COVID and the housing market | Page 101 | GTAMotorcycle.com

COVID and the housing market

A little off topic but I don't know who approved the headline on this story but sadly this man isn't "choosing" to live on the street. He has been forced to. over 5000 people on the wait list for affordable housing...but don't worry everyone, we have 400 new units almost done. I think he would be treated better if he gave up his Canadian citizenship, moved to *insert middle eastern country* and came back in as an immigrant or refugee. Very frustrating our leader can send millions upon millions of dollars to other countries but can't take care of our own citizens.

Hamilton man living on the street after being evicted from his apartment - CHCH

Hamilton man has chosen to live on the street after being evicted from his apartment after landlords announced that it's being demolished. While he's been given money to look for a new home, he can't see how he'll be able to pay rent in a city that continues to price out the most vulnerable...
www.chch.com www.chch.com
 
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In spite of all the doom and gloom, market is going to crash media crap the craziness continues. Anyone want an 25 year subdivision house on a busy street in Barrie for 1.1? It looks decent but holy crap. Approximately a block away a vacant 0.5 acre lot recently sold for 1M so I guess these people got a good deal?

"An older 2-storey detached home with a pool in Barrie's south end sold for $230,100 over list price (Listed at $899,000 sold for $1,130,000); this is a huge number for this property on a very busy street"
 
mimico_polak said:
I’d sell today for an easy 300k profit…but then what? This area is awesome. I love it.

Next ‘better’ house would be 1.5m above ours. Not really worth it IMO.
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I'm with you. I hate moving. I like my house and area. Market price for house is up about 500k in 2.5 years. I'd have to buy something else so for someone to get this one, they'd need to offer me a hell of a lot more than market price. Honestly, for our family, I dont think the next house would be better, just different. I want more garage, my wife wants to live in a neighbourhood. We cant both have what we want.
 
GreyGhost said:
I'm with you. I hate moving. I like my house and area. Market price for house is up about 500k in 2.5 years. I'd have to buy something else so for someone to get this one, they'd need to offer me a hell of a lot more than market price. Honestly, for our family, I dont think the next house would be better, just different. I want more garage, my wife wants to live in a neighbourhood. We cant both have what we want.
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My lot is large enough to build 2-3 townhouses….if someone offers me 2M I’m moving.

Thats our number. $2M and they can have it.
 
GreyGhost said:
In spite of all the doom and gloom, market is going to crash media crap the craziness continues. Anyone want an 25 year subdivision house on a busy street in Barrie for 1.1? It looks decent but holy crap. Approximately a block away a vacant 0.5 acre lot recently sold for 1M so I guess these people got a good deal?

"An older 2-storey detached home with a pool in Barrie's south end sold for $230,100 over list price (Listed at $899,000 sold for $1,130,000); this is a huge number for this property on a very busy street"
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its easy to gamble when the money aint yours and all your bets are guaranteed
 
mimico_polak said:
My lot is large enough to build 2-3 townhouses….if someone offers me 2M I’m moving.

Thats our number. $2M and they can have it.
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How much are townhouses selling for in your area? DC's are ~90 for townhouses and ~110 for semis. That would means towns would be ~750+building+profit and semis would be ~1.1+building+profit. Is that viable in that market?
 
Chameleon said:
Looks you're gonna move in to a neighborhood.
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That's how we ended up here. Not really any neighbourhood I'd rather move to. Not many houses in my neighbourhood I'd rather move to. I guess conceivably buy another similar house and offsite land/garage with the extra money. That option still sucks as land close by has gone nuts.
 
GreyGhost said:
How much are townhouses selling for in your area? DC's are ~90 for townhouses and ~110 for semis. That would means towns would be ~750+building+profit and semis would be ~1.1+building+profit. Is that viable in that market?
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Semi detached are anywhere from 900k-1M in the area.

I know 100% 2M isn’t a realistic number, but if I have to move…well that’s the number lol.

There is only 1 townhouse listed for $400k, which is hilarious because our old area townhouse at Dundas and Kirwin are selling for 650-750k. Nothing more than an agent playing the game of bidding wars.
 
mimico_polak said:
Semi detached are anywhere from 900k-1M in the area.

I know 100% 2M isn’t a realistic number, but if I have to move…well that’s the number lol.

There is only 1 townhouse listed for $400k, which is hilarious because our old area townhouse at Dundas and Kirwin are selling for 650-750k. Nothing more than an agent playing the game of bidding wars.
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Got it. In that case, I'd think it was more likely that someone bought, tore down and put up a forest hill cube and listed for 4M. Your past owner may have done you a favour by cutting down the big trees that could limit developable area.
 
Oh Kevin…,was joking that the only thing he did well was install the concrete pad for the bins to be picked up by the city.

The man loved concrete…..I’ll curse him again when I have to dig it up.
 
mimico_polak said:
Semi detached are anywhere from 900k-1M in the area.

I know 100% 2M isn’t a realistic number, but if I have to move…well that’s the number lol.

There is only 1 townhouse listed for $400k, which is hilarious because our old area townhouse at Dundas and Kirwin are selling for 650-750k. Nothing more than an agent playing the game of bidding wars.
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If you're content there what's the point in selling at market price?

You just buy into the same thing unless you make enough on the deal to move up. If you want a lot more house / property for the price of your existing place you have to move a couple of hours out.
 
nobbie48 said:
If you're content there what's the point in selling at market price?

You just buy into the same thing unless you make enough on the deal to move up. If you want a lot more house / property for the price of your existing place you have to move a couple of hours out.
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You’ve seen my place. It’ll be next to impossible to find a lot this size for a decent price.

But…if a fool offers me 2M…I’m moving to the rich side of Credit Woodlands…the west side!
 
Interesting article on housing bubbles.

On that note, someone bought a house near me in october 2020 and just listed it for 500K more than they paid. Not sure if they will get it or not.

betterdwelling.com

The Canadian Property Bubble Reaches Contagion, Making A Financial Crisis Likely - Better Dwelling

Prices just outside of frothy Canadian real estate markets are growing much faster than in the city. That’s typical of a bubble, and it’s called “housing bubble contagion.” In a paper titled Housing Bubble Contagion From City Centre To Suburbs, three Taiwan-based researchers argue bubbles spread...
betterdwelling.com
 
Enough of the voting public has climbed aboard the runaway real estate train that politicians dare not do anything to derail it as it continues to pick up speed. The only way to keep political power at this point is to keep feeding the engine, otherwise homeowners, investors and speculators will vote in a party that will not jeopardize real estate prices.

I really don't see how any soft landing is possible.
 
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