COVID and the housing market | Page 16 | GTAMotorcycle.com

COVID and the housing market

Lightcycle said:
We took a look at a monster mansion a while ago. 5000 sq ft, 5 bedrooms, 8 bathrooms...

It was a bit puzzling. We asked the realtor, "Who would buy a place with 8 full 4-piece bathrooms?"

Answer: SE Asian extended families: three generations, uncles, aunts, grandparents and all their kids under one roof, sleeping 2-3 to a bedroom. 6 cars in the driveway and parked out on the street in front of the house.

The builders are catering to a certain demographic.
Click to expand...
I get that, but for 1.2 I should be able to get a detached 5 bath in courtice.
 
bigpoppa said:
You should see brampton these days
They know a sucker when they see one.
Click to expand...

I dunno.

If you're not stinkin' rich, then the quickest way to knock down a 7-figure mortgage is to do it with 5 or 6 incomes living under the same roof.

Just doing the parking lot shuffle in the morning must be quite the chore...
 
Lightcycle said:
I dunno.

If you're not stinkin' rich, then the quickest way to knock down a 7-figure mortgage is to do it with 5 or 6 incomes living under the same roof.

Just doing the parking lot shuffle in the morning must be quite the chore...
Click to expand...
Da bridge has that figured out. Just cover the front lawn and street with cars so you dont need to move many to get out.
 
Lightcycle said:
Realtor.ca only lists 3 places with 5+ bathrooms in Courtice.

Two of them are in the aforementioned townhouse complex and there's one detached for $1.4M...

?‍♂️
Click to expand...
Most of the homes in Courtice are 3 bed 2.5 bath. Definitely some bigger homes have been built in the last 5 years, but before that a 2400 sqft house was where the rich kids lived. Now everything being built is 2400+ it seems
 
Who needs 5 baths !? (beyond the 6 families to a house crowd)
 
timtune said:
Who needs 5 baths !? (beyond the 6 families to a house crowd)
Click to expand...

AirBnB.

We stayed in one of those 6 family per home neighbourhoods in South Surrey. The owner had turned his 8-bedroom place into a mini-hotel. I don't think the neighbourhood was zoned for it either, because the parking was a real mess, both sides of the street were lined with cars.

When we "checked in", we didn't know who the host was, so we mistakenly asked another AirBnB renter if they were the owner?

When we "checked out", the next AirBnB guest asked if I was the host...

Cray cray.
 
Lightcycle said:
AirBnB.

We stayed in one of those 6 family per home neighbourhoods in South Surrey. The owner had turned his 8-bedroom place into a mini-hotel. I don't think the neighbourhood was zoned for it either, because the parking was real mess, both sides of the street were lined with cars.

When we "checked in", we didn't know who the host was, so we mistakenly asked another AirBnB renter if they were the owner?

When we "checked out", the next AirBnB guest asked if I was the host...

Cray cray.
Click to expand...

new meaning to slumdog millionaire
or should I say slumlord?
 
Lightcycle said:
Owner was actually Chinese.

Not to be racist, but I don't think he was Canadian-Chinese...
Click to expand...
2nd gen are so much more sensible arent they?
 
Watch out for this scam with a LOC. We had one for our microFIT solar. In rough numbers.
100K available in LOC.
Borrow 40K against it.
We now have 60 fixed and 40 revolving (or is it vice versa)
EVERY time we went to pay it down they put it on the fixed portion. Essentially adding credit to my credit line but not paying down the debt portion.
EVERY time we had to have the same discussion. I swear their sysstems were designed to make this error in the banks favour. Negative option billing anyone?? Effing banks.
 
Priller said:
We just renewed with our single-line lender (MCAP) after just over a year in on a 5-yr fixed, and the penalty was still a lot less than the 1.25% drop in rate saves us when you start to factor interest savings (payments are similar, but we're hitting the principal much quicker). There's also a way to renew and then break to reduce the penalty to three months interest if you're with a chartered bank that has brutal penalties, but I'm less familiar with that approach. A friend just did it, so I would be happy to put you in touch with the broker who walked him through the process.
Click to expand...
Thanks. I'll talk to my MCAP guy also. We looked into refinancing the mortgage a few months ago when we could have gone down from 2.79% to 1.75% and I would have paid ~13k into the mortgage, and 8k cash to make it. The broker told me that it'd be way more now because the rates are even lower. After speaking to him he recommended I just add more money to the principal every month (as we have been doing) and we'd still save a lot on the interest simply by paying more. We shaved a year off just by adding $7000 in extra payments last year. I've lowered the pre-payment from $1000/month down to $200 simply because I'm not working FIFO anymore, but still want to pre-pay as much as I can. Will raise it once the older one finishes daycare.
 
moarmoto said:
Lost another bidding war yesterday. It went 260k over listed, 160k over my offer.

Tonight seems like another one lost. Put in 170k over the listed (my max) but there are 13 more offers.

Sent from my M2007J20CG using Tapatalk
Click to expand...
Where?
 
nobbie48 said:
I was a one man band contractor for about 25 years and towards the end the paperwork time was overtaking the billable hours. More nanny state.

I don't know what is harder, finding good employees or good customers.

There use to be a guy that did a balancing act on TV. He stood on his hands and an assistant threw him wooden blocks. He'd catch one in his right hand, put it down, rest on it then catch with the left, rest, repeat until he was up about six feet. Similarly, if you can catch good customers and balance that out with good employees you've got it made. One crooked block and you smash your face on the floor.
Click to expand...
Whats harder? Finding good employees. No question about it. Watched a couple over the years walk out once they learned they were actually expected to work. Some just don't get it.
There is a lot of work out there and those who show a willingness to put in a good days work will stand out because it's become a rare trait.
 
You must log in or register to reply here.

Back
Top Bottom