I really like visting Sault Ste Marie
|
|
|
COVID and the housing market
- Thread starter mimico_polak
- Start date
I really like visting Sault Ste Marie
thats awesome george, now i know both of the guys in canada the like the Sault....
Here's confirmation that Haven is doing shady things and has been for a while.
toronto.citynews.ca
John Babiera bought a condo at 400 The East Mall back in February, one of the last few people to purchase a home at that location.
He said they were already capped on most of the costs for the property except for utilities and connections. “We were told by our agent that the maximum will be $5,000 because that’s the going rate for a lot of places.”
Babiera was then shocked to receive a bill for $26,000 for their utilities connection. “We were in shock because we didn’t know that utilities could cost that much.”
“Our lawyers got involved. They tried to negotiate. Our lawyer mentioned that on email the builder’s agent mentioned about they kind of insinuated that they already know the cost of it so how come it wasn’t mentioned to us,” explained Babiera.
Babiera said he and his neighbours are talking about possible litigation. “We just want to know the bottom line. Why is it that Haven Developments utilities connection costs like four times the maximum that other developments basically cost?”
Buyer shares similar hefty closing cost experience at Etobicoke development
Days after several buyers came forward about shocking six-figure closing costs from Haven Developments, a buyer from another project by Haven is sharing his experience.
toronto.citynews.ca
John Babiera bought a condo at 400 The East Mall back in February, one of the last few people to purchase a home at that location.
He said they were already capped on most of the costs for the property except for utilities and connections. “We were told by our agent that the maximum will be $5,000 because that’s the going rate for a lot of places.”
Babiera was then shocked to receive a bill for $26,000 for their utilities connection. “We were in shock because we didn’t know that utilities could cost that much.”
“Our lawyers got involved. They tried to negotiate. Our lawyer mentioned that on email the builder’s agent mentioned about they kind of insinuated that they already know the cost of it so how come it wasn’t mentioned to us,” explained Babiera.
Babiera said he and his neighbours are talking about possible litigation. “We just want to know the bottom line. Why is it that Haven Developments utilities connection costs like four times the maximum that other developments basically cost?”
#1: Medical in the north.
#2: I worked with a guy in Windsor and his father did the Elliot Lake / Florida thing. He saw him twice a year. Once in the fall as dad was heading south and again in the spring when dad was heading north. 10 hour drives weren't his thing.
I assume a fair number of Elliot Lakers do the Florida thing so winters won't be as chummy. If you own a dog trade in your Chihuahua for a Husky.
Considering the housing prices, rent obscenities, and inflation I can see the lure. Check gas and grocery prices at Elliot Lake. I have a cousin in Yellowknife. Fortunately her income, as is her hubby's, is good.
Here's confirmation that Haven is doing shady things and has been for a while.
Buyer shares similar hefty closing cost experience at Etobicoke development
Days after several buyers came forward about shocking six-figure closing costs from Haven Developments, a buyer from another project by Haven is sharing his experience.
John Babiera bought a condo at 400 The East Mall back in February, one of the last few people to purchase a home at that location.
He said they were already capped on most of the costs for the property except for utilities and connections. “We were told by our agent that the maximum will be $5,000 because that’s the going rate for a lot of places.”
Babiera was then shocked to receive a bill for $26,000 for their utilities connection. “We were in shock because we didn’t know that utilities could cost that much.”
“Our lawyers got involved. They tried to negotiate. Our lawyer mentioned that on email the builder’s agent mentioned about they kind of insinuated that they already know the cost of it so how come it wasn’t mentioned to us,” explained Babiera.
Babiera said he and his neighbours are talking about possible litigation. “We just want to know the bottom line. Why is it that Haven Developments utilities connection costs like four times the maximum that other developments basically cost?”
there are many scummy developers. ALWAYS do some research before you buy any pre-con. If they're doing it to you now, most likely they've done it before.
At least one realtor is willing to admit how much the market stinks.
www.instagram.com
Sean Mayers🏡🏆🏢 on Instagram: "Tiny and Expensive Toronto Shoe Box Condo #century21sean #toronto #torontorealestate #torontorealestateagent #torontorealtor #torontolife"
Sean Mayers🏡🏆🏢 shared a post on Instagram: "Tiny and Expensive Toronto Shoe Box Condo #century21sean #toronto #torontorealestate #torontorealestateagent #torontorealtor #torontolife". Follow their account to see 748 posts.
www.instagram.com
Neighbour told me yesterday how smart he is for selling when he did, because a house that’s WAY worse than his sold for 1.5 against 1.65….he forgot to mention he missed the peak by 3 months…but you know…everyone is a genius investor when it works out.
Hell wait until December to buy back in because he’s going to get a steal (most likely).
Hell wait until December to buy back in because he’s going to get a steal (most likely).
Meh. If you have time, it's no big deal. You end up with the collateral. Buyer ends up with nothing. Not sure what happens to their accumulated equity, I assume the contract is written in the lenders favor.
TRREB - Average Rent Reaches New High as Competition Heats up in the GTA
Toronto Regional Real Estate Board is the online information source for comprehensive coverage of real estate listings and services in the Greater Toronto area.
trreb.ca
Most rent articles are fear-mongering BS. If they wanted to provide useful information they would compare rents to pre-covid. Instead, the vast majority are comparing to when rents were at historic lows and bitching about how much higher they are. Sadly this run away in dwelling price is horrible for renters. Landlords need to cover their expenses (and profit) and expenses are very high.TRREB - Average Rent Reaches New High as Competition Heats up in the GTA
Toronto Regional Real Estate Board is the online information source for comprehensive coverage of real estate listings and services in the Greater Toronto area.
Buddy of mine sold a property in the Maynooth area.
Cash business so obviously books were hard to prove with invoices and receipts. Buyers couldn’t get a mortgage for that reason….so he offered them a vendor take back mortgage and they agreed.
Then COVID hit, and we saw new owners in short order.
Not sure on the details but he’s got a weed shop and a pizza shop next to each other. Business is good and life is grand living in the Barry’s Bay Area while 2 businesses work well together.
Damnit…yet again I find myself wishing I had the cajones to pull those kind of risky deals.
Mad Mike
Well-known member
There's a big difference between Elliot Lake and one of the small cities. North Bay, Soo, Sudbury, and Timmins all have good quality health care, and from what I've heard much lower wait times. Prices for booze, groceries, vehicles, toys, restaurants are same or less than Toronto - bars are definitely cheaper, gas/diesel is 10c /l more. Might be some issues if your health care needs require a downtown Toronto facility.
Rent can be tricky - rents are not always cheap in northern cities -- where they are cheap, the hood is usually sketchy. I clean 1 bedroom apartment rents for $1200. A nice 2br basement apt for $1500, a whole 3 bedroom house for $2000/mo -- in a house worth $250K.
Need more info. Often those stupid infographics are based on normalized data (eg insurance cost per 100K of house value, insurance cost vs average income, etc). If you build in a location with lower land value, the value of the building is likely to be a larger percentage of the total cost and therefore insurance will be higher than for an equivalent priced property with more expensive land.
My guess as well. The costs to rebuild in Toronto would be more similar to Bushville than the total estate value.
In the GTA you really only protect the house from fire and the land is typically worth far more than the house.
Rural frame structure with volunteer fire department vs hydrant every couple of hundred yards etc.
100%..
How the heck are people coming up with money to buy in Toronto, gut it and build it better?
What is the secret!!?
Crazy income or inheritance. In-laws cottage neighbours are in mid 30's. Bought for 1.x and have been renovating for a year. Probably in for close to 2 now. That's their cottage. They also have a house downtown. He works in finance.
No magic secret.
1. Bought in many years ago and using the equity to move up / gut and build.
2. Bank of mom and dad.
3. HELOCs and debt up to the eyeballs
Combination of 1, 2 or 3....or all of the above.
EDIT: or 4...HUGE salaries with 2 high earners, no kids, and need something to put money into.
|
|
|
|
|