I know a few people in finance that make seven figures. Reality changes when you have yearly the same disposable income that "middle class" people have in a decade or more.
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COVID and the housing market
- Thread starter mimico_polak
- Start date
Yowza...I'm in the wrong business.
Mind you my BIL is in the 300-400k/year range. Partner at one of the big 4.
I suspect at some point there will be a reckoning in finance (or maybe not). Compensation grossly out of line for value for many of them. Clients are not informed enough to see they are being robbed.
One was rebuilding a house and went seven figures over on the build. Really? You missed your budget by over 1M? The fack?
No wonder construction / contractors are making a killing fleecing customers like that.
When money is no object...you will be robbed blind. But hey...make another million next year.
YUP. It makes me want to kick myself for going into Engineering when I have friends with business degrees and their household incomes are $200-400k combined
My wifey is on track to make more than me in a few years >.>
I saw a listing for a house in SW Ontario and the price / package was attractive. The logistics would be a senior from Toronto parachuting into a small town, medical services (Half hour drive to a medical centre and an hour to a regional health centre).
When my mother and stepfather built their dream home in the boonies they lost their city friends. Old geezers don't like to drive, especially at night.
You aren't anonymous. Your neighbours know what brand of beer you drink.
Life in TO is pretty good. Is it worth trading that for "Might get better"
When my mother and stepfather built their dream home in the boonies they lost their city friends. Old geezers don't like to drive, especially at night.
You aren't anonymous. Your neighbours know what brand of beer you drink.
Life in TO is pretty good. Is it worth trading that for "Might get better"
Priller
Well-known member
We traded condo living for an acreage outside Vancouver when we lived there, granted at a different phase of life. We'd consumed a steady diet of Escape to the Country on the BBC, had enough of the chicken coop, and wanted pastoral rural living. To give you an idea of my mindset at the time, I wanted a backyard where I couldn't see my neighbours. Ended up getting that on a couple of acres of sloped land between Maple Ridge and Mission at the feet of some mountains, half wooded with a creek running through. At the time of purchase, I was convinced it was paradise and that we'd never move.
Fast forward a few years, and the novelty had definitely worn off. 20 minutes each way to get a bag of milk made even simple trips take over an hour. Nothing walkable, so every meal out, coffee, whatever, was a trip in the car, which also meant max one beer with lunch or dinner (BC is .05 for drinking and driving). Too far out for delivery. Walking the dogs got a bit dull, as there were only a couple of routes you could take that were less than an hour. Wildlife in the back could be sketchy, with a neighbour attacked by a bear, cougars gobbling up dogs and cats, and coyotes getting bigger and more brazen by the year. Power outages in the winter were semi-regular, and driving in the snow was always sketchy with the hills and corners everywhere. Neighbours were cordial but distant, both literally and figuratively. And maintaining a couple acres is a lot of work, whether it's shoveling/snowblowing a long turnaround driveway, cutting down dead trees, or mowing a large, sloped yard.
There was lots great, don't get me wrong, but the bad had firmly started to outweigh the good. Part of the reason we ended up where we did here in Hamilton was we wanted a neighbourhood with a close-knit community that was walkable to the basics, with a decent selection of cafes/bars/restaurants nearby, and a good area for walking dogs. Some of that want list was a direct reaction to not having it where we were. Rural living has a lot of pluses, bit it's not for everyone, and it definitely wasn't for us...
I grew up in the country, its a different mind set to live there. If your out of cake mix on tuesday, your out till friday , thats just how it works. You could not walk to a pub and the doctor was 40 mins away. My daily life has changed , and my interests. That said I could not live in downtown TO or Hamilton, I'm a 'burbs guy. I can walk to a pub, cycle to grocery and such. The doctor is still 40 mins away....
Lots more options on the market for buyers. Sellers are still hoping for close to peak prices. Many are choosing to expire instead of accepting much less than peak prices. You can tell the houses that actually need to sell. List price changes every few weeks (big or small moves up or down with little apparent reason). I haven't seen one of those actually sell though, they may be holding out for their original number. Surprisingly few are doing anything to the house itself to help with the sale. If you price aggressively (eg Sept 21 price instead of Mar 22 price) there is a good chance it sells quickly.
daught
Well-known member
Sounds good for me then. As a first time buyer I am under no pressure to buy or sell. GF got a job in a dream town. Most properties on the market are holding at peak price. We found a townhouse complex that really suits our needs. Prices are similar to other townhouses in town but they offer a lot more. Last week the complex had two properties for sale. One sold for $840 after being on the market for close to two months. We were hoping for $800. Dunno if we should jump on the other or wait and risk not having a similar listing 3-4 months down the road.
Make your offer. Worst they can say is no. Don't try and time the market, historically that is the way to lose the most.
Mad Mike
Well-known member
I didn't grow up in the country, but did the rural house thing 15 minutes from anything. Great for a year or two. When I started talking to mosquitos for social interaction, the wife convinced me to move back yo civilization.
I found a great urban spot - cant see neighbours or their houses from my yard, 3 pubs within stumbling distance, LCBO even closer, can walk to the Dr, dentist. 2 rinks, 2 libraries and a hospital with 900m.
I'm set.
chingo
Well-known member
Don't jump in too soon
The Close
www.bnnbloomberg.ca
www.bnnbloomberg.ca
You have to expect the downward trend will continue: Vancouver realtor
David Hutchinson, realtor at Sutton Group West Coast Realty, joins BNN Bloomberg to discuss the plunge in July home sales in the Greater Vancouver area, and says he expects it to be a long summer, real estate-wise. He says it’s a fairer market than in the last couple of years, and that buyers are in no rush right now.The Close
Toronto home prices extend slide
It’s been a quiet summer so far for the Greater Toronto Area housing market.
Toronto home prices extend slide
It’s been a quiet summer so far for the Greater Toronto Area housing market. Bloomberg News' Ari Altstedter reports.
www.bnnbloomberg.ca
Toronto home buyers must watch out for rapid price slides: John Pasalis
Toronto home buyers must watch out for rapid price slides: John Pasalis
John Pasalis, president of Realosophy Realty, joins BNN Bloomberg to discuss the latest Toronto housing data that show home sales in July plunging 47 per cent from last year. Pasalis says the transmission of monetary policy into the housing market is destroying demand, and sees sluggishness...
www.bnnbloomberg.ca
I Live in the country now but only a few KMS from a city. Cant see my neighbors and love it. I have lived in downtown TO and London but probably never again.
I live in the country and love it. 45 min drive to a city. I go there once every 2 weeks for stuff. The road at the end of my paved driveway is motorcycle heaven. And theres 96,000 acres of crown behind me. You need to be self reliant is all. Enough food and fuel for a month at least just in case. I don't drink as it cuts into riding time. Gun club, atv club, tennis courts and such if I feel social.
I've done city life and I'm now back doing country life same as how I grew up (actually I now live in the same forest where I started on my first dirtbike 40yrs ago). 15min to a city for good restaurants and all that jazz but we have a new family so we don't do that anyways even if we could walk to one. Dead quiet all the time. Wife and I could never move back to urban life.
We have weeks of food, lots of beer, good riding roads/trails at our doorstep, and plenty of spare bedroom space. We're still social but it's not meet at the bar social like it used to be. Friends come visit us now to relax, ride toys, and stay over if they drink too much. Power rarely goes out but our genny can run the entire house if need be. Looking for more acreage now so I can build a dirtbike track in the backyard which means a lot more to me than beaing able to walk to a bar/restaurant/dentist/etc.
We have weeks of food, lots of beer, good riding roads/trails at our doorstep, and plenty of spare bedroom space. We're still social but it's not meet at the bar social like it used to be. Friends come visit us now to relax, ride toys, and stay over if they drink too much. Power rarely goes out but our genny can run the entire house if need be. Looking for more acreage now so I can build a dirtbike track in the backyard which means a lot more to me than beaing able to walk to a bar/restaurant/dentist/etc.
If you find a place you like, meets your needs, and the only holdback is the price...low ball them. Worst they can say is 'no' and you pull the offer.
I've seen that work even during the peak as my buddy pulled his offer on a condo in downtown Oakville. Only for the seller to reject it, and then accept a lower offer from said buddy a few weeks later when the condo didn't sell.
If your realtor doesn't want to go forward with a low price, fire the realtor.
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