COVID and the housing market | Page 172 | GTAMotorcycle.com

COVID and the housing market

GreyGhost said:
Also the distance. I know for me, having access to a great space more than an hour away is almost useless to me. Especially when a shop like that presumably doesn't have a washroom so a multi-day visit is a pain. I need the shop/storage within a few minutes. About 10 years ago I looked at something similar in a GTA suburb close to my house. A big two car garage and some brush. Sadly, it was 5 acres and they wanted ~1M. I couldn't afford that then (or now). As an investment, it would probably have been great but cashflow would not have worked.
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My criteria is cheap enough to make a mortgage optional, and low monthly expenses (freehold, taxes, maintenance, insurance, heating) to minimize the income I'd be forced to generate to break even.

Everyone has their own tolerance for distance. My Hawk was stored in a friend's Scarborough industrial unit for 5 years while we worked on customizing it, and I was driving there every weekend and any other free days I had, as well as some evenings. I never had any issue with that commute and was grateful for the space. Definitely would bring in water and sewer, and build a washroom if not already there. Residential zoning is another key, so I COULD legally inhabit if I wanted. A year ago I found a completely paved 50x100 commercial lot for $125k, but the property tax alone would have killed my cash flow once I dropped a building on it.

Back in 2004 I found an almost perfect live/work property, but couldn't get over being across from the railroad tracks. It's the building next to Back Road Coffee Roasters in Port Credit. Main floor was a huge garage/shop, and the second floor had 2 apartments. $500,000 back then. I kick myself every time I drive by.

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Relax said:
My criteria is cheap enough to make a mortgage optional, and low monthly expenses (freehold, taxes, maintenance, insurance, heating) to minimize the income I'd be forced to generate to break even.

Everyone has their own tolerance for distance. My Hawk was stored in a friend's Scarborough industrial unit for 5 years while we worked on customizing it, and I was driving there every weekend and any other free days I had, as well as some evenings. I never had any issue with that commute and was grateful for the space. Definitely would bring in water and sewer, and build a washroom if not already there. Residential zoning is another key, so I COULD legally inhabit if I wanted. A year ago I found a completely paved 50x100 commercial lot for $125k, but the property tax alone would have killed my cash flow once I dropped a building on it.

Back in 2004 I found an almost perfect live/work property, but couldn't get over being across from the railroad tracks. It's the building next to Back Road Coffee Roasters in Port Credit. Main floor was a huge garage/shop, and the second floor had 2 apartments. $500,000 back then. I kick myself every time I drive by.

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My 1400 SF industrial condo cost $400+ / month in fees, similar in taxes that got you almost nothing. It had wet sprinklers so the gas had to be available even if you didn't need it and hydro. Throw in some insurance and it was a grand a month without a mortgage.
 
crankcall said:
Composting toilets and 200 gal water tanks with a grey/ black water holding tank . $1500. And you have washroom facilities in any industrial space .


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I'd go with a cartridge toilet. A composting toilet wants a constant supply of product to work.
 
nobbie48 said:
My 1400 SF industrial condo cost $400+ / month in fees, similar in taxes that got you almost nothing. It had wet sprinklers so the gas had to be available even if you didn't need it and hydro. Throw in some insurance and it was a grand a month without a mortgage.
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Yeah, there were a bunch for sale in Burlington last year starting around $225k for maybe 800 sq ft, but as new builds, the condo fees and property tax hadn't been established yet, and I suspected I'd be paying about the same as you mentioned. That would have made it more of a burden than an oasis.

This is a fascinating discussion. Since we're sort of off topic, I'm going to start a new thread and maybe the mods might consider moving this branch of the conversation over there.
 
Imagine doubling your money in 19 months on this absolute piece in Courtice.

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crankcall said:
I love what the individual owners have done with off color doors and different shutters on the front . Such elegance.
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I think that's 2 separate houses.
 
48Connor said:
Imagine doubling your money in 19 months on this absolute piece in Courtice.

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I suspect a lot of cash is going to flow into smaller homes further from big cities. A combination of immigration incentives, WFH opportunities, threat of increasing mortgage rates, and the fact a many of rural homes are priced less than the cost to build. The $$$ gains may appear small, but the percentage gains outside the GTA are proving to be enormous.
 
It is getting absolutely out of control. Every time I open up mls to see what's available I am blown away more and more. Seems like prices are going up 50k every few months now. So many crystal ball opportunities I kick myself on as well.

I think the worst one I've seen was a pie shaped court lot in Ancaster with a teardown house (literally holes in the roof and interior already stripped) was up in November 2020 for 750 or so and then by Feb 2021 the "investor" who bought it (realtor) posted it right back up for a million bucks...like wtf? the greed makes my blood boil.

Tiny little 1970's 1 room cottages on shore of lake Erie at the end of a farmers field with a laneway of maybe 20-30 cottages that were 80-120 grand for 20 years now jumping up to over half a million to 700 grand.
 
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Mikedezo44 said:
It is getting absolutely out of control. Every time I open up mls to see what's available I am blown away more and more. Seems like prices are going up 50k every few months now
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some places prices go up 30k/month

Who wants to work when you can just be a landlord/realtor?
 
bigpoppa said:
some places prices go up 30k/month

Who wants to work when you can just be a landlord/realtor?
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While I think realtors are way overpaid for what they do. I think the vast majority of them aren’t making anything special in terms of annual salary after the commission splits and payout to brokerage.

Landlording all depends on your skill set and ability to deal with people. If you’re not handy you pay handsomely. If you are….it’s awesome.
 
Being a landlord depends on the property you bought for effort involved. Buy then rent out a newer condo , no effort , buy a “ fixer upper” near the steel mills in the Hammer. More work required.
Also depends hugely on your tenants. Family of four whackers, constant plumbing and broken stuff . Condo rented to single work down town gal, not much required.




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crankcall said:
Being a landlord depends on the property you bought for effort involved. Buy then rent out a newer condo , no effort , buy a “ fixer upper” near the steel mills in the Hammer. More work required.
Also depends hugely on your tenants. Family of four whackers, constant plumbing and broken stuff . Condo rented to single work down town gal, not much required.




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100%. My experience has been 99% positive. The worst was always finding a new tenant 'are they going to be good? are they deadbeats? will they stay long?' and have had a very positive experience overall.

Cousins have a 3 plex in south Etobicoke. Also 80% positive experience with tenants. We bought a year apart of so and they were able to hang on to it because 3-plex rules allowed them to literally take equity out to buy their house on the equity.

But have had people who hated it, and got out of it within a few months. One lady kept calling her tenants 'those people' as if she hated them. Didn't last long.
 
I've been in a couple time , relocated executive = no issues, single mom = pretty good but needy ( would want a light bulb changed at 3am??) , and the relocated family from Australia , UNBELEIVABLE what they did . Family of 4 , trainwreck
 
Not a landlord yet but as a renter I can only imagine the nightmares.

Lived at this townhouse since ‘16, rent hasn’t gone up a penny since we moved in. We speak to the landlord maybe 4 times a year; typically to alert them to a bunch of mail for the previous tenant or from the board, something needs attention on the property, happy holidays and if we plan to renew the lease. A few things have broken and they were addressed the next day. When the landlord does visit (once a year for the lease renewal), she does a quick glance around in the doorway, heads straight to a table to sign docs and she’s out.

Honestly I was expecting a price increase this year on the rent but nope. Sent the landlord a text after thanking them for keeping the rent the same. They said thanks for taking care of the property.

This is probably the experience everyone deserves, on both sides.
 
crankcall said:
Being a landlord depends on the property you bought for effort involved. Buy then rent out a newer condo , no effort , buy a “ fixer upper” near the steel mills in the Hammer. More work required.
Also depends hugely on your tenants. Family of four whackers, constant plumbing and broken stuff . Condo rented to single work down town gal, not much required.




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Being a successful landlord makes it hard to be a decent person. I gave it up years ago -- mostly because I wasn't tough enough to demand I get paid before the renter's kids get fed. I kept the properties spotless, did grass and snow, prompt maintenance with the expectation of timely rent payments. Mostly worked out, had a couple of deadbeats.

In the end, I decided to reduce rents to below market value, which got me a ton of applicants to sift thru. I always asked to review their applications at their existing residence -- that gave me a peek into their personal situation, organization, and how they cared for someone else's real estate. That worked as a good strategy -- the last couple of years were lower income, but zero trouble as the renters were highly qualified.

I'm going to do it again soon, but this time as an AIRBNB host. I can be selective and not have the hassle of non-payments and less risk of damages over time from sloppy tenants.
 
Mad Mike said:
I'm going to do it again soon, but this time as an AIRBNB host. I can be selective and not have the hassle of non-payments and less risk of damages over time from sloppy tenants.
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Once my aunt is out of the picture on our cottage my plan is to Airbnb it. Lakefront property on a small lake is easy money, imo.
 
Evoex said:
Not a landlord yet but as a renter I can only imagine the nightmares.

Lived at this townhouse since ‘16, rent hasn’t gone up a penny since we moved in. We speak to the landlord maybe 4 times a year; typically to alert them to a bunch of mail for the previous tenant or from the board, something needs attention on the property, happy holidays and if we plan to renew the lease. A few things have broken and they were addressed the next day. When the landlord does visit (once a year for the lease renewal), she does a quick glance around in the doorway, heads straight to a table to sign docs and she’s out.

Honestly I was expecting a price increase this year on the rent but nope. Sent the landlord a text after thanking them for keeping the rent the same. They said thanks for taking care of the property.

This is probably the experience everyone deserves, on both sides.
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This is the same philosophy we have with our tenants. They are great tenants and by not increasing their rent it allows them to save more, and we are still covering our basic expenses. I mean we don't need to make a profit each month, seeing as they are paying the entire mortgage for us anyways. Win, win for everyone.
 
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