OT: February home prices see the biggest gain in 15 years

[KarlC]

Its pretty crazy here in San Diego, with no end in sight .....


https://www.cnbc.com/amp/2021/04/27/...ller-says.html

The cities with the largest gains continue to be Phoenix, San Diego and Seattle. Prices in Phoenix gained 17.4% year over year, followed by San Diego with a 17% increase and Seattle with a 15.4% increase.



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[Coffee Rider]

This is all great unless you are looking to rent or buy. It helped me with a good LTV on a refinance, but the increased valuation is not real money unless I sell and move elsewhere. Even with an unlimited supply of money, I wouldn't be leaving this area, though I'd probably need to live somewhere with a gate if I had said unlimited supply.

[Matt92037]

Love it. My wife and I have been planning on leaving San Diego for 5 years or so. If everything goes well my house will be for sale Q4 2021 - Q1 2022.

[AngryScientist]

Originally Posted by Matt92037

Love it. My wife and I have been planning on leaving San Diego for 5 years or so. If everything goes well my house will be for sale Q4 2021 - Q1 2022.

careful, you may just miss the market!

[Matt92037]

I know! That is a huge concern of mine.

I look at it this way though, if the market goes down, I hope is that my house value goes down proportionate to where I will buy my next home.

Originally Posted by AngryScientist

careful, you may just miss the market!

[KarlC]

Originally Posted by Matt92037

Love it. My wife and I have been planning on leaving San Diego for 5 years or so. If everything goes well my house will be for sale Q4 2021 - Q1 2022.

Matt where are you in La Jolla? We must live close by.


We have been thinking the same lately, its crazy as I would not have thought of leaving San Diego in the past.

I think we will stay in Ca, but we may leave San Diego.



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[bigbill]

What happens when builders are able to get sufficient materials and labor? Supply will catch up and exceed demand. Where I live, there is a waiting list to have a house built. My neighborhood has more than a dozen foundations poured just waiting on materials. I bought a house last September after renting in the area for two years. I bought right before the market really took off. It's no longer a cheap place to live, the lowest income folks are paying the price.

[eddief]

It's really wacky there.

[fiamme red]

Meanwhile, in NYC: https://streeteasy.com/blog/nyc-rents-hit-record-lows/.

Asking rents in New York City have been consistently dropping throughout the pandemic. The market reached a new milestone in the first quarter of 2021, as NYC rents hit record lows. The StreetEasy Rent Index dropped by 16.8% year-over-year in Manhattan, and rents fell to a new low of $2,700 a month. That’s the cheapest on StreetEasy record, dating back to 2010. During the first quarter of 2020, right before the pandemic hit, the median asking rent in Manhattan was more than $700 higher at $3,417.

Manhattan wasn’t the only borough with a significant decline in rents during Q1 2021. In Brooklyn, the median asking rent was $2,390, the lowest since 2011. And in Queens, the median asking rent was $1,999, dropping below $2,000 for the first time in eight years...

[EDS]

Originally Posted by fiamme red

Meanwhile, in NYC: https://streeteasy.com/blog/nyc-rents-hit-record-lows/.

Oops. Guess I should not have green lighted my wife asking the renters of our NYC apartment for a rent increase.

[pdonk]

Here in Toronto we have seen 15% y/y increase in home prices, inventory is high, (up 50% y/y) but demand is higher so up go the prices.

Product in the ground related new construction market place is even crazier. Between land constraints, Development Charges, materials, labour and FOMO prices are increasing 10% a week in most projects - if they don't sell out the first day.

We decided to spend a large chunk of money on doing an addition as we literally could just barely afford to buy the house we live in.

[eak12]

Originally Posted by pdonk

Here in Toronto we have seen 15% y/y increase in home prices, inventory is high, (up 50% y/y) but demand is higher so up go the prices.

Product in the ground related new construction market place is even crazier. Between land constraints, Development Charges, materials, labour and FOMO prices are increasing 10% a week in most projects - if they don't sell out the first day.

We decided to spend a large chunk of money on doing an addition as we literally could just barely afford to buy the house we live in.

All very true. But also not new for the GTA. It's basically been like this on and off for 25 years. I'm interested to see if mortgage rates actually rise in the near future as BoC pulls back on bonds. I'm actually selling my house Q4 2021. I hope my timing works out with the market.

[zap]

Originally Posted by eak12

All very true. But also not new for the GTA. It's basically been like this on and off for 25 years.

Little longer than that.

We (and many others) left Montreal in ‘84. I to the US and my mom to Toronto.......her office moved from Montreal to Toronto. Been back repeatedly to GTA and was always impressed with the amount of homes being built around GTA since ‘86. My mom worked part time as an agent for a home builder north of Toronto. Yes, prices have been going up for quite some time.

By the way, some awesome bricklayers in GTA.

[Ken Robb]

Gta?

[zap]

Originally Posted by Ken Robb

Gta?

Greater Toronto Area.