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TRENDS IN THE HOUSING MARKET — IS TORONTO STARTING TO CRACK? | The Global Housing Crisis

660 views · Published 11 May 2017 · 58:57 · Indexed 10 November 2026

Channel: Mike Martins · 2017 · People & Blogs

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“could this be the match that hits the... spark that hits the fuel” — Mike Martins

“I think the Antichrist for me is debt is debt debt is the Antichrist and I think that's what's going to consume everybody” — Mike Martins

Welcome to another late-night edition of Trends in the Housing Market, broadcasting from Merritt, British Columbia.
Tonight we're looking at something that could be extremely important.
Is Toronto's housing market beginning to change?
Toronto detached-home listings are suddenly surging. New listings reportedly jumped more than 61%, while sales of detached homes declined compared with last year. Prices are still extremely high and buyers are still bidding aggressively—but something is changing with inventory.
People who watched Toronto prices explode over the last year may now be looking to cash out.
Could we be witnessing the beginning of a rush for the exits?
The numbers are incredible. A benchmark detached home across the Toronto Real Estate Board area is now around $1.04 million, representing roughly a 33% increase from last year. In Toronto proper, detached homes are around the $1.2 million range and average sale prices are even higher.
How long can this continue?
We also look at reports surrounding vacant homes in Toronto and Vancouver. One estimate discussed tonight suggests there could be approximately 66,000 vacant housing units in Toronto. If housing is becoming increasingly unaffordable, why are tens of thousands of units potentially sitting empty?
Then we head south.
Seattle is experiencing its own housing crunch. Open houses are packed, bidding wars are becoming normal and prices are climbing as strong employment attracts new residents while housing inventory remains tight.
In the San Francisco Bay Area, nearly one in five home seekers examined in a Redfin report were searching outside the region. People are increasingly being forced to look farther away simply to find something they can afford.
Then there's New Zealand.
The new Housing Affordability Measure paints an alarming picture for potential first-time buyers. According to the figures discussed tonight, roughly four-fifths of potential first-time buyers cannot comfortably afford a home, with conditions even worse around Auckland.    Pasted text
Australia isn't escaping this either.
Sydney home prices remain extraordinarily high, Melbourne continues climbing, and Australia's new housing-affordability measures may not be enough to solve the underlying problem.
But there's another part of this story that worries me even more:
DEBT.
We're looking tonight at reports that more than half of Canadians are within roughly $200 per month of being unable to meet their bills or debt obligations. We're also discussing Americans with little emergency savings, rising Australian bankruptcies and enormous student-loan debts.
Housing prices are one part of this crisis.
The amount of debt required to participate in modern life may be the bigger story.
At some point we have to ask what kind of future we're building for our children.
If the next generation can't afford a home, can't afford rent, carries enormous student debt and needs multiple incomes simply to survive, something has gone seriously wrong.
Tonight we're connecting the dots between Toronto, Vancouver, Seattle, San Francisco, Auckland, Sydney and London.
Different cities.
Different countries.
The same affordability crisis.

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#australiahousing   #debtcrisis

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