COVID and the housing market

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ReSTored said:
Do people feel we have hit the low in the market, or is this still to come?
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I think people started feeling that it's the low end...and now all this talk of rate raises next week have put people on guard again in a wait and see type of moment.

Our street is tanking (Dundas / Mavis area) and the recent sales of a bungalow and side split have really tanked the market.

Any inclination we had of moving is out the window right now.
 
mimico_polak said:
I think people started feeling that it's the low end...and now all this talk of rate raises next week have put people on guard again in a wait and see type of moment.

Our street is tanking (Dundas / Mavis area) and the recent sales of a bungalow and side split have really tanked the market.

Any inclination we had of moving is out the window right now.
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If you look at a hyper-local market like your street, a few panic/indiference sales (divorce, estate, relocation to LTC, etc) can depress the values substantially. In that case, the comp price doesn't really represent the price of that product in that market but it will still be used for future sales and take a long time for values to recover to match nearby similar streets.
 
GreyGhost said:
If you look at a hyper-local market like your street, a few panic/indiference sales (divorce, estate, relocation to LTC, etc) can depress the values substantially. In that case, the comp price doesn't really represent the price of that product in that market but it will still be used for future sales and take a long time for values to recover to match nearby similar streets.
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Sadly you are correct.

Recent sales on our street:

- dead spouse x 3 (in their 70s) (#4 being prepared already)
- divorce x1
- unaffordable to continue x1

However, I'm glad to see that the new buyers on the street so far are renovating and appear to be for their own families instead of rentals...from discussions / observations. Reality may be very different.
 
That’s a surprise because that two yrs ago was a million plus for the lot and they would knock it down for the McMansion. Might be some slowing on mansion building also .


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Two years ago the one right beside was 1.55 million fully renovated but huge tree in the front. New owner tried for 3 feet forward and 2 higher DENIED. They dumped it and got $1.15 million that’s the new bench mark the realtors use. It’s apples to oranges in my opinion. Across has no trees blocking a big stupid build.
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