COVID and the housing market | Page 275 | GTAMotorcycle.com

COVID and the housing market

bigpoppa said:
Here's why housing in this country will NEVER be affordable, its our national occupation, even the guy running for PM on making housing more affordable is a speculator.

Its like expecting mexico to clean up its drug corruption, everyone is in on it.


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Finally had a chance to watch this...first time I've seen him sweat when off script.

He's a POS hypocrite like the rest of them. 'She wants to make more money for us and our family...this is the reason we did what we did'.

GreyGhost said:
Yeah, I don't like the way the question was asked. They could have left out many of the details and had the same question without violating his privacy. Based on how much he stumbled, I highly suspect that the amount take out was used for 30% down on another property but he didn't want to say that and the reporter didn't follow up.

EDIT:
Alternatively, to MP's point, maybe he knew all the rate hikes were coming so he paid off his personal mortgage as the investment mortgage is tax-deductible. He couldn't say that without risking access to the old-boys club.
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My opinion is she used that cash to fund some other investment purchase. The money taken out as a HELOC from your investment property is not tax deductible if it's used to pay off the primary mortgage (not legally anyway).

If she used the funds for buying up stocks, or another investment property...yes it's deductible. Paying off your primary house...not so much.
 
mimico_polak said:
Finally had a chance to watch this...first time I've seen him sweat when off script.

He's a POS hypocrite like the rest of them. 'She wants to make more money for us and our family...this is the reason we did what we did'.


My opinion is she used that cash to fund some other investment purchase. The money taken out as a HELOC from your investment property is not tax deductible if it's used to pay off the primary mortgage (not legally anyway).

If she used the funds for buying up stocks, or another investment property...yes it's deductible. Paying off your primary house...not so much.
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She took out a mortgage not a heloc (assuming reporter was accurate). I don't own rental property so I have no idea on the tax implications of mortgage vs heloc.
 
GreyGhost said:
She took out a mortgage not a heloc (assuming reporter was accurate). I don't own rental property so I have no idea on the tax implications of mortgage vs heloc.
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if you're taking a second mortgage against a property...it's just a HELOC but with a lower rate, and a fixed term.

Same option we got. $200k of a HELOC, or 250k of a second mortgage.

Had I known the shenanigans one can pull with second mortgages, HELOCs, and smoke and mirrors...I would've taken a $1M HELOC from my 6-plex to buy a house.

It's what my cousins did, but 3-plex was easy due to rules. Took out 800k in HELOC and just bought their house cash. Then converted it to a mortgage to save on interest.
 
mimico_polak said:
if you're taking a second mortgage against a property...it's just a HELOC but with a lower rate, and a fixed term.

Same option we got. $200k of a HELOC, or 250k of a second mortgage.

Had I known the shenanigans one can pull with second mortgages, HELOCs, and smoke and mirrors...I would've taken a $1M HELOC from my 6-plex to buy a house.

It's what my cousins did, but 3-plex was easy due to rules. Took out 800k in HELOC and just bought their house cash. Then converted it to a mortgage to save on interest.
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She bought the house for $238K in 2012. Potentially that is just a refinance and there is only one mortgage on the rental property.
 
GreyGhost said:
She bought the house for $238K in 2012. Potentially that is just a refinance and there is only one mortgage on the rental property.
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For sure. Without knowing the reality...we will never know.

I'm actually surprised how the reporter gets this info. Maybe there's a registry for public servants at some rank to disclose all their assets / investments / etc in order to ensure ethics committee is aware...and then promptly not do anything when rules are violated.
 
If reported to the ethics committee it becomes part of the public info pool , when requested .
It was an unusual question, normally the CDN media asks hard hitting questions like , what is your favourite sandwich ?
He was blindsided, but answered as clearly as he could being put on the spot. He’s making legal coin , and being in a position to do so is envious but not illegal . I don’t like the guy , but not for this .


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GreyGhost said:
Ouch. He got thrown off there. Then provided a non-answer. Now, I'm not sure whether personal financial questions are offside or not but I didnt like how he handled it.
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There was an implication of benefit to the renters. As Kevin would say, "Show me the money"
 
crankcall said:
If reported to the ethics committee it becomes part of the public info pool , when requested .
It was an unusual question, normally the CDN media asks hard hitting questions like , what is your favourite sandwich ?
He was blindsided, but answered as clearly as he could being put on the spot. He’s making legal coin , and being in a position to do so is envious but not illegal . I don’t like the guy , but not for this .


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Agreed. It’s 100% legal to have investment properties and profit off those.

It’s unethical to preach that you will do something to make housing affordable and not actually do anything because it will negatively impact you.

Wasn’t there a story of a liberal candidate that had/sold multiple properties while doing the same preaching?
 
bigpoppa said:
Here's why housing in this country will NEVER be affordable, its our national occupation, even the guy running for PM on making housing more affordable is a speculator.

Its like expecting mexico to clean up its drug corruption, everyone is in on it.


Click to expand...
Or just a simple landlord.

Personally I like my politicians to be self made wealthy providing their gains are not ill-gotten.

I guess the other option is to elect high born... how's that working out?
 
mimico_polak said:
Agreed. It’s 100% legal to have investment properties and profit off those.

It’s unethical to preach that you will do something to make housing affordable and not actually do anything because it will negatively impact you.

Wasn’t there a story of a liberal candidate that had/sold multiple properties while doing the same preaching?
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Yes, this guy, who also preaches housing affordability:

1662607681058.png
 
mimico_polak said:
The 2M 10ft wide house has a short video of the inside…

https://www.reddit.com/r/TIHI/comments/x6xi5o

Love the open concept toilet….
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I knew someone that had a typical full sized house ($2 M in today's market) with the tub and crapper in the master bedroom. His wife wasn't bad looking and maybe he got off watching her do the bubble bath thing.

I don't know if she would be similarly amused if he had to relieve himself at midnight after spending the evening with his buddies, downing burritos, suicide wings and beer.
 
You mean like 95% of campers and boats where the shitter is beside your head when laying down , possible separation by 3/8 particle board with vinyl overlay?


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crankcall said:
You mean like 95% of campers and boats where the shitter is beside your head when laying down , possible separation by 3/8 particle board with vinyl overlay?


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Why go camping for the experience? When you can **** right beside your own bed!

Makes it much easier when you're blitzed out of your mind. No silly doors to open and fumble around.
 
mimico_polak said:
Why go camping for the experience? When you can **** right beside your own bed!

Makes it much easier when you're blitzed out of your mind. No silly doors to open and fumble around.
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Some people suggested that the crapper should have been on the other side of the wall but I think that may be hallway/open stairwell.

House was built of 9 seacans. I have little faith in its longevity (similar to camping trailers but a few orders of magnitude more money). I'd offer land value plus a bit and it would get rejected. Alternatively, what are three condos worth of similar size? As crazy as it is, maybe ~1.5 is the right price for that dump.
 
My buddy's place hasn't sold in 3 months now, with the second realtor. Big time Hamilton team Rob Golfi who spends absurd amount of money every month advertising saying they can sell houses. Not selling his at 950. He is extending his closing date now on his new build home so he can quickly add a bathroom and kitchen in his basement and make current house a double rental income since it's not going to sell. Plus will have to refinance old house to make the jump to his new house adding 3 hundred grand at least to his mortgage. I don't know how he's sleeping at night dealing with all this. Close to 50 years old, will be working until he dies. One income supporting 3 kids, wife, and 3 parents. Machinist making roughly 80k a year I'm guessing.
 
Mikedezo44 said:
My buddy's place hasn't sold in 3 months now, with the second realtor. Big time Hamilton team Rob Golfi who spends absurd amount of money every month advertising saying they can sell houses. Not selling his at 950. He is extending his closing date now on his new build home so he can quickly add a bathroom and kitchen in his basement and make current house a double rental income since it's not going to sell. Plus will have to refinance old house to make the jump to his new house adding 3 hundred grand at least to his mortgage. I don't know how he's sleeping at night dealing with all this. Close to 50 years old, will be working until he dies. One income supporting 3 kids, wife, and 3 parents. Machinist making roughly 80k a year I'm guessing.
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Good for him to dig in his heels and try to keep his world from collapsing but that all sounds too stressful to me.

I am expecting a crackdown on half-assed secondary suites after a few more people die in fires. It's not simple to get the demising partition properly fire rated.
 
Had 2 realtors look at moms house this week. 3000 sq feet 2 car garage 4 car driveway quiet cul-de-sac backs on to a ravine In oakville. Smaller ones 1.5 in February now telling us list for 1.375 hope for 1.3.
 
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