Friday, January 6, 2017
Toronto housing crash confirmed
There it is, in all its glory. We'll reiterate: In November, the hot money was pouring in for the first 2 weeks. Everybody in Unionville had a ridiculous bidding war. Switch to Trumps winning, and no more offers. Hot money is gone. I then made the inference, that this would crash the ridiculous condo market, and eventually hit the rest. Prices would go down an immediate 20% without hot money, and then we would see. Because I think everybody is stretched, I see it crashing 50%, since everybody expects 20%
The November stats didn't show anything, but the Dec. stats show a massive drop. Right now, we can shove it off by saying it's seasonal. We have to wait for next month for condo prices. Listings will go way down, too, since people will withdraw and hope for a better Spring. That's what the spec house near us did.
Then we'll have 6 months of 'stable' prices and no sales because everybody is in shock. Finally, the dam breaks because of divorces and such.
ps. Two of these fires already, I expect to see a lot more. :) Not that I'm saying anything.....
pps. When people are so tight with information, I feel it's okay to off the deep end. :)