Our problem was in the city. When the kids got old enough to not go to the cottage the parents went to enjoy the cottage peace and quiet while the kids had all night parties keeping the whole neighbourhood awake.
It goes the other way too. The kids go up to the cottage for a weekend with their friends. Some of the in-laws nearby cottages really have some dumb young adults. Brilliant ideas like "let's go drinking and boating", shooting a pellet gun at their buddies swimming, trying to wakeboard with no spotter and the boat driver only looking backwards so everybody else needs to get out of their way, etc. Tbh, I'm surprised they survived the weekend.
The two things I’m seeing most in cottage country , when we did stupid it was a forty horse Viking motor not two , three hundreds and the jet ski had yet to be invented. We were still morons , however less traffic and less potential speed probably saved us . PWC along the shoreline hitting sixty five ? You just know when that’s going .
Cloverdale Mall started as an outdoor mall then added a roof over the walkways. Then it went fully enclosed and tarted up. Then they put on a huge addition for Target (Ouch) that is now empty. Then they decided to go the route of the Don Mills Centre by making it a mixed condo retail site.
Existing businesses saw the writing on the wall and many moved out in long term planning. The downturn in foot traffic isn't helping those that stayed. Condo presales are possibly zero. $1000 per square foot plus parking in today's market is beyond a stretch. It seems every time I go there's another boarded up storefront (Nicely painted). The Beer Store is gone. Sometimes the pros get the timing wrong as well.
Woodbine Centre, The parking lot is quite full but a lot of it is for trailer storage. The last time I went I saw a lot of low-end stores and the site may be for sale.
I suspect ( no data to back this up) being a landlord in anywhere outside a major city would be easier? than in the city . I think you might get less career deadbeats and possibly more conscientious customers?
Friend rented out a house in Barrie, during COVID the guy stopped paying. It took him almost 2 years to get him out. He showed up to the LLTB court date twice and paid in full, so they said everything's fine. Next month he would stop paying and the clock just reset.
He apparently did credit checks, references both personal, professional and previous land lords. Thankfully his place wasnt trashed after the guy left. He's now in small claims for $12,000 in back rent. Goooood luck.
Was flipping through FB marketplace and noted a listing from someone renting rooms in a home. It was pay per person. One person in the room 700, two people in the room 1400 and so on. This was for a single room!?!
I could not imagine paying that amount for a room 1400 is close to my mortgage payment. Ouch
Was flipping through FB marketplace and noted a listing from someone renting rooms in a home. It was pay per person. One person in the room 700, two people in the room 1400 and so on. This was for a single room!?!
I could not imagine paying that amount for a room 1400 is close to my mortgage payment. Ouch
A friend rents out room for about that amount but it's one to a room and decent rules. I rented a room ages ago, but it was one to a room. Another place I looked at had three sets of bunk beds. I've heard of hot bunking. In the 1800's country inns rented travelers a space in a bed.
I shudder to think about bathroom line-ups and meal preps.
A friend rents out room for about that amount but it's one to a room and decent rules. I rented a room ages ago, but it was one to a room. Another place I looked at had three sets of bunk beds. I've heard of hot bunking. In the 1800's country inns rented travelers a space in a bed.
I shudder to think about bathroom line-ups and meal preps.
Was flipping through FB marketplace and noted a listing from someone renting rooms in a home. It was pay per person. One person in the room 700, two people in the room 1400 and so on. This was for a single room!?!
I could not imagine paying that amount for a room 1400 is close to my mortgage payment. Ouch
House beside me was recently purchased and basement fully gutted and reno'd into some sort of indian rooming house, a vehicle will be there for a month or so, then gone, students coming and going, young couple carrying a dresser down the street yesterday and up the driveway, mattresses coming in and out... Not sure how owner is working it but must be on a weekly or monthly basis for about 7 or 8 beds.
House beside me was recently purchased and basement fully gutted and reno'd into some sort of indian rooming house, a vehicle will be there for a month or so, then gone, students coming and going, young couple carrying a dresser down the street yesterday and up the driveway, mattresses coming in and out... Not sure how owner is working it but must be on a weekly or monthly basis for about 7 or 8 beds.
I saw a condo complex turn into a vertical slum when the government started paying the rent for people used to lower standards. That caused more original owners to move and investors took over the building.
It was a gold mine for the investors. Guaranteed income and lowering maintenance costs because residents accepted slum status.
House beside me was recently purchased and basement fully gutted and reno'd into some sort of indian rooming house, a vehicle will be there for a month or so, then gone, students coming and going, young couple carrying a dresser down the street yesterday and up the driveway, mattresses coming in and out... Not sure how owner is working it but must be on a weekly or monthly basis for about 7 or 8 beds.
Saw my sister in Aldershot yesterday… a few doors down from her place a 1000sq bungalow was just licences for STA. Fire dept recently approved the residence for occupancy, 14 residents have moved in.
Saw my sister in Aldershot yesterday… a few doors down from her place a 1000sq bungalow was just licences for STA. Fire dept recently approved the residence for occupancy, 14 residents have moved in.
Need to valuate the cottage property as parents are yet again considering handing it down.
There's me and my sister, and she's not interested...but we spend some time here with my wife and kids and we all love it even though it's not what we truly want...but there's a saying in Polish....'if you can't have what you love, you love what you can get' and it rings true here.
Need to get an appraisal, or FMV, for the property in order to begin discussions.
Cost was 75k about 30 years ago or so...have put in a new roof, flooring, etc etc so not sure how much of that can be used but those receipts are long gone by now.
The only valuations I find here in Simcoe County is a single appraiser (sent email) and agents 'find out what your property is worth' but that's nothing more than lead generation.
Need to valuate the cottage property as parents are yet again considering handing it down.
There's me and my sister, and she's not interested...but we spend some time here with my wife and kids and we all love it even though it's not what we truly want...but there's a saying in Polish....'if you can't have what you love, you love what you can get' and it rings true here.
Need to get an appraisal, or FMV, for the property in order to begin discussions.
Cost was 75k about 30 years ago or so...have put in a new roof, flooring, etc etc so not sure how much of that can be used but those receipts are long gone by now.
The only valuations I find here in Simcoe County is a single appraiser (sent email) and agents 'find out what your property is worth' but that's nothing more than lead generation.
A lot of those receipts sound like maintenance, not improvements. Others will know better but I don't think maintenance affects your input valuation. Improvement (with documentation) can up your input cost. Sadly, the system is stupid and doesn't consider inflation. At a minimum, you should be allowed to escalate the 75k to 140 solely due to inflation but that's not the way the crooks in Ottawa work.
A lot of those receipts sound like maintenance, not improvements. Others will know better but I don't think maintenance affects your input valuation. Improvement (with documentation) can up your input cost. Sadly, the system is stupid and doesn't consider inflation. At a minimum, you should be allowed to escalate the 75k to 140 solely due to inflation but that's not the way the crooks in Ottawa work.
Today's prices with the post-Covid / interest rate crash might not be reflected in a multi year study. Anyone have a crystal ball with compensators for interest rates, tariff effects and future surprises?
Today's prices with the post-Covid / interest rate crash might not be reflected in a multi year study. Anyone have a crystal ball with compensators for interest rates, tariff effects and future surprises?
No crystal ball, but here is my take on real estate.
Presale speculation is gone. That hurts prices in areas where there is lots of building. Core city prices where there is no room to build are holding better than outlying burbs and near GTA small towns and cities.
Condo prices that surged in the run up are falling hard because of over featured buildings(high maintenance), and speculators have withdrawn.
High end homes and cottages are falling hard, particularly in outlying areas as speculation and high interest rates make them expensive investments unless they are gaining value.
Supply and demand rules. Demand in built out areas for homes remains reasonable strong, so price declines are smallest here. Exception are higher end luxury homes and condos.
In the outlying GTA and further, supply exceeds demands, prices that ran up fast are running down fast.
My real estate investments are now entry level homes in high demand areas where there is cost to build still exceeds market prices for existing homes.
I'm expecting to see more and more articles like this...small time 'investors' (more like speculators / gamblers) that can't afford to lose their deposits are going to get bit as the market continues to stall and retreat...
Another home has sold for a huge loss in Brampton. Those who bought homes at extremely high prices in early 2022 in Ontario are now selling at much lower prices. In Brampton, a home recently sold for a $469,000 loss, and a Mississauga home sold for a $700,000 loss in July. A cottage purchased...
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