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The pace of Toronto's real estate market and some of the sale prices I'm seeing are really crazy and don't reflect the current economic environment. It's never a good time to pay 10-15% more than a home's market value, and this is an especially bad time to be doing that...
Buyers who are losing on bidding wars one week are rushing out and overpaying (out of frustration) the next week. If that's how you feel, here are a couple of tips:
1) When you lose a bidding war, remember it's just a house and another one will come up for sale tomorrow..
2) Stop bidding on the prettiest houses. Look for houses that are not as pretty and make them your own over time. You'll get way more bang for your buck.
3) The market isn't always this crazy, you may get more value 2-3 months from now.
4) Keep calm and carry on
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John Pasalis
@JohnPasalis
I shared a few thoughts on CMHC’s bearish outlook in this article, but I’ll share more of my high level thoughts in this thread 1/ thestar.com/business/2020/…
Out of all the analysts suggesting CMHC's more negative outlook of an 18% decline is very unlikely, how many predicted that home prices would fall by more than 18% in most of the 905 regions 3 years ago? Exactly Zero! So take the bulls with a grain of salt too. 2/
This of course is not to say that CMHC is correct, but the reality is they have access to more data than almost any other housing analyst so you have to take their negative outlooks seriously – even if we think it’s too bearish. 3/
Read 12 tweets
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John Pasalis
@JohnPasalis
Corona Crisis Week 6:
For the week ending April 18th the GTA’s real estate market saw a decline in sales similar to the previous week, down 71% over last year 1/
New listings also saw a sharp decline, down 64% for the second week in a row 2/
The months of inventory based on sales for the previous 30 days moved up to 2.9 months 3/
Read 8 tweets
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johnpasalis
@JohnPasalis
After a couple of weeks of a gradual decline in the GTA’s real estate market, we did see the market hit the breaks in the fourth week of March when sales declined 37% over the previous year 1/
While a dramatic drop in sales is often coupled with an increase in inventory, we didn’t see that for the fourth week of March. Active listings actually declined over the previous week in part because new listings dropped by 33%. There was also a 27% inc in cancelled listings 2/
Both sales and new listings are declining as more people hit pause on their real estate transactions as instructed by the province and the Ontario Real Estate Association to reduce the spread of COVID-19 3/
Read 9 tweets

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