Cautiously Speaking, There Is No Housing Crisis

Don’t believe the economists … They know nut, according to realtors, of course.

And according to me … No comment.

Huffington Post Canada – ‎Feb 12, 2014‎
“Accelerating home prices in Toronto risk straining affordability further, causing a correction when interest rates normalize and the market is trying to absorb a record number of newly built condos,” BMO senior economist Sal Guatieri wrote.
The Globe and Mail – ‎Feb 10, 2014‎
“In Canada, accelerating home prices in Toronto(7.1 per cent year-over-year in January) risk straining affordability further, causing a correction when interest rates normalize and the market is trying to absorb a record number of newly built condos …
The Globe and Mail – ‎Feb 12, 2014‎
“Home price gains are still exceeding income growth by a considerable margin, especially in larger real estate markets like Toronto and Vancouver,” Toronto-Dominion Bank economic analyst Sonny Scarfone wrote in a research note, adding that a low supply …

AND IT WENT FOR – 6 Beaumont Road – ROSEDALE

I first posted this 6+1 bedroom, 7 bathroom house on a 100 x 427.16 foot ravine lot at 6 Beaumont Road in North Rosedale in August.
It is a really big house, like it reminds me of Casa Loma big, and though it is….
There is something about it that is very welcoming.
Actually, for a house this size, I think they did a great job.   There are some pretty insane pieces in there.
But $8,900,000?
That was a little high.
It didn’t sell and the price was dropped last week…Which is kind of funny considering the house is owned by the owners of a large Toronto Real Estate Brokerage and who happen to like ‘8’s!  But not price drops!

The new price was $7,980,000.
I still thought it was a little high, but could sell for $7,350,000.
It just sold….
For $7,814,718.
At 88% of original list!
I should have seen that one coming!!!

Nice work with the ‘8’s!!

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