{"id":8054,"date":"2018-10-28T22:09:21","date_gmt":"2018-10-28T22:09:21","guid":{"rendered":"https:\/\/www.canadianrealestatemagazine.ca\/flippers-might-not-be-the-problem-in-toronto-and-vancouver\/"},"modified":"2023-10-24T04:03:15","modified_gmt":"2023-10-24T04:03:15","slug":"flippers-might-not-be-the-problem-in-toronto-and-vancouver","status":"publish","type":"post","link":"https:\/\/www.canadianrealestatemagazine.ca\/news\/flippers-might-not-be-the-problem-in-toronto-and-vancouver\/","title":{"rendered":"Flippers might not be the problem in Toronto and Vancouver"},"content":{"rendered":"<p>Often blamed for overheating in major markets, flippers actually represented only a minor proportion of home transactions in Toronto and Vancouver, according to a Bloomberg analysis that looked at Teranet Inc.\u2019s land and housing registry.<\/p>\n<p>In Toronto, flipped condos represented just 1.8% of total sales for that housing type as of June 2018. This was significantly below the 4% rate a mere two years ago in April 2016.<\/p>\n<p>Meanwhile, in Vancouver, only 3.4% of condo sales between April and June were those of previously sold homes \u2013 a stark contrast with the 5% ratio back in March 2016.<\/p>\n<p>Thus, any federal or provincial-level measures aimed at housing speculation will do little to improve affordability in these markets, the Bloomberg analysis noted.<\/p>\n<p>Read more: <\/p>\n<p>Flipping \u201chas always been a very rare occurrence\u201d in Toronto, according to RE\/MAX Integra regional director (Ontario) Christopher Alexander.<\/p>\n<p>\u201cMost people buy real estate to hang onto it for at least five to seven years,\u201d Alexander said, adding that many short-term sales are due to life-altering factors such as sudden job changes.<\/p>\n<p>Vancouver\u2019s noticeable market slowdown between 2016 and the present has also made <a class=\"wpil_keyword_link\" href=\"https:\/\/www.canadianrealestatemagazine.ca\/news\/how-to-maximize-your-roi-on-a-vancouver-condo-flip\/\"   title=\"condo flipping\" data-wpil-keyword-link=\"linked\">condo flipping<\/a> far less lucrative than it was, realtor Steve Saretsky stated.<\/p>\n<p>\u201cAs soon as [prices] stop rising you get into a number of issues,\u201d Saretsky explained in a phone interview. \u201cAre you really going to try to flip it in a down market? There\u2019s no profit to be made.\u201d<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Often blamed for overheating in major markets, flippers actually represented only a minor proportion of home transactions in Toronto and Vancouver, according to a Bloomberg analysis that looked at Teranet Inc.\u2019s land and housing registry. In Toronto, flipped condos represented just 1.8% of total sales for that housing type as of June 2018. This was [&hellip;]<\/p>\n","protected":false},"author":5,"featured_media":21319,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[4],"tags":[],"acf":[],"_links":{"self":[{"href":"https:\/\/www.canadianrealestatemagazine.ca\/wp-json\/wp\/v2\/posts\/8054"}],"collection":[{"href":"https:\/\/www.canadianrealestatemagazine.ca\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.canadianrealestatemagazine.ca\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.canadianrealestatemagazine.ca\/wp-json\/wp\/v2\/users\/5"}],"replies":[{"embeddable":true,"href":"https:\/\/www.canadianrealestatemagazine.ca\/wp-json\/wp\/v2\/comments?post=8054"}],"version-history":[{"count":2,"href":"https:\/\/www.canadianrealestatemagazine.ca\/wp-json\/wp\/v2\/posts\/8054\/revisions"}],"predecessor-version":[{"id":21487,"href":"https:\/\/www.canadianrealestatemagazine.ca\/wp-json\/wp\/v2\/posts\/8054\/revisions\/21487"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.canadianrealestatemagazine.ca\/wp-json\/wp\/v2\/media\/21319"}],"wp:attachment":[{"href":"https:\/\/www.canadianrealestatemagazine.ca\/wp-json\/wp\/v2\/media?parent=8054"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.canadianrealestatemagazine.ca\/wp-json\/wp\/v2\/categories?post=8054"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.canadianrealestatemagazine.ca\/wp-json\/wp\/v2\/tags?post=8054"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}