How`s your house pricing doing?..

Forum Sponsor
On my street in downtown Burlington we have 7 new homes going in as we speak. 4 heavily renovated builds, and 3 tear downs and new builds. Another 2 houses one block away have hoarding around trees on the property so something is happening there as well.
 
Personally I think the market is healthier now that the flippers and gougers have thinned out. There is time to think and study. No blank cheque required. Leave the rose tinted glasses in the drawer.

Like the stocks, timing has its risks but at least one can take a few days to study options to cover setbacks.

The mini condo market isn't looking too hot due to a number of factors but family homes seem far better. Short of an influx of hermits what are they going to do with the glut of 400 square footers without parking.
 
nobbie48 said:
Short of an influx of hermits what are they going to do with the glut of 400 square footers without parking.
Click to expand...
I haven't decided if it's a good idea or not yet (I am leaning towards bad idea) but there is at least one investment fund aggregating those units as a shadow hotel. Fire off lowball offers to those desperate to stop the bleeding.

For someone with some money they don't need for a while, being part of that pool may work out. I don't think the hotel idea will work well (as Toronto will try to shut it down) but lowball buys followed by liquidation in a few years as market rises might pay off. It's not a guaranteed play though. Unless the lowballs are <300K per door, it's really hard to justify condos as investments to rent out.
 
nobbie48 said:
Personally I think the market is healthier now that the flippers and gougers have thinned out. There is time to think and study. No blank cheque required. Leave the rose tinted glasses in the drawer.

Like the stocks, timing has its risks but at least one can take a few days to study options to cover setbacks.

The mini condo market isn't looking too hot due to a number of factors but family homes seem far better. Short of an influx of hermits what are they going to do with the glut of 400 square footers without parking.
Click to expand...
Ya we have a stalled condo market in Burly as well. I have a buddy in a one bedroom he has been trying to sell for the better part of 2 years now. Only thing I can suggest is keep it and rent it out and then buy the 2 bedroom unit in the same building.
 
crankcall said:
I hearing from NOT handy friends that reno costs are crazy . The materials aren’t really awful but the labour / permits/ disposal costs are way up . The people that had money still have it , lots of it , the lower middle class better buy a move in ready house .


Sent from my iPhone using GTAMotorcycle.com
Click to expand...

Source: Me, currently renovating from the brick inward.

Can confirm. Pricing is insane and twice my budgeted amounts from 2022.

I hope people come to the realization that these prices are the new norms. They can stagnate for a long time while wages catch up but LONG gone are the days of $500K homes in Toronto. For that to happen we’d need to be in a depression where no bank is lending to anyone and you’d need that $500K in cash.
 
Dresden said:
Source: Me, currently renovating from the brick inward.

Can confirm. Pricing is insane and twice my budgeted amounts from 2022.

I hope people come to the realization that these prices are the new norms. They can stagnate for a long time while wages catch up but LONG gone are the days of $500K homes in Toronto. For that to happen we’d need to be in a depression where no bank is lending to anyone and you’d need that $500K in cash.
Click to expand...
Unregulated trades, roofing in particular are all over the place. Good luck with quality, warranty and liability to injured workers (No WSIB)

Ethics? Choose carefully, not all are bad but if something goes wrong who loses heir house?
 
GreyGhost said:
I haven't decided if it's a good idea or not yet (I am leaning towards bad idea) but there is at least one investment fund aggregating those units as a shadow hotel. Fire off lowball offers to those desperate to stop the bleeding.

For someone with some money they don't need for a while, being part of that pool may work out. I don't think the hotel idea will work well (as Toronto will try to shut it down) but lowball buys followed by liquidation in a few years as market rises might pay off. It's not a guaranteed play though. Unless the lowballs are <300K per door, it's really hard to justify condos as investments to rent out.
Click to expand...
Repeating myself but I bought an industrial condo in the 1990's recession for $42 a square foot. I thought I got in on the ground floor then six months later an identical unit went at auction for $26 / SF. Bigger units went for $19/SF. Mortgages were ~11% but if you had the cash or cash flow. ROI over 30 years= 1000%. The first ten years were fairly stagnant.

Real estate is a long game unless someone is getting conned.
 
Dresden said:
Source: Me, currently renovating from the brick inward.

Can confirm. Pricing is insane and twice my budgeted amounts from 2022.

I hope people come to the realization that these prices are the new norms. They can stagnate for a long time while wages catch up but LONG gone are the days of $500K homes in Toronto. For that to happen we’d need to be in a depression where no bank is lending to anyone and you’d need that $500K in cash.
Click to expand...
Very true. We have raised our prices substantially the last 6 years but we aren't making any more money. Wages are way up. Materials are way up. Profits are stagnant but we are still doing well. Happy to have a solid 6 months of contracts. Many shops have no work.
 
For reno costs we know material prices are up but many have come down from the COVID peaks.

Contractor labour can be a killer these days. Labour shortages with all the building and renos going on made it a sellers market. While there is a segment that are still renovating in volume there will likely be a bunch of skilled and less skilled trades that are going to be impacted by the condo market stagnation with layoffs. They will eventuality get hungry...

If I had a big project I was hiring out coming down the pipe, I would likely delay it....
 
backmarkerducati said:
For reno costs we know material prices are up but many have come down from the COVID peaks.

Contractor labour can be a killer these days. Labour shortages with all the building and renos going on made it a sellers market. While there is a segment that are still renovating in volume there will likely be a bunch of skilled and less skilled trades that are going to be impacted by the condo market stagnation with layoffs. They will eventuality get hungry...

If I had a big project I was hiring out coming down the pipe, I would likely delay it....
Click to expand...
What were 2X4s at peak? Around $12 for 8 feet and they were scarce because of the risk of a supplier price drop.
 
nobbie48 said:
We had a guy look at our mid-century bathroom reno and he quoted $13,000 plus materials for basically a new tub and tiles.

When we got the written quote he had totally ignored everything we specifically asked for.

If he didn't listen before he got the job would he listen after he had a contract?

Not likely. See ya.
Click to expand...
If I wasn’t enjoying retirement I’d do bathroom renos. A fellow down the street has done them for years, for years his price was $5k + materials for a standard 3 pc till about 5 years ago. Today his standard rate is $10k, and he’s booked 6 mos out completing 1 bathroom a week.

Part of the surge in cost is demand outstripping supply, particularly for reputable contractors.

What does it cost? I do lots of bathrooms in houses we rehab. My cost for a 6x10 basic 3 pc is is about $5k for a gut-rebuild. Demo & disposal $1000, drywall and paint $1500, tiling $1000, fixtures $1500. DIY cost would be about 1/2 that for a basic bathroom.

1774320844621.jpeg
Quick and dirty budget DIY in my northern house $1600 drywall and paint, tub and tile, vanity and toilet, faucets. Kept existing floor.
 
Mad Mike said:
If I wasn’t enjoying retirement I’d do bathroom renos. A fellow down the street has done them for years, for years his price was $5k + materials for a standard 3 pc till about 5 years ago. Today his standard rate is $10k, and he’s booked 6 mos out completing 1 bathroom a week.

Part of the surge in cost is demand outstripping supply, particularly for reputable contractors.

What does it cost? I do lots of bathrooms in houses we rehab. My cost for a 6x10 basic 3 pc is is about $5k for a gut-rebuild. Demo & disposal $1000, drywall and paint $1500, tiling $1000, fixtures $1500. DIY cost would be about 1/2 that for a basic bathroom.

View attachment 78093
Quick and dirty budget DIY in my northern house $1600 drywall and paint, tub and tile, vanity and toilet, faucets. Kept existing floor.
Click to expand...
Rubbing salt in the wound, the contractor totally ignored what we said we wanted.

It looks like a DIY this summer with a friend helping.
 
crankcall said:
Friends just had a bath done , preserved tile floor , vanity was nine K , shower rebuild was fifteen , new toilet room was six . All in about forty . It’s very nice but geez ,


Sent from my iPhone using GTAMotorcycle.com
Click to expand...
Bathrooms are like cars. A $30,00 Jetta high line will get you from home to work comfortably and last 10 years or 300k km.

So will a $120k M5.
 
Mad Mike said:
If I wasn’t enjoying retirement I’d do bathroom renos. A fellow down the street has done them for years, for years his price was $5k + materials for a standard 3 pc till about 5 years ago. Today his standard rate is $10k, and he’s booked 6 mos out completing 1 bathroom a week.

Part of the surge in cost is demand outstripping supply, particularly for reputable contractors.

What does it cost? I do lots of bathrooms in houses we rehab. My cost for a 6x10 basic 3 pc is is about $5k for a gut-rebuild. Demo & disposal $1000, drywall and paint $1500, tiling $1000, fixtures $1500. DIY cost would be about 1/2 that for a basic bathroom.

View attachment 78093
Quick and dirty budget DIY in my northern house $1600 drywall and paint, tub and tile, vanity and toilet, faucets. Kept existing floor.
Click to expand...
I'm dreading having to fix up our bathrooms. We've given up looking for a house, and our bathrooms are quite old.

More worried as to what I'll find behind the walls thanks to Kevin.
 
mimico_polak said:
I'm dreading having to fix up our bathrooms. We've given up looking for a house, and our bathrooms are quite old.

More worried as to what I'll find behind the walls thanks to Kevin.
Click to expand...
If you don’t have funky smells or visible mold in your bathrooms, chances are a Reno will be routine. What I see most often is decayed plywood at toilet flanges, surface mold behind tub drywall, non compliant wiring snd plumbing.

Once you’re gutted, most fixes are just routine work.
 
Mad Mike said:
If you don’t have funky smells or visible mold in your bathrooms, chances are a Reno will be routine. What I see most often is decayed plywood at toilet flanges, surface mold behind tub drywall, non compliant wiring snd plumbing.

Once you’re gutted, most fixes are just routine work.
Click to expand...
Thanks. The bathrooms are fine with no issues that we can identify...outside of the 'aged' look of them.
Forum Sponsor
 
You must log in or register to reply here.
Back
Top Bottom