COVID and the housing market | Page 248 | GTAMotorcycle.com

COVID and the housing market

backmarkerducati said:
Do they make the rainbow unicorn costume in adult sizes, asking for a friend.... :)
Click to expand...
I'm not going to look further than this on a work computer....

www.halloweencostumes.ca

Women's Plus Size Magical Unicorn

Show off your mystical, sparkly side by choosing this white Women's Plus Size Magical Unicorn costume. With a multi-colored star print on this white, Women's Plus Size Magical Unicorn costume, you will be shining extra bright this Halloween!
www.halloweencostumes.ca www.halloweencostumes.ca
 
crankcall said:
Doesn’t actually matter which Gen you are , beyond your means is beyond your means .
If you need a gym membership because it’s too cold to run outside ? Harden up .
I like avocado toast , but if it means not paying off a charge card , eat less toast.
A lot of this is hard , a lot of it is not hard .


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Some buy gym memberships and at the same pay people to mow their lawns because they don't want to push heavy things around.

I wonder how many steps a pace logger would register if the average TV viewer lost the remote. I swear some families actually bred one kid to act as the TV remote.
 
I was talking to a neighbour yesterday and she had gone to an open house in the area. $2.7 M and done to the limits.

The speculation was they renovated the place to mint standards and the delays pushed them onto the wrong side of the price hill. There were two offers but they both fell through because they were conditional on the buyers selling their places and the dominoes fell over backwards with people not seeing what they expected in offers.

Open houses? People were used to not having to mow the lawn around the "For sale" sign. In the area, days on market used to be less than a week.

I wouldn't want to have my name on a purchase agreement for a $2 M pre-construction house based on my $1.5 M one going for $1.9 M in a year.
 
nobbie48 said:
Some buy gym memberships and at the same pay people to mow their lawns because they don't want to push heavy things around.

I wonder how many steps a pace logger would register if the average TV viewer lost the remote. I swear some families actually bred one kid to act as the TV remote.
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My wife would hilariously mow the lawn at 8 months pregnant. She loved it. I loved it. Neighbours looked at me as an a-hole.

She felt it gave her power and if she can’t wait until I finish work…well bonus for me I guess!
 
Ages ago my brother went to live with our widow mom north of Barrie where she had a decent sized lot. He would mow the lawn with his riding mower but she, being a control freak, did the trimming with the push mower.

So he was riding as she was huffing and puffing to do around the trees. And yes he said he felt like an A-hole.
 
nobbie48 said:
Some buy gym memberships and at the same pay people to mow their lawns because they don't want to push heavy things around.

I wonder how many steps a pace logger would register if the average TV viewer lost the remote. I swear some families actually bred one kid to act as the TV remote.
Click to expand...

Mine fetches drinks too, is that not what kids are for?
 
I refused to ever let my kids bartend , it was my barometer, if I can’t get out of my chair , I maybe should stop drinking for the day.

For every pregnant gal that’s throwing hay bales there is a princess ordering takeout because she just too tired.

There will be a lot of cascading real estate deals falling over a cliff with the sudden adjustments . It’s just fate . And timing .


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crankcall said:
I refused to ever let my kids bartend , it was my barometer, if I can’t get out of my chair , I maybe should stop drinking for the day.

For every pregnant gal that’s throwing hay bales there is a princess ordering takeout because she just too tired.

There will be a lot of cascading real estate deals falling over a cliff with the sudden adjustments . It’s just fate . And timing .


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This could be like trading options using real estate. Try to pick the least qualified buyer that will accept no conditions and has existing equity. Hope the deal falls through and collect your premium (deposit plus reduction in market value as the next buyer will probably sign for less). Rinse and repeat. Coming out of it, you crushed a lot of hopes and dreams and gained a lot of equity but never actually bought or sold anything.
 
I think we're getting 2 threads confused again....to @Mad Mike 's point in the other thread...

I'd agree that outlying properties will start to see much higher reductions in pricing / values as the offices start calling people back and the WFH starts disappearing slowly.

It's happening. More meetings are being scheduled in person, people are returning, and the roads are becoming more congested (took me 1:10 yesterday to get home).

As for me...I'm still not overly worried, but our HELOC is there in case we can find something affordable (sub 200k) for a distance cottage. Wasaga is great...but I'd like some type of waterfront property. And if I need to drive 3hrs for it...well so be it. Closer than buying a property in Poland.
 
mimico_polak said:
I think we're getting 2 threads confused again....to @Mad Mike 's point in the other thread...

I'd agree that outlying properties will start to see much higher reductions in pricing / values as the offices start calling people back and the WFH starts disappearing slowly.

It's happening. More meetings are being scheduled in person, people are returning, and the roads are becoming more congested (took me 1:10 yesterday to get home).

As for me...I'm still not overly worried, but our HELOC is there in case we can find something affordable (sub 200k) for a distance cottage. Wasaga is great...but I'd like some type of waterfront property. And if I need to drive 3hrs for it...well so be it. Closer than buying a property in Poland.
Click to expand...

I heard something was for sale on my lake.

Lakefront with road access. If you want to shoot me your budget I can keep an eye out.

3.5th hrs away roughly.
 
Evoex said:
I heard something was for sale on my lake.

Lakefront with road access. If you want to shoot me your budget I can keep an eye out.

3.5th hrs away roughly.
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What lake? I'm currently trying to lower our mortgage as much as possible as these rising rates are not helping out lol.
 
mimico_polak said:
What lake? I'm currently trying to lower our mortgage as much as possible as these rising rates are not helping out lol.
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Shabomeka Lake

North Frontenac, ON K0H 1K0 Shabomeka Lake - Google Search

45 mins or so from Belleville. Just off the Trans Canada. Lots of hiking close by and Bon Echo national park is down the road.

Quiet community
 
Evoex said:
I heard something was for sale on my lake.

Lakefront with road access. If you want to shoot me your budget I can keep an eye out.

3.5th hrs away roughly.
Click to expand...
I'm hearing mixed messages about cottage prices. IMO When real estate couldn't pump GTA houses any higher the pot of gold switched to being at the end of the cottage rainbow. A buddy saw his evaluation in Haliburton go from a half mil to near double. His health isn't great and a sale my be in order.
 
mimico_polak said:
I think we're getting 2 threads confused again....to @Mad Mike 's point in the other thread...

I'd agree that outlying properties will start to see much higher reductions in pricing / values as the offices start calling people back and the WFH starts disappearing slowly.

It's happening. More meetings are being scheduled in person, people are returning, and the roads are becoming more congested (took me 1:10 yesterday to get home).

As for me...I'm still not overly worried, but our HELOC is there in case we can find something affordable (sub 200k) for a distance cottage. Wasaga is great...but I'd like some type of waterfront property. And if I need to drive 3hrs for it...well so be it. Closer than buying a property in Poland.
Click to expand...
Not sure how cottage property will go, last correction know plenty of boomers sell their big suburban properties and buy smaller or go condo life with a family cottage (for their kids/grandkids). I think that may happen with the remaining boomers and the older GenX crowd as they too are reaching early retirement ages.
 
Muskoka agent is telling me in the last month there are a lot of people in cottage country trying to get out of closing dates and deals , the alluded to rate increases have stalled sales and caused a retreat , these are 3-5 million places . Yikes .


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GreyGhost said:
Nothing to do with covid but a decent article about reserve funds and condo fees. Sorry, it's G&M so paywall.


www.theglobeandmail.com

Ontario condo reserve funds ‘a train wreck’

Chronic low-balling of future building repair costs is leaving new owners of Ontario condos unprepared for potentially major fee hikes in the coming years
www.theglobeandmail.com www.theglobeandmail.com
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I am disappointed but not surprised.

I thought that the one thing that Mike Harris got right was the new condo act with reserve fund studies every five years. They were to make allowances for wear and tear of the major building elements.

Around that time B.C. was having issues and the condo owners were turning to the government for financial assistance. Properly handled the new act should have covered the situation. Where is the oversight????

In our complex some of the life expediencies were way off base. You don't need to replace all the windows every twenty years. The occasional fogged window was done under the normal budget. The complex was industrial and there were dirty fingernail people on the board that made reasonable judgments.

Skip to high rise residential and all too often the board is a bunch of tightwad control freaks. Add a few narcissists and $100 K goes to pretty landscaping while a waterproofing failure is treated with band-aid measures.

Investors don't want to spend on the structure and their renters don't get a say. It's downhill from there.

When a building becomes hazardous to inhabit and an inspector issues a move out order, where do the hundreds of people go?

Who ponys up for the $100 K special assessment when the $700 K condo drops to $550 but has a $500 K mortgage with higher interest rates upon renewal.

The government has two basic choices.

A) Give out loans and grants that will never get repaid but the problem goes away until the next time.

B) Let the owners finance their own mess correction while the government deals with the newly evicted hordes.

I am a socialist at heart but the nanny state has made us a nation of unicorn riders with the motto "But he said"
 
nobbie48 said:
I am disappointed but not surprised.

I thought that the one thing that Mike Harris got right was the new condo act with reserve fund studies every five years. They were to make allowances for wear and tear of the major building elements.

Around that time B.C. was having issues and the condo owners were turning to the government for financial assistance. Properly handled the new act should have covered the situation. Where is the oversight????

In our complex some of the life expediencies were way off base. You don't need to replace all the windows every twenty years. The occasional fogged window was done under the normal budget. The complex was industrial and there were dirty fingernail people on the board that made reasonable judgments.

Skip to high rise residential and all too often the board is a bunch of tightwad control freaks. Add a few narcissists and $100 K goes to pretty landscaping while a waterproofing failure is treated with band-aid measures.

Investors don't want to spend on the structure and their renters don't get a say. It's downhill from there.

When a building becomes hazardous to inhabit and an inspector issues a move out order, where do the hundreds of people go?

Who ponys up for the $100 K special assessment when the $700 K condo drops to $550 but has a $500 K mortgage with higher interest rates upon renewal.

The government has two basic choices.

A) Give out loans and grants that will never get repaid but the problem goes away until the next time.

B) Let the owners finance their own mess correction while the government deals with the newly evicted hordes.

I am a socialist at heart but the nanny state has made us a nation of unicorn riders with the motto "But he said"
Click to expand...
I like the concept she proposed of a 50 year timeframe instead of 30. Make it law to pay at least something like 1/100th of that amount every year. That way year one to 20 owners can't shirk paying their percentage of the building that they enjoyed. 1/100th is just a guess but it could be done with math (assume interest earned and inflation over the horizon). The simple answer of 1/50th should end up with the maintenance account being vastly overfunded (although vastly overfunded for the vastly underpredicted amount so maybe properly funded?).
 
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