Leaving New York City

[Cardboard]

Cwericb, that is about the most delusional post that I have read in a long time.

No one is "immigrating" to Atlantic Canada pushing up prices because no one wants to go there.

Now, getting back to the real cause of price increase it is because people are moving out of condos to suburbs and it makes detached homes to go up in price or a global phenomenon. Then condo prices have not adjusted yet to lower demand reality because of price anchoring.

Cardboard

[rb]

Cwericb, that is about the most delusional post that I have read in a long time.

No one is "immigrating" to Atlantic Canada pushing up prices because no one wants to go there.

Now, getting back to the real cause of price increase it is because people are moving out of condos to suburbs and it makes detached homes to go up in price or a global phenomenon. Then condo prices have not adjusted yet to lower demand reality because of price anchoring.

Cardboard

Please, tell us more oh ye great one! While we wait:

https://www.statista.com/statistics/609158/number-of-immigrants-in-new-brunswick/

https://www.statista.com/statistics/609156/number-of-immigrants-in-nova-scotia/

https://www.statista.com/statistics/609153/number-of-immigrants-in-prince-edward-island/#:~:text=This%20statistic%20shows%20the%20number,immigrants%20to%20Prince%20Edward%20Island.

https://www.statista.com/statistics/609051/number-of-immigrants-in-newfoundland-and-labrador/

[fareastwarriors]

Not just NYC, I noticed a massive exodus of Seattle as well. Just check redfin listings for Seattle. Lots of listings, especially condos, with hardly any buyer taking a tour.

Make sense though. Large city with many renters, large population of young and single people and high cost. But I bet Seattle suburbs are white hot.

I'm throwing 700k cash offers at 3bed/1bath 1,000 sq ft houses  in the east bay of San Francisco. I'm not even competitive apparently...

[Spekulatius]

Not just NYC, I noticed a massive exodus of Seattle as well. Just check redfin listings for Seattle. Lots of listings, especially condos, with hardly any buyer taking a tour.

Make sense though. Large city with many renters, large population of young and single people and high cost. But I bet Seattle suburbs are white hot.

I'm throwing 700k cash offers at 3bed/1bath 1,000 sq ft houses  in the east bay of San Francisco. I'm not even competitive apparently...

Suburbs have largely lacked the price appreciating that Appartement or houses in the city areas had. I lived in Long Island and now in Boston area and in both cases, houses were still below ~2005 prices.  I think RE in thr city core might have doubled with8b the same time frame. If this trend reverses, it could have a long way to go, but I somehow doubt that it will.

[alpha]

Cwericb, that is about the most delusional post that I have read in a long time.

No one is "immigrating" to Atlantic Canada pushing up prices because no one wants to go there.

Now, getting back to the real cause of price increase it is because people are moving out of condos to suburbs and it makes detached homes to go up in price or a global phenomenon. Then condo prices have not adjusted yet to lower demand reality because of price anchoring.

Cardboard

I don't know about the East Coast but I have been getting into bidding wars for houses on Canada's West Coast and the realtors tell me it is mostly out of province/country bidders I am competing with... people fleeing Toronto/Vancouver etc...

[patience_and_focus]

Not just NYC, I noticed a massive exodus of Seattle as well. Just check redfin listings for Seattle. Lots of listings, especially condos, with hardly any buyer taking a tour.

Make sense though. Large city with many renters, large population of young and single people and high cost. But I bet Seattle suburbs are white hot.

I'm throwing 700k cash offers at 3bed/1bath 1,000 sq ft houses  in the east bay of San Francisco. I'm not even competitive apparently...

Suburbs have largely lacked the price appreciating that Appartement or houses in the city areas had. I lived in Long Island and now in Boston area and in both cases, houses were still below ~2005 prices.  I think RE in thr city core might have doubled with8b the same time frame. If this trend reverses, it could have a long way to go, but I somehow doubt that it will.

Actually good bay area suburban housing has been on fire since a couple of years after the GFC. The suburban city of Burlingame (17 miles south of San Francisco) has seen a 2.5X price rise for single family homes in the last 10 years (Dec-2010 to now). That is annualized appreciation of nearly 10%. If you take last 25 years for this suburb that number comes to about 7.5% annualized which is rivaling S&P returns (without dividends reinvested of-course).

https://www.zillow.com/burlingame-ca/home-values/

For comparison San Francisco (SF) has appreciated "only" 2X in the last 10 years for single family homes (7.5% annualized) and about 4X in the last 25 years (for a return of 6% annualized).

SF Zillow:
https://www.zillow.com/san-francisco-ca/home-values/

SF Case Shiller:
https://fred.stlouisfed.org/series/SFXRSA

[cwericb]

Cwericb, that is about the most delusional post that I have read in a long time.

No one is "immigrating" to Atlantic Canada pushing up prices because no one wants to go there.

Now, getting back to the real cause of price increase it is because people are moving out of condos to suburbs and it makes detached homes to go up in price or a global phenomenon. Then condo prices have not adjusted yet to lower demand reality because of price anchoring.

Cardboard

Good Morning Cadboard

Once again you are embarrassing yourself with your insults and your sadly ill informed opinions. Still hiding in your basement?

Perhaps you know more than the Financial Post, but here is what they say...

"Atlantic Canada’s housing market on fire as buyers from across the country swoop in to snap up homes."

https://financialpost.com/real-estate/how-the-pandemic-lit-the-fire-of-a-red-hot-real-estate-market-inside-the-atlantic-bubble

Here are a few other headlines just to help you out...

“How the pandemic 'lit the fire' of a red-hot real estate market inside the Atlantic bubble” 

“Atlantic bubble fuelling red hot Maritime real estate market”

“Booming Halifax housing market shows no signs of slowing ...”

Now who is delusional?

By the way, how is the real estate market doing in your area these days?

Cwericb

[bizaro86]

Not just NYC, I noticed a massive exodus of Seattle as well. Just check redfin listings for Seattle. Lots of listings, especially condos, with hardly any buyer taking a tour.

Make sense though. Large city with many renters, large population of young and single people and high cost. But I bet Seattle suburbs are white hot.

I'm throwing 700k cash offers at 3bed/1bath 1,000 sq ft houses  in the east bay of San Francisco. I'm not even competitive apparently...

Suburbs have largely lacked the price appreciating that Appartement or houses in the city areas had. I lived in Long Island and now in Boston area and in both cases, houses were still below ~2005 prices.  I think RE in thr city core might have doubled with8b the same time frame. If this trend reverses, it could have a long way to go, but I somehow doubt that it will.

Actually good bay area suburban housing has been on fire since a couple of years after the GFC. The suburban city of Burlingame (17 miles south of San Francisco) has seen a 2.5X price rise for single family homes in the last 10 years (Dec-2010 to now). That is annualized appreciation of nearly 10%. If you take last 25 years for this suburb that number comes to about 7.5% annualized which is rivaling S&P returns (without dividends reinvested of-course).

https://www.zillow.com/burlingame-ca/home-values/

For comparison San Francisco (SF) has appreciated "only" 2X in the last 10 years for single family homes (7.5% annualized) and about 4X in the last 25 years (for a return of 6% annualized).

SF Zillow:
https://www.zillow.com/san-francisco-ca/home-values/

SF Case Shiller:
https://fred.stlouisfed.org/series/SFXRSA

If you bought a house with no leverage (and thus only received that unleveraged appreciation) I think its pretty likely the net cash flow from rent (or rent avoided) would have been at least comparable to the dividends received from the S&P.

[clutch]

I wish more people flee out of Toronto where I'm living. Less traffic, less competition for high paying jobs, and hopefully less real estate prices so I could finally afford to buy a home within the city.

[muscleman]

Not just NYC, I noticed a massive exodus of Seattle as well. Just check redfin listings for Seattle. Lots of listings, especially condos, with hardly any buyer taking a tour.

Make sense though. Large city with many renters, large population of young and single people and high cost. But I bet Seattle suburbs are white hot.

I'm throwing 700k cash offers at 3bed/1bath 1,000 sq ft houses  in the east bay of San Francisco. I'm not even competitive apparently...

Right. Seattle Suburbs are white hot not only because of the virus but also because of the socialism movement in Seattle, with BLM protesters matching into communities and yelling door to door "Move your white ass out of the house and give your stocks to us, because it belongs to us"