COVID and the housing market | Page 236 | GTAMotorcycle.com

COVID and the housing market

mimico_polak said:
Wow....just wow...Wasaga Beach. Close to our cottage...not on the water.

www.realtor.ca

Check out this listing

263 DEERBROOK DR, Wasaga Beach, Ontario L9Z2N1
www.realtor.ca www.realtor.ca
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Not that surprised. Wasaga will quickly get flattened and rebuilt. Lots are big and houses are old and small.

A friend of my wifes is contemplating selling in richmond hill and moving near barrie. The current mortgage is pushing seven figures (repetitive refinancing to buy toys/trips). She plans to have a mortgage when she moves, just smaller. She is looking at 2+. Given the previous poor choices, she would probably be better off buying a cheaper house without a mortgage to prevent circling the drain again but people don't like to learn.
 
GreyGhost said:
Not that surprised. Wasaga will quickly get flattened and rebuilt. Lots are big and houses are old and small.

A friend of my wifes is contemplating selling in richmond hill and moving near barrie. The current mortgage is pushing seven figures (repetitive refinancing to buy toys/trips). She plans to have a mortgage when she moves, just smaller. She is looking at 2+. Given the previous poor choices, she would probably be better off buying a cheaper house without a mortgage to prevent circling the drain again but people don't like to learn.
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I know I originally told my parents they should sell...but maybe keeping it would be a good idea.

I'll go up this weekend see what it looks like up close. Typically just bomb right by it without giving those homes a second look. They're literally in a swamp.
 
mimico_polak said:
I know I originally told my parents they should sell...but maybe keeping it would be a good idea.

I'll go up this weekend see what it looks like up close. Typically just bomb right by it without giving those homes a second look. They're literally in a swamp.
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I still think an expensive renovation of your cottage is ill-advised. Knock it down and build that thing (hopefully with less bleeping hardscape, they gave Kevin a run for his money on square footage of concrete) and you're golden. Pool for summer fun, toy garage in the back, not a bad way to live (or sell that lifestyle to someone else).
 
If I was to do any type of reno at the cottage it's very simple...

- remove wood paneling and replace with drywall
- LED lighting
- upgrade electrical wiring + panel to 100A (up from 60A)
- install wood stove similar to this (S250) as we got it for free from another friend that was replacing his

That's all I would do. No internal changes as there's no space.

Parents wanted to build up, build out, build build build...then they realized I'm not paying for their decision to build something not needed.
 
GreyGhost said:
Not that surprised. Wasaga will quickly get flattened and rebuilt. Lots are big and houses are old and small.

A friend of my wifes is contemplating selling in richmond hill and moving near barrie. The current mortgage is pushing seven figures (repetitive refinancing to buy toys/trips). She plans to have a mortgage when she moves, just smaller. She is looking at 2+. Given the previous poor choices, she would probably be better off buying a cheaper house without a mortgage to prevent circling the drain again but people don't like to learn.
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Recently i have heard that WB is HOT right now (as far as RE goes).
I always loved going there, but would not really want to live there.
 
Freddy F said:
Recently i have heard that WB is HOT right now (as far as RE goes).
I always loved going there, but would not really want to live there.
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Do they still have days when the place is so crowded the OPP closes the roads into the place?
 
GreyGhost said:
Not that surprised. Wasaga will quickly get flattened and rebuilt. Lots are big and houses are old and small.

A friend of my wifes is contemplating selling in richmond hill and moving near barrie. The current mortgage is pushing seven figures (repetitive refinancing to buy toys/trips). She plans to have a mortgage when she moves, just smaller. She is looking at 2+. Given the previous poor choices, she would probably be better off buying a cheaper house without a mortgage to prevent circling the drain again but people don't like to learn.
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A friend is doing some work on a place near Big Bay Point. The price tag is $30 million. I don't know if that includes the lot. $2 million wouldn't do the garage.
 
GreyGhost said:
Empty 28 acre lot beside a house on a ~1/2 acre lot.
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Yes...I just came back to add the lot size lol. But you beat me to it.

If that thing builds I wonder what my parents' cottage will be worth...more or less?
 
mimico_polak said:
Yes...I just came back to add the lot size lol. But you beat me to it.

If that thing builds I wonder what my parents' cottage will be worth...more or less?
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It depends if they are allowed to develop it. Add implies it but they often do that to drive the price to the moon even if it can never happen.

Five minutes of research and they are dreaming. There is designated wetland right at the centre of their street access (where you would put a road for a development) and the most of rest is wetland pending classification. You'd be lucky if you were allowed to build a garage there yet alone a subdivision. Even developers try no to tangle with conservation authorities.

EDIT:
You also share a property line with an abandoned dump (active 1975-2003). Groundwater is monitored but one hiccup and land value collapses. Currently operates as a compost facility so you have heavy machinery and possibly odour.
 
Wow...how the hell did you get all that info so fast @GreyGhost? That whole area is wetland. Basically in the spring it's one big pond. Also...the other houses were all built within the last 5 years or so (maybe a tad more). I assumed all that land is able to be developed.

In other news...yet another risk where investors are set to lose hundreds of thousands of dollars each.


How many of these stories do we have to read about before the gov't acts and forces developers to secure the funds.
 
mimico_polak said:
Wow...how the hell did you get all that info so fast @GreyGhost? That whole area is wetland. Basically in the spring it's one big pond. Also...the other houses were all built within the last 5 years or so (maybe a tad more). I assumed all that land is able to be developed.

In other news...yet another risk where investors are set to lose hundreds of thousands of dollars each.


How many of these stories do we have to read about before the gov't acts and forces developers to secure the funds.
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Here's a half-ass map. I think pink is subject property. Dark Red is dump. Light red is water protection (probably no build). Blue is evaluated wetland (probably no build). Green is unevaluated wetland (probably no build). Existing houses are built in the white but this site has very little of that (some at the south but you can't get there without pillaging the wetland).

mapfish-print-report.png
 
mimico_polak said:
Wow...how the hell did you get all that info so fast @GreyGhost? That whole area is wetland. Basically in the spring it's one big pond. Also...the other houses were all built within the last 5 years or so (maybe a tad more). I assumed all that land is able to be developed.

In other news...yet another risk where investors are set to lose hundreds of thousands of dollars each.


How many of these stories do we have to read about before the gov't acts and forces developers to secure the funds.
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Wow what a financial mess that one is. Once again the little guy gets screwed while the big guy will probably have not much consequence. Much of the deposit money was spent on consultants, marketing, etc. I wonder if a little digging would find the consultant company owned by same guy or family member of builder. It probably all got funneled right where they wanted it. Surprised these guys are still walking after screwing people out of so much money. Wouldn't be hard to find them pulling out of their multi million dollar mansion in their G wagon for some retribution I'm sure.
 
Mikedezo44 said:
Wow what a financial mess that one is. Once again the little guy gets screwed while the big guy will probably have not much consequence. Much of the deposit money was spent on consultants, marketing, etc. I wonder if a little digging would find the consultant company owned by same guy or family member of builder. It probably all got funneled right where they wanted it. Surprised these guys are still walking after screwing people out of so much money. Wouldn't be hard to find them pulling out of their multi million dollar mansion in their G wagon for some retribution I'm sure.
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Most of the time the consultant team is entirely separate from the owner (and often gets screwed in this mess too). In these situations, the homeowners/creditors are unwillingly taking on all the risk while the developer get the upside (if it happens). One townhouse development in Toronto had secured creditors for something like $13M while the site was worth ~5M. If secured creditors can get bamboozled that badly, what hope does a lowly homeowner have? Obviously multiple people screwed up due diligence on that site.

Owner of that toronto site was concurrently building a multimillion house in mississauga. Stiffed most of the consultants (and trades and in-house staff) on the mississauga site too but his house got finished and is amazing. Bastard.
 
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mimico_polak said:
Wow...how the hell did you get all that info so fast @GreyGhost? That whole area is wetland. Basically in the spring it's one big pond. Also...the other houses were all built within the last 5 years or so (maybe a tad more). I assumed all that land is able to be developed.

In other news...yet another risk where investors are set to lose hundreds of thousands of dollars each.


How many of these stories do we have to read about before the gov't acts and forces developers to secure the funds.
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Since the money wasn't a capital gains endeavor they won't be able to write off the bank interest payments. Even if it was meant to be a profit making venture once it goes belly up it is no longer profit making and CRA make deny the deductions. That was the old rule but may have changed.

The secured creditors get the lion's shares. The banks and government get fed first.

Sucks.
 
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