Friday, May 13, 2022

Toronto housing officially falls by 20%


We saw this a while ago, everybody backing out of housing sales.  That costs them a pretty penny.  Housing prices only fall if people are forced to sell, or the buyer drops out.  There has to be distress in order for a housing crash.  Then everybody whines, and things are propped up.

I think they have propped things up as much as they can.  Nobody has paid their mortgage since covid, and no bank has foreclosed.  That means are covering up 'bad loans', even though they have to bury the statistics in paper.

We've been through '3 bedroom madness', which means every standard house in our neighbourhood was selling for 1.4 million exactly.  It finally blew with a very tiny house selling for 1.6.  No monster houses are being built around here.  For the last 20 years, there have always been a few going up.

Just before covid we had a 'mini crash' where country houses went down 50%.  Then we had 'flee Toronto'.  Huntsville was a mad house of construction.  Who knows?

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