COVID and the housing market | Page 279 | GTAMotorcycle.com

COVID and the housing market

GreyGhost said:
Still some opportunity to buy rentals at affordable per door pricing. 16 Walton st port hope. Old school four storey main st building commercial on ground floor and 9 apartments above. Asking 2.65M. That's a lot of coin but per door is almost unbeatable.
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100 year old apartment building in a low income community has a ****-ton of risk. Rough math says at the asking price you'd need $15k/mo yo break even.
 
I want the drugs these guys are on….bought for 1.5 at the height of insanity…

In our general area…

Check out this listing
realtor.ca

Check out this listing

3161 THE CREDIT WOODLANDS, Mississauga, Ontario L5C2J2
realtor.ca realtor.ca
 
MacDoc said:
it's about time ...a lesson for the GTA?

www.theatlantic.com

The Housing Revolution Is Coming

Accessory dwelling units might just spell the end of the American suburb as we know it—in the best possible way.
www.theatlantic.com www.theatlantic.com
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Barrie allowed them for a few years. Some got built. It was not at all like the article portrayed. The vast majority were additional rentals on the back of rooming houses. Add three more rental rooms onto five rental rooms in the house and you can now rent to eight students. Very few were built on owner-occupied lots.

Construction price is cheaper than buying new land but still sucks. There was an article this week about a laneway house in toronto (similar concept, easier access) and they spent 860k building it. The number is often over 500. Not exactly an affordable rental as mortgage plus increased property tax runs in the order of $3000/month.

I like them. If they are allowed, they need to be allowed over a wide area (city wide or gta wide). Picking and choosing neighbourhoods that can have them will make a mess. There needs to be consideration for how many separate people live on a lot as infrastructure (water/sewer/transit/parking) did not anticipate close to double digits in many houses.
 
GreyGhost said:
Barrie allowed them for a few years. Some got built. It was not at all like the article portrayed. The vast majority were additional rentals on the back of rooming houses. Add three more rental rooms onto five rental rooms in the house and you can now rent to eight students. Very few were built on owner-occupied lots.

Construction price is cheaper than buying new land but still sucks. There was an article this week about a laneway house in toronto (similar concept, easier access) and they spent 860k building it. The number is often over 500. Not exactly an affordable rental as mortgage plus increased property tax runs in the order of $3000/month.

I like them. If they are allowed, they need to be allowed over a wide area (city wide or gta wide). Picking and choosing neighbourhoods that can have them will make a mess. There needs to be consideration for how many separate people live on a lot as infrastructure (water/sewer/transit/parking) did not anticipate close to double digits in many houses.
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There's a storm brewing a mile from me as older rental buildings with excess property are planning new towers. As population density grows parking becomes an issue. Already many renters choose to street park to avoid the cost of a parking garage space. Visitor parking is often pay and display and they too street park.

Single family homes in the area typically have the two car garage stuffed with toys and park their two cars in the driveway. If company comes they may have to park blocks away. Maneuvering out of a driveway in a narrowed street is compromised.

Granny flats and similar will add to the problem.

It's worse in winter when people park a foot and a half from the snow bank that is two feet away from the curb. It used to be a ticket for "Tires more than 12" from curb"

Public transit has been ignored since day one and the correction logistics are hopeless.
 
nobbie48 said:
My concerns are:

True value

Quality of work beneath the glitz

Corner lots aren't my thing

I'm not that into black and white
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I can tell you from my observations...if the painting on the fence / exterior is any indication of what's inside...I would stay the eff away.

That house was a dump a few months ago. They came in and did their renovation within...maybe 1 month. If that.

It was a 'put lipstick on a pig' type of renovation, and you can see that from the photos. Check the lower trim that's in black. Check the doors in one of the photos where they didn't/forgot to change the handle from the garbage gold.

The house is garbage, it is a disaster for anyone that buys it thinking it's a 'nice' house.
 
How about a Post Covid And The Housing Market?
 
GreyGhost said:
When does that start? Wife had a sore throat this week and needed a negative pcr before she could go back to work.

DOM seems to have returned to something closer to pre-covid levels. Prices are way up.
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At this point, I don't think covid is having any affect on the housing market. Am I missing something?
 
AllistonGT said:
At this point, I don't think covid is having any affect on the housing market. Am I missing something?
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Fair enough. I would argue that the interest rate hangover will have an increasingly large effect over the next couple years and that is directly related to government dumpster fire during covid. The virus isnt affecting prices or peoples choice of dwelling but the financial fallout will have major repercussions for a long time (potentially generations).
 
AllistonGT said:
At this point, I don't think covid is having any affect on the housing market. Am I missing something?
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Agreed in the sense of not directly, but the aftershocks of Covid are still a huge factor.

Incidentally, I'm now seeing houses in our old Hamilton neighbourhood who are asking early- to mid-2022 prices sit for months with the For Sale sign still up. Many realtors are also no longer listing on the Toronto registry, so houses are disappearing from HouseSigma (Hamilton does not disclose in the same way), my guess is to hide that they're closing for less than selling. What few closings that are shown are all below asking, and I would guess line up with mid- to later-2020ish prices where things were creeping up but not in full vertical ascendance just yet.

The biggest volume of sellers seem to be rental properties, which doesn't make sense on the surface considering what rentals go for now, but I suspect many are speculators operating on variable mortgages whose valuations were already dodgy and are now firmly in the red and can't re-rent because the Ontario landlord-tenant system is in shambles.
 
Priller said:
Agreed in the sense of not directly, but the aftershocks of Covid are still a huge factor.

Incidentally, I'm now seeing houses in our old Hamilton neighbourhood who are asking early- to mid-2022 prices sit for months with the For Sale sign still up. Many realtors are also no longer listing on the Toronto registry, so houses are disappearing from HouseSigma (Hamilton does not disclose in the same way), my guess is to hide that they're closing for less than selling. What few closings that are shown are all below asking, and I would guess line up with mid- to later-2020ish prices where things were creeping up but not in full vertical ascendance just yet.

The biggest volume of sellers seem to be rental properties, which doesn't make sense on the surface considering what rentals go for now, but I suspect many are speculators operating on variable mortgages whose valuations were already dodgy and are now firmly in the red and can't re-rent because the Ontario landlord-tenant system is in shambles.
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Prices I am seeing near barrie are way above 2020 prices. For instance a house that sold in May 2020 for ~750 resold in July for ~1.2. No meaningful changes to house or yard. Sure it sold under asking (they were aiming for 1.5) but so what? Asking price is completely meaningless in the real estate market. Now more than ever.
 
I'm keeping my eye on tri-plex properties and if there's something to be had...I'm almost tempted to pull a move like my friends...go w/ a broker that can make things happen.

Not the best strategy...but...sometimes you need to bend the rules a tad in your favour.

Had I know (and wasn't scared of doing it) previously...I could've probably pulled a massive HELOC onto the 6-plex and just bought our current house cash.

Cousins did that...and now they have a 3-plex, and a house.
 
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