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COVID and the housing market
- Thread starter mimico_polak
- Start date
Mad Mike
Well-known member
I owned one of those, The Monarchy at 335 Webb drive in 'Sauga. It was under the MURB program. Beautiful new building turned into a stinkhole inside 5 years.
Sold it in '15 once the govt contract expired.
Prices are down a bit and open to offers but interest rates are up.
How does the tax free cap gain affect affordability?
Let's say a first time buyer has the option of keeping the house as a tax free investment or having it taxable but can claim the mortgage interest as a deduction. It's an option. A buyer can choose the existing tax free gain option.
How much more of a mortgage payment can the interest deducting buyer qualify for if they pick that option, considering they get a chunk back at tax time? In the early years the payment is mostly interest.
Will that increase demand and therefore prices?
When they bail out at retirement are they ahead?
Does it let the minimum buyer get his foot in the door?
Short term the government loses by giving refunds but hammers the estate when the owner dies or cashes in to fund a seniors home.
Nothing changes for the person that opts to go tax free CG.
How does the tax free cap gain affect affordability?
Let's say a first time buyer has the option of keeping the house as a tax free investment or having it taxable but can claim the mortgage interest as a deduction. It's an option. A buyer can choose the existing tax free gain option.
How much more of a mortgage payment can the interest deducting buyer qualify for if they pick that option, considering they get a chunk back at tax time? In the early years the payment is mostly interest.
Will that increase demand and therefore prices?
When they bail out at retirement are they ahead?
Does it let the minimum buyer get his foot in the door?
Short term the government loses by giving refunds but hammers the estate when the owner dies or cashes in to fund a seniors home.
Nothing changes for the person that opts to go tax free CG.
About the same around Dundas and Mavis area where we are.
Used to be 1.6-1.7 and now down to 1.4-1.5.
A side split down the street, neat, clean and well maintained but not lavish listed for ~$1.5 M, sat for a month and sold for $1,350 M. It's a kick in the balls for the neighbourhood because the widow that owned it A) was an ethnic minority that never felt accepted. (She is a nice person) B) She was diagnosed with cancer. C) The jerk next door has been renovating for a year making her life hell. She could have held out for more but wants to move closer to family.
One of my benchmark houses just sold again. It was a new build in ~2021 near barrie. For whatever reason, this one attracts short-term owners. Listed Jan/22 for 2.5, sold for 2.41 in two weeks. Listed Jun/22 for 2.5, sold in days for 2.48. Listed Oct/22 for 2.75, sold for 2.1 in five weeks. Ouch. First resale almost broke even which is remarkable for less than six months of owning. Second reseller got kicked in the nuts. They lost close to $500K in a few months. Now, I'm not sure 2.1 is market value, I think they could have got more but obviously the buyer smelled blood in the water and pounced.
Q
I have no source for this.
I’ve also accepted the fact some of these transactions are nothing more than money laundering and some investors are actually looking at a loss to offset other larger gains. Especially when it’s in very short timeframes.
I have no source for this.
What's your definition of secure? I think every condo has gated parking. I think every condo has miscreants follow registered users through the gate. The only condo I know with private garages in underground parking is very far from affordable. You may be able to find a condo not far from a multi-store building in your area. Leave the bikes in storage and walk/drive to get them. Far from ideal but at least reasonably secure.
Even where condos have separate locked bicycle rooms with card access and video security, bikes are stolen often. For real security only a very small circle can have access. I am not sure if the guards watching the video are corrupt, incompetent or understaffed/predictable.
The smaller the development, the fewer vehicles entering the garage, the fewer opportunities for miscreants to get in. Probably not helpful with affordable though.
I would love to see a condo with a sally port entry (double doors that can only hold one vehicle between) but I have never seen one.
I've seen a few condos with multiple 'gates', sometimes rolling doors or the drop down arm. So say you'd need a fob to get into the resident side via a 2nd door, the 1st door just gets you into visitor parking. The issue as always is people just following others in or having an 'inside man'. Whether that's paid off security or someone who lives/sneaks inside and lets them in.
I've seen that but nothing is stopping the jerks in the following car from following through both gates. Very very few residents intervene to stop people following them through.
If your talking lowrise or highrise condos , hard no. They will all tell you about security , layers of survielance , cameras and fobs. Unless your in a 3million yorkdale , with 1200k a month condo fees, not happening.
A consideration could be a townhouse condo setup, you have no grounds work and can lock the door and be gone for months, the downside is if they are "affordable" , they may not be choice neighbours. But you will have a single garage that can be made quite secure.
A consideration could be a townhouse condo setup, you have no grounds work and can lock the door and be gone for months, the downside is if they are "affordable" , they may not be choice neighbours. But you will have a single garage that can be made quite secure.
I figured he was probably trying to make his life easier. No way in hell would I trade a paid off freehold detached for a townhouse condo even if it freed up some money. The amount freed up wouldn't be enough (hell, the amount freed up fully invested probably wouldn't pay out enough to cover the condo fees).
Finding a conventional apartment/condo (all one level dwelling with interior access) with a parking area I consider remotely secure is well into unicorn territory (and probably not affordable).
Sold my grand mothers property 6 acres at the bottom of the forks of the credit shortly after the hairpin went for 1.8 would have been over 2 not long ago. Considered buying it but the road is a PITA to live on in the winter.
Edit it went for 1.3 considering she sold the rest of the valley 25 acres for 20g years ago maybe no so bad
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Edit it went for 1.3 considering she sold the rest of the valley 25 acres for 20g years ago maybe no so bad
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I didn't have a lot of trouble getting into parking garages. Wear orange construction gear and people assume you're there on business. The best times are morning and afternoon departure / return times with lots of traffic opening the doors for you.
Most doors have a long enough delay to allow a second car which then allows a third etc once the safety eye is tripped.
Higher security buildings may differ. With the one my brother lived in, the door came down so fast it dusted the rear bumper.
Most doors have a long enough delay to allow a second car which then allows a third etc once the safety eye is tripped.
Higher security buildings may differ. With the one my brother lived in, the door came down so fast it dusted the rear bumper.
The doors need to accommodate different size vehicles and people driving at different speeds and delays without it closing and crashing into the vehicles. This pretty much means riding someone's bumper gets their stolen minivan into the garage. The doors typically open without a fob on the way out but they can also do the same if they did. Unless there is 24/7 security guard at the garage door consider it not secure, if they have that bendover on the condo fees!
This place has been on sale for a long time. Minimum of 5 open houses and I believe one price drop.
Check out this listing
Check out this listing
It looks like a nice place to live but like most gta real estate, I wouldnt feel great about paying almost 1.5 for that. Being able to drive through into the backyard is a nice design. Pool location makes it hard to get a boat back there for the winter though.This place has been on sale for a long time. Minimum of 5 open houses and I believe one price drop.
Check out this listing
Curb appeal sucks IMO.This place has been on sale for a long time. Minimum of 5 open houses and I believe one price drop.
Check out this listing
Main Listing pick with cars blocking front door and garbage cans visible is a huge fail.
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