COVID and the housing market | Page 313 | GTAMotorcycle.com

COVID and the housing market

crankcall said:
Let’s face it , it cooled , it didn’t crash. Folks sitting around waiting for 1m to go back to $500k in the GTA ? Well best of luck with that .


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If your in the builtout parts of the GTA, prices seem to be holding. The outer reaches of the GTA are giving back, ive seen some great deals in the North part of York Region, Halton.

The small estate 1.75m estate type properties in the 1hr commute range -- like Cambridge and Uxbridge - are down as much as 35%.
 
crankcall said:
Let’s face it , it cooled , it didn’t crash. Folks sitting around waiting for 1m to go back to $500k in the GTA ? Well best of luck with that .


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Agreed. The ‘crash’ people are hoping for isn’t coming. There’s a softening for sure, but we’re a long way from a big crash.
 
mimico_polak said:
Agreed. The ‘crash’ people are hoping for isn’t coming. There’s a softening for sure, but we’re a long way from a big crash.
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A neighbour listed yesterday, originally owner bought in 1970, 1000sq' raiised bungalo, 1 car garage. House is pretty much as if was in 1970, about all that's renewed is windows and HVAC. Listed at land value (65x120' lot).

There were cars lined up for showings from 8am this morning. They are still out there.

I think they are taking offers till Tues.
 
Mad Mike said:
A neighbour listed yesterday, originally owner bought in 1970, 1000sq' raiised bungalo, 1 car garage. House is pretty much as if was in 1970, about all that's renewed is windows and HVAC. Listed at land value (65x120' lot).

There were cars lined up for showings from 8am this morning. They are still out there.

I think they are taking offers till Tues.
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Good areas and good land will never drop heavily.

I want to buy my friends house. But that discussion to come (as I previously posted).
 
mimico_polak said:
Good areas and good land will never drop heavily.

I want to buy my friends house. But that discussion to come (as I previously posted).
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Income suites are huge value adds, expecg to see more of these in renos and flips. I have a separate coach house apt above my garage. The garage cost $25k, finishing the loft cost another $15 with furnishings.

That 500sq rental unit added $400k to the property value.
 
Mad Mike said:
Income suites are huge value adds, expecg to see more of these in renos and flips. I have a separate coach house apt above my garage. The garage cost $25k, finishing the loft cost another $15 with furnishings.

That 500sq rental unit added $400k to the property value.
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The realtor calculated what rents would finance. As a rental, $2k/mo. As an airbnb, $3500/mo.
 
We were out on a drive along the Erie shore and did a drive by of some senior housing near Port Rowan. They were mostly two bedroom, two and three bath bungalows with one to two car garages. The lots were a bit skimpy but better than many in the GTA.

Prices were from $500 K up to $600 K. Some had been sitting for six months.

Somehow they didn't turn me on as they had no character.

Two and a half hour hour commute to the GTA, an hour and a half to Hamilton.

Worth it for anyone???

Could it be an equity builder. Get in cheap and pay it off, move on.
 
nobbie48 said:
We were out on a drive along the Erie shore and did a drive by of some senior housing near Port Rowan. They were mostly two bedroom, two and three bath bungalows with one to two car garages. The lots were a bit skimpy but better than many in the GTA.

Prices were from $500 K up to $600 K. Some had been sitting for six months.

Somehow they didn't turn me on as they had no character.

Two and a half hour hour commute to the GTA, an hour and a half to Hamilton.

Worth it for anyone???

Could it be an equity builder. Get in cheap and pay it off, move on.
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Are they explicitly seniors housing? That complicates purchase for many and sale for all. Anything that limits your pool of buyers hurts potential sale price (in exchange, you should get it cheaper up front).
 
GreyGhost said:
Are they explicitly seniors housing? That complicates purchase for many and sale for all. Anything that limits your pool of buyers hurts potential sale price (in exchange, you should get it cheaper up front).
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I didn't think one could discriminate on age. They can advertise senior lifestyle (No playgrounds etc) but there was a smell of liniment in the air. The land is owned and the only mandatory cost was $60 a month for the pool / gym rec centre.

I think what turned me off was they were actual houses with a trailer park feel. If everyone is a senior it might be classified as temporary housing.
 
nobbie48 said:
I didn't think one could discriminate on age. They can advertise senior lifestyle (No playgrounds etc) but there was a smell of liniment in the air. The land is owned and the only mandatory cost was 460 a month for the pool / gym rec centre.

I think what turned me off was they were actual houses with a trailer park feel. If everyone is a senior it might be classified as temporary housing.
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55+ is allowed in Ontario. I know of ones in PEC and Innisfil, I am sure there are many more.

If you really want discrimination there is at least one building in Ontario that is a corporation and you have to buy shares to get a unit. They only allow cash purchases and you have to pass interviews before they allow you to buy shares. They can refuse to sell shares to anyone for any reason.
 
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GreyGhost said:
55+ is allowed in Ontario. I know of ones in PEC and Innisfil, I am sure there are many more. If you really want discrimination there is at least one building in Ontario that is a corporation and you have to buy shares to get a unit. They only allow cash purchases and you have to pass interviews before they allow you to buy shares.
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My mother lives in a 55 plus in Guelph no mortgages allowed. Leased land 850 mo includes all outside maintenance and access to seniors center. Prices are 20% higher than outside the development always a wait list to get in.

Sent from the future
 
There's an Adult Lifestyle gated community in Durham region. When I was young and immature I thought adult lifestyle meant some TOTALLY different. Like keys in a bowl type of different.
 
I hate it at 3am and the only keys , for a Kia sportage , left in the bowl are mine .


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