If there was a time to transfer , this could be it
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How`s your house pricing doing?..
- Thread starter Glenn/RZ500
- Start date
In our area days on the market are typically around a month. To me that's a healthy amount of time for a decision on a major purchase.
The bidding wars, with parked cars full of hopefuls parked at the curb are gone.
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Acquaintance in Aldershot is now one yr on market , I don’t know if they listed on the moon , but if nobody wants it in a year something ain’t right . Meanwhile they bought a huge house in Ganonoque a year ago at the inflated prices , and they own it now .
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This is what we're thinking.
First appraiser was a ridiculously demanding person:
- I don't do this, that or the other
- must be b/w xam -> ypm only and nothing else matters
Second one seems better so I'm thinking of going with them.
Both came in at $550+HST which was half of what I was expecting.
They may be psychologically screwed into dumping the Aldershot place. Unless they have a secret game plan they probably lost equity on both properties and are paying an expensive waiting game that will show as a steep cliff on their net worth chart regardless of where they end up.
If they dump the new place it will seriously bruise egos if they end up at the original place but with less money.
They will be out the same amount of money in the new place but will at least have something new.
Mad Mike
Well-known member
Holding 2 high value properties at the same time cuts into your personal exemption. Can be costly, in the long term.
When we bought our house, we looked at another nearby. The owners of that house had bought a second house nearby and listed the first. When the first wasn't selling at quickly as they hoped, they listed the second house too. The second house sold first and they moved back into the first house. That was an expensive few years for them. RE commissions, LTT, moving, interest, mortgage penalties all to end up where they started.
Anyone that hasn't kept up with CRA rules on principal residence status might get a serious wake up call. There was a big change in late 2016 and more to come.
When my M-I-L passed away in 2019 the executor wasn't aware of the changes, having dealt with his on mother's estate a few years earlier and assuming the same rules.
Because of the changes and a long will settlement the principal residence went up in value. What saved the estates bacon was my M-I-L died in January so her yearly income was minimal. Had she died a week earlier she would have had a full year of pension income, CPP and OAS.
Mad Mike
Well-known member
At least those expenses are tax deductible, not that it makes things good, just eases the pain a bit.
Assuming you had a capital gain to offset. As neither was rented, I don't think you can write off any of those against normal income.
Mad Mike
Well-known member
Save that appraisal till you’re near certain you’ll do the deal. Realtors will have a close valuation, that costs nothing.
If you do the evaluation just before selling, it becomes a legit selling cost item that reduces capital gains. Doing it now is an operating expense, only deductible if it’s a rental income property.
Mad Mike
Well-known member
You can claim operating expenses (mortgage, how, insurance, property tax, maintenance) against income if you claim the property was an investment for income. Capital items, ltt , sales commissions, and the capital loss claimed as an offset against capital gains 3 years back and indefinitely forward.
Unless you’re on the red flag list with CRA, that wouldn’t raise the flag nor interest them.
Purchased a detached house in 1989 and not selling in short term.
We made a huge gain, on paper, in 2021 and 2022 in the COVID craze, and have "suffered" a huge loss on same but it's completely irrelvant to us day to day in term of cost of living and affordability.
AI Question: Mississauga housing prices for detached home in 2019 and 2026
AI Response: In Mississauga, the average price of a detached home was roughly $1,085,000 in 2019, which later surged to pandemic peaks above $1.5 million. By mid-2026, the average price for a detached home in the city sits at $1,364,097\), while median sold prices rest around $1,250,000.
So, ignoring the crazy, and meaningless to us, COVID pricing we're still ahead by a good margin.
We made a huge gain, on paper, in 2021 and 2022 in the COVID craze, and have "suffered" a huge loss on same but it's completely irrelvant to us day to day in term of cost of living and affordability.
AI Question: Mississauga housing prices for detached home in 2019 and 2026
AI Response: In Mississauga, the average price of a detached home was roughly $1,085,000 in 2019, which later surged to pandemic peaks above $1.5 million. By mid-2026, the average price for a detached home in the city sits at $1,364,097\), while median sold prices rest around $1,250,000.
So, ignoring the crazy, and meaningless to us, COVID pricing we're still ahead by a good margin.
Thanks. We’re not selling. Just taking it from parents as they don’t want it any longer.
Mikedezo44
Well-known member
My grandmother moved into a home last fall and her house (semi, 1 BR bungalow) in a desirable seniors neighborhood (mt. hope/hamilton) was listed in January. finally got an offer last week but it was a waste of time. Agent is working for her money. a number of open houses/showings but no offers. it's one of the cheapest in the neighborhood too, other 2 bedroom double garage units are 200k more.
1B is a tough sell. Most people want at least 2. That being said, for the right person it could be a great downsizing house that frees up lots of cash while keeping you out of condo hell.
410001661
Well-known member
I am not going crazy and moving to Markdale, South River or Tillsonburg but Burlington is too busy and I see it only getting worse with the rise in Condo's going in. I have been here since 1997 and downtown since 2003 and having to plan my trips to get across the bridge or out of the city is not my cup of tea. When the Skyway is closed or when the Brampton dump truck drivers does what they do best, everything gets backed up backed up and my street becomes a parking lot. I have a 3 story fully renovated 5 bedroom house in the downtown core of Burlington on a massive lot, so I am not worried as core houses are always in high demand - you just cannot be stupid and ask for $2.4M for a 2+1 Bungalow.
Once my kids settle down I do not need to be here. Even if they settle locally I can move to Smithville, Dunnville, or Port Colbourne and have all the amenities within a short drive and not have to deal with citiot commuter traffic.
Mad Mike
Well-known member
Traffic problems aren’t horrible inside Burlington, but the QEW is often messy. The thing that gets me most is the amount of petty crime my friends and family have experienced - car breakins, porch pirates, fraud at merchants - even me who is they’re 2-3 times a month. My truck plates were stolen while I was paying for gas at the Pioneer on Appleby!
Burlington / Oakville traffic is pretty messy , I stay mostly south of the Qew so a bit insulated but the QEW itself can stop any time of the day for no apparent reason . Everyone bailing at Bronte Rd to New st to get over to the skyway and cut the corner causes Caos daily . If I was three mins to the harbour and ninety percent of my friend circle weren’t here I think different about staying . I don’t want to find new friends that would tolerate me .
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410001661
Well-known member
I agree......when the QEW gets backed up (and it gets backed up often) all the idiots that moved to Grimsby and work in Mississauga will try to drive through the neighborhoods to 'beat' the traffic on the way to the lift bridge. Last summer the skyway had reduced lanes, and the lift bridge was down to one lane each way. Things were a quagmire from Maple to Appleby - Lakeshore/New/Fairview all jammed packed including all the side streets. One time I was out on my bike and and was stuck at New and Guelph Line and it was a hot one out. Decided WTF and drove through the Rotary Youth Center parking lot and across the trail in central Park out by the Library and on to Caroline and then home.
