Josh Sigurdson talks with author and economic analyst John Sneisen about the massive 25% drop in the Toronto housing market since April.
Following years of massive growth in value and the formation of an epic bubble, it seems the party is over for Toronto’s housing market.
The average price of a detached home in Toronto has fallen $400,000 within four months. This puts the average price down 1.2% from last year at this time which is a lot considering the insane growth in the market up to April.
We at WAM have been reporting on this for a long time as we warned of a bubble burst of epic proportions. The same goes for Vancouver which is still in fantasy land.
People seem to believe their house is an ATM. Without any knowledge at all of the real estate market, they risk everything even at a peak home value putting money into the house, thinking it’s an asset and then selling it after doing a little renovating for a little more. Well the honeymoon is over and many people could end up in a world of trouble as the bubble bursts.
There’s nothing wrong with investing in real estate. There’s nothing wrong with being a realtor. It’s just that people should really start being a bit more responsible with their knowledge.
The markets are dramatically manipulated by the state as well as by banks. BMO recently announced it was bringing back mortgage backed securities which is a great sign to get out of the market. We saw the same thing happen alongside credit default swaps and collateralized debt obligations in 2007 as the market crashed.
Heed the warning folks! We don’t know how much more we can emphasize the financial danger one is taking by betting on an over priced market.
Stay out of debt folks! Stick to real tangible assets!
Stay tuned for more from WAM!
Video edited by Josh Sigurdson
John Thore Stub Sneisen
Graphics by Bryan Foerster and Josh Sigurdson
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