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COVID and the housing market
- Thread starter mimico_polak
- Start date
Port Rowan has been in the news a lot lately, it’s a dying spot so far .
According to ZooCasa CDN survey , Portions of the GTA are down 20% but still above the national average . Van has not moved 5% . KW Cambridge is down 20-25% but homes are still not reasonable . Burlington Condos have sold 4 in the last month under 500k , but you have to want a low rise condo as your home .
I still think wants vs needs is that markets biggest problem
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According to ZooCasa CDN survey , Portions of the GTA are down 20% but still above the national average . Van has not moved 5% . KW Cambridge is down 20-25% but homes are still not reasonable . Burlington Condos have sold 4 in the last month under 500k , but you have to want a low rise condo as your home .
I still think wants vs needs is that markets biggest problem
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Talking to a toronto focussed agent recently. Top 1%, etc etc. Working full time and not a single deal in 2023 so far. They have some listings, they just arent selling and sellers arent too interested in moving unless they get their number as the houses are adequate for their needs.
Low rise has advantages with maintenance fees. Underground parking raises the costly structural rebuilds as the floors collapse. Elevators over a few stories are more expensive to maintain and get more wear and tear. Nothing beats bungalow townhouses but the land usage / costs offsets the maintenance savings.
Do the new car and gas prices scare people away from being close to their GTA jobs? Pay less for the remote house but the transportation costs would pay for a bigger mortgage in the city.
We’re seeing lots of open houses and car activity at whatever is up for sale…but very long time left on the market.
Good properties with good lots and properly done interiors are moving.
The 1 month flip with garbage renovations…not so much.
Good properties with good lots and properly done interiors are moving.
The 1 month flip with garbage renovations…not so much.
It’s taken a long time but I think the urge to buy someone’s flip has finally caught up , you can at least have the time for an inspection or second opinion . Those shirt and tie specials are a train wreck for the next owner .
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$1.2m for a bungaloft (whatever the hell that is) and can't spend $70 to treat the driveway?
Check out this listing
Check out this listing
A bungaloft is a thing but this isn't that. Bungaloft should have almost everything on main floor and then an open area above (railing into great room) sometimes with one bed and bath up. This turd is laid out more like a backsplit or townhouse where you have a ton of short staircases. There is nothing bungalow or loft about it.
EDIT:
Lot size is also completely wrong. Listed as 129 x 452. Actual more like 40 x 129. Did agent just grab an existing listing as a template? They deserve to be fired and sanctioned for incompetence.
They don't deserve criminal charges, just a wrist slap from CREA to tell them to shape up and stop making their "profession" look so bad.
Good eye, I missed that. Meters vs feet no biggie...
$6174 property tax.
Wife and I being the nosey neighbours went and looked at 2 open houses. One for 1.1 mil and the other for 748k. The 748k had a line up to get in, and talking to the R.E she said the market is back to being red hot again. Both homes showed very well and I'm guessing will be gone fairly quickly, five years ago they would have both of been half priced.
Still the simpleton in me can't figure out how people are surviving with all these costs.
The only way it works is if you (or someone that you were related to) climbed the investment ladder (normally RE but can be conventional investments) first. There is no way in hell we could have paid what he did for this house without selling the last house for hundreds more than we bought it for. Lots of people are buying expensive houses with mostly equity and large but almost manageable mortgages.
more likely mom and pop taking equity out of their own homes, but same-same.
Mad Mike
Well-known member
I think what you're seeing is the 'Dumb Money' getting taken out of the market. For those who have been around long enough to remember past stupid speculative runups, history is repeating itself.
In a crazy market, Dumb Money flies into cheaper pre-construction and outlying communities causing a paper surge in value (a bubble). The speculative demand pushes prices up faster and higher than real demand, so when speculators leave or get squeezed, the bubble bursts. Another thing that's going to short the outlying areas is return to work mandates. Commuting from Cambridge or Innisfil to Toronto 0 days a week is cheap - do it 3 days a week and you're back to $400/mo in expenses and a couple of hours a day -- more if you have kids in daycare or use a car for your commute.
Built-out areas never suffer as much because the demand holds stronger, and longer.
Never buy out of town without testing the commute to work on a working day, preferably during a snow storm.
We drove into YYZ this aft to buy my son dinner, he had a 3hr gap to fill before heading off to Portugal. Wife and I both agreed we would never make that commute on a regular basis , and it was a light day.
Folks buying in Cambridge and burning a 50K car every 5 yrs , fuel upkeep and 1.5hrs of your life each way ? not a chance.
Folks buying in Cambridge and burning a 50K car every 5 yrs , fuel upkeep and 1.5hrs of your life each way ? not a chance.
Two weeks from closing the sale of my late mother's house. 50K over asking price (no conditions) which was about 50K over what I expected to be asking given the current market. Bungalow (2/1) on pie shaped lot. Listed for one week. I will believe it when it closes.
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