Back2UK

You try for sure, the builder will review an offer....If you need any advice just PM me.

I worked with the builder for 7 months and in all that time only one Realtor actually sat through the contract with their client. That Realtor has now won the listing of my property, because they went the extra mile for the client. Usually it was this is my client see you in 9 months for my commission. lol

JimboV6

You are correct to call me on the incorrect use of the word "free", but I think you know what I meant.

JamesM

As long as the interest rate is low you'll have investors. Once it hits 2.5 to 3% and they have to find another $500-$600 per month on a property and the rent no longer covers it the supply of properties on the market will drastically increase.

With people no longer able to obtain cheaper mortgages they'll be able to afford less and the Toronto housing market will begin it's descent.

There is not a market in History that has never crashed.

wizzard

I think in Toronto as mentioned before it depends on the area and the house in question. We bought our house in Toronto in 2006 and paid less than asking, we initially bid quite low to see, there were no multiple offers at that point, they countered higehr, we countered back withour max and they accepted, about 95% of asking I think in the end.
I'd say that if anything is going to burst, or deflate, it would start with condos as they are the most numerous in new construction and the least individualistic. Similar in the suburbs as mentioned above, if you have an estate of identical houses then it is hard to compete if you have multiple units for sale at once, if people aren't buying and they lower their price then it affects all similar units.
For the city though, and older family housing in established neighbourhoods I'd say it is hard for it to crash, some areas might deflate, others will keep increasing as they become more desirable, gentrified etc. In the end you can't bulid anymore old neighbourhood houses so you have a fixed supply and constant demand.
Have a look at this section of the Globe and Mail:

http://www.theglobeandmail.com/life/...te/done-deals/

It features closed real estate deals, mostly in Toronto. You can see which ones sold for over or under asking. There is a spread, some neighbourhoods they are all under, some they are way over if you get a hosue in an area where they don't come up for sale often, or really nicely renovated etc.

Piff Poff

You can go as low as you want to. The seller always has the right to counter your offer or decline your offer. We had an offer on our home which was really low, we declined it as we were not prepared to fight tooth and nail bringing the offer up to something reasonable. The buyers have disappeared, probably now looking at something in their price range.... And we are more than fine with that as we are not in any hurry atm. When we are in a hurry we will bargain with anything I suppose

MikeUK

I totally understand that there isn't a market that hasn't crashed, and when it dipped a couple of years ago I bought a rural property with 20% off its original asking price...

But I don't think Toronto is in a bubble, yes joe blow mr average might start to struggle if interest rates moves up a few percentage points, but he's not driving up the prices, it’s the outside investors, and many aren’t buying to let. They are buying property because it’s a safe stable place to put their foreign investments because compared to many other world cities or investments its considered undervalued and the investment risk is consider lower than many other places.
Granted should they change that opinion and figure out that the market is at risk of a significant long term loss, then it will fall and fall big…

Then again its quite possible that the top part of the market driven by investment will be buffered, and the lower entry level properties fall due to mortgage payment pressures, creating a two tier market…

Back2UK

Good for you.

JamesM

I think there could be a two tier market but the break will be between proper houses and condo's.