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COVID and the housing market
- Thread starter mimico_polak
- Start date
The gift that keeps on taking.
That would be hockey, or a cell phone.
I pray my kids don’t want to play hockey beyond local fun.
firstshift.ca is apparently awesome. Run by NHLPA. All required hockey gear plus six lessons for $200. Placement on a local team after if you want. I want the kids to be competent on skates. I have no interest in living at the rink.
I haven't had a hockey stick since before the Leaf's won the cup. IIRC they were straight blade and about $5.00 at the local hardware store and an extra buck if you bought one at Doug Lawrie's at the Gardens. Same stick but more provenance. Now if you're serious you mortgage the house.
If you own the cell phone you can track it...........hmmm. Make two enemies.
To quote my late M-I-L "If I knew how long I was going to live I would know what do with my money" She made it to 92, alert, reasonably healthy and went fast, no lingering. Unfortunately, the results of her will and her actions of the last few years would have her turning in her grave. Well into six figures in legal costs and the family fractured.
Charities are a tough one. More and more I realize that giving money to ner'-do-wells is pointless and giving it to the upper management seems to make a lot of it disappear.
You can tick off ridiculously priced bucket list items but if you've been frugal all your life would it give you a kick to blow huge amounts on stupid things?
D
Deleted member 50930
Guest
Look what RFD found
forums.redflagdeals.com
10 years 2.04% fixed ?
Congrats on those able to buy right now.
[CMLS Financial] Ten (10!) Year Fixed Mortgage 2.04% - RedFlagDeals.com Forums
Currently in the process of getting this myself. This is near an all time historical low rate for 10 year mortgages and if you are taking out a
10 years 2.04% fixed ?
Congrats on those able to buy right now.
Holy crap. 2.04% for 10 years. Awesome if you don’t plan on moving or having life changing moments within 10 years. Wonder what the I’ll take my 2.79 for 5.Look what RFD found
[CMLS Financial] Ten (10!) Year Fixed Mortgage 2.04% - RedFlagDeals.com Forums
Currently in the process of getting this myself. This is near an all time historical low rate for 10 year mortgages and if you are taking out a
10 years 2.04% fixed ?
Congrats on those able to buy right now.
See if you cam get that rate on some vacant land.
I am totally confused.
House prices are rocketing.
Small downtown condos are in the dumps.
Businesses are failing.
People are out of work and CERB isn't a goldmine but people can't wait to eat out.
My buddy wants a new mid range quipped pickup and everything available is MSRP $100 K+ with heated and cooled leather.
I did a parking lot meetup with him near Stouffville to exchange some tools and, being early, spoke with a guy running a workwear store. He's said he's been there 30 years and is paying his rent but the lease is expiring and the landlord wants him out. He's moving to a spot midtown Toronto for less than an apartment.
When I bought my industrial unit 30 ish years ago the market was so bad that you could get short term free rent. Just pay the TMI.
If I had a rental property and the tenant was paying anything I would work with, them not throw them out. Is there some astronomical miracle recovery coming that is going to fill all the vacancies?
Is there a plan where the landlord seizes a restaurant lock, stock and barrel and leases it out to a new tenant at a higher rate because the new guy doesn't have borrow to outfit the place?
The perfect storm of greed and stupidity.
House prices are rocketing.
Small downtown condos are in the dumps.
Businesses are failing.
People are out of work and CERB isn't a goldmine but people can't wait to eat out.
My buddy wants a new mid range quipped pickup and everything available is MSRP $100 K+ with heated and cooled leather.
I did a parking lot meetup with him near Stouffville to exchange some tools and, being early, spoke with a guy running a workwear store. He's said he's been there 30 years and is paying his rent but the lease is expiring and the landlord wants him out. He's moving to a spot midtown Toronto for less than an apartment.
When I bought my industrial unit 30 ish years ago the market was so bad that you could get short term free rent. Just pay the TMI.
If I had a rental property and the tenant was paying anything I would work with, them not throw them out. Is there some astronomical miracle recovery coming that is going to fill all the vacancies?
Is there a plan where the landlord seizes a restaurant lock, stock and barrel and leases it out to a new tenant at a higher rate because the new guy doesn't have borrow to outfit the place?
The perfect storm of greed and stupidity.
Plenty of houses to buy....but the competition is fierce.
Yup. Plenty of opportunity if you have the cash and credit. BIL told me last week his clients are buying more than they were mid 2020. Even more businesses selling and failing so they’re snapping up everything that comes their way.
Priller
Well-known member
Depends where you go. Hamilton is up more year-on-year than almost anywhere in Canada, but total sales are down about 30%. I'm sure the two numbers are linked. Low inventory may be a product of owners with lower incomes staying put for fear of being priced out rather than cashing out.
Checking the House Sigma sold listings is nuts. In our area, houses that are nothing special that were going for $4-600k when we bought in mid-2019 are now breaking into the high $700s to low $900s regularly.
Sold above asking is a difficult metric, as the asking number is so consistently artificially low in Southern Ontario. But the insanity is noticeable when you adjust for last 90/30/7 days, with sales from 90 days ago typically at $0-50k above, 30 days at $50-100k above, and 7 days consistently over $200k above asking for houses that are listed between $6-800k. Apparently seeing over 70 offers on a house is not uncommon.
Despite Covid, signs are the economy is growing, which almost nobody expected...
bigpoppa
Well-known member
Almost like nothing is actually closed, which explains the numbers
My daughter bought near Gage park about 15 years ago and most listings were under $200 K. Now they're three times that and it's been a flipper's IKEA paradise.
In the dumb department, a co-worker of my wife sold her townhouse 5-6 years ago and went rent. She was delighted to have $60,000 in equity to put away for retirement. Today she would be putting away a quarter million and have a lower monthly mortgage.
Capital is capital. How fast it grows (or doesn't) depends on what vehicle it's in.
Sure, if she moved her equity from a quickly appreciating, leveraged investment like RE to a non-leveraged savings account, then obviously she's going to fall behind.
It's as if someone liquidated all their FAANG stocks in their heavily leveraged margin account and moved it into a savings account.
Exact same thing.
If you're going to compare like-to-like, then what if she put the proceeds from her property sale into hot stocks, margined the hell out of the equity, and those stocks outperformed Toronto real estate (not hard to do if the timeframe is 2014-2020)?
Capital gains tax notwithstanding et al...
There was no thought in the move and no crystal ball. We'd all be billionaires with a crystal ball.
I haven't worked it out but if the mortgaged housing cost was $2000 and the rental was $1700 it looks like a $300 a month savings but for the extra $300 a month the owner gets the leverage on the half million dollar property. Even at 2% growth that's $10,000 a year tax free vs the taxable $3600. Rents generally go up and mortgages go down.
I get the impression they were lured by the $60 K. It's a lot of money if their situation was tight.
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