Double whammy.
I thought @Evoex went through a similar situation with his dad's place a few years ago where he indicated that it can help with income.
But been a while.
How`s your house pricing doing?..
- Thread starter Glenn/RZ500
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I thought @Evoex went through a similar situation with his dad's place a few years ago where he indicated that it can help with income.
But been a while.
If it wasn't your primary residence, there is the possibility for capital gains and losses.
Mad Mike
Well-known member
Power of sale means the lender most likely took the big hit.
There were some changes in late 2016. Cap gains can apply if the house is no longer occupied by the owner. If the house sells long after granny dies, expect a CG adjustment. Dead people aren't occupants.
I assume the same if granny moves into LTC.
Remember, the majority of people losing money on home sales purchased during COVID mania.
In the middle of a worldwide crisis prices spiked and did that make any sense? People sold high and purchased higher and then it came crashing down.
No one talks about the people who don't flip houses, purchased their place years ago and while they missed the peak, on paper, are still far ahead, and likely have a paid off mortgage. Sounds dull and boring, but it works.
In the middle of a worldwide crisis prices spiked and did that make any sense? People sold high and purchased higher and then it came crashing down.
No one talks about the people who don't flip houses, purchased their place years ago and while they missed the peak, on paper, are still far ahead, and likely have a paid off mortgage. Sounds dull and boring, but it works.
House similar to ours just went up for sale on our street.
$1M for a side split similar to ours. Also corner lot.
We bought for $970k 6 years ago.
$1M for a side split similar to ours. Also corner lot.
We bought for $970k 6 years ago.
Dresden
Well-known member
Anecdotal. Put one of our condos on the rental market. Prime location; outside the core but still downtown.
The quality of tenants are eye opening… All younger (late 20s - mid to late 30s) couples with $200K+ incomes and stable jobs. I guess they gotta live somewhere while they save for a down payment.
Also, for those keeping track - the foreign buyers ban will lapse dec-31. World is too preoccupied with Trump to notice. Couple that with construction costs going up (as I said many times before we’ve already come close to the condo floor in terms of construction costs) and IMO the recovery might be underway. All the good units are long gone .. lots of shoeboxes with bad layouts in bad buildings remain.
The quality of tenants are eye opening… All younger (late 20s - mid to late 30s) couples with $200K+ incomes and stable jobs. I guess they gotta live somewhere while they save for a down payment.
Also, for those keeping track - the foreign buyers ban will lapse dec-31. World is too preoccupied with Trump to notice. Couple that with construction costs going up (as I said many times before we’ve already come close to the condo floor in terms of construction costs) and IMO the recovery might be underway. All the good units are long gone .. lots of shoeboxes with bad layouts in bad buildings remain.
Also anecdotal here…
Buddies in the granite / cabinetry business are saying that business has been booming the last few months.
All the work that stopped and they couldn’t keep guys so had to lay them off are now pounding out 6-7 days per week at 12hr shifts just to keep up with demand.
All the projects that stalled woke up at once.
Now, that’s now. But that could change at the drop of a hat.
I think we’ll see at least one rate rise for 2026, and markets are pricing in multiple rate hikes in 2027.
I think it’s fragile market, and can go either way very quickly.
My guess is they allow foreign buyers to buy new builds so the government can seal clap for dwellings built. Of course, there will be no requirement for the houses to be occupied.
Ouch
Personally I think they’re trying to get interest and hoping for a bidding war.
Good luck in this market.
Apparently bidding wars are still happening but it’s more like a skermish than a battle. Smart agents will direct the caveman game where guy will be “ must win house , woman wants house “ and get people emotionally involved in the process . It’s extremely difficult, but unless it’s a truly unique property, there is always another property. Other side of that is truly unique properties can make limited marketability.
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Your location is great (especially the combination of lot size, location and relative affordability). For an "affordable" (as much as a house in toronto can be affordable) family home with a Toronto address (not in scarborough), it's a good place to look. I won't be surprised if it slowly becomes max building envelope cubes.
Most houses priced somewhat aggressively in our area are selling. Most of the listings are mentally anchored to covid pricing and while the owners say they want to sell, then length of time they have been listed, the price they chose and the price houses are actually selling for do not align. Do they want to sell or do they want to get the price they have stuck in their brain? It is unlikely they can have both. If they dropped their price by at least six figures, it might sell. Normally they have been doing 20-50K cuts every many months and are chasing the market down while remaining behind the curve. If they used their current price 18 months ago when they first listed, it would probably have sold. For the houses that have been for sale on and off for years, their current price is still much higher than the price many years ago. Basically their asking price followed the market up but not back down. Since their starting price was higher than the market would bear, they keep the hassle of listing with no chance of selling.
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Dresden
Well-known member
From my purview: the activity in the construction sector we're seeing now is a direct result of Carney offering up the GST rebate + financing to developers to build rentals instead of condos. Put another way for me as a builder - the Fed is financing the construction (previously a huge hurdle for me at high rates) + handed me my profit (GST rebate); in return I can focus on building and keep my guys / sub trades busy. To that effect, it was excellent policy and a job well done by Carney. Compare and contrast this approach with the previous/other Administrations which opted to fund developments with "Affordable Housing" requirements; which don't have any buyers today at any price, and were never really "affordable" anyway. So Carney in this regard is doing an excellent job.
As a citizen/resident: the downside of that is that policy is those that don't own now will find it tougher to ever do so unless they aspire to own a shoebox. The current condo market is targeting the luxury end who can actually afford the build costs and they want an alternative to a house, not a run-of-the-mill condo with basic finishes.
You need someone to finance construction. You either find a buyer domestically, find a foreigner, or convert into a socialist state and let the government build while you work and don't take home any pay.
Everyone $hits on foreign buyers until no one has any money to spend to build things ... and then we're begging them to come back and sweetening the pot to do so..
People also forgot that NYC went bankrupt in the mid 1970s ... and Trump, Kushman and a few others are the reason all that RE investment flooded into NYC ... no one wants to give him/them credit but they did have the vision and do the dirty work to make it what it is today ...
