COVID and the housing market | Page 285 | GTAMotorcycle.com

COVID and the housing market

There apparently is some shift coming in taxes in cottage country, quite a few folks moved to the cottage during covid, upgraded the interweb and are now full time residents. Using all the municipal services , but paying cottage tax rates. City house cashed out, capital gains avoided, just didnt tell anybody the cottage is now the principal res.
 
IIRC didn’t someone mention in this thread that property taxes for part time residents are higher than full time ones?

Technically they only use the infrastructure a handful of times / month (if that)?
 
Depends on the municipality , places like Muskoka punish the rich


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Get the shovel out @mimico_polak . This is going to be a chitshow. Detailed wording will be interesting. If they are exempted from municipal permissions and zoning, does that mean zero setback is ok? Did they accidentally exempt from building permits?

Next interesting question is who is eligible. Can a developer take an approved R1 lot and build three dwellings on it?

Can a municipality stop an iceberg home where the rich homeowner wants a rear yard and income so they place multiple suites mostly below grade? Just a few skylights and access stairs above grade.

I've contemplated building a toy garage but haven't had a spare $50K+ to do it. It can be ~500 sq ft and two stories tall to comply with zoning. Can this be a sidestep to allow more square footage, more height and reduced setback? I could fit a three storey (two storey residential [one unit or two?]) with toy garage below and it would look ok if designed properly. Could easily increase size some if municipality wasn't allowed to limit footprint.

Whacking development charges on affordable housing will have municipalities scrambling to increase DC's on everything else. It will be also interesting to see how this plays out with services. If a neighbourhood starts to go down this route and you double or triple the population density, does water/sewer/power have the capacity? No DC's being collected to pay for any necessary upgrades.

Does MPAC wait for a bunch of these and then cream them on property tax?

www.cp24.com

Toronto, Canada and Global Breaking News – CP24

Most recent News News business news stories and video from CP24
www.cp24.com www.cp24.com

"Under the legislation, up to three units could be built on a single residential lot without any bylaw amendments or municipal permissions. For example, a basement apartment and garden house could be built on a property and rented out to tenants. Duplexes and triplexes could also be built on single residential lots, regardless of municipal zoning laws.

These units would be exempt from development charges and parkland dedication fees under the new legislation."
 
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gsxr guy said:
Soon to be like oakland or philly. lmao
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The first place that will be hit hard is student ghettos. Opportunity to add lots more rentable rooms to a user that doesn't value outdoor space. Too bad for the holdouts that remember their family friendly neighbourhood.
 
GreyGhost said:
Get the shovel out @mimico_polak . This is going to be a chitshow. Detailed wording will be interesting. If they are exempted from municipal permissions and zoning, does that mean zero setback is ok? Did they accidentally exempt from building permits?

Next interesting question is who is eligible. Can a developer take an approved R1 lot and build three dwellings on it?

Can a municipality stop an iceberg home where the rich homeowner wants a rear yard and income so they place multiple suites mostly below grade? Just a few skylights and access stairs above grade.

I've contemplated building a toy garage but haven't had a spare $50K+ to do it. It can be ~500 sq ft and two stories tall to comply with zoning. Can this be a sidestep to allow more square footage, more height and reduced setback? I could fit a three storey (two storey residential [one unit or two?]) with toy garage below and it would look ok if designed properly. Could easily increase size some if municipality wasn't allowed to limit footprint.

Whacking development charges on affordable housing will have municipalities scrambling to increase DC's on everything else. It will be also interesting to see how this plays out with services. If a neighbourhood starts to go down this route and you double or triple the population density, does water/sewer/power have the capacity? No DC's being collected to pay for any necessary upgrades.

Does MPAC wait for a bunch of these and then cream them on property tax?

www.cp24.com

Toronto, Canada and Global Breaking News – CP24

Most recent News News business news stories and video from CP24
www.cp24.com www.cp24.com

"Under the legislation, up to three units could be built on a single residential lot without any bylaw amendments or municipal permissions. For example, a basement apartment and garden house could be built on a property and rented out to tenants. Duplexes and triplexes could also be built on single residential lots, regardless of municipal zoning laws.

These units would be exempt from development charges and parkland dedication fees under the new legislation."
Click to expand...
Maybe I can put up a 40x50 shop with an apartment for myself above it beside the house

Sent from the future
 
While I favour density and less govt control , I also fear this could get tied up for years with local building depts interpretation of what conforms regardless of what the province says , go ahead delayed and lots of lawyers . And lane way houses , two story pool houses , two car garages pretending to be housing . Hope I’m wrong .


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crankcall said:
While I favour density and less govt control , I also fear this could get tied up for years with local building depts interpretation of what conforms regardless of what the province says , go ahead delayed and lots of lawyers . And lane way houses , two story pool houses , two car garages pretending to be housing . Hope I’m wrong .


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Will traditional home ownership end up with developments under HOAs? They aren't a bad idea in concept but too often end up as a battleground between the entitled "I'm special" sorts and the control freaks running around with tape measures. Stepford Wives III.
 
HOA can be awesome ...or a trainwreck. I've experienced both. When three or 4 buildings end up on a lot and now there is shared driveways and such, it may be hard to avoid.
Again it always comes down to money, friends in a freehold townhouse on the lake created a HOA to deal with the large parking areas behind (plowing snow) and common lawns. There is lots of money there and people want things nice, then we have the HOA I was in with the Florida house, retirees and low/mid income Floridians . Just a brutal combination.
 
mimico_polak said:
More good news. I guess doom and gloom sells best…or is it reality?

apple.news

David Rosenberg: Canada's housing bubble has burst — now brace yourself for the economic hit — Financial Post

The upcoming recession could be deeper than what Bay Street folks are expecting
apple.news apple.news
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too early imo, we still have those "pre-approved in good times" mortgage low rates to get expired/used-up... Should wait till late next summer to see what we have on discount after dust settles.. just keep collecting your downpayment for future deals :)
 
Sochi said:
too early imo, we still have those "pre-approved in good times" mortgage low rates to get expired/used-up... Should wait till late next summer to see what we have on discount after dust settles.. just keep collecting your downpayment for future deals :)
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The initial pain will be on those with HELOCs that are beyond their ability to pay. So that means toys, vacations, whatever was financed starts to drop off.

Then you've got the variable rate, fixed payment types as they start hitting trigger rates and their payments jump (mine just jumped another $50/bi-weekly).

Then you've got the people that locked in <2% and will have to renew at 'normal' rates. That won't come for 3-5 years as their mortgages for renewal.

The first group is the one that's most based on consumption, and where I expect their toys to start going up for sale (cars, boats, ATVs, motorcycles, and RVs).
 
dont think those 'pre approved in good times" will save too many. There is that fine print part where you actually have to have the paperwork 'in process' at a quoted rate. The banker always seems to have a layer of protection.
 
my mistake, I should've said 'Locked-in rates".
My neighbor's house just got sold and the new owner said she had "old good" rate "locked" for 150 days... she was just waiting for the maximum price drop (she got "only" 15% discount/drop) with the current rate she would not be able to afford as much house...
 
Sochi said:
my mistake, I should've said 'Locked-in rates".
My neighbor's house just got sold and the new owner said she had "old good" rate "locked" for 150 days... she was just waiting for the maximum price drop (she got "only" 15% discount/drop) with the current rate she would not be able to afford as much house...
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That seems like great planning for 5 years from now

Sent from the future
 
Scuba Steve said:
That seems like great planning for 5 years from now

Sent from the future
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Five years from now, principal should be more than 10% paid off (and potentially almost 20% if they have a really low rate). Refinance the remaining 80-90% for 25 years and even with higher rate, payments should be in the same ballpark.
 
Checking the pulse on the neighborhood with Zoocasa

House that would have listed at $1.5M at the being of the year would have bid up to $1.6M or $1.65M but are now listing at about the same but selling 5% lower. Instead of a couple of days on the market it's a couple of weeks.

The talk of crashes conflicts with the hundreds of thousand of immigrants coming our way. They will have to live somewhere.

The potential crashes could be localized. Many decades ago civil unrest in a particular country resulted in an influx of refugees who were housed by the federal government. The feds did so by guaranteeing rents in an existing condo development.

So many refugees moved in that the cultural balance of the building changed and a lot of the previous owners sold and moved out, making room for more immigrants. Buyers made out like bandits letting the building turn into a slum. The owners didn't have to live in the filth and the residents didn't have a say on the board. I feel sorry for any of the original owners that stayed. Their equity went down the toilet and a lateral move to a similar size unit elsewhere is a pipe dream.
 
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