COVID and the housing market

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The cottagers that bought hoping AirB/B would be the mortgage saviour are getting cooked as cottage associations are passing bylaws having had enough . Even municipalities are pushing hard as the local cop doesn’t want to drive [emoji6][emoji[emoji6][emoji6]]kms down some podunk backroad for a noise and fireworks complaint at am.
And the covid “ I can work from my cottage “ thing isn’t happening now .


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mimico_polak said:
I'm expecting to see more and more articles like this...small time 'investors' (more like speculators / gamblers) that can't afford to lose their deposits are going to get bit as the market continues to stall and retreat...


I don't have much sympathy in all honesty...if you're gonna gamble...make sure you can afford to lose it.
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The assignment sales being posted are hilarious. Along the lines of "800 sq ft 1 bed purchased for 1.3, firm closing Sept/25, offered at a discount of 100K". Umm, no. You are going to fail to close and you have almost no time left. This is fire sale pricing time. If you can get 800K, you are doing great.
 
crankcall said:
The cottagers that bought hoping AirB/B would be the mortgage saviour are getting cooked as cottage associations are passing bylaws having had enough . Even municipalities are pushing hard as the local cop doesn’t want to drive [emoji6][emoji[emoji6][emoji6]]kms down some podunk backroad for a noise and fireworks complaint at am.
And the covid “ I can work from my cottage “ thing isn’t happening now .


Sent from my iPhone using GTAMotorcycle.com
Click to expand...
My buddy has a place near Grass Lake in Kearney. He said the parties are insane recently. 100+ people regularly and no one does a thing.

His Airbnb is cranking but quiet.

There was a party last weekend up the road and the drunks were messing around on ATVs…unfortunately one slammed into an oncoming pickup truck head on and didn’t make it.
 
raginduck said:
www.bramptonguardian.com

Brampton real estate prices hit near five-year low in July

Real estate prices for most dwelling types in Brampton in July were the lowest recorded by the Toronto Regional Real Estate Board since December 2020.
www.bramptonguardian.com www.bramptonguardian.com

www.insauga.com

Home purchased for $1.3M sells for a 42% loss in Brampton | inBrampton

Another home has sold for a huge loss in Brampton. Those who bought homes at extremely high prices in early 2022 in Ontario are now selling at much lower prices. In Brampton, a home recently sold for a $469,000 loss, and a Mississauga home sold for a $700,000 loss in July. A cottage purchased...
www.insauga.com www.insauga.com

Brampton is getting hit pretty hard.
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it's Brampton.
 
mimico_polak said:
I'm expecting to see more and more articles like this...small time 'investors' (more like speculators / gamblers) that can't afford to lose their deposits are going to get bit as the market continues to stall and retreat...


I don't have much sympathy in all honesty...if you're gonna gamble...make sure you can afford to lose it.
Click to expand...

The speculator didn't have the money to back up his bet. While that's unfortunate I shed no tears for him.

An interesting part is that he borrowed part of the down payment from friends who I'm sure would like it back. What were the terms?

Was the money from friends a loan or a shared investment? "When the unit flips we both make money." If that was the case, Mr. Investor could say "Sorry you invested and it tanked" or maybe even try to get the friend tied into the lawsuit.

I do feel sorry for the lady who wasn't buying on spec but got hammered anyway.

Edit: She was going to rent it out for a few years then sell. Sorry, same boat, different oar.
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