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COVID and the housing market
- Thread starter mimico_polak
- Start date
I’m almost tempted to look a bit further out from where we are. We may still get a 1.4-1.5 sale….and Oakville sounds like a good alternative for a larger lot with a bigger house.
Wife will have something to do while I play video games.
Wife will have something to do while I play video games.
GVH's moms house sounds pretty nice. If you can reduce your mortgage while getting bigger and still stay in a nice neighbourhood, I'd call that a win.
Neighbor's houses for sale 3.2 million 680 ft² but you get 88 acres with it
Sent from the future
Those built in porta potties are only to make booze legal.
It's sad when 1.23 seems cheap for a gta sfh.
It’s still a crap shoot , and they are worth what somebody will pay . The towns on my street peaked at 1.45 , now listing in the 1.25 1.3 , nice house across the street 2,600 sq with pool went for 2.4 . Guy relocated from Vancouver and said , it’s pretty good compared to Van. Um Oky doky LOL
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Sochi
Well-known member
Source:
The world's hottest housing markets are facing a painful reset - BNN Bloomberg
Around the world, soaring borrowing costs are squeezing homebuyers and property owners alike.
www.bnnbloomberg.ca
Averages don't mean much. The key is to look at many individual houses that turned over a few times recently. As market changes the types of houses available for sale (and more importantly selling) changes. The ones that I have seen outside Barrie that resell in six to twelve months are up ~$100k. Close to break even when costs are considered.View attachment 57471
Source:
The world's hottest housing markets are facing a painful reset - BNN Bloomberg
Around the world, soaring borrowing costs are squeezing homebuyers and property owners alike.
Sochi
Well-known member
I just think that the "adjustment" hasn't even started yet... I'd give it a year to see where we end up...
Wrong or right - I'll find this very post in one year and post the update
Mad Mike
Well-known member
I can't believe rents in Oakville/Burlington -- I'm trying to help an older couple relo/downsize to a rental bungalow in Burlington/Aldershot area. 2BR bungalows starting at $3750/mo?
Im a bit shocked by Oak/Burl rents as well , Aldershot for a long time was a 'deal' , but it has become a cool alternative to Burlington central , like happened to Bronte instead of Oakville.
Downsizing and relocating as a renter is pretty hard unless your willing to comprimise on your address. And right now I think its outside prime corridor of Mississauga to Aldershot. Go train access spiked Aldershot and the North end of Hamilton
Downsizing and relocating as a renter is pretty hard unless your willing to comprimise on your address. And right now I think its outside prime corridor of Mississauga to Aldershot. Go train access spiked Aldershot and the North end of Hamilton
Does a senior pay $4K-$5K in rent after selling or hang in at the paid for home watching the value drop about the same? I've got a friend in that position. He's totally ignoring estate planning as well.
Wife and I decided to move in 2.5 years. Why 2.5 years you ask, well that is when the lease is up on the business space.
Company has agreed to moving to where I go, If I find a suitable location. as we only require 1500+ Sqft I am hoping to find something in a smaller town in Ontario or perhaps even another province.. I will admit, I kind of like having some potential options for the future..
Company has agreed to moving to where I go, If I find a suitable location. as we only require 1500+ Sqft I am hoping to find something in a smaller town in Ontario or perhaps even another province.. I will admit, I kind of like having some potential options for the future..
you hang in and watch the value drop, because it ALWAYS comes back, we have 100yrs of historic data and if you keep your pants on , it come back. Or you bail, pay 3-5k per monthb in rent , which is gone, and when the rebound happens , you are double screwed.
Sorry people that refuse to aknowledge estate planning , plan for a future in any capacity are not worthy of being in a conversation with grown ups
Sorry people that refuse to aknowledge estate planning , plan for a future in any capacity are not worthy of being in a conversation with grown ups
Mad Mike
Well-known member
I'm with you, real estate is a long-term thing with substantial transaction costs. To downsize from a $1.5m home to a $1m home can reduce one's equity by $80 to $110K ---> commissions, legal fees, taxes, and moving expenses. Going to a rental would still cost $65-80K.
If you're happy where you are, then I'd stay and ride out the correction.
I'm guessing skyrocketing rents are a result of deflating home values, owners need their asset to work, I suspect it's a switch to generating rents as opposed to growing equity.
This is one to watch.
An example of location, location, location that would have been jumped on by a builder six months ago. The house is not in bad shape other than granny to the max, but in the end it is a two bedroom bungalow tear-down with likely older owners timing out....on a 42X144 lot--asking $2M at the moment.
An example of location, location, location that would have been jumped on by a builder six months ago. The house is not in bad shape other than granny to the max, but in the end it is a two bedroom bungalow tear-down with likely older owners timing out....on a 42X144 lot--asking $2M at the moment.
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"Lots Of Potential Future Upside For Those Who Want To Build A Luxury Home On This Coveted Street Boasting Many Luxurious $3-4 Million ++ Homes" Hahaha. The neighbour (167) sold the old house for 1.3 in 2017 and built a 4700 sq ft house that sold in 2019 for 3M. Doing the same to this lot would be 4700*~400/sq ft=1.9M for the house alone. Add in the 2M for the lot and you have paid 4M for a house that might be worth 4M. Not a lot of upside there (sure house prices may continue to rise but construction could easily cost much more). Add in the interest rate escalation and unless people are sitting on many millions in uninvested assets it would be tough to swing. On the flipside, any money spent to renovate the current house will be lit on fire. It will not effect the resale value at all. Oct 2021 a 4 bed 2 storey a block away went for 2.3 and looked like a nice place for a family to live as is. I suspect the number for this house will be closer to 1.5. Sure the person buying it could afford to pay more but they don't want to. They got rich by putting the screws to others not by being generous.This is one to watch.
An example of location, location, location that would have been jumped on by a builder six months ago. The house is not in bad shape other than granny to the max, but in the end it is a two bedroom bungalow tear-down with likely older owners timing out....on a 42X144 lot--asking $2M at the moment.
It is a nice enough house and lot but I think they may have trouble getting 2M (but I have been wrong many times).
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