Theres an influx of houses hitting the market around me, all seem to be reselling after 3-5yrs of ownership . New interest rates banging up against the inflation rate and take home pay #'s ??
COVID and the housing market
- Thread starter mimico_polak
- Start date
I see a couple of foreclosures on my street.
Bank is asking 1.4 for one similar to mine. Same house just different interior, the original owner was from Lebanon.
Looks like they dropped the price already
Bank is asking 1.4 for one similar to mine. Same house just different interior, the original owner was from Lebanon.
Looks like they dropped the price already
Last edited:
175 square foot social area. Small RVs are bigger. I assume the bedroom and bath are more generous.
Ontario cities that have the most default mortgage homes for sale | insauga
Toronto has the most “power of sale” properties on the market in Ontario by far, but Brampton is in second place with nearly twice the default mortgage sales compared to Mississauga. The rankings come from real estate website www.powerofsalelisting.com, and shows some 152 power of sale listings...
www.insauga.com
The Toronto power of sale numbers are housing investors that are literally declaring the project over and walking . Adding the condo fees into the financed costs and looking at the time to break even let alone turn a profit and the party is over.
Brampton so I am told by my broker pal is mostly borderline criminal , fake paperwork on earnings statements so they could get mortgages they could afford then , not now . Guy working at dad’s Petrocan convenience, making two hundred and fifty k . Yeah , that happens a lot . ……
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Brampton so I am told by my broker pal is mostly borderline criminal , fake paperwork on earnings statements so they could get mortgages they could afford then , not now . Guy working at dad’s Petrocan convenience, making two hundred and fifty k . Yeah , that happens a lot . ……
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Multiple whammies
Prices down, interest rates up and a huge number of condo corporations with inadequate reserve funds.
I think it was Harris that made the new condo act face the reality of what happens when reserve funds are inadequate. I read it as a way of avoiding masses of condo owners begging for government bail outs when the joint needed new roofs or elevators as happened in BC. Not sure if they got anything.
So what happened to enforcing the act? The government was supposed take over if the fund wasn't right.
Anyone buying a condo needs a proper review of the mandatory reserve fund study and the price discounted to fit reality. A condo complex near us had a double million dollar garage restoration and is now asking for more money to correct things that weren't done right. IIRC guarantees are for two years.
Condo boards are notoriously incompetent. Many property managers only know the paperwork of what should be done, not knowing mud from mortar.
Some restoration contractors are linked to management companies.
What could possibly go wrong?
Condo boards are made of recruits from usually within the building , you may be a teacher or dentist , doesn’t mean you know how a building should work. The list of condo board directors that have a cousin Vinny in the paving business is a mile long .
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Glenn/RZ500
Well-known member
My neighbor, retired from 40 years in construction in the GTA and Boston cautions... "stay the hell away from condos". A couple friends in Durham got dinged for 30 grand in their big condo complex, as did all owners when their huge parking lot and walkway system needed replacing, paved and brickwork. The reserve had been drained in dealing with mold that had spread thru a number of units. Of course very few owners had 30 large to front them so monthly maintenance fees got jacked significantly. Welcome to it.
Mikedezo44
Well-known member
There's an old apartment building from the 70's or 80's near me. They had an outdoor 2 story parking lot, one about 7 feet below surface, one 7 foot above...it was looking pretty rough for years, they closed off the top story for a while, then ripped it off completely. Shored up the walls a bit and now cars are parking in the below level with no roof above it. Must not have had the big $$ to rebuild completely.
Mom’s condo needing the top level of the parking garage redone , twenty five yrs of salt had eaten the rebar and compromise the concrete . Assessment would be fifteen K per unit , payable in three installments in case it went over budget , then your last cheque could be more .
Board member had an aquaintance/ relative in construction and in favour of taking one quote and awarding the job . Retired civil engineer living in the condo took the quote and a measuring tape and went after the board for attempted fraud , the quoted lot was twenty five percent larger than the actual garage and included tens of thousands in additional poured cement and paving that was not required. Board member resigned and soon moved out of the building. He was a pariah. Happens all the time .
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Board member had an aquaintance/ relative in construction and in favour of taking one quote and awarding the job . Retired civil engineer living in the condo took the quote and a measuring tape and went after the board for attempted fraud , the quoted lot was twenty five percent larger than the actual garage and included tens of thousands in additional poured cement and paving that was not required. Board member resigned and soon moved out of the building. He was a pariah. Happens all the time .
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