How`s your house pricing doing?..

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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.
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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.
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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 .


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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.
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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.
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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.
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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.
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