5 Reasons Why Toronto Condos Are NOT Selling

Рет қаралды 19,150

Күн бұрын

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00:00 📊 Overview of Toronto's Condo Market
02:45 🚫 Challenges with Tenanted Properties
04:10 📆 Importance of Flexibility in Showings
04:38 💰 Impact of Price Point on Buyer Interest
05:34 🏡 The Role of Staging in Selling Condos
The opinions expressed herein are solely that of Tom Storey, not Royal LePage or the TRREB and should not be misconstrued as advice or the basis of an agency relationship whatsoever. Please consult your professional advisor prior to taking action on any decisions relating to the matters discussed in these videos. This communication is not intended to cause or induce breach of an existing agency agreement. This is not financial advice.

Пікірлер: 78

@retrogamer82 Ай бұрын

Nobody wants to spend 900k for a 1 bed plus den downtown

@ikkajaalati 2 ай бұрын

Why are condos not selling? Hmm… Maybe they are too expensive?

@mkyhou1160 2 ай бұрын

Condo fees too. I just sold my Calgary condo - purchased a duplex. When I purchased it in 2011 condo fee was 420, a penthouse was in the 700s. When I sold it was 730, and yet cheaper than some new builds. I’m sure it’s the same in Toronto, costs to maintain these high rises is spiralling out of control. Try finding someone to service an elevator. Or we had parts which took over a year to arrive to fix the chiller. It hits the investor returns and it lowers the mortgage people can get.

@andrewreid9142 Ай бұрын

I could not agree with you more. Condo fees are outrageous right now. It is not just a Toronto problem...it is a North American problem. There are a lot of States in the United States that have a lot of condo inventory that is not selling right now. I think the increase in condo fees and HOA fees are a big contributor.

@kathyfreeman9596 2 ай бұрын

Thanks Tom, great information ❤

@Sophie-go3ql Ай бұрын

You've left out "reason #6". Reason #6 is "Size matters". When you bought your 550 sq.ft. condo, you thought that it was a great investment opportunity. And now that you have to sell, nobody wants to live, eat, shower, sleep, entertain, in a shoebox 150 feet up in the sky.

@TomStorey Ай бұрын

There have been more condo sales under 600 SQFT than any other size of condo in Toronto so far in 2024. Affordability also matters.

@segasys1339 Ай бұрын

U mad bro? Helicopter money and helicopter immigrants are inbound if you're smart you'll buy the condo dip. Moon soon.

@andrewreid9142 Ай бұрын

Great video! Don't forget there are hundreds if not thousands of newly built condos that are not on the MLS. The sellers are scrambling to assign the contracts because they can't close them due to appraisal issues. If those units are allowed to hit the MLS, the inventory on the MLS will skyrocket. I think that is why builders are not allowing assignments to be listed on the MLS.

@TomStorey Ай бұрын

Builders have rarely allowed assignment on MLS. Even in hot markets. But I agree. The new construction side of the market has a lot of issues.

@ENTHUSIASTICFIFAFAN Ай бұрын

This is really informative! Thanks.

@TomStorey Ай бұрын

Glad you enjoyed it!

@TrifGaming 2 ай бұрын

Good stuff brotha

@andrewlou1121 2 ай бұрын

good job Tom!

@2002S40 2 ай бұрын

Overpriced.

@dougpatterson7494 Ай бұрын

Four months of inventory is a balanced market. This should be a celebration.

@user-wm5ix5de5j Ай бұрын

First time watching. I really like your style and approach. Very articulate without the high pressure know it all sales pitch approach. As an aside for perhaps a #6, would consider a higher than average monthly common fee. At the end of the day it can have a direct correlation to the ultimate price a seller can reasonably expect.

@TomStorey Ай бұрын

Good point. Thanks for watching!

@adamnarbeaux5898 2 ай бұрын

Excellent Tom. Excellent

@lynnspencer7753 2 ай бұрын

I agree overpricing is the problem but sellers are hopeful to get a good price to maybe break even.

@ianthompson6155 Ай бұрын

Great video is the same for most markets

@msbebelle07 Ай бұрын

And what about condo annuals taxes…and the condo HOA fees to high …those 2 have increased to…

@ameerhamza4046 Ай бұрын

If you don’t have time to watch whole video, I can explain it in one word, it’s “Overpriced”…

@animeloverfan18 Ай бұрын

Yet, we don't have enough supply for housing. Maybe something is off, oh right, the price is way off!!

@j.l.f.6013 2 ай бұрын

If 25% sell within 30 days.....and we round down that 35 day stat you mentioned to 30 days...would that not mean that 75% of condos are over priced since the MOI right now is 4 months? What is the % of currently listed condos that have been on the market for more than 35 days? If we are sitting at MOI = 4 months and in your expertise that is a balanced market, do you expect MOI to increase in the next few months regardless of what happens with rates?

@TomStorey 2 ай бұрын

34% of active condos listings have been on market over 35 days. Keep in mind, when properties are re-listed, it starts again at 0 days. The numbers need to stay the same for 3-4 months to have a real understanding of what the market is doing. Just one month of data doesn't tell the full story. Here are the 2024 MOI numbers for Toronto condos. January: 3.6 February: 3.5 March: 3.4 April: 3.7. So far it’s looking like May will be higher.

@j.l.f.6013 Ай бұрын

Firstly, thank you for responding. Secondly, that is one of the many "problems" on the Realtor side of things.... Statistical manipulation. Thirdly, I agree. You need more than 1 month of data. However, this is where a Realtors' expertise has the opportunity to shine...and give the consumer insight as to what they think will happen next. Based on the stats, and the trends and according to my own calculations, I expect MOI to surpass 5.0 by the end of June because if you were not able to "restart the clock" to 0....there are condos that have probably been on the market for 6+ months...which is not reflected in the data as relisting restarts the clock to 0. Buyers market approaching. No doubt in my opinion.

@j.l.f.6013 Ай бұрын

@Jo-mf2vu 2 ай бұрын

So yesterday on Santo Sessa's condo report he said MOI for City of Toronto (Not GTA) is 5.3. Do you guys use different data? He is saying its a buyers market, and you are saying its 4.0 a balanced market.

@TomStorey 2 ай бұрын

The official numbers from April for the city of Toronto were 4926 active listings at the end of the month and 1309 sales for condo apartments. That’s an inventory level of 3.7, I rounded up for the video. Perhaps he’s using midmonth numbers from May, I like to wait until the numbers are official. A balanced market is typically anywhere from 4 to 6 months of inventory. Buyers market is over 6 months.

@Jo-mf2vu 2 ай бұрын

@@TomStoreyThanks for clarifying. That does make sense as he is using end of last week data.

@Incognito-fe8cw Ай бұрын

Not only too expensive, but have you seen the insane prices of the dreaded "condo fees ?" Some are like a second mortgage !!

@retrogamer82 Ай бұрын

Condo fees which you never get back and it adds up over 5-10 years

@andrewg8095 2 ай бұрын

So is it a good time to buy now? With interest rates expected to hold, what are your thoughts?

@TomStorey 2 ай бұрын

If you are going to own it for the next 5 years, there are some good opportunities right now.

@seanyoung5397 Ай бұрын

Nope. Horrible time to buy

@andrewg8095 Ай бұрын

@@frankferreira8955 what indicators are telling you that? Demand isn’t slowing so how can prices collapse

@priuss6109 Ай бұрын

Wait until spring 2025 for even better deals than today!

@denesbastos2001 2 ай бұрын

Great video editing, very noticeable. I would just remove the elevator music 😂

@TomStorey 2 ай бұрын

Noted!

@rosaliegardner8441 Ай бұрын

I agree. I knew a person that her condo was in a market for more than a year in Toronto, because it was overly priced in a market. It did not sell, so it was removed from the housing market.

@zeliadesousa3747 Ай бұрын

Question about what is considered a wow factor in the downtown Toronto area: Is a spacious patio impressive when a buyer is looking at a studio space? I personally think it is, considering I see a lot of small units in this area with tiny balconies, french balconies or no balconies at all. Can single, young professionals see themselves barbequing on their patio, enjoying plants or entertaining a few friends right outside their front door (large patio table, 4 chairs, for example.) Or, am I wrong: these units only appeal to students (whom have no time to sit outside?).

@trevors1410 2 ай бұрын

A house in my neighborhood which was purchased for $1.8m a year ago then rented out to a couple of people now has a dozen people the landlord can’t sell the price came down to $1.2m what a loss and ruined the neighborhood cause they have cars parked on sidewalks and on the grass

@priuss6109 Ай бұрын

Brown town?

@retrogamer82 Ай бұрын

It’s the bait n switch, you rent to a wonderful couple with good credit etc however they are only the front and they bring in 10 people without the landlords knowledge happens all the time

@goldguilder9554 Ай бұрын

If one is an investor one should have bought in Vancouver where prices won’t crash

@clemlowes9417 Ай бұрын

Overpriced AND cheap contractor grade finishes. 95% of Condo's I see for sale in Toronto have basic everything. Floors are cheap imitation wood, cheap kitchen cabinets and appliances. Nothing desirable to me.

@TomStorey Ай бұрын

Older buildings are better.

@clemlowes9417 Ай бұрын

@@TomStoreyAbsolutely.

@chion918 Ай бұрын

condos at the right locations are still selling fast at high prices.

@javiersantos4385 2 ай бұрын

Tom knows this...I trust him

@thesleuthinvestor2251 Ай бұрын

1. Too SMALL for families. So far fewer buyers. 2. Too expensive by a LOT. 3. Usually bad construction that cut corners. 4. Most buyers are speculators/ flippers. 5. A HUGE glut. 6. No panic selling yet by lenders who took possession. It will come.

@mikedarling905 20 күн бұрын

i dont want to pay so much money to live in a dead box. like fak that

@frankferreira8955 Ай бұрын

Condos in Toronto=Junk. $1,000 per square feet for junk...lol

@retrogamer82 Ай бұрын

Yeah and the downtown is becoming mad max by the day

@centripetal25 Ай бұрын

TenaNted is spelt this way

@alexbek 2 ай бұрын

Not overpriced just people do make enough money

@parkerbohnn Ай бұрын

The Chinese forced the prices up wages will never catch up.

@goldguilder9554 Ай бұрын

Cash for keys

@adamd.2948 2 ай бұрын

Your not You’re

@TomStorey 2 ай бұрын

Editing mistake. Will be fixed.

@2Snakes 2 ай бұрын

When Toronto condo's don't sell -- they go up in price.

@Observer168 2 ай бұрын

Why buy a condo in Toronto when you can buy a 3 bedroom 3 bathroom townhome in a city like Calgary, Edmonton or Winnipeg for under 500k?

@andrewg8095 2 ай бұрын

Cuz no one wants to live there

@adamnarbeaux5898 2 ай бұрын

Who the F would want to live there??!!

@bezosphere 2 ай бұрын

Bro said Winnipeg 😂

@denesbastos2001 2 ай бұрын

Move to Windsor instead, believe it or not Calgary is getting more expensive than Windsor, not that that’s a great place to live, but at least is not that cold. Now even on Summer things are not great in Calgary because the wild fire smoke

@Islington_Express_Bus 2 ай бұрын

Because we're from Toronto.