COVID and the housing market | Page 137 | GTAMotorcycle.com

COVID and the housing market

bigpoppa said:
north americans are spoiled rotten.
Such an inefficient use of space with all these giant detached houses and big lawns
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it's bylaws. minimum setback requirements.
We are spoiled and greedy. Everyone wants all the space they can get.
I honestly could care less about front lawn but need the driveway for the truck. Backyard space for the kids to play and have BBQs.
Double car garage for the bike and other vehicle means you still end up with a decent sized lawn beside the driveway that serves no purpose. I don't see another use for that space without killing resale.
 
killvino said:
it's bylaws. minimum setback requirements.
We are spoiled and greedy. Everyone wants all the space they can get.
I honestly could care less about front lawn but need the driveway for the truck. Backyard space for the kids to play and have BBQs.
Double car garage for the bike and other vehicle means you still end up with a decent sized lawn beside the driveway that serves no purpose. I don't see another use for that space without killing resale.
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Bylaw are giving me grief about my helicopter landing pad.

On a serious note, back yard space is most important for us. A private space to use as a “summer room” and for the pooches to run around. I have no idea why people would buy a corner lot with a massive unfenced front yard only.
 
jc100 said:
Bylaw are giving me grief about my helicopter landing pad.

On a serious note, back yard space is most important for us. A private space to use as a “summer room” and for the pooches to run around. I have no idea why people would buy a corner lot with a massive unfenced front yard only.
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Our house is sort of like that. Back yard is fenced but all hardscaped with a pool so kids aren't allowed back there without supervision. They play in front lawn. Invisible fence around property to contain dogs if required. Neighborhood isn't busy and there is a ditch around the lawn to slow down kids/balls before the road so I'm not too concerned. Trampoline on the front lawn is kind of dumb but let's the kids say hi to neighbour's out for a walk.
 
jc100 said:
Bylaw are giving me grief about my helicopter landing pad.

On a serious note, back yard space is most important for us. A private space to use as a “summer room” and for the pooches to run around. I have no idea why people would buy a corner lot with a massive unfenced front yard only.
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Our house is on a corner without a fenced in front yard. I’m sure we could do it, but the backyard is large enough to let the kids run we never felt a need to put up a fence in the front.

Although I should prob check at some point where the fence line would be.
 
mimico_polak said:
This right here is why whenever we put in an offer and we’re going through the motions of financing and home inspections we would go to the house in the evening and walk around the neighbourhood. Ideally Friday / Saturday night to get a feel for the neighbours.
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I always went a step farther and knocked on all the neighbours doors saying I was looking to buy the listed house and asked them about the neighbourhood, internet, whatever just to get them talking enough that I could see what they're like.
 
Hardwrkr13 said:
I always went a step farther and knocked on all the neighbours doors saying I was looking to buy the listed house and asked them about the neighbourhood, internet, whatever just to get them talking enough that I could see what they're like.
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you sound like you've had bad neighbours before.
checking internet is a good call. moved rural last house before this: checked with google maps postal code, showed me that regular internet was available. but once signed, realized true postal code was different and only satellite internet was available. jesus christ that **** is slow.

i always try to check traffic around rush hour or my commute times as well when looking at places. drive there or I just pull up google maps to see the live traffic at the start and end of my usual shift.
 
We never knocked on the doors but every place we looked at we took a drive by during the day and at night to see what was going on. Usually before even doing the viewing.

One downtown townhome looked really great and at the time the price was suspiciously low. I walked past them for years before I was in the market during the day, on my way to and from work and always loved the look of the complex and thought, that would be a great place to live. Time to buy.... one was for sale, price was low, we took a drive by at night, the road behind was literally full of homeless actually laying in the street! Shelter was very close by, we cancelled the viewing.
 
killvino said:
you sound like you've had bad neighbours before.
checking internet is a good call. moved rural last house before this: checked with google maps postal code, showed me that regular internet was available. but once signed, realized true postal code was different and only satellite internet was available. jesus christ that **** is slow.

i always try to check traffic around rush hour or my commute times as well when looking at places. drive there or I just pull up google maps to see the live traffic at the start and end of my usual shift.
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We were looking at a place on a weekend but I went again Monday AM to see the commuter traffic lined up for a half mile. I wouldn't be able to get out of my driveway. Passed on it.

One of my wife's co workers came into the office on a Monday AM and was thrilled to announce they bought a place in Cambridge. Work was Toronto, a short drive away (On a sunny weekend).

Not a short drive weekdays. Up at 5:00 AM to ready the kids for breakfast / babysitter / daycare. Allow an hour and a half for the drive to work. Pick up kids at babysitter / daycare at 6:00 PM. Home for dinner and hit the sack early to repeat the same the next day. Weekends were for driving to Toronto to keep in touch with family and friends.

They sold after a few years
 
Cambridge to Toronto is taking me at least 2 hours right now. The train in Kitchener is not reliable. Bad call if they are not remote or hybrid. But it is better than renting 🤷‍♀️
 
george__ said:
Cambridge to Toronto is taking me at least 2 hours right now. The train in Kitchener is not reliable. Bad call if they are not remote or hybrid. But it is better than renting 🤷‍♀️
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Is it though? I think I’d prefer to rent and not have a 2hr commute each way.

Traffic is up considerably, and probably more so as people won’t take the transit options as they would prefer to be safe in their car. I know I would. And I work in transit!
 
One of our neighbours took this approach....

They bought the house and rented it out (for at least a few years), rent more than covered the mortgage. They continued to live right downtown (not sure if renting or condo???). When it was time to start the family they moved into the house. Food for thought.
 
backmarkerducati said:
One of our neighbours took this approach....

They bought the house and rented it out (for at least a few years), rent more than covered the mortgage. They continued to live right downtown (not sure if renting or condo???). When it was time to start the family they moved into the house. Food for thought.
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Where can you buy something now where rent covers mortgage, insurance and property tax? Most rental properties purvhased now will require the owner to throw in money every month to keep the house of cards up.
 
GreyGhost said:
Where can you buy something now where rent covers mortgage, insurance and property tax? Most rental properties purvhased now will require the owner to throw in money every month to keep the house of cards up.
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They went after executive rental.... 5K+ per month paid by the company not the renter.

For fun.... Lets say apartment rent is 2K a month. Mortgage on the house and carrying costs are 5K a month. Rent is 4K per month. You are out of pocket 3K per month BUT you have protected yourself against increase and maybe continue to live the hipster lifestyle until adulting is required. Of course there are hoops regarding qualifying and you may need to cover 7K per month for a month here or there....

On one hand you are now paying 3K to live in a 2K apartment. :(
On another hand you "own" a 5K per month house and someone is paying 80% of the costs for you. :)
You are protected from an increase in the cost of the house while not having to live the house lifestyle (maybe not ready to do so). :)
Usual risks of renting to someone (damage, etc.), and housing crash. :(
****
BUT my other point, it adds an outside the box option if the current job is near your rental but you find your future home that today is too far from the current job. If that is an area you are looking to move to in the future....
 
backmarkerducati said:
They went after executive rental.... 5K+ per month paid by the company not the renter.

For fun.... Lets say apartment rent is 2K a month. Mortgage on the house and carrying costs are 5K a month. Rent is 4K per month. You are out of pocket 3K per month BUT you have protected yourself against increase and maybe continue to live the hipster lifestyle until adulting is required. Of course there are hoops regarding qualifying and you may need to cover 7K per month for a month here or there....

On one hand you are now paying 3K to live in a 2K apartment. :(
On another hand you "own" a 5K per month house and someone is paying 80% of the costs for you. :)
You are protected from an increase in the cost of the house while not having to live the house lifestyle (maybe not ready to do so). :)
Usual risks of renting to someone (damage, etc.), and housing crash. :(
****
BUT my other point, it adds an outside the box option if the current job is near your rental but you find your future home that today is too far from the current job. If that is an area you are looking to move to in the future....
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I know a couple doing the exact same thing.
Bought a place outside the GTA, saw what the rental rates for it were. Decided to rent themselves a cheaper place in the heart of Toronto and rent out their place.
The suburban lifestyle wasn't for them yet and the location was pretty far from friends but all they could afford.
 
mimico_polak said:
Is it though? I think I’d prefer to rent and not have a 2hr commute each way.

Traffic is up considerably, and probably more so as people won’t take the transit options as they would prefer to be safe in their car. I know I would. And I work in transit!
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2000 rent vs 1200 mortgage ...

Or just rent that house out, rent pays for itself
 
george__ said:
2000 rent vs 1200 mortgage ...

Or just rent that house out, rent pays for itself
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Well…$1200+utilities+property tax+maintenance+insurance+Repairs+++

Rent+…..insurance and utilities.

If you rent you better be damn sure you have a good tenant or now you have to cover Rent + Mortgage ++++
 
mimico_polak said:
Well…$1200+utilities+property tax+maintenance+insurance+Repairs+++

Rent+…..insurance and utilities.

If you rent you better be damn sure you have a good tenant or now you have to cover Rent + Mortgage ++++
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But when you rent, the $2000 is gone and you have to come up with saving for the future.

At least the house is going to appreciate and you can one day own it with 0 payments..

Yes good tenants are hard to find but so are good landlords
 
george__ said:
But when you rent, the $2000 is gone and you have to come up with saving for the future.

At least the house is going to appreciate and you can one day own it with 0 payments..

Yes good tenants are hard to find but so are good landlords
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I figure my "rent" is interest plus insurance plus property tax plus maintenance. All that money is lit on fire. The extra on monthly mortgage payment is forced savings. Looked at that way, my "rent" is low for the house we live in but still >2000 a month.
 
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