Where the jobs are?Guess where they will want to stay?
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COVID and the housing market
- Thread starter mimico_polak
- Start date
Will they want to stay in Canada once they see what our prime minister is like.Guess where they will want to stay
Free money!? Please sir can I have some more?
Mad Mike
Well-known member
That's possible, but I think your going yo see most of that drop outside major metro areas.Discuss
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
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Prices in Newmarket, Guelph, Barrie, etc aren't far off GTA city prices. historically the outlying areas and higher end homes tumble first and fastest.
I wouldn't be holding a $1M tract home in Keswick.
That's almost all homes in keswick. Average went over 1M almost a year ago. Decent commuting connection (either car all the way or car to giant GO bloomington). I think the key is try not to own a home unless you can keep it for at least five or 10 years if required. Being leveraged enough or tenuous enough that you could be forced to dump in under five years is a recipe for real estate disaster.
Like any get rich scheme the last in gets hurt the most. If someone bought a house just before peak because they needed a house they'll likely be OK in the long run, barring job loss etc. The ones that suddenly decided to become flippers, not so much.
Assuming the legitimate loaners don't finance long shots the flippers that will get hurt the hardest are the ones that borrow from touchy sources, family, friends and various loan sharks.
Can a person borrow on a HELOC and use the money to buy another house or is that a variation of straw borrowing if the bank doesn't specifically OK the transaction?
You can borrow in HELOC and use it as a down payment for the next house…then convert the HELOC to a refinance to have a better rate (or into a second mortgage).
HELOC - Prime + 1%
Mortgage - Prime - 0.85%
But you need to qualify and all other conditions apply. Just went through the talk with my broker this past week.
Once the HELOC comes through we will keep it as emergency fund in case the market tanks, and I can snap something up. Until then…renovations one by one.
HELOC - Prime + 1%
Mortgage - Prime - 0.85%
But you need to qualify and all other conditions apply. Just went through the talk with my broker this past week.
Once the HELOC comes through we will keep it as emergency fund in case the market tanks, and I can snap something up. Until then…renovations one by one.
Wife wants to look at putting a second floor on the house seems like a big project I will be interested in what the pricing is like.
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My quote for adding the 625sqft was approximately 250k from one of the contractors we asked earlier this year.
I've given up on the idea in today's market...just too rich for my pocketbook. Maybe in the future, or never.
Bunk beds are cheaper.
Not bad ours would be around 800 sq feet for a new master bedroom
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That’s what we are looking for. Mind you that price doesn’t include all the finishes, and no bathroom as they refuse to quote the finishes in there.
I need to revisit the quote but my biggest concern was how firm the quote was….answer was zero. Could be 250, 300, or 400 because they won’t commit to material costs.
I just need the framing and the top enclosed. If I could find an architect, contractor and get the frame built with windows and enclosed for 150k I’ll sign on the dotted line tomorrow.
If I could get it put up and enclosed I would do the rest except drywall I hate that ****.
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If you have solid quotes let me know as if I find someone reliable and not blowing my budget I’m game.
Maybe I should retire and do it myself but then it would never get finished as I am the king of 3/4 finished projects around here.
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Sent using a thumb maybe 2
Reality is you must expect that any quote is at best an educated estimate. So many things pop up unexpectedly, even with companies that are very competent. Receive your quote, then add 50%. Reno creep - it's a very real thing and best to accept and be prepared for it.
Mad Mike
Well-known member
WOW! My place up north is 24x36 in the basement and main floor, 24x20 on the second. I'm adding a 24x16, just under 300sq second story over the the back part of the house so the second floor is the same size as the first. The addition has a master bedroom, closet and ensuite. 2x6 construction, trussed roof, R30 walls, R50 attic. We're doing most of it ourselves.
Demo: $3700 (remove and dispose the existing shed roof -- contracted out)
Material Package: $24K (lumber, tub/shower/vanity, trusses, shingles, electrical, siding, insulation, windows and doors, trim, -- everything except paint and carpet)
We have a good framer for 2 weeks $3200, the rest of the work will be me and my kid.
Target is to be done for under $50K.
Attachments
It'll be cosy but a lot depends on the floor plan. I saw a condo floor plan where the only bathroom was right off the dining room. Parking?
Watch out for extra rooms in small units. You lose more to walls and halls.
Our house had a den that was too small and needed a hallway. We shuffled walls around and got a decent sized kitchen and larger dining room. We lost the tiny den and the three piece bath became two piece. All more balanced.
Some people want a spare room for guests. For the odd occasion it's cheaper to put them up at a Motel 6.
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