COVID and the housing market | Page 309 | GTAMotorcycle.com

COVID and the housing market

mimico_polak said:
My neighbour recently bought a cottage to rent out on AIRBNB for 800k in that area….Port Elgin.

Wonder how that’s working out for them.
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Bruce Power is still keeping the market in Port Elgin fairly hot. Hard to say if $800k is a lot or not based on where it is. If it was waterfront it was a steal. If it was a 1970's home 2km from the beach, probably out $200k.
 
48Connor said:
Bruce Power is still keeping the market in Port Elgin fairly hot. Hard to say if $800k is a lot or not based on where it is. If it was waterfront it was a steal. If it was a 1970's home 2km from the beach, probably out $200k.
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On the water. It’s their second cottage that they rent out.
 
mimico_polak said:
On the water. It’s their second cottage that they rent out.
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Gotcha. If its in fairly decent shape they probably aren't out much. Motels/Hotels are still $400+ per night here in the summer, so there is a fair amount of money to be made on AirBnB.

Lots of places up in Port/Southampton still selling for $800k-1.1m. Mainly new builds in subdivisions but still a lot more than they were in 2019/2020.
 
48Connor said:
Gotcha. If its in fairly decent shape they probably aren't out much. Motels/Hotels are still $400+ per night here in the summer, so there is a fair amount of money to be made on AirBnB.

Lots of places up in Port/Southampton still selling for $800k-1.1m. Mainly new builds in subdivisions but still a lot more than they were in 2019/2020.
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So what you’re saying is I should’ve helped my buddy cheat his ex out of the houses they had…offered me each one for 170k/each.
 
Funny story about the hotels in Port Elgin.

One of the PM's I work with sold his house to move back out East, and needed a place to stay for a week while wrapping everything up here. It was July of last year, and he calls the Super 8 in town and guy on the phone goes "if you want a room with a view its $440/night, or $410 without", and this PM goes "buddy I live in Port, what f*cking view are you talking about?". He responded "well without a view looks onto the highway, with a view looks into the corn field"
 
I was talking to a very experienced construction manager a few weeks ago. He said that it was a complete free-for-all out there with not enough competent supervisors/trades and far too many people looking at computers and not out banging on columns. On that note, the under construction condominiums in Welland that suffered a partial collapse suffered another partial collapse eight days later. They now have an application for partial demolition of the standing structure and then they will start again. wtf. Owning one or working on that site seems like a bad idea. It's a "luxury" condominium that keeps collapsing. Sounds more like cheapest build possible (probably with taller poplar baseboards to make it luxury).

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Pick your poison. Two houses on the same street in Port Credit, a few blocks from the lake, almost the same size lots.

1) An original 1-1/2 story all done up for ~$2.2M Taxes $7000

2) All new 7000 square footer, all the bling, ~$4.4M Taxes $22,500

Both have similar views of the original modest neighbourhood.
 
nobbie48 said:
Pick your poison. Two houses on the same street in Port Credit, a few blocks from the lake, almost the same size lots.

1) An original 1-1/2 story all done up for ~$2.2M Taxes $7000

2) All new 7000 square footer, all the bling, ~$4.4M Taxes $22,500

Both have similar views of the original modest neighbourhood.
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I'd pick one. Taxes on two bleed me too quickly. In 20 years, I will have saved 300k in taxes and I can either sell my smaller house for lots of money or rebuild myself and sell a brand new 7000 ft house for way more than the 20 yo one that has been paying more tax all these years.
 
GreyGhost said:
I was talking to a very experienced construction manager a few weeks ago. He said that it was a complete free-for-all out there with not enough competent supervisors/trades and far too many people looking at computers and not out banging on columns. On that note, the under construction condominiums in Welland that suffered a partial collapse suffered another partial collapse eight days later. They now have an application for partial demolition of the standing structure and then they will start again. wtf. Owning one or working on that site seems like a bad idea. It's a "luxury" condominium that keeps collapsing. Sounds more like cheapest build possible (probably with taller poplar baseboards to make it luxury).

www.spaywall.com

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We legally bypass paywalls by redirecting you to archived news articles and research papers.
www.spaywall.com www.spaywall.com
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Some YouTube videos including the nightime collapse. I would have been a human disaster if trades were working.

There were two collapses a few days apart and access is stopped until the MOL says OK. Who is the sucker that goes in to assess damage?

Apparently the builder has problems in Niagara Falls as well. TLDR
 
crankcall said:
If there was ever a home I would flip on paper , it’s that one . Seeing a windstorm blow down a stick build , yup happens . Steel framed condo ? Fook no .


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I have no idea of who is going to sue who. Also a million questions. What insurances would there be

The project was sold out and occupancy will obviously be delayed.

What did the buyers agree to pay and what would they have to pay now for a similar place now, considering the market?

Going into the structure will be like searching for victims of an earthquake minus the blood.
 
GreyGhost said:
I'd pick one. Taxes on two bleed me too quickly. In 20 years, I will have saved 300k in taxes and I can either sell my smaller house for lots of money or rebuild myself and sell a brand new 7000 ft house for way more than the 20 yo one that has been paying more tax all these years.
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Apples to oranges...
Home #1 is small... no garage. You're paying for the lot.. it'll likely be torn down and rebuilt into something like house #2.
 
Entertaining house of cards in BC. Pulling multiple mortgages on the same day, one for 700k at 24%. Mortgages total more than double value of property. Obviously the lenders are going to get kicked in the teeth, lets hope the pain felt by the dodgy owners hurts at least as much.

infotel.ca

Osoyoos family in court for $8 million debt on $3 million home

More than $8 million owed on this Osoyoos house.
infotel.ca infotel.ca
 
GreyGhost said:
Entertaining house of cards in BC. Pulling multiple mortgages on the same day, one for 700k at 24%. Mortgages total more than double value of property. Obviously the lenders are going to get kicked in the teeth, lets hope the pain felt by the dodgy owners hurts at least as much.

infotel.ca

Osoyoos family in court for $8 million debt on $3 million home

More than $8 million owed on this Osoyoos house.
infotel.ca infotel.ca
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Wow. I live an hour and a half from there.

The owner is a local realtor. If I were to speculate, it's probably a flip in progress gone underwater.

24% interest rate. That's certainly optimistic if they thought they could flip for higher than that...
 
Lightcycle said:
Wow. I live an hour and a half from there.

The owner is a local realtor. If I were to speculate, it's probably a flip in progress gone underwater.

24% interest rate. That's certainly optimistic if they thought they could flip for higher than that...
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Real estate only goes up right….right!?
 
Lightcycle said:
Dunno. I'm just a lowly renter/peasant that knows nothing about all this fancy-schmancy financial stuff.
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You must be Polish….

‘I’m so poor and I have no money’
‘Uhhhh….you fly to Poland 2x per year and 1-2 Caribbean vacations annually’
‘But I want 6 vacations! Living like a pauper here’

And my wife wonders why I refuse to use a HELOC for vacations or toys…
 
mimico_polak said:
You must be Polish….

‘I’m so poor and I have no money’
‘Uhhhh….you fly to Poland 2x per year and 1-2 Caribbean vacations annually’
‘But I want 6 vacations! Living like a pauper here’

And my wife wonders why I refuse to use a HELOC for vacations or toys…
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HELOC? Co to jest? Jesteś taki wymyślny!
 
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