at least try not pay compital gains. So I am sure if your statistics would included 1 and half years you will see the percentage of speculative transaction increase significantly. Second most foreign investment comes here because of family members children or close friends. These people that have the money overseas use there close relations or there own children to purchase. So of course if your tracking based on address the number is small. But if you can track where the funds originated from you will see a signicate amount of foreign speculative money in our real estate market. The kid that works at a bubble tea shop driving a Porsche living in a million Dollor condo I can Promise didn't make the money on his own it's his dads and we don't account or track that. These treb stats are severely misinformative and they know it.
  • Harish | 16 May 2017, 05:59 PM Agree 0
    Hey guys, there are 85000 people migrating to the GTA every year and they need house, so invest in real estate without fear.
Post a reply