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Toronto Home Price Bubble Descends into Bear Market

wolfstreet.com / by Wolf Richter / Sep 6, 2017

With surprise rate hike, Bank of Canada turns against housing market.

Home sales in the Greater Toronto Area, the largest housing market in Canada, plunged 34.8% in August compared to a year ago, to 6,357 homes, with sales of detached homes and semi-detached homes getting eviscerated:

[…]

Fired Coder Speaks Out On Google’s “Potentially Illegal Practices”, “Recorded Meetings” And “Science Denial”

zerohedge.com / by Tyler Durden / Aug 9, 2017

For those who have managed to avoid this storyline, James Damore, now a former Google employee, caused outrage when he circulated a manifesto on Friday, complaining about Google’s “ideological echo chamber,” alleging women have lower tolerance for stress and that conservatives are more conscientious. By […]

Toronto Housing Market Implodes: Prices Plunge Most On Record

zerohedge.com / by Tyler Durden / Aug 3, 2017 2:46 PM

Until mid 2017, it appeared that nothing could stop the Toronto home price juggernaut:

And yet, In early May we wrote that “The Toronto Housing Market Is About To Collapse“, when we showed the flood of new home listings that had hit the […]

Toronto Housing Bubble Pops. “Genuine Fear” of Price Collapse

wolfstreet.com / by Wolf Richter / Aug 3, 2017

Sales volume crashes, prices plunge from April peak.

In the Greater Toronto Area, sales of homes of all types in July plunged 40.4% compared to July last year to 5,921 transactions. By type:

Detached houses -47.4% Semi-detached houses -38.6% Townhouses -36.5%: Condos -30.5%.

At the same […]

Toronto Home Prices: Mean Reversion Alive and Well

financialsense.com / DANIELLE PARK / 08/03/2017

What soars up tends to crash down. Welcome to ‘free’ money driven asset moves.

Watch Five Signs Canada Has Real Estate Mania

What about all those supply shortages the realtors were talking about? Nothing like insanely high prices to bring supply on stream. In July Toronto new listings […]

“Canada Is In Serious Trouble” Again, And This Time It’s For Real

zerohedge.com / by Tyler Durden / Jul 12, 2017 3:42 PM

Some time ago, Deutsche Bank’s chief international economist, Torsten Slok, presented several charts which showed that “Canada is in serious trouble” mostly as a result of its overreliance on its frothy, bubbly housing sector, but also due to the fact that unlike the […]

Toronto’s Housing Bubble Pops. “The Frenzy is Over – It’s Over”

wolfstreet.com / by Wolf Richter / Jun 5, 2017

New listings soar as sales plunge. Prices drop 6% in just one month.

The magnificent house-price bubble in Toronto, which has raised eyebrows even across the jaded asset-bubble world, is hissing hot air.

Residential property sales in Greater Toronto plunged 20% in May year-over-year to […]

How to Prepare for the Coming 40% Crash

caseyresearch.com / By Justin Spittler, editor, Casey Daily Dispatch / May 30, 2017

Get ready for a 40% plunge.

That’s David Rosenberg’s message to investors. Rosenberg, as you may know, is one of today’s top economists. But unlike most economists, he’s actually worth listening to.

You see, Rosenberg doesn’t work for the government or […]

All Heck Breaks Loose in Toronto’s House Price Bubble

wolfstreet.com / by Wolf Richter • May 24, 2017

“It’s fear.”

During the first two weeks in May, according to preliminary data from Toronto Real Estate Board, home listings surged 47% from the same period last year even as sales plunged 16%. The average selling price dropped 3.3% from April – and this, after a […]

New Study Issues ‘Code Red’ on Canadian Housing Affordability

financialsense.com / DANIELLE PARK / 05/10/2017

Shelter prices are so over-valued relative to income levels today, that saving just a 10% downpayment now takes 12 years on average, compared with just 5 years to save a 20% deposit twenty years ago. In many cases, people are trying to circumvent the waiting and saving period by […]

Toronto Police Close Downtown Streets After ‘Explosion’ Near RBC Offices

zerohedge.com / by Tyler Durden / May 1, 2017

Toronto police have closed off a number of streets in downtown – near RBC offices – after several explosions and thick dark smoke was seen…

As DurhamRadioNews reports, Toronto Fire and Police on the scene in downtown Toronto after sparks, sounds of an explosion, and […]

Toronto House Price Bubble Hit with 15% Foreign Buyers Tax. “Property Scalpers” & “Double Ending” Brokers Targeted

wolfstreet.com / by Wolf Richter • Apr 20, 2017

“People need to ask themselves very carefully, ‘Why am I buying this house?”’: Stephen Poloz, Bank of Canada.

The government of the Province of Ontario announced a laundry list of measures to prick the crazy house price bubble in Toronto and surrounding areas. This includes […]

Toronto House Price Bubble Goes Nuts

wolfstreet.com / by Wolf Richter / Apr 5, 2017

Based on fundamentals? You gotta be kidding.

Residential property sales in Greater Toronto soared 17.7% year-over-year to 12,077 homes, according to the Toronto Real Estate Board (TREB). New listings jumped 15.2% to 17,052. Prices for all types of homes, based on the MLS Home Price Index […]

When It’s Time to Leave the Party

mauldineconomics.com / BY JARED DILLIAN / FEBRUARY 23, 2017

My good friend Michael Martin, author of The Inner Voice of Trading, once told me his surefire recipe for staying out of trouble in college. He would leave a party the first time a beer bottle was thrown against the wall. He would be halfway down […]

Why Toronto (and Other Cities) Inflate Housing Bubbles to the Bitter End

wolfstreet.com / by Wolf Richter / Feb 20, 2017

To delay falling into a fiscal and financial sinkhole.

“Let’s drop the pretense. The Toronto housing market and the many cities surrounding it are in a housing bubble,” Bank of Montreal (BMO) Chief Economist Doug Porter told clients in a note last week.

Many […]

Sell Now: Multifamily Rentals in San Francisco & New York, the Most Expensive Markets in the World (Reports)

wolfstreet.com / by Wolf Richter / Feb 16, 2017

Here are the top “Sell Markets” in an overpriced world where “the apartment cycle is drawing closer and closer to the end.”

Two reports – one on the most expensive rental markets in the world, and the other on the top multifamily “Sell Markets” in the […]

Vancouver Home Sales Crash 40%, As Toronto Home Prices Soar 22%

zerohedge.com / by Tyler Durden / Feb 5, 2017 6:23 PM

What a difference a year makes.

In January of 2016 horror stories were beginning to emerge about what would soon be confirmed as the biggest housing bubble in Canadian history, courtesy of a massive flood of Chinese “hot money” flooding into Vancouver, which […]

Canada Moves To Burst Housing Bubble, Closes Foreign-Buyer Loophole

zerohedge.com / by Tyler Durden / Oct 4, 2016 2:23 PM

In a move which many Canadians, especially those who have been persistently priced out of the housing market, welcomed with open arms, overnight Finance Minister Bill Morneau unveiled new measures aimed at slowing the flood of foreign money pouring into overheated housing markets like […]

Luxury-Home Sales in Vancouver Plunge by 50% on Foreign-Buyer Surcharge

davidstockmanscontracorner.com / By Katia Dmitrieva via Bloomberg Business • September 14, 2016

A tax on foreign homebuyers in Vancouver cut luxury purchases in Canada’s priciest housing market by more than half last month, according to a brokerage report. Meanwhile, high-end sales in Toronto surged.

Transactions in Vancouver of at least C$1 million ($759,000) slid 65 […]

University Of Toronto Under Lockdown After Reports Of Armed Man On Campus

zerohedge.com / by Tyler Durden – Jun 13, 2016 10:53 AM

After yesterday’s tragic mass shooting, as well as attempted attack on the Los Angeles Gay Pride parade, the world is understandably on edge, and sure enough moments ago the Globe and Mail reported that the University of Toronto is under lockdown following reports of […]

50,000-watt Toronto radio station airs interview with GATA secretary

gata.org / CHRIS POWELL / March 30, 2016

Dear Friend of GATA and Gold:

Your secretary/treasurer was interviewed March 19 on “The Real Money Show” broadcast on Toronto radio station CFMJ-AM640, discussing the extensive documentation of gold market manipulation by governments and central banks. CFMJ is a 50,000-watt station, the strongest signal allowed in […]

Toronto’s Notorious Ex-“Crack Mayor” Rob Ford Dies After Battle With Cancer

zerohedge.com / by Tyler Durden on 03/22/2016 11:26

Toronto’s notorious former mayor Rob Ford, who served between 2010 and 2014 and became world famous when he was caught on video smoking crack on multiple occasions during his term, died Tuesday after a battle with cancer.

As the Canadian Press writes in its prepared eulogy, a […]

Vancouver vs Toronto Real Estate Bubble Risk

investmentwatchblog.com / by IWB / August 15th, 2015

How Will China’s Declining Economy Affect Vancouver Real Estate?

SOURCE

Toronto’s Epic Condo Bubble Suddenly Turns into Condo Glut

wolfstreet.com / by Wolf Richter / June 11, 2015

The high-rise construction boom in Toronto has been evident for a while. It has been motivated by sky-high prices. In May, prices in Toronto rose another 5% from a year ago. For all types of homes, prices are now 42% higher than at the crazy […]

Spot What’s Wrong With This Headline

zerohedge.com / by Tyler Durden on 06/01/2015 12:31

Federal Reserve Vice Chairman Stanley Fischer said bankers who have engaged in wrongdoing should be punished, and he chided the industry for pushing back against financial regulations adopted to prevent another conflagration.

“Individuals should be punished for any misconduct they personally engaged in,” Fischer said in […]