This article has video of the actual open bidding process; it's quite something when you can see the people you're bidding against!
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COVID and the housing market
- Thread starter mimico_polak
- Start date
sburns
Well-known member
Meh I could never deal with a fee for maintience, money I am spending with no control over. I would try to get onto the condo board, at least there is a chance to know what is going on. A friend of mine told me a story how her neighbour got a whole new ktichen from a small water leak, the neighbour sits on the condo board.
Been on a board before....never again. Called out a guy for being a hypocrite for not allowing something for others to do that he was doing....threatened with a lawsuit LoL.
Wanna meet the idiots in life? Join the condo board. Very rarely does it bring out smart people. When it does they get shut out by the idiots.
I think COVID didn't really impact those with non-******** jobs. If anything, it resulted in us becoming even more irreplaceable (especially millennials and gen z; all those days having cyber sex and being comfortable online finally paid off [/sarcasm....?])
Since most of my buddies are popping babies, I assume a bunch of others are (and will continue) which means they need a house.
Look at the condo market in GTA instead; **** has cooled down nicely.
blackcamaro
Well-known member
It's a little nutty out there for sure. I sold my place in Hamilton in October and bought a place a near Midland shortly after. I got somewhere between 125,000-150,000 more then I would of the year before. Supply and demand....there is extremely limited inventory in single family homes.
Buyers are quick to blame the realtors. I have a buddy that has been trying to buy for a while and everything I hear from him is about sold for $xxxxx over asking. I try to tell him asking doesn't matter, what is the house worth today and he always kind of bobs and weaves around the question. With resources like housesigma and zolo buyers (and sellers) should educate themselves on what places have actually been selling for instead of just looking at asking prices and saying this isn't fair.
I look at a few different areas on housesigma daily to see what has sold and to keep current on what is going on out there.
The place we bought was from a widow who wanted out and to go live with her family. We bought without a agent and based our offer around what we thought she would want. Quick close (3 weeks), no conditions and without buyer representation so I assume she saved a little on commission. We watched the market for a while, had our ducks in a row and jumped quickly when what we wanted came up.
Regarding realtor commissions. Yes, I think they get paid a little heavy on the sell side. It has to be super frustrating being a buyer representative though, a lot of wasted time there which is obviously unfortunate for both their clients and themselves.
Buyers are quick to blame the realtors. I have a buddy that has been trying to buy for a while and everything I hear from him is about sold for $xxxxx over asking. I try to tell him asking doesn't matter, what is the house worth today and he always kind of bobs and weaves around the question. With resources like housesigma and zolo buyers (and sellers) should educate themselves on what places have actually been selling for instead of just looking at asking prices and saying this isn't fair.
I look at a few different areas on housesigma daily to see what has sold and to keep current on what is going on out there.
The place we bought was from a widow who wanted out and to go live with her family. We bought without a agent and based our offer around what we thought she would want. Quick close (3 weeks), no conditions and without buyer representation so I assume she saved a little on commission. We watched the market for a while, had our ducks in a row and jumped quickly when what we wanted came up.
Regarding realtor commissions. Yes, I think they get paid a little heavy on the sell side. It has to be super frustrating being a buyer representative though, a lot of wasted time there which is obviously unfortunate for both their clients and themselves.
Boots
Well-known member
Yikes.. I work in insurance so I've heard my fair share of condo nightmares which also turn me away. It sucks, but I think I just need to accept it's a short term (hopefully) investment.
I read a story on r/PFC where some guy's condo depreciated 100k. This happened in Alberta, Albeit the oil parts of Alberta where the work is over and no demand to live there anymore.
I can't see that happening in the cities I've been looking at, but it's always a possibility. Ultimately I think most people in my generation (Born in 94) are looking to get out of the GTA. East, West, North.... Very north. Wherever.
I was talking with a guy in interior BC that owned a typical condo. As part of the condo corp there were also townhouses. The townhouses were sliding down the hill and needed to be demolished. Obviously there were lawsuits flying in every direction but the anticipated resolution was every condo owner in the development would get a special assessment of ~$75K as their portion of the mess. He wanted to sell his condo while this was still in progress. Buyers obviously wanted 100K or more off of last years price as there was a good chance the special assessment would happen but the exact value was not locked down. Last years price was ~500K. Ouch.
Boots
Well-known member
Oh yeah -- I remember someone tried to submit a claim for a sub $100,000 special assessment. Something to do with the foundation if I recall. It's unbelievable - no accountability from builders for their shoddy building, no accountability from the condo corp itself - just give it to the people and let them pay.
It's still possible to find some houses near barrie/oro/orillia at 450. They won't be pretty. Often they have a bit of land and get you on the ladder. Realistically, most are ugly enough that you are better doing the minimum required maintenance and either plan on rebuilding on the same lot or selling it as land when you are ready to move on.
Some friends bought houses in Scugog to get the hell out of Toronto. Their reasoning is "why go to Burlington/Hamilton, when my job is on the east end of town and it's faster to get to Scugog than cross the GTA'.
One thing that makes me wonder...a LOT of people are WFH and are moving out of the GTHA...what happens when the boss says 'Ok...time to come back to the office folks.'
I'm sure a lot of them think 'I can do this forever!' But can they?
One thing that makes me wonder...a LOT of people are WFH and are moving out of the GTHA...what happens when the boss says 'Ok...time to come back to the office folks.'
I'm sure a lot of them think 'I can do this forever!' But can they?
I keep hearing these ads for "get leo dot com" some guy who's the highest remax agent in NA. He says he will sell your house in a month or he will buy it BUT then the ads brag about how much over asking it sold for.
Of course he'll buy your house if he's underpriced it by tens of thousands of dollars.
Of course he'll buy your house if he's underpriced it by tens of thousands of dollars.
80% of employers plan on adjusting compensation for WFH based on where you live. The cheaper house is not so cheap when you take a 20% salary cut.
If you really wanted to play the game, I think I would buy a cottage as my CRA primary residence and a bachelor condo downtown as my wfh base.
No different then us getting letters in our mailbox 'we will buy your house cash!'
LEO will underprice your house, and make his money on the sell, and if not, he'll buy it for whatever price works for HIM.
I considered looking into how much we can sell our house for, but the problem persists....where the F am I going to go? Bought for 950k less than 2 years ago. Properties in our area similar to ours (with less work done inside) are listing at 1.2-1.3M. So I sell for 1.2M let's say, now I can't buy a house for less than 1.5M (and possibly in worse condition than mine)...no thanks.
Where'd that come from? I never heard that info. I mean a 20% cut is big...but if your living costs go down 30-40% for housing compared to TO...may just be worth it.
As for the cottage...if we are still WFH in April, I'm moving up there and my wife and kids can come up on weekends lol.
Somewhat theoretical pay cut number. Businesses have said they plan on adjusting comp based on fair-market rates for the area you live. I strongly dislike that approach and think income should be based on what you do for the business not where you sleep, but I'm not them. I don't know how they are going to research/justify regional salaries. If you move outside of north bay where average salary is probably 50K from downtown where average salary is 100K, then what? You are not doing a typical north bay job and nobody that is there now does the job you are doing. It seems like there will be a lot of lawyering involved on both sides.
besides gtam?
I’m sure people digging at each other on GTAM are bffs in real life.
There's a movement to WFH.
I've been somewhat aggressively looking for a new job and most employers are open to WFH 3-4 days a week or completely remote. The ones that don't are companies I have no interest in working with (low technical competence) and they are having a very difficult time finding employees; I literally insulted an interviewer, told them why their interview sucks (I did well on it, it was too easy), why their job posting won't be filled, and what they need to fix. Then I got an offer lol
This is the trend within the software field, which is massive, so I suspect it'll bleed outwards after.
Now for jobs like health care.....bless those workers!
Yes, KW prices have gone crazy. Our daughter just bought a little places on Glasgow St. $890k for a place on a tiny lot.Our little 2 storey in Waterloo North has gone up prolly 250k in the last 5 years.
The technology park has something to do with the demand, and the access to Waterloo airport which is expanding.
Our kids are bugging us to sell and move to a retirement community. No f'n way!
Rather take a dirt nap than listen to people ***** about my pressure washer and 2t smoke.
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