COVID and the housing market | Page 183 | GTAMotorcycle.com

COVID and the housing market

GreyGhost said:
Swanky freehold town (with $149/mo maintenance?) just sold in north Ajax. Listed for 1.3, sold for 1.75 in one day.

45 Workmens Circle
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Freehold = No or minimal management fees

No elevators, costly little buggers especially if the building is over a couple of stories. Deferring maintenance is not an option.

No parking garage to crumble.

Simple roof replacement.

Minimal common element to $hare, just check the HOA rules in case.

If the overall square footage of the block is under XXXX there aren't nearly as many fire code requirements to pay for and maintain.

If you can afford a town grab it instead of a high rise. As a bonus your bike is in your locked garage
 
Damn road blocks ÷_÷_÷_÷_÷

Bank wants higher down payment for pre construction townhouse because my partner and combined income is too low.

Urgg
 
george__ said:
Damn road blocks ÷_÷_÷_÷_÷

Bank wants higher down payment for pre construction townhouse because my partner and combined income is too low.

Urgg
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When is the completion date? For now all you have to pay is the deposit on the unit you want no?
 
Yowza!

So 750k unit....how much do you have to pay the builder now? That money goes against the mortgage anyway. Does THAT part count as part of the down payment? Or is that separate from the down payment?

What's the builder schedule of payments? If it's 100k over 3 years you should have a mortgage of no more than 650k. What's the bank calculating the down payment / mortgage requirement on?

Obviously you've seen the risk of pre-builds....so no need to explain that.

Buy the place, make sure you can assign the sale to someone else prior to closing, and you can make some cash then...if the property goes up.
 
1400 sq ft
Town House; ~840,000
Down payment: (126,000)
Mortgage; 714,000


And there are monthly condo fees


I wish it was in the 700s- down payment
 
george__ said:
1400 sq ft
Town House; ~840,000
Down payment: (126,000)
Mortgage; 714,000


And there are monthly condo fees


I wish it was in the 700s- down payment
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holy $h!t....wow...

The townhouses where we lived were great. Not the best area, but it's up and coming (long way to go) as it was right around Dundas / Hurontario on Kirwin.

I think towns there are going for the 650-750k range. We sold ours for 535k 2.5 years ago, and bought it for 420k 3 years prior to that. The fees were around $350/month when we left...but the Board is a bunch of yahoos.

Also they're building the Hurontario LRT as we speak there, so access will be better and good transit nearby never hurts your resale value.
 
The youngest baby boomers are now 58 years old. I have seen numbers in the range of 20% of the current workforce retiring in the next five or so years (boomers and early genx). Here is also the 2018 population Pyramid for Canada.... This is also a big part of the great resignation as people can retire why keep working, specially right now--but that does not play as well as blaming CERB or lazy millennials for workforce shortages.

1643399047019.png

I can't predict the outcome but as far as supply and demand in large cities there could be some hope on the horizon as people retire they will need cash eventually and they can't take it with them....

In many industries there is a panic starting as they are looking at a huge portions of their workforce retiring. Many professional certifying bodies are also freaking out as they moved the barrier to entry bar up and now they are looking at shortages...
 
what about buying whatever nearby Hamilton and Cayuga if it is around 600k?

Will properties appreciate downthere?
 
george__ said:
what about buying whatever nearby Hamilton and Cayuga if it is around 600k?

Will properties appreciate downthere?
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They should always appreciate. There’s only so much land and development of neighborhoods will continue to ramp up as people move into the area.
 
george__ said:
what about buying whatever nearby Hamilton and Cayuga if it is around 600k?

Will properties appreciate downthere?
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I could go back to Hamilton no problem. I really enjoyed it the 10 years I lived there. Hamilton properties have done very well over the years and I would be comfortable owning there.

On that Kitchener town house. Don’t FOMO your way into putting down a deposit or signing a contract for a $800,000 purchase unless you’re 100% confident you can close on it in 3 years. Assignment sales are fine but shouldn’t be the back up plan.
 
george__ said:
what about buying whatever nearby Hamilton and Cayuga if it is around 600k?

Will properties appreciate downthere?
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Well they already have... If everything continues like today yes. If there is a correction that 600K may drop a lot as there will be less demand for farther out if closer to Toronto drops. Sorry not for sure answers here.

What you should consider. Can you afford it now? Will the commute kills you? If you lost your job where is the most likely area for the next one and will that commute kill you? If it drops say 30% will you be in trouble or can you ride it out?
 
backmarkerducati said:
The youngest baby boomers are now 58 years old. I have seen numbers in the range of 20% of the current workforce retiring in the next five or so years (boomers and early genx). Here is also the 2018 population Pyramid for Canada.... This is also a big part of the great resignation as people can retire why keep working, specially right now--but that does not play as well as blaming CERB or lazy millennials for workforce shortages.

View attachment 53137

I can't predict the outcome but as far as supply and demand in large cities there could be some hope on the horizon as people retire they will need cash eventually and they can't take it with them....

In many industries there is a panic starting as they are looking at a huge portions of their workforce retiring. Many professional certifying bodies are also freaking out as they moved the barrier to entry bar up and now they are looking at shortages...
Click to expand...

I think this is the graph that gets more to your point. Look at the number for ages 15-24 collecting unemployment compared to their counterparts. Q3 saw the end of CRB -- what's really sad is ages 15-24, had 20.4% collection benefits in the prior reporting perion (50% more people), all other age groups were about the same.


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danp said:
That's very... cozy

It actually wouldn't be bad as a place to sleep during the week if you work down town, and you can go to your real house for the weekends. But at 562... nah
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I think the units are meant for international students studying at Ryerson. They'll be sleeping in drawings like on Seinfeld.
 
danp said:
That's very... cozy

It actually wouldn't be bad as a place to sleep during the week if you work down town, and you can go to your real house for the weekends. But at 562... nah
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Dont forget six figure parking (and add anotherr15K if you want an EV) and a view premium of up to 20K if you want something to look at.
 
george__ said:
what about buying whatever nearby Hamilton and Cayuga if it is around 600k?

Will properties appreciate downthere?
Click to expand...
I think the most important question is WHERE will you plan on working if you live in the Hamilton Area. Keep commuting to Toronto at your current job? How about your wife? Work? School? Both?

It opens you up to a lot of possibilities.

- Hamilton to Toronto
- Hamilton to Niagara
- Hamilton to KW
- Hamilton to London

On the other hand, you can always look at future Metrolinx / Transit expansion plans and see what the next lines are and where they will be expanding to. It's a resource to use and can also make your commute much less stressful.

One of my buddies was a machine when we were working together years ago....work night shift (we loved him as no one wanted it), finish shift, sleep on bus to Waterloo to do his masters, take bus back to Toronto to work. 2 years of that....he'll be my boss one day, and I'll quit the day they make me his employee.
 
I gotta keep that job, close on the property then worry about the job otherwise no A lenders
 
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