Steve Saretsky Analyzes Canadian Actual Estate Market on CBC News

Steve Saretsky joins Peter Armstrong of CBC ‘On the Money’ to discuss the newest Canadian True Estate numbers.

A tale of two markets, considerably of the slowdown is coming from the detached market as foreign investment fades. Condos continue to be hot but the sustainability of it remains a massive question mark.

Toronto Real Estate appears to be rolling over, and whilst it has some similarities to Vancouver after their foreign customers tax, Toronto is seeing a big surge in new listings and stock levels. Something that was not genuinely observed in Vancouver.

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  1. The typical wage earning millennial was priced out 4 years ago! We’ve got a long way to go. Price to income ratios are off the chart, price to rent ratios are off the chart. GTA affordability is worse than 1989 (the previous peak). The home ownership rate is at an (all time?) high. Typical Canadian houses are substantially more expensive than typical American houses. People are yanking they $ out of the Canadian stock market, they will yank their $ out of the Canadian bubble too (once they recognize that it is over).

  2. Yeah OK these guys on CBC are going to tell us the truth Yep that’s right ha ha OK sure exactly I said OK I believe it lol.

  3. Robert Santarossa

    Steve is correct. Detached a disaster and Condo’s holding firm. Agree, Conf. Board guy stating the obvious and nothing special. For a Realtor, Saretsky can be trusted to tell the truth (follow him on Twitter and his Condo guide site), rare these days.

  4. Youdont Needtoknow

    Economy is doing well? really??

    Why is retail doing horrible? why are lots of jobs in this industry laying off employees? Cause, less and less people have money to spend in retail.

    Why is there the highest student debt levels? Because most of them cannot get a job to pay off these loans.

    Oil industry is not doing great. Even Costco lines look shorter than usual.

  5. Dirty Burger

    I sold my investment property luckily in March and now just waiting to buy back in! $$ good luck to the rest of you investors doing the same!$$

  6. There is no "psyhologic shock" … people are broke. Flat out broke… borrowing like crazy, 6-8 year car financing …million dollars homes and 40-50-60thousand a year…it was bound to happen

  7. In 2000, I could have bought a detached house for 350K, while my salary was 75K. Today I have to buy the same house for 1,800K on a salary of 95K.

    Lot of immigrants are falling into this Canadian trap. They move to Canada and become tax payers but can’t afford to own a house near their work.

    Most of them would wait till they get Passport and start looking for jobs in USA.

  8. Thenearseven

    So your telling me the first guy would jump in the market head first right now? Certainly talked like he was lol

  9. Scott Scouter

    Canada’s GDP is about 8% the size of US GDP, BUT with a population 11% the size of US population. WHY is Canada’s GDP not more closely tracking US GDP? Is Canadian productivity that much lower than US? With Canada’s generous education and health support for its people you would think Canada could outshine the US is productivity and hence GDP. What will it take for Canada’s GDP to match is population ratio??

  10. One of the biggest problems with real estate prices are the agents. Double ending, fake bids to overbid, finding second rate lenders for people that wouldn’t qualify with the banks. The Real Estate Agencies are one of the BIGGEST problems.

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