{"id":10755,"date":"2018-11-06T10:10:12","date_gmt":"2018-11-06T18:10:12","guid":{"rendered":"http:\/\/www.roryc.ca\/blog\/?p=10755"},"modified":"2018-10-29T08:42:47","modified_gmt":"2018-10-29T15:42:47","slug":"flippers-represented-only-a-minor-proportion-of-home-transactions-in-toronto-vancouver","status":"publish","type":"post","link":"https:\/\/www.roryc.ca\/blog\/2018\/11\/flippers-represented-only-a-minor-proportion-of-home-transactions-in-toronto-vancouver\/","title":{"rendered":"Flippers Represented Only A Minor Proportion of Home Transactions in Toronto &#038; Vancouver"},"content":{"rendered":"<p style=\"text-align: justify;\">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 style=\"text-align: justify;\">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 style=\"text-align: justify;\">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 style=\"text-align: justify;\">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 style=\"text-align: justify;\">Flipping \u201chas always been a very rare occurrence\u201d in Toronto, according to RE\/MAX Integra regional director (Ontario) Christopher Alexander.<\/p>\n<p style=\"text-align: justify;\">\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 style=\"text-align: justify;\">Vancouver\u2019s noticeable market slowdown between 2016 and the present has also made condo flipping far less lucrative than it was, realtor Steve Saretsky stated.<\/p>\n<p style=\"text-align: justify;\">\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<p><a href=\"https:\/\/www.canadianrealestatemagazine.ca\/news\/flippers-might-not-be-the-problem-in-toronto-and-vancouver-249883.aspx\" target=\"_blank\" rel=\"noopener\">Flippers Might Not Be The Problems in Toronto &amp; Vancouver<\/a> by Ephraim Vecina | Canadian Real Estate Wealth<\/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 &hellip; [<a href=\"https:\/\/www.roryc.ca\/blog\/2018\/11\/flippers-represented-only-a-minor-proportion-of-home-transactions-in-toronto-vancouver\/\">read more<\/a>]<\/p>\n","protected":false},"author":3,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[8],"tags":[],"class_list":["post-10755","post","type-post","status-publish","format-standard","hentry","category-market-updates"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.4 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Flippers Represented Only A Minor Proportion of Home Transactions in Toronto &amp; 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