As of this week, according to the latest MLS stats circulating on industry social media, there are now more than an astounding 32,000 active residential real estate listings in the GTA, not even counting never-lived-in units. This is the most in many years, perhaps ever, and has created the largest disparity the city has seen between supply and demand.
So then reduce the prices.
You can’t call it a collapse, complain about all the supply you have, refuse to reduce prices, and still rally to the praises of free-marker capitalism. The market has spoken. You have overvalued your property. Now give us houses and take your loss.
Then they would just occupy it with renters while it’s on the market. It doesn’t change the fact that they don’t need to sell, they’d just like to.
Housing markets only collapse when people need to sell. People lost their jobs and are in foreclosure. If thats happening then we’re all in a much worse way.
So then reduce the prices.
You can’t call it a collapse, complain about all the supply you have, refuse to reduce prices, and still rally to the praises of free-marker capitalism. The market has spoken. You have overvalued your property. Now give us houses and take your loss.
You only reduce the price if you need to sell the thing. Real estate does not expire.
It doesn’t expire but clearly the vacant homes/units need to be taxed harder so sellers can’t just sit on them forever.
Then they would just occupy it with renters while it’s on the market. It doesn’t change the fact that they don’t need to sell, they’d just like to.
Housing markets only collapse when people need to sell. People lost their jobs and are in foreclosure. If thats happening then we’re all in a much worse way.
Flooding the market with rentals still lowers rental prices?
Also if there’s more housing than renters, some will have to start selling to avoid the taxes.