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Ask me anything about Real Estate

Mina said:
Thoughts on the new low rise condos being built at Kennedy and St Clair?
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Doesn't look like a bad project... 92 units in total... I haven't had experience with the builder and they are smaller developer that has done townhouse projects in the past and is venturing into low rise... The price point looks pretty good...

I would recommend doing some more research on their past development and see what the feedback was and make a decision from there... I don't have an opinion on them

hope that answered the question...
 
Why are there 2-3 listings for the same house sometimes? I see that happening a lot....first listing has photo and 1 ID, then second listing and third listing may or may not have a photo but they each have a different ID on the MLS? But they're all the same house! WTF!?
 
Such listings usually happen when there is a property that has multiple uses such as a restaurant and retail... they are two different categories depending on how buyers search. Same can happen with residential such a detached and duplex... Such property can be both depending on the buyers search criteria hence multiple listings.

Hope this helps...
 
OK thanks. Unfortunately most times I see the identical listing for a semi-detached / detached house with no noticeable difference in the description.
 
Addy said:
Doesn't look like a bad project... 92 units in total... I haven't had experience with the builder and they are smaller developer that has done townhouse projects in the past and is venturing into low rise... The price point looks pretty good...

I would recommend doing some more research on their past development and see what the feedback was and make a decision from there... I don't have an opinion on them

hope that answered the question...
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cc: @Mina
I haven't searched the developers or site, however, my only concern would be that if they came from townhouses, they may be taking advantage of the fact that some low rise structures can now be built with wood. Not sure if this applies. Not sure if it's an issue, but something to look into.
 
Joe Bass said:
cc: @Mina
I haven't searched the developers or site, however, my only concern would be that if they came from townhouses, they may be taking advantage of the fact that some low rise structures can now be built with wood. Not sure if this applies. Not sure if it's an issue, but something to look into.
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Wood structures are only allowed in Apartment and Office building structures with stringent focus on fire code... This doesn't apply to condo buildings... Here's an article from 2014 that is a good read...

http://www.theglobeandmail.com/repo...ood-buildings-a-game-changer/article21850652/
 
Addy said:
Wood structures are only allowed in Apartment and Office building structures with stringent focus on fire code... This doesn't apply to condo buildings... Here's an article from 2014 that is a good read...

http://www.theglobeandmail.com/repo...ood-buildings-a-game-changer/article21850652/
Click to expand...


This is from that article:
On Jan. 1, Ontario code revisions will allow wood-frame residential and office buildings up to six storeys, with stairwells of non-combustible materials and combustion-resistant roofs.
Does that not also include condos?
I just wouldn't want to be paying the same price as a steel structure if it's cheaper to build. (no opinion on strength, etc)
 
@Addy what's your opinion on the condos going up at Islington and Finch? I know that location should always be the #1 concern, but with units starting at $150k, I'm thinking that it would make a good first rental property.

Sent from a Samsung Galaxy far, far away using Tapatalk
 
What's the deal with ComFree? Are people putting up stupid prices just to see what they can get? I checked a house locally (Hamilton) I would have guessed $225 tops, it was listed $365.
 
inreb said:
What's the deal with ComFree? Are people putting up stupid prices just to see what they can get? I checked a house locally (Hamilton) I would have guessed $225 tops, it was listed $365.
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No real estate agent to give them a reality check.
 
GreyGhost said:
No real estate agent to give them a reality check.
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This, but also because they might do a quick search on realtor.ca to gauge market value and then apply the same prices to their own home. When it comes to comfree, both the buyer and seller expect the 5% break, so it doesn't work too well. It might in the future, but the MLS is just way too strong of a market to compete against.
 
A friend showed me his nephews listing on the smart phone last night. It was a pretty basic looking domicile in Toronto. 18' frontage. 849 thousand dollars. Then he moved the screen to reveal an actual price of 1 million and 849 thousand dollars. We had a pretty good laugh about that. Is that funny or wat? Please advise.
 
inreb said:
A friend showed me his nephews listing on the smart phone last night. It was a pretty basic looking domicile in Toronto. 18' frontage. 849 thousand dollars. Then he moved the screen to reveal an actual price of 1 million and 849 thousand dollars. We had a pretty good laugh about that. Is that funny or wat? Please advise.
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It ... is... funny... :D

?
 
Has the market cooled down considerably since the introduction of the NRST? Has it has a big impact on multiple offer scenarios?
Would now be a good time to buy or?
 
Mina said:
Has the market cooled down considerably since the introduction of the NRST? Has it has a big impact on multiple offer scenarios?
Would now be a good time to buy or?
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Depends where. Durham has a huge influx of houses so the market is flooded with people trying to sell. Many of whom have already bought other houses and are scrambling a bit to sell (not a bad time to buy because of this if you can scoop a deal or two). East of Bowmanville everything is now outrageously overrpiced but it will slow down in a couple months now that Durham is cooling off. Jan-Mar was insane and lots of realtors made good money (as did their sellers) but it's cooled off (not burst by any means but definitely cooled).
 
Addy said:
Bump...

Reviving this old thread... :)
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Thanks @Addy
I went to look at Transit City condos for the Vip event. No parking available(wait list) for the small units (500 sq ft ish) and started around $320k. I declined. They are now sold out. Did I miss out??

Edit: @SunnyS is gonna love this...this whole process was done by email. Emailed me the plans and prices. I was to go over them and the amenities and then email back my 3 choices. Then I would wait for an email to see if I got one. Is this the way people are buying rwal estate now? I am a touchy-feely kinda guy. I didn't get to touch and feel
sent from my Purple LGG4 on the GTAM app
 
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Mina said:
Has the market cooled down considerably since the introduction of the NRST? Has it has a big impact on multiple offer scenarios?
Would now be a good time to buy or?
Click to expand...
My hood not long ago...multiple offers, sold within days....
Buddy down the street had his place listed for a month now. Not one offer.


sent from my Purple LGG4 on the GTAM app
 
Mina said:
Has the market cooled down considerably since the introduction of the NRST? Has it has a big impact on multiple offer scenarios?
Would now be a good time to buy or?
Click to expand...

It definitely had an impact on the market. While the fundamentals of the market haven't changed, perception is reality! When greed is running wild, we see crazy price appreciations without reason and same happens on the downturn.

We are seeing more properties coming in the market in the past month and multiple offers haven't been working much anymore. I've been advising my clients for months now to ask what you're looking to sell the property for and forego the offer presentation process.

There are two ways this would end... I should point out that I don't see the market crashing because the fundamentals are still the same. The increased number of listings is more sellers bringing their properties on the market to take advantage of the high dollars. For the first time in years, buyers now have a choice and it's leaving some properties in the market.

I just ran some numbers to review this and following is what i found in C01 (downtown Toronto) for the month of May for 2016 versus 2017 for freehold properties

2016 2017
Total Count 99 52
List to sold difference 89-111-140% 87-109-143%
Days on Market 1-11-220 1-10-120

* The three numbers in a row mean low - median - high
* The numbers for today and tomorrow are still not posted

There is definitely a shift in the market place with more properties coming to the market and less have transacted...

Here are the two ways it will end:

We will see a price decrease and it will be slow. It will take some time for the buyers to gain confidence and come back in the market and start putting offers. This usually happens when there is a significant change in the market place such as rising interest rates etc... It's still a possibility as perception is reality

The other way it can go is the buyers that are holding back right now wait long enough for the market to come down a bit and then we start getting into a frenzy again. This happened in 2008 when Toronto's real estate market came to a halt because of news from the US... Prices moved lower and then right back up in a matter of six months... Some of the best buys my clients made were all made during this period...

So the answer is that no one knows... The market might just end up crashing for no reason or we might find out that Home Trust wasn't the only lender in trouble...

Some articles:

http://www.buildingsforsaletoronto.com/2017/04/28/16-new-rules-to-curb-the-toronto-housing-crisis/
http://www.buildingsforsaletoronto.com/2017/04/28/is-this-the-start-of-the-end-home-trust-meltdown/

Hope this helps...
 
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Joe Bass said:
Thanks @Addy
I went to look at Transit City condos for the Vip event. No parking available(wait list) for the small units (500 sq ft ish) and started around $320k. I declined. They are now sold out. Did I miss out??

Edit: @SunnyS is gonna love this...this whole process was done by email. Emailed me the plans and prices. I was to go over them and the amenities and then email back my 3 choices. Then I would wait for an email to see if I got one. Is this the way people are buying rwal estate now? I am a touchy-feely kinda guy. I didn't get to touch and feel
sent from my Purple LGG4 on the GTAM app
Click to expand...

I wasn't at Transit but I was at Icona... I truly believe that the area is definitely going to see increases in value because of it being a main transit hub... Look at any area with transit shows up... It's a huge plus for real estate pricing there..> Barrie..> Hamilton..> Bradford are all great examples of this...

I had blogged about this when I was selling condos in Icona that you can check out below...

http://www.buildingsforsaletoronto.com/property/icona-condos/
 
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