COVID and the housing market | Page 216 | GTAMotorcycle.com

COVID and the housing market

mimico_polak said:
While All for protections for residential tenants. There should be something to protect commercial tenants also.

Rates going up ridiculously with literally zero protection for commercial landlords. And friends like yours get screwed unless they own their building.
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When I was starting out I mentioned looking for my own industrial unit. A developer I was doing some work for asked if I was going to rent or buy. When I said buy he replied "Good for you. We screw you when you rent."

A mall gave a deli a really good lease rate when things were tight for the mall. When things got better the mall wanted to drive the deli out and demanded numerous upgrades to the store to make it happen.

Sadly the corner store, where the owner can live above, is no longer.

Few businesses can afford real estate when starting up.
 
mimico_polak said:
So what's a good area to invest in housing in? Obviously the GTA is out of the question lol.

Trying to wait and see what HELOC value MCAP comes back with, but all signs are pointing toward 150-200k depending on final review and appraisal.

Ottawa? KW? Guelph? Hamilton? Ideally somewhere near universities as that rental market is fairly steady...fairly.
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Might have to go a bit further, Paris is the new Brantford... thousands of homes under construction right now, field after field of them being built. Many moved from Hamilton to Brantford as it was much more affordable and only half an hour from Hamilton...now many saying 50 mins from Paris to Hamilton not so bad. Guelph getting more and more built up every time I drive through there, tons of cheap townhomes being built, as well as low rise condo buildings, shouldn't be any shortage of student housing now. Hamilton basically has nothing under 800k now, and if it is, of course its sold in a day or two so get your elbows out and your money ready to throw down quick. Really kicking myself for not buying another house 5 years ago when they were the 3-400k range.
 
I remember few years ago lots of my coworkers who lived in Aurora sold their houses and moved to bigger houses in Barrie, but nowadays Barrie is too expensive as well, where now - Huntsville?
As per Aurora - it's simply insane - Yesterday my neighbor listed for $999K his tiny town house, cheapest price here is 800K for sh*ty 40yo row house with carport no garage in bad(relatively) part of town... I was told that with current inflation higher than mortgage rates buying these prices is still a "good investment".. Looks more like ponzi pyramide to me...
 
Sochi said:
I remember few years ago lots of my coworkers who lived in Aurora sold their houses and moved to bigger houses in Barrie, but nowadays Barrie is too expensive as well, where now - Huntsville?
As per Aurora - it's simply insane - Yesterday my neighbor listed for $999 his tiny town house, cheapest price here is 800K for sh*ty 40yo row house with carport no garage in bad(relatively) part of town... I was told that with current inflation higher than mortgage rates buying these prices is still a "good investment".. Looks more like ponzi pyramide to me...
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What's the "bad" part of Aurora? Aurora prices are interesting. To me they appear to have some compression. Smallest house in a neighbourhood will be 1.3 or so. Largest house (5x bigger house and lot) will be 2.5 or so. You don't expect a linear increase but I do expect more than that (maybe 3-4x money for 5x house).
 
GreyGhost said:
What's the "bad" part of Aurora? Aurora prices are interesting. To me they appear to have some compression. Smallest house in a neighbourhood will be 1.3 or so. Largest house (5x bigger house and lot) will be 2.5 or so. You don't expect a linear increase but I do expect more than that (maybe 3-4x money for 5x house).
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the areas where I wouldn't want to live here in Aurora are where old high-rises and oldest row-houses were converted to rentals...

a few years ago I saw provincial report per municipalities - Newmarket came as "the best place to live in ON" and Aurora came first for the highest % of university educated residents per capita... Not sure about prices-per-size ratio, all I know I was priced out here a long time ago :)
 
Well there goes that...unless I can find a place for 300-400k the broker said 'forget about it'.

Guess an investment property is no longer an option.
 
Pre-pandemic but interesting.

TL: DR two teachers got approved for 1.2 and then bought a house firm for 1.5. They couldnt get financing and seller sued them for the difference between 1.5 and next sale price as well as costs. Teachers argued balance of power and said the seller should have provided a vendor take back mortgage. Court ordered teachers to pay ~$450k for their stupidity.

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Scuba Steve said:
betterdwelling.com

Canadian Real Estate Prices Expected To Drop 24%, Can Crash 40%: Oxford Economics - Better Dwelling

Canadian real estate prices might be in for a bit of a dip if one of the world’s leading forecasters is right. Oxford Economics’ latest forecast shows home prices falling 24% by mid-2024. Higher interest rates and anti-speculation policies are forecast to begin the price declines this fall. If...
betterdwelling.com betterdwelling.com
Discuss

Sent using a thumb maybe 2
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I think it’s possible….but even a 20-40% drop will only bring the market back to 2020-2021 so the people that will feel the pain (if they sell) will be the more recent purchasers / investors.

I think the biggest issue will be the higher rates that affect HELOC and LOC rates that are tapped out.

As for the sky is falling….eventually it falls.
Question has always been…when?
 
Scuba Steve said:
betterdwelling.com

Canadian Real Estate Prices Expected To Drop 24%, Can Crash 40%: Oxford Economics - Better Dwelling

Canadian real estate prices might be in for a bit of a dip if one of the world’s leading forecasters is right. Oxford Economics’ latest forecast shows home prices falling 24% by mid-2024. Higher interest rates and anti-speculation policies are forecast to begin the price declines this fall. If...
betterdwelling.com betterdwelling.com
Discuss

Sent using a thumb maybe 2
Click to expand...
If it drops that much it will go back up due to the number of people waiting to buy right now.

Demand side is going to get worse.. Dumb J.T declared unlimited Ukrainian refugees to Canada
 
48Connor said:
Where does a 24% drop put us? Back to January?

Also I don't think raising rates will do anything. We don't have a debt related crisis like south of us in 2008. We have a crisis of supply.
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400,000 immigrants planned for before the Ukraine invasion. Where are they going to live? Who is going to pay for the walls and roof? Upper end mansions are always a target but family homes not as big a drop.
 
nobbie48 said:
400,000 immigrants planned for before the Ukraine invasion. Where are they going to live? Who is going to pay for the walls and roof? Upper end mansions are always a target but family homes not as big a drop.
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Guess where they will want to stay :)?
 
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