No housing bubble to burst

No housing bubble to burst, Conference Board says in major survey

Even in super-hot Toronto, expect healthy price growth, the think-tank predicts

The Conference Board’s major survey of real estate prices in Canada says there are no signs of an imminent crash, including in the super-hot Toronto market.

The Conference Board’s major survey of real estate prices in Canada says there are no signs of an imminent crash, including in the super-hot Toronto market.

OTTAWA — The Conference Board isn’t buying the notion that Canada’s housing market will suddenly crumble, saying the most likely outlook is for a modest decline nationally and in some specific markets.

The Ottawa-based think-tank argues in a comprehensive new look at real estate in Canada that the conditions for a crash simply don’t exist, despite numerous reports that the market is overbuilt and overvalued.

Rather, the report argues that with the possible exception of Toronto, housing starts the past three years have been roughly in line with the 20-year average.

Even in Toronto, there is only a “borderline” case that it could be overbuilt.

“At this point in the housing cycle, there is a risk that Canadian housing prices in some market segments are due for a modest correction,” the report states.

“Nevertheless, we believe that continued population growth, additional employment gains and modest mortgage rate increases will limit potential price declines in 2014 and 2015.”

Read More @ http://www.thestar.com/

As much as I try to post happiness listing that sell for less than $350K, I am sorry to tell you … These days, you ain’t no house for less than one mil. Yes, $1M.

AND IT WENT FOR – 486 Runnymede Road – HIGH PARK

Earlier today, I posted this 3+1 bedroom, 4 bathroom house on a 34 x 100 foot lot at 486 Runnymede Road in High Park.
I really liked it.
The kitchen didn’t really make sense, the bathrooms were small and could use updating, and the location wasn’t amazing…
But I really like the house.
It was listed at $895,000.
I thought it was more ove a $1,100,000 house.  Maybe even $1,165,000!
Turns out, when I posted it this morning, it was already sold.
Did this go over?  Of course.  Did it go for $1,165,000?  No.
But it did go over $1 million.
This house sold…
For $1,031,000.

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