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PostPosted: Thu May 25, 2017 8:21 pm 
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Last edited by thumpz2000 on Thu Jun 29, 2017 10:11 am, edited 2 times in total.

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PostPosted: Fri May 26, 2017 6:11 am 
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Same as in Toronto. People sensed that the bubble was about to pop so lots of people rushed in to list their homes to take advantage of the high prices. Now, instead of a shortage of listings on the market there is much more choice. As a result the bidding war frenzies have ended, pre-purchase home inspections are back, and buyers are buying with their brains not their maximum credit limits.

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PostPosted: Fri May 26, 2017 8:29 am 
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thumpz2000 wrote:
Seems like everyone and their 3rd cousin in Milton has suddenly listed their homes FOR SALE. Typical herd mentality over-reaction or am I so out of touch that I can't see the storm clouds of impending doom gathering?


Perspective is a choice in the messages you are willing to hear. Are you sad that you might not be a millionaire? If so most information that supports that narrative will be disregarded.

The actions you mention ( and the comments offered by halton home inspector) above speak volumes about the housing market and its participants.


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PostPosted: Fri May 26, 2017 12:10 pm 
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Halton Home Inspector wrote:
Same as in Toronto. People sensed that the bubble was about to pop so lots of people rushed in to list their homes to take advantage of the high prices. Now, instead of a shortage of listings on the market there is much more choice. As a result the bidding war frenzies have ended, pre-purchase home inspections are back, and buyers are buying with their brains not their maximum credit limits.


I'm sure some of the local agents will see this thread and chime in. But I suspect people where holding on to their moving plans for the all famous "spring market" more than they were sensing any bubble that's about to pop. Its was an overnight influx of listings that hit that magically coincided with the beginning of April that cooled things.

The extra inventory has cooled things a bit - but I'm not convinced its because of an impending doom, at least not one Joe homeowner is going to predict en masse.

Knowing when to sell is the most important part of the process. This year people who jumped the spring market and listed in the winter were well rewarded.

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PostPosted: Fri May 26, 2017 12:57 pm 
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So Martin Prince... Where do you see the market going? 10 to 20% increases.

Here is an article coming out just 20 hours ago....

http://www.businessinsider.com/toronto- ... ble-2017-5

A couple passages from the article say the following....

"Bank of Canada Governor Stephen Poloz warned in April that home prices are in “an unsustainable zone,” that the market “has divorced itself from any fundamentals that we can identify,” that there was “no fundamental story that we could tell to justify that kind of inflation rate in housing prices,” and that “It’s time we remind folks that prices of houses can go down as well as up. People need to ask themselves very carefully, ‘Why am I buying this house?”’

“We are seeing people who paid those crazy prices over the last few months walking away from their deposits,” Carissa Turnbull, a Royal LePage broker in the Toronto suburb of Oakville, told Bloomberg. She said they didn’t get a single visitor to an open house over the weekend. “They don’t want to close anymore.”

“I’ve had situations where buyers are trying to find another buyer to take over their deal,” Toronto real estate lawyer Mark Weisleder


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PostPosted: Fri May 26, 2017 1:04 pm 
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I'm no economist so I have no idea where its going or what will happen next.

I'm like everyone else... watching in amazement that it all hasn't crashed already. I guess it will crash or correct itself when it does. We're a good 15 years into this now and people have been predicting the demise for about 13 of those years.

I have zero clue when it happens. I'm just reasonably sure that an active spring market is not the crash we've been waiting for.

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PostPosted: Fri May 26, 2017 8:49 pm 
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Well if Trump is slamming shut the US borders and
the Mattamyville Miltonians are working 3 jobs at once to pay down
the mortgage,and opportunities are plentiful elsewhere
ie go back to Toronto!
and
the CN Intermodal 18 wheelers are spewing diesel fumes on those tiny little lawns

Hmmm maybe more like a 15% decline and perhaps it
levels off rather then rises again


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PostPosted: Fri May 26, 2017 9:30 pm 
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Finally, somebody had the guts to call to for what it is!
Good for you milton Dutch day for speaking the truth.
Can we unionize Milton? no sh*t, this guy is making more sense than council has in years. Better yet, no politics, just community focus. Voting MDD.

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PostPosted: Fri May 26, 2017 10:50 pm 
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Milton Dutch Day wrote:
Well if Trump is slamming shut the US borders and
the Mattamyville Miltonians are working 3 jobs at once to pay down
the mortgage,and opportunities are plentiful elsewhere
ie go back to Toronto!
and
the CN Intermodal 18 wheelers are spewing diesel fumes on those tiny little lawns

Hmmm maybe more like a 15% decline and perhaps it
levels off rather then rises again
Since when did you start making sense? :lol:

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PostPosted: Wed May 31, 2017 9:35 am 
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martin prince wrote:
I'm sure some of the local agents will see this thread and chime in. But I suspect people where holding on to their moving plans for the all famous "spring market" more than they were sensing any bubble that's about to pop. Its was an overnight influx of listings that hit that magically coincided with the beginning of April that cooled things.

The extra inventory has cooled things a bit - but I'm not convinced its because of an impending doom, at least not one Joe homeowner is going to predict en masse.

Knowing when to sell is the most important part of the process. This year people who jumped the spring market and listed in the winter were well rewarded.

The ones in the winter were indeed well rewarded, but missed out on the VERY peak - but I don't want to use the words 'missed out' because they were still MASSIVE year over year gains that really weren't sustainable when they started climbing 5% per month after that.

The single car garage makrket has cooled more than anything else -- why? because that's where the majority of the supply is. The million plus market of larger homes and homes with premium lots are still selling in Milton quite well, because they are more rare offerings and perhaps the buying community is more established. Will the 2300sqft home that got a million still get a million today? not a chance - again, supply.
Buyers are not buying in a panic anymore. Instead of feeling "If we don't buy this one, the next one will cost 20k more!", they know they don't have to overpay for any house since there are 10-20 more others just like it to choose from.

This is ALL over the GTA, not just Milton. Lots of realtors sharing pics of themselves at their dead open houses over the weekend (I thought is was a little unprofessional but I guess it was in a realtor only setting). While they were posting selfies I was drumming up new ad campagins to get people through - 2 hours of peace and quiet is a rare opportunity to get work done! Also I don't tan well, so....

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PostPosted: Wed May 31, 2017 10:37 am 
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thumpz2000 wrote:
Seems like everyone and their 3rd cousin in Milton has suddenly listed their homes FOR SALE. Typical herd mentality over-reaction or am I so out of touch that I can't see the storm clouds of impending doom gathering?

300 listings in a city of 100,000+ residents?
I'd be willing to bet the percentage is much higher in other cities

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PostPosted: Wed May 31, 2017 10:45 am 
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Mr.Peppermint wrote:
300 listings in a city of 100,000+ residents?
I'd be willing to bet the percentage is much higher in other cities

Correct, it is, but when you go from 100 listings to 300 listings, and the number of buyers doesn't triple (in fact it reduces) that leads us to a the balancing we have going on.
ok NOW it is back to work :)

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REVEL REALTY -- MILTON'S FAVOURITE REAL ESTATE BROKERAGE, as voted by YOU!!!


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PostPosted: Wed May 31, 2017 12:49 pm 
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OP's is under false impression. Nothing, but regular amount of homes for sale. I'm watching it since 2005 here.

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PostPosted: Tue Jun 20, 2017 7:27 pm 
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Location: I live in Hawthorne Village and sleep in Mississauga!
Here you go: http://straightalkonrealestate.com/the- ... he-market/
I just did a blog post about this.
Cliff

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