COVID and the housing market | Page 174 | GTAMotorcycle.com

COVID and the housing market

I just wish that list prices would be indicative of reality...then I could figure out if it's worth it or not.

But I did see a few nice backsplits in the area, which is a better layout than our side split as it'll have a full basement. They all need work...but probably less than what I need here. LoL
 
mimico_polak said:
What happens if you move, market tanks, and now you're in AB instead of here? (unlikely but with impending increase in rates...anything can happen).

Just make sure you look at ALL the options before pulling the trigger.
Click to expand...
The what if curse.

What if you buy a bike and it doesn't work out? You lose a couple of grand, work flipping burgers for a couple of months to recoup and move on.

What ifs with a house are hundreds of thousands. No amount of burger flipping will fix that.
 
mimico_polak said:
I just wish that list prices would be indicative of reality...then I could figure out if it's worth it or not.

But I did see a few nice backsplits in the area, which is a better layout than our side split as it'll have a full basement. They all need work...but probably less than what I need here. LoL
Click to expand...
There are sites that provide the sold prices. I use Zoocasa and it is also free, just have to create an account.
 
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.
Click to expand...

Wish I could like this twice


Sent from my iPhone using GTAMotorcycle.com mobile app
 
backmarkerducati said:
There are sites that provide the sold prices. I use Zoocasa and it is also free, just have to create an account.
Click to expand...
If he's looking around for places to potentially buy, it would be nice if there was an easy way to search by expected sale price instead of posted useless price. HouseSigma provides an expected price but I have seen it way off and I have seen it really close. I'm not sure if it is consistent enough to be relied upon for an average house. If so, being able to filter the map based on their predicted sale price could be really helpful during your search. Sure, you could manually look at each listing as well as nearby sold and predict prices and you could predict a price but that will take a long time especially if your search encompasses more than one neighbourhood where differential between list and sale may be wildly different.
 
mimico_polak said:
What happens if you move, market tanks, and now you're in AB instead of here? (unlikely but with impending increase in rates...anything can happen).

Just make sure you look at ALL the options before pulling the trigger.
Click to expand...

I think the opposite is going to happen. Rates going up so even more FOMO among folks to buy and lock in low rates now. So this is definitely risky because we may be buying at the top just before the crash...

Lets say..
If we can pull off the townhouse in AB and market tanks I might try to find a way to buy a condo and rent it out. Since we are screwed and can't come back to Ontario.

And why not. If banks think we can float a 750k mortgage in Ontario what is wrong with a 600-650k with two properties in AB?
 
george__ said:
I think the opposite is going to happen. Rates going up so even more FOMO among folks to buy and lock in low rates now. So this is definitely risky because we may be buying at the top just before the crash...

Lets say..
If we can pull off the townhouse in AB and market tanks I might try to find a way to buy a condo and rent it out. Since we are screwed and can't come back to Ontario.

And why not. If banks think we can float a 750k mortgage in Ontario what is wrong with a 600-650k with two properties in AB?
Click to expand...
I wish you and your wife all the best. Tough decision for sure. Not sure I'd be able to pull it off...but who knows.
 
mimico_polak said:
I just wish that list prices would be indicative of reality...then I could figure out if it's worth it or not.

But I did see a few nice backsplits in the area, which is a better layout than our side split as it'll have a full basement. They all need work...but probably less than what I need here. LoL
Click to expand...
Most people buy their second or third house because they really liked something about it.. neighborhood, style, or maybe just good bones and promise. An older home is like an older car, bike, wife -- all need maintenance, repairs, and periodic facelifts.

I've been thru your saga and decided it was better for me to convert what I have into what I wanted. I figure it would cost me $150K in quite (real estate commissions, land transfer, legal, and moving costs) to exchange my place for another similar place. Add another $35K if you're inside the Toronto boundary for land transfer tax. That buys a lot of upgrades, particularly if you can handle some DIY -- the result is what you want.

It took time as the prior owner was a Super-Kevin, but now it's all good now. I have everything I want, my wife has what she wants, and from here on in its minor maintenance.
 
Mad Mike said:
Most people buy their second or third house because they really liked something about it.. neighborhood, style, or maybe just good bones and promise. An older home is like an older car, bike, wife -- all need maintenance, repairs, and periodic facelifts.

I've been thru your saga and decided it was better for me to convert what I have into what I wanted. I figure it would cost me $150K in quite (real estate commissions, land transfer, legal, and moving costs) to exchange my place for another similar place. Add another $35K if you're inside the Toronto boundary for land transfer tax. That buys a lot of upgrades, particularly if you can handle some DIY -- the result is what you want.

It took time as the prior owner was a Super-Kevin, but now it's all good now. I have everything I want, my wife has what she wants, and from here on in its minor maintenance.
Click to expand...
Makes sense.

My first house (6-plex) I loved the area, the property, and everything with it.

My second house (townhouse)v we absolutely hated the area, but loved the size, and the neighbours were friendly.

Current house...we love the lot, area, neighbours, commute, street, and the actual house (besides lack of full basement, and Kevin's **** show).

We actually do not want to move. As such, we are looking at all the options of what can be done here. If I could find a framer and roofer myself, I'd just get the damn design from the architect and get the roof removed, re-framed, and re-roofed. Then I'd deal with the rest as time allowed.

I'm sure it would come out cheaper than using Modular. And I should actually start calling up companies that do roofing / framing only if only to see what's what. I thought I'm settled on Modular...but there are options to do it in a different manner.
 
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.
Click to expand...
Beware the double edged sword.

If your landlord sells and the new one ups the rent to market price be prepared.

If the new owner moves in and you have to go hunting be aware of the market value rents.

Renoviction is the new term to tart up an old building to get market rates that the old tenants can't afford.

A property in Rexdale IIRC sold and is being either massively renovated or demolished. The tenants, used to the locked down $1200 to $1500 a month are finding that they can't even find basement apartments at those numbers.

If you can afford it, put what the rent should be into a bank account and draw rent cheques on the account. Hopefully the balance will grow enough to add to an eventual down payment if that's in your dreams.

In this somewhat socialized world we have a lot of benefits we take for granted. In a worst case scenario a person could lose their job and have to relocate. In one shot they could lose a company car, cell phone, laptop and health benefits while the relocation costs them rent controls.

For the landlord, if your rents are artificially low they could in some cases lower the selling price of your unit. That may hamper your ability to get a new property that you really want.

If I was a landlord and had a good tenant I wouldn't want to gain a few bucks only to endure deadbeats and demolishers. However a subtle COLA would be a mild reminder for the tenant that they are susceptable to market fluctuations.

I don't know the implications of maxing out the rent and kicking back some of the increase to the tenant as a Unit property manager. The job would be contract and not passed on to a new tenant.
 
mimico_polak said:
If the MIL wasn’t living with us I’d be happy renting out that room to help out with mortgage!

Just looking at houses in our area for comparison. Saw a couple potential properties.
Click to expand...
A friend lives a few miles north of you but about the same travel time to U of T. He was getting $600 to $700 a month for a room in his townhouse before Covid. A rooming house isn't as under the thumb of the landlord tenant BS as an apartment. You lose some privacy but have more control. If I was in his situation I would rent to U of T students and throw them out for the summer. Ones that were fringe wouldn't be invited back in the fall and I'd get the summer off.

Students have a chance of being more intellectually diverse compared to taking in a welfare bum looking for a place to drink, smoke and complain.
 
mimico_polak said:
Makes sense.

My first house (6-plex) I loved the area, the property, and everything with it.

My second house (townhouse)v we absolutely hated the area, but loved the size, and the neighbours were friendly.

Current house...we love the lot, area, neighbours, commute, street, and the actual house (besides lack of full basement, and Kevin's **** show).

We actually do not want to move. As such, we are looking at all the options of what can be done here. If I could find a framer and roofer myself, I'd just get the damn design from the architect and get the roof removed, re-framed, and re-roofed. Then I'd deal with the rest as time allowed.

I'm sure it would come out cheaper than using Modular. And I should actually start calling up companies that do roofing / framing only if only to see what's what. I thought I'm settled on Modular...but there are options to do it in a different manner.
Click to expand...

My house is similar to your but a bit smaller so I understand some of the complexities. You are also in a very desirable area. They don't build any more of those. Barring more Kevin Katastrophies I don't think a move beats an addition.

1) Get a ballpark price on the shell addition, even without architects drawings. How big is the monster?

2) Make a deficiency list A, B, C

A) Must be done

B) Should be done

C) Can be done later at a similar cost

Snoop everywhere. You should be able to envision every crevice of your property. What's behind that wall? Hidden space that could be storage? A Kevin waiting to happen? I believe in hitting freight trains head on (when I have to). You do not want to find out that when they rip the roof off, the job stalls because Kevin &%#*&^& and it's going to slow progress and double the price.
 
nobbie48 said:
Beware the double edged sword.

If your landlord sells and the new one ups the rent to market price be prepared.

If the new owner moves in and you have to go hunting be aware of the market value rents.

Renoviction is the new term to tart up an old building to get market rates that the old tenants can't afford.

A property in Rexdale IIRC sold and is being either massively renovated or demolished. The tenants, used to the locked down $1200 to $1500 a month are finding that they can't even find basement apartments at those numbers.

If you can afford it, put what the rent should be into a bank account and draw rent cheques on the account. Hopefully the balance will grow enough to add to an eventual down payment if that's in your dreams.

In this somewhat socialized world we have a lot of benefits we take for granted. In a worst case scenario a person could lose their job and have to relocate. In one shot they could lose a company car, cell phone, laptop and health benefits while the relocation costs them rent controls.

For the landlord, if your rents are artificially low they could in some cases lower the selling price of your unit. That may hamper your ability to get a new property that you really want.

If I was a landlord and had a good tenant I wouldn't want to gain a few bucks only to endure deadbeats and demolishers. However a subtle COLA would be a mild reminder for the tenant that they are susceptable to market fluctuations.

I don't know the implications of maxing out the rent and kicking back some of the increase to the tenant as a Unit property manager. The job would be contract and not passed on to a new tenant.
Click to expand...
We have money in the bank for a house, not in a rush to step into a large mortgage on a 60 year old house that needs massive renos.

I refuse to live my life worrying about what ifs. I’ve got a large war chest and if I have to move then so be it.

I had 6+ years of no rent increases, I can hardly complain. 🙂
 
Evoex said:
We have money in the bank for a house, not in a rush to step into a large mortgage on a 60 year old house that needs massive renos.

I refuse to live my life worrying about what ifs. I’ve got a large war chest and if I have to move then so be it.

I had 6+ years of no rent increases, I can hardly complain. 🙂
Click to expand...
You will be happier if you wait for the right thing. A friend got frustrated and told his wife "If there's nothing wrong with the next one let's buy it."

There was nothing wrong with it but there was nothing right with it either. Moved again.
 
Evoex said:
We have money in the bank for a house, not in a rush to step into a large mortgage on a 60 year old house that needs massive renos.

I refuse to live my life worrying about what ifs. I’ve got a large war chest and if I have to move then so be it.

I had 6+ years of no rent increases, I can hardly complain. 🙂
Click to expand...
Come on and join the fun! If you're lucky you'll get your very own Kevin to deal with!
 
nobbie48 said:
My house is similar to your but a bit smaller so I understand some of the complexities. You are also in a very desirable area. They don't build any more of those. Barring more Kevin Katastrophies I don't think a move beats an addition.

1) Get a ballpark price on the shell addition, even without architects drawings. How big is the monster?

2) Make a deficiency list A, B, C

A) Must be done

B) Should be done

C) Can be done later at a similar cost

Snoop everywhere. You should be able to envision every crevice of your property. What's behind that wall? Hidden space that could be storage? A Kevin waiting to happen? I believe in hitting freight trains head on (when I have to). You do not want to find out that when they rip the roof off, the job stalls because Kevin &%#*&^& and it's going to slow progress and double the price.
Click to expand...
Ballpark price is 150-200k, but no one will give me a better idea until I get a set of drawings. Drawings will cost me 8k with all the ancillary work to perform the permit.

However, those same drawings may allow me to split the work as they include modifications to the main floor and upper floor.

More calls. More pricing. More issues.

I'm also OK with ripping out the rooms one by one and insulating them.
 
I was pretty happy when we looked at this house and realized the previous owner was not handy, anything that was done had been contracted out and appears to have been done right and well .
Thats serious peace of mind. I did think about having the great room gas fireplace swapped since this one is working fine but in 12 yrs they are making better looking ones . Unit we liked was $6200. ...... well that can wait LOL
 
crankcall said:
I was pretty happy when we looked at this house and realized the previous owner was not handy, anything that was done had been contracted out and appears to have been done right and well .
Thats serious peace of mind. I did think about having the great room gas fireplace swapped since this one is working fine but in 12 yrs they are making better looking ones . Unit we liked was $6200. ...... well that can wait LOL
Click to expand...
The previous owners of our house were not handy and contracted things out. The contractors knew the owners didn't know what was going on so they put nice finishes on and skipped the hidden important bits (like insulating rim joist and basement walls or sealing a leaky cold room slab before capping it with stone). California knockdown ceiling in the basement so no way to do it now without redoing the entire ceiling. Bah.
 
You must log in or register to reply here.

Back
Top Bottom