The blogosphere has been abuzz about “FML Listings” an anonymous blog launched by a frustrated Toronto home buyer. FML’s MO is as simple as it is addictive: post a not-so-hot house with a whopping price tag listed on realtor.ca and add raw commentary. See for example, this post about a $739,000 house at Jane and Finch:
Does this mean that not only can I not afford to live where I want in North York because of the million dollar bungalows, and I for sure can’t live in my first choice of mid-town, I can barely live in Leslieville because of crazy bidding wars, but now I can’t even buy a reasonably priced home at JANE AND FINCH?!?! Is this what it feels like to hit bottom?
It’s like the Globe and Mail’s celebrity caption guy for houses. It’s also a tonic for those tired of hearing (and experiencing) that a house is worth what the market (i.e., the next buyer) decides it is.
FML and spouse own a home in Richmond Hill, but after being underwhelmed by suburban life, decided to move to Toronto to be closer to family, friends and work. That was three years ago. The search continues.
Urmi Desai: Why did you start blogging about the real estate situation in Toronto?
FML Listings: After seeing so many ridiculous listings, I started to think maybe I was the only one who was wrongly thinking they were insanely overpriced. But then I saw one that just put me over the edge. I posted it to Facebook, and I got a lot of feedback that I didn't expect. Firstly, it made me realize that it wasn't just me who thinks that a million dollar bungalow is out of whack, but more importantly that not many people were actually aware of the situation that was going on with some of the listings around the city. I started finding more and more of these listings, each one worse than the next, which drove me to start the blog so I could show at least a few other people what was really going on in this city. It's really disheartening to go into an open house priced at $600,000 that you know is worth $400,000 and you're sure it's not going to sell, but then the open house is packed with people and it ends up turning into a bidding war situation. So to be able to have this outlet where I see feedback from people actually agreeing that it is ridiculous, it has validated the years that I've spent watching the market, being stressed out, wondering "who's buying these?!”
UD: What do you think is driving the house feeding frenzy in Yonge St. neighbourhoods in North Toronto?