Rising interest rates, falling sales pushing some investors out of Toronto's condo market

"Those are long gone. Every rate that they look at today is in the fives," Butler said, adding that those who stretched themselves to invest in multiple units in recent years are in the most difficult position.

Good. Frankly, I hope the people who did that get completely wiped out.

Boo boo for the fucking investors. They already pushed people just wanting to try and live out and are a large part of the housing problem.

Housing shouldn’t be a commodity or part of your portfolio and should be taxed accordingly.

Who'd have thought prices don't always go up? This is going to hurt those who basically were speculating naked on the housing market with a lot of borrowed money and 0 understanding of risk. It's easy money until it isn't and these lessons learned are healthy for the economy and society as a whole.

Judging by BoC's upcoming expected decisions, this is going to continue for longer than people think - it's not going to be pretty if you decided to be house poor in 2021/​early 2022.

The past years have seen an influx of very amateur investors, as everyone and their uncle got into it. These people convinced themselves that it is okay to buy a property where the rents don't even cover the mortgage, when historically a smart investor would never do such a thing.

I'll be happy to watch this one burn. Recessions and market downturns may suck for many people, but their great value is in cleaning out the junk in the economy. I have zero pity for these people.

And yes, I am a home owner and prior long term real estate investor. I'm not some angry renter priced out and hoping for a mega crash out of personal interest.

That's nice. I would still like to see investors taxed out of the real-estate market. Tax them at an exponential level for every property they own over the first. If they want to be a landlord so badly, they can rent out units in the building that they themselves live in.

Oh, and while we're at it, short-term-rental services like AirBnB need to be banned. They're also fucking up our market in so many ways.

"We rely on condo investors to supply ... much needed rental housing for the region. So if condo investors aren't active today, it's going to result in fewer rental units in a few years time."

WELL

That seems like an pretty shitty way to supply rental housing!

Perhaps we need to reconsider the role of the CMHC and put the emphasis on the "H" in that acronym? As in, finance, build and supply housing on a national scale!

Don't let the condo door hit you on the way out, you greasy f***s

You're next, Doug Ford

I own my place and still happy about this. F em! For the good of society!

oh definitely.... I don't know how people do it...

I bought mine really early... 350k for a 700 square feet..

rent is 2500 a month and it's just cash neutral. I still have to pay a significant portion in tax because it's profitable..

I don't know how people can stay cash neutral on a 900k new condo

This is always going to be a problem as long as we insist on treating real estate like the stock market. Real estate fundamentally can't keep up with the stock market over the long term.

Good prices gotta crash a decent amount for Canada to survive long term or else this country is done.

This would be a good thing. It takes time but the next step after falling sales should be falling prices which is needed to address the affordability gap.

Those that regard skyrocketing housing prices as strictly a physical, supply side phenomenon, i.e., that we can simply build our way to restoring house price--income level sanity, take note. Easing demand for housing as financial vehicles by changing associated economic rewards also frees up supply for prospective buyers wanting to actually live in their units.