Wednesday, March 6, 2019
Toronto real estate chart
Not much to say here. FOMO means 'Fear of Missing Out', which is what causes people to buy bitcoin at the peak. February shows a slight bounce. Lots of houses for sale around the neighbourhood, all the signs buried in the snow. The only sales are those people who have had the house a long time and can afford the 20% haircut. Condos are flat but thousands of units are coming on-line.
Theoretically, things will pick up once the snow melts. All the people who pulled their listings last year will try again. When will we call it a crash?
In the fall of 2017 I called the crash when the Chinese wild buyers suddenly pulled out of Unionville. It has limped along since then, but all the new housing must cause pressure on people who are strung out. They held on for a whole year, but can they hold on for another? We'll see.