Bring your wallet - those seem rather underpriced in this market and will fetch more than asking, even without looking at the neighbourhoods.My starter home?
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COVID and the housing market
- Thread starter mimico_polak
- Start date
POWERMAN
Well-known member
After I sold the condo in square one last year I felt like the money was literally just rotting away in the bank while the market was going crazy.
I wish I purchased back in November last year before prices went extra extra haywire...but I accepted a new offer with another organization and had to wait out the 3 month probation period.
I visited close around 60-75 properties between mid December to the end of Jan...Hamilton was already out of my reach as properties listed for 500kish were selling for 800kish. Even ****** places with unfinished interiors etc were selling for 700k+...wth?
Saint Catherines and Waterloo were nice but it was getting intense in those regions as well.
I think it was a miracle I was able to secure a newly renovated place in Brantford near the Uni for something a little shy of 700k back in Feb.
Last I checked it has risen almost 60k+ in a month and a half?
I wonder how long this will continue....
I wish I purchased back in November last year before prices went extra extra haywire...but I accepted a new offer with another organization and had to wait out the 3 month probation period.
I visited close around 60-75 properties between mid December to the end of Jan...Hamilton was already out of my reach as properties listed for 500kish were selling for 800kish. Even ****** places with unfinished interiors etc were selling for 700k+...wth?
Saint Catherines and Waterloo were nice but it was getting intense in those regions as well.
I think it was a miracle I was able to secure a newly renovated place in Brantford near the Uni for something a little shy of 700k back in Feb.
Last I checked it has risen almost 60k+ in a month and a half?
I wonder how long this will continue....
I think it will last quite a while in this area.
I've long felt that the GTA is like a mini New York for real estate, in the sense that it's a very desirable place to live, very multicultural, excellent water access, great social atmosphere, good job market and so on. I remember finishing high school and someone we knew moved to New York and was paying $1600/month for an apartment in Manhattan. I thought damn that;s crazy talk, but one day we will be there too. This was a big reason why I bought a place the moment I had enough for a down payment, even though I could barely afford my mortgage and crossed my fingers that my earnings would grow. I was able to do it even though I moved out at 18, paid for all my own post secondary and took no money from my folks.
Nowadays that's a much harder thing to achieve without some help, either from parents or dual incomes, so I hope prices come down, but I doubt they will.
If there’s any correction I don’t think it will drop prices to what people think they will….maybe 20-30% max. Even then the people that have money will snap up whatever comes into their range as quick as they can and prices will level off and probably rise again.
As for me, bank is saying 200-250k for a HELOC which is nice. Higher rate then second mortgage but I’m not willing to pay $800/month to have cash sitting in an account.
I’m trying to line up credit and available LOC now as when things start falling (if they ever do) I already have access and don’t want to scramble later to chase funds.
As for me, bank is saying 200-250k for a HELOC which is nice. Higher rate then second mortgage but I’m not willing to pay $800/month to have cash sitting in an account.
I’m trying to line up credit and available LOC now as when things start falling (if they ever do) I already have access and don’t want to scramble later to chase funds.
Definitely bid bait.
My last place was near the Moford one and it was an OK area but thing of adding a couple or three hundred thou would be closer to reality. It's a story and a half head banger that might see it being topped to full story at some point. Right now the costs wouldn't make sense.
The Lloyd Manor is close to the thick wallet crowd of Thorncrest Village. It backs onto a Hydro corridor so no back neighbours and a place to exercise a pup.
You could probably double your money with a ETF + drip in 5 years...
ETF+DRIP means MP needs to be paying off the loan using his income. That's a big hit to cashflow. More research needed on borrowing to invest to chase capital gains as opposed to dividends. I think that is looked at less favorably. Whatever happens, you need to avoid CRA declaring your investments as business income or you will get smoked with taxes.
Got my condo for $650k at the end of 2019.
The two similar that sold 30 days ago sold for $950k - $980k. Again, I find it insane that anyone wants to pay close to a million for a 900 sqft condo. But I was counting on it because this area is full of $150k+ cars lol
I am very likely going to undercut the market and interview the buyers when I need to liquidate; it's gonna be fun watching the hope/greed die out of ppl's eyes when they want this to flip for profit while I search for a buyer that isn't loaded/has parents backing them.
Just be careful your altruism doesn't run afoul of law. The legal cloak of silence around multiple offers will be strongly protected by the RE mafia. If your discussions revolve around personal matters and approval amount instead of an actual negotiated selling price that is probably fine. Negotiate informally and then draw up the formal papers with the winners. More research required. Good for you.
5496 County Rd 90 is the most affordable house I have seen in years. 2 bed, 1 bath on 1/4 acre, tax ~$1500, will probably sell for low 500's.
The listing is somewhat concerning. No pics of inside and all the blinds are closed. "Waiting for finishing touches". Does that mean gutted?
Lots of people commute from up here. The upside to getting on the train in Barrie or Bradford is it isn't full yet. People further south board a full train.I don't work from home
On the upside, interior finishing on 600 sq ft isnt tragically expensive.
Mikedezo44
Well-known member
Lol good plan. Recently posted a vehicle for sale and had over 20 dealers contact me thinking their "All cash" offer would convince me to let them make 5-8 grand on my vehicle. I told a few of the very low offers where to go!
What the actual f&^%. This is in a house that will sell for close to 2M. The RE agent needed to slap the owners.
I mean...it doesn't really matter how the house looks for display right? It'll barely affect the cost in this economy.
But yeah wtf LOL
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