Local listing that's been on the market for a couple years relisted at a 60k reduction. Won't budge things I'd guess.
How`s your house pricing doing?..
- Thread starter Glenn/RZ500
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But where do you keep your stuff?
Outside of NA do people have more control over buying stuff that needs to be stored instead of investing in activities.
Much of my "stuff" is tools to do projects. In a condo, there are so few projects to do and so much space and money currently dedicated to tools that an aggressive purge is a necessity. Tbh, I'm a terrible condo occupant. I just can't do it. I expect to be in this house until I head to LTC or a dirt nap.
Just met up with a realtor friend of ours this evening.
Said the market is effectively dead for the most part. Only movement is for houses that are priced according to current climate. Anything still listed in post COVID price isn’t moving.
She’s said she’s super busy with leases though.
Some condos have a storage lockers situated on a different floor as part of their property. At least the good ones do. You can keep your surfboards and bicycles in there.
Probably not the 450 sq ft investor specials though. Those don't even have a full kitchen, much less a galley kitchen. Maybe fine for a bachelor, a student or an AirBnB tourist. Not gonna work for a family of four.
More info on the bifurcation of the condo market:
Their cutoff sizes were <600 sq ft for investor-targeted "shoebox" condos and >800 sq ft for owner-occupied "livable" condos.
The current "condo crash" is affecting the former a lot more than the latter. I check the prices of the units in the condo building we used to live in once in a while. They haven't increased since the pandemic, but it hasn't fallen much either. Maybe 10-15% fall from the top in the last 4 years. Probably on par with SFHs in the rest of the 416.
If I could be satisfied with making wooden things smaller than a bread box I might be able to make it work. How may cuckoo clocks do I need?
A friend showed me his battery table saw and in its case it looked like a chubby sewing machine. It was quiet and had an efficient dust control system, unlike my Milwaukee that spreads sawdust fifteen feet in every direction.
I have a mini metal lathe and just acquired a mini milling machine, both relatively quiet. Routers are different (Noisy) as are most of my metal working tools.
Paint odours are another problem.
I'm sure there are rules or rules waiting to be made.
Unfortunately I envision most condo "shops" as a drawer with a few screwdrivers and a hammer.
Working on a vehicle in the parking garage is usually a no-no with the exception of adding windshield anti freeze. Liabilities and housekeeping issues.
A lot of the lockers I see are mesh cages with padlocks and hasps for security, not where I'd keep anything of value.
Do many of those 400 SF condos come with parking? Is the builder going to sell you a 400 SF condo and give you 200 SF for your car. It's actually more than another 50% if you factor in lanes and maneuvering space.
Furnishing is cheap, futon, hotplate and bar fridge
Relax
Well-known member
Is this a reputable channel? It gives me an AI vibe. I don't recognize some of those repeating overhead pans, especially the one by the water. Plus the narrator's pronunciation of Toronto. And now I see the "Synthetic content" banner at the top. Was going to forward to my daughter who is currently renting a 600 sqft condo downtown and thinking of buying instead.
Edit: OK, now I recognize the Queen Elizabeth Hotel in Montreal. Not sure what that's doing in a video on GTA housing.
Edit 2: Pronunciation of pre-sold as "prezzold"
You are right, it is AI-narrated.
Here is the CBC version saying the same thing:
Their bifurcation mark is "condos built between 2016-2020: 650 sq feet, condos built between 1971-1990: 1000 sq ft". Similar stats: more than half of new builds are classified as shoebox condos - square footage that most renters consider inadequate.
I see plenty of for sale signs up for months. When I look at my area which is basically St. Catharines through Fort Erie, the only houses moving are sold for well under list or very few houses listed at under market and sold for slightly higher than list.
Most are sold for tens of thousands less than list.
Granted not the gta but, I think it’s a relative picture of the market outside the gta. We don’t have a lot of multi plex, condos. Most of those are low income housing or retirement stuff. It’s mostly the burbs and commuting out this way.
Most are sold for tens of thousands less than list.
Granted not the gta but, I think it’s a relative picture of the market outside the gta. We don’t have a lot of multi plex, condos. Most of those are low income housing or retirement stuff. It’s mostly the burbs and commuting out this way.
List price means literally nothing. It's just a number RE agents use to play games and try to draw in buyers (and overly optimistic sellers). They hope they get emotionally invested and pay what the seller will actually sign for (which may be far over or under the list price) Comparison vs comps is much better but not as easy to do. It would be easy to do if RE agents had to file sold comps when uploading to MLS. Pick ridiculous comps and your license is on the line. If your listing is priced way off the comps, justify why.
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Depends on the contract, but typically for shoebox condos, parking spots are negotiated and deeded separately. Getting the list price as low as possible is part of the investor appeal. Livability and convenience for the tenant are a distant concern, which is why you're seeing a shoebox condo crash.
Ours came with 2 spots, but the building was not built in this millennium.
My friends with condo far from the GTA have 1600 sq ft three bed + storage locker and only one parking spot. Wtf. $1000/mo fees, no amenities. Sounds like hell to me.
Friend of a friend bought a condo in Lorne Park. 1.5M for 2400 sq ft two bed. Two parking + locker. Tax plus condo fee of $3000/mo. Barf.
We're in Mississauga and spouse likes to cruise the real estate ads looking at condos.
We have a few buildings in the area constructed in the early 1990's and the units are large, 750 - 1,150 sq ft, with 1 or 2 underground garage spaces and separate caged lockers. Refreshed 2 bedroom, 2 bathroom units now listing for $550k and selling for less. Significant downside are the condo fees and they range from $800 - $1,250 / M.
I guess one way to look at it would be to think that about $500 / m of the condo fee is effectively an ongoing premium you pay for better build quality and more space.
We have a few buildings in the area constructed in the early 1990's and the units are large, 750 - 1,150 sq ft, with 1 or 2 underground garage spaces and separate caged lockers. Refreshed 2 bedroom, 2 bathroom units now listing for $550k and selling for less. Significant downside are the condo fees and they range from $800 - $1,250 / M.
I guess one way to look at it would be to think that about $500 / m of the condo fee is effectively an ongoing premium you pay for better build quality and more space.
In 2012, our fees had climbed to $0.65/sq ft. I don't know the exact numbers today, but from comparables, looks to be over $1.00/sq ft.
Not cheap.
The target market for luxury/boutique condos are people who don't want to be arsed with mowing the lawn, shoveling a driveway and are willing to pay fees in lieu of maintenance. Retirees are the #1 demographic. They want to turn the key on the front door and leave for Florida in November, come back in April, turn the key again and have everything just as they left it. Throw in a couple of 14-day cruises the rest of the year.
We had similar requirements. Didn't care about a lawn. Took month-long vacations every year, gone riding out of the city/province/country every single weekend. The condo was just a place to sleep in from Mondays to Thursdays, and doubled as a storage unit for motorcycle gear. Admittedly, not a typical use case.
We were the youngest people in our building by 35-40 years. Everyone treated us like their grandkids whenever we saw them around the building.
Sadly, an ambulance parked outside our building was a regular occurrence.
Glenn/RZ500
Well-known member
Where`d you keep the bikes? From personal experience, what I`ve also seen and heard, motorcycles parked outside or in the underground especially are just bait waiting to be stolen, stripped or vandalized. I could see someone using a local storage type place, that`s probably a few grand a year though.In 2012, our fees had climbed to $0.65/sq ft. I don't know the exact numbers today, but from comparables, looks to be over $1.00/sq ft.
Not cheap.
The target market for luxury/boutique condos are people who don't want to be arsed with mowing the lawn, shoveling a driveway and are willing to pay fees in lieu of maintenance. Retirees are the #1 demographic. They want to turn the key on the front door and leave for Florida in November, come back in April, turn the key again and have everything just as they left it. Throw in a couple of 14-day cruises the rest of the year.
We had similar requirements. Didn't care about a lawn. Took month-long vacations every year, gone riding out of the city/province/country every single weekend. The condo was just a place to sleep in from Mondays to Thursdays, and doubled as a storage unit for motorcycle gear. Admittedly, not a typical use case.
We were the youngest people in our building by 35-40 years. Everyone treated us like their grandkids whenever we saw them around the building.
Sadly, an ambulance parked outside our building was a regular occurrence.
Had all my bikes parked in the underground garage.
Only 36 units in the building, so very little traffic, not sure that contributes to more security or less?
Nothing ever stolen the entire time I lived there. Just lucky, I guess.
Might also be that I never owned a bike that was on the most-likely-to-get-stolen list: Japanese 600cc sportbikes, Harley-Davidson, etc.
My buddy who currently lives in a condo had an underground garage break-in a couple of years ago. Twenty-year old CBR600RR got stolen out of the garage, his 2-year old KTM 1290 SAR was left untouched.
