COVID and the housing market

[POWERMAN]

Condo developer plans to buy $1-billion worth of single-family houses in Canada for rentals

Toronto company is betting an investment concept that has already proven lucrative in the U.S. will also be successful north of the border

www.theglobeandmail.com

Assuming an average of a million for each house...that means around a ~thousand houses?

Damn..

 

[nobbie48]

Condo developer plans to buy $1-billion worth of single-family houses in Canada for rentals

Toronto company is betting an investment concept that has already proven lucrative in the U.S. will also be successful north of the border

www.theglobeandmail.com

Assuming an average of a million for each house...that means around a ~thousand houses?

Damn..

I knew a guy that had a townhouse in Etobicoke When a developer started building a complex adjacent to his there was some discussion about the developer buying out the existing complex, tearing it down and putting up higher density housing at higher density prices.

It didn't happen.

 

[bigpoppa]

Condo developer plans to buy $1-billion worth of single-family houses in Canada for rentals

Toronto company is betting an investment concept that has already proven lucrative in the U.S. will also be successful north of the border

www.theglobeandmail.com

Assuming an average of a million for each house...that means around a ~thousand houses?

Damn..

"Core is targeting eight midsized cities in Ontario, and this year started buying properties in Kingston, St. Catharines, London, Barrie, Hamilton, Peterborough and Cambridge. It will soon start buying in Guelph. Its medium-term goal is to have a $1-billion portfolio of 4,000 rental units in Ontario, Quebec, B.C. and Atlantic Canada by 2026."

future's looking bright.

 

[GreyGhost]

Interesting article similar to the above. Large inestment corps are beginning to control much of the rental building stock. In some locations, close to a monopoly. They then use all legal measures in their power to drive up rents and therefore returns to the investors. Nobody gives a crap about the renters. Sad situation. Interesting solutions by other countries (if you own more than 3000 units, state can expropriate the rest and rent them out to keep rates lower). No idea if that is viable long-term.

The rise of financial landlords has turned rental apartments into a vehicle for profit

As huge firms including REITs drive rents, governments must move to treat housing as a home. An obvious step is to stop preferential tax treatment.

policyoptions.irpp.org

 

[Deleted member 50930]

This is kind of scary

 

[Deleted member 50930]

Anybody renting?

Did your landlord decide to increase their machine use costs?

edit: machine meaning dryer and laundry

 

[Evoex]

Anybody renting?

Did the landlord decide to increase their machine use costs?

Machine use?

 

[GreyGhost]

Machine use?

Pay laundry?

 

[油井緋色]

Interesting article similar to the above. Large inestment corps are beginning to control much of the rental building stock. In some locations, close to a monopoly. They then use all legal measures in their power to drive up rents and therefore returns to the investors. Nobody gives a crap about the renters. Sad situation. Interesting solutions by other countries (if you own more than 3000 units, state can expropriate the rest and rent them out to keep rates lower). No idea if that is viable long-term.

The rise of financial landlords has turned rental apartments into a vehicle for profit

As huge firms including REITs drive rents, governments must move to treat housing as a home. An obvious step is to stop preferential tax treatment.

policyoptions.irpp.org

As a previous renter, I will never buy another place to rent out to another person.

I hope the CEOs of these corporations get ****** without lube some day. I don't really see the difference between selling crystal meth and choking homes out of ppl's grasp for money.

 

[GreyGhost]

As a previous renter, I will never buy another place to rent out to another person.

I hope the CEOs of these corporations get ****** without lube some day. I don't really see the difference between selling crystal meth and choking homes out of ppl's grasp for money.

As a person that sees the wrongs in the world and has some means to correct them, you could make a positive change for a few people. Buy some units and rent them out at what you consider to be a reasonable price. Find good tenants and give them a chance to succeed in the world. It won't be the best financial investment for you but return on social capital could be high.

 

[油井緋色]

As a person that sees the wrongs in the world and has some means to correct them, you could make a positive change for a few people. Buy some units and rent them out at what you consider to be a reasonable price. Find good tenants and give them a chance to succeed in the world. It won't be the best financial investment for you but return on social capital could be high.

Good idea and might be possible in my life time. Thanks for the suggestion!

 

[mimico_polak]

As a previous renter, I will never buy another place to rent out to another person.

I hope the CEOs of these corporations get ****** without lube some day. I don't really see the difference between selling crystal meth and choking homes out of ppl's grasp for money.

As a previous landlord I disagree. I was able to provide housing for 6 families that couldn’t buy a house, or chose not to for a reason.

In 10 years of ownership we had very little turnover and I never increased rent for the tenants that were there. If a tenant moved out, I would increase the rent a bit to cover costs but overall the other landlords (5 buildings) always gave me **** for ‘lowering rents on the street’.

Not my fault I was the first buyer and got my place for 400k cheaper than the next guy.

 

[油井緋色]

As a previous landlord I disagree. I was able to provide housing for 6 families that couldn’t buy a house, or chose not to for a reason.

In 10 years of ownership we had very little turnover and I never increased rent for the tenants that were there. If a tenant moved out, I would increase the rent a bit to cover costs but overall the other landlords (5 buildings) always gave me **** for ‘lowering rents on the street’.

Not my fault I was the first buyer and got my place for 400k cheaper than the next guy.

I rmb your story and it's very different than the stuff @george__ described, I went through, and many others.

The article quoted involves a bunch of rich sacks of **** who don't have the brains to execute any good ideas so they ransack and stress existing systems to their limits to maximize profits.

 

[mimico_polak]

I rmb your story and it's very different than the stuff @george__ described, I went through, and many others.

The article quoted involves a bunch of rich sacks of **** who don't have the brains to execute any good ideas so they ransack and stress existing systems to their limits to maximize profits.

I agree and am sad that you guys had to go through such BS but the hammer goes both ways.

To the point I’m trying to make, same as @GreyGhost, is that being a landlord does not mean you have to be a slumlord. You can have a positive on families/people by being a good landlord and not maximizing profit over people.

I know landlords in my family that raise the max every year, yet the tenants are happy as **** (seemingly) to be living there because the relationship works. My family member goes to his property once a month because the tenants have taken it upon themselves to clean the common areas, take care of the garbage, and maintain the property as their own.

If the relationship is respectful both ways, it can work. But there needs to be a common respect. I wouldn’t raise my rents, and I do regret it somewhat. But what’s done is done. I miss my property very much. Wish I could’ve made the numbers work to keep it AND buy our current home.

 

[GreyGhost]

Check out this beauty. /s On 2 acres on a busy road outside of barrie. Listed for 999,900, sold for 999,500 in 10 days. Yikes. An ok 200K house.

 

[mimico_polak]

Our neighbourhood newest listing…Young couple mid 30s bought the place 2 years ago for less than 950k I think. Did a lot of work. Buy, Reno, live, sell. Rinse and repeat for tax free gains.

EDIT: Forgot to add price....$1.3M. Lineup of cars already today. Couple nice Porsches pulled for a his and her couple. I assume they're agents.

 

[nobbie48]

I rmb your story and it's very different than the stuff @george__ described, I went through, and many others.

The article quoted involves a bunch of rich sacks of **** who don't have the brains to execute any good ideas so they ransack and stress existing systems to their limits to maximize profits.

If those real estate investments end up in mutual funds anyone could be a partial owner without knowing it.

Everyone likes their portfolios to increase while they pity the plight of their neighbours, never connecting the two.

How much would the average person want in the way of assets to feel they have enough? A house and a million, add a cottage, maybe another million, just in case. How much is enough?

How do you plan to keep the government's hands off of it?

 

[mimico_polak]

If those real estate investments end up in mutual funds anyone could be a partial owner without knowing it.

Everyone likes their portfolios to increase while they pity the plight of their neighbours, never connecting the two.

How much would the average person want in the way of assets to feel they have enough? A house and a million, add a cottage, maybe another million, just in case. How much is enough?

How do you plan to keep the government's hands off of it?

It's always more than what we have. I have this argument / discussion with some friends fairly often. They're always bitching and complaining that this guy has this, and that guy has that...yet they forget to look at themselves and how good they have it.

- young couple early 40s, 2 kids, house + investment property
- young couple early 40s, 3 kids, house + cottage + rental condo + 2 boats + ATV + 3 cars
- young couple, mid 40s, 1 kid, house with minimal mortgage, 3 vacations per year (yet complaining the other 2 have it much better)

Gets tiring.

Mind you I get a little jealous of the first 2 myself lol. But I'm happy for them and wish them well.

 

[crankcall]

Condo developer buying thousands of homes to create rental pool ? Brilliant.
We've already determined there will be a lifetime of renters, the houses will just slowly escalate in value, and renters will pay his mortgages for ever.
Once they get to 'that age' , collapse the house and put two/three semis on the property and boom, triple the money.

Re: How much is enough?? whatever your comfortable with. We have friends that are very happy with the apt. they are in , the prius they drive and the camping holidays. I would not be happy with that. But thats ok to.

 

[bigpoppa]

Guy tries to get in touch with his mississauga MP asking him why he didnt vote yes or no on the recent housing motion where the conservatives try to get the market under control, turns out the MP hasnt done squat since october:

https://www.reddit.com/r/canadahousing/comments/o0cwsu