COVID and the housing market | Page 184 | GTAMotorcycle.com

COVID and the housing market

george__ said:
I gotta keep that job, close on the property then worry about the job otherwise no A lenders
Click to expand...
Mortgage brokers and banks want to see an X amount of time at an employer. I got a mortgage a few months after switching jobs because it was in the same industry, and a progressive role.

Issues like that depend on your broker.
 
They are just completing a bunch of towns in east Hamilton south of the Lowes . $529 was the on paper number . East Hammer , Cayuga , Hamilton Mtn out towards airport are still introductory pricing.
Will they go up in value ?? Unless they find nuclear waste in the basements yes .


Sent from my iPhone using GTAMotorcycle.com
 
1800s historic church in Brantford has been remodeled into condos . Was featured in Toronto life magazine . 300k got a 2bd 2 bt , unit. Funky design / loft like . You need to think outside the box .
GO train runs into Hamilton, just off the 403 ……


Sent from my iPhone using GTAMotorcycle.com
 
mimico_polak said:
Mortgage brokers and banks want to see an X amount of time at an employer. I got a mortgage a few months after switching jobs because it was in the same industry, and a progressive role.

Issues like that depend on your broker.
Click to expand...
One of the '5 Cs' of credit -- Conditions. Traditional lenders value stability over time -- a mortgage is a long term commitment, lenders understand stability in employment reduces their risk.
 
george__ said:
www.blogto.com

Toronto rent prices just spiked by double-digits to stratospheric levels

Try finding rental accommodations anywhere in Toronto that doesn't eat up a huge share of your monthly income. No, really, we dare you. Try it. Tho...
www.blogto.com www.blogto.com
Click to expand...
I've worked in some low rent places and every morning to sign in we took the same elevator and every morning the same cleaner is mopping the urine off the elevator floor. No one should have to live with that.

However:

Studymagazine
I just rented out a great 600 sq', pet friendly, sunny, clean, upper duplex for 1675 near King and Bathurst.. New paint, floors and appliances, backyard. Amazing deal but most of the people who came through wanted, a dishwasher, stainless appliances, central air, marble counters, grantire shower, modern finishes everywhere, all for 1500. So if that is the bar, yes we have a problem. It took me 3 weeks to rent it for asking.

We need immigration and the number I heard was 400,000 and I assume most will head for Vancouver, Toronto and Montreal. Throw in a similar number of Canadian born and where do these new bedrooms come from and at what price to whom?

What is the new standard of living?

I could stand living in a dump for a couple of months or even a year to scratch up a down payment. I could accept the 600 SF place for a few years but eventually I want to build my equity and control.

Unless a person has latched onto a rocketing career those options are almost hopeless so what are the new options?

Do you give up on owning, pay perpetual rent and spend a bundle on someone else's property to make it your forever home. Then hope they don't use a loophole to boot you out. You could renovict yourself.

Do you try to save for a pipe dream that gets fainter every paycheck?

Do you go the YOLO route, travel and toy yourself happy? Nothing to lose mentality.

We need outside the box thinking but that screws up profits for the money holders. It would probably reduce tax revenues and the building of self serving empires.

If it's any consolation your biggest and best investment in life will not be your house. It will be your spouse.
 
specially if she comes with a good job and a pension. And a plan for re employment if her current career goes south. Not, Oh ,guess I retired early.

Number of people I know that married for hot pussy and 8 yrs later its done, and so is half of whatever you put into it. And the chronic under employed , she has a Phd but really likes deadheading geraniums at a nursery, it makes her happy. Hope you figure out what flowers are tasty.

And the ones that cant follow a plan, we will dig in for 7 yrs , get a downpayment then talk about kids. Hunnny I'm knocked up!! Well baby how , your taking birch control right? well Hunnnyyy , you work a lot of evenings and the gals and I go to town on the white wine and well taking that pills gets forgotten , and i really wanted a baby. Baby....
 
nobbie48 said:
I've worked in some low rent places and every morning to sign in we took the same elevator and every morning the same cleaner is mopping the urine off the elevator floor. No one should have to live with that.
.
Click to expand...
I did a job last week in a decent condo near the lake. >$1000/sq ft. Parking garage had at least three piss puddles in the six spaces I walked past. Some people need a punch in the face regardless of net worth.
 
nobbie48 said:
I've worked in some low rent places and every morning to sign in we took the same elevator and every morning the same cleaner is mopping the urine off the elevator floor. No one should have to live with that.

However:

Studymagazine
I just rented out a great 600 sq', pet friendly, sunny, clean, upper duplex for 1675 near King and Bathurst.. New paint, floors and appliances, backyard. Amazing deal but most of the people who came through wanted, a dishwasher, stainless appliances, central air, marble counters, grantire shower, modern finishes everywhere, all for 1500. So if that is the bar, yes we have a problem. It took me 3 weeks to rent it for asking.

We need immigration and the number I heard was 400,000 and I assume most will head for Vancouver, Toronto and Montreal. Throw in a similar number of Canadian born and where do these new bedrooms come from and at what price to whom?

What is the new standard of living?

I could stand living in a dump for a couple of months or even a year to scratch up a down payment. I could accept the 600 SF place for a few years but eventually I want to build my equity and control.

Unless a person has latched onto a rocketing career those options are almost hopeless so what are the new options?

Do you give up on owning, pay perpetual rent and spend a bundle on someone else's property to make it your forever home. Then hope they don't use a loophole to boot you out. You could renovict yourself.
Click to expand...
Talked to someone about a restaurant in a rented space at 40K a month than spent 27M on fitout. Miss a 40K payment and your 27M vanishes. Ouch.
 
GreyGhost said:
Talked to someone about a restaurant in a rented space at 40K a month than spent 27M on fitout. Miss a 40K payment and your 27M vanishes. Ouch.
Click to expand...
That is an M? I don't see any decimal points.

I know that turning vacant space into a restaurant is crazy expensive because of all the services and if it's upscale it shouldn't look like a burger joint but 27M? The curse of renting is that anything attached becomes part of the real estate.

The owner's wife gets to open a really nice restaurant for next to nothing.
 
nobbie48 said:
That is an M? I don't see any decimal points.

I know that turning vacant space into a restaurant is crazy expensive because of all the services and if it's upscale it shouldn't look like a burger joint but 27M? The curse of renting is that anything attached becomes part of the real estate.

The owner's wife gets to open a really nice restaurant for next to nothing.
Click to expand...
Yup. Upscale chain. 27M. No decimals.10-20K sq ft (I don't want people to be able to back out which restaurant). Heard it from a reliable source that talked to the owner. Always a chance that telephone game introduces errors.
 
crankcall said:
Google collapse of the Buca group in Toronto if your trying to figure out how put millions into spaces , leave hundred of thousands on suppliers books and keep the ball rolling. There is a reason Banks hate high end restaurants.


Sent from my iPhone using GTAMotorcycle.com
Click to expand...
I Googled Buca's demise. Shell games and money manipulation. The list of names on a lawsuit would look like a phone book.

One part mentioned reminded me of a contractor I dealt with. He ended up in a business relationship with one developer that gave him a ton of work, paying slowly. The developer's projects used up the guys line of credit.

Then he'd get a call that a cheque was ready and when he arrived to pick it up "Sorry, my partner forgot to sign it but we need you anyway to quote on a new job. We need a sharp price."

In other words, no sharp price and your cheque gets lost. He didn't have enough cash flow or credit to pursue more profitable clients.
 
Drama started with the current landlord 🙄

Yearly contract ends so you become month to month. But landlord needs someone iron tight to pay for half their mortgage.

I said nope to signing another contract so landlord decided kick us out now or sign another 12 month contract.
 
george__ said:
Drama started with the current landlord

Yearly contract ends so you become month to month. But landlord needs someone iron tight to pay for half their mortgage.

I said nope to signing another contract so landlord decided kick us out now or sign another 12 month contract.
Click to expand...
Ask for the legal standard contract for the 2nd year doesn't exist.
I would just sign for another year knowing it can't be enforced and you can walk at any time.
Sent using a thumb maybe 2
 
You must log in or register to reply here.

Back
Top Bottom