COVID and the housing market | Page 330 | GTAMotorcycle.com

COVID and the housing market

GreyGhost said:
That whole throw your hands in the air YOLO crap will be a disaster. Not only do you not have a stable place to live, you have no substantial passive income to pay for rent. I hope you enjoy thailand as there's a good chance you will be forced out of canada by economics. Hopefully you have enough money at the time to be able to buy a ticket.
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i wish more would yolo, less competition later.
 
Evoex said:
i wish more would yolo, less competition later.
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I’m seeing a lot of YOLO lifestyle in my friend group. Seems they’re all living the life, buying properties overseas, vacations 2-3 times per year, motorcycles, boats, etc….

In all honesty it makes me feel like a failure as I’m being conservative, safe, and looking at the long term play.

Meanwhile…they’re all laughing all the way to the bank.
 
mimico_polak said:
I’m seeing a lot of YOLO lifestyle in my friend group. Seems they’re all living the life, buying properties overseas, vacations 2-3 times per year, motorcycles, boats, etc….

In all honesty it makes me feel like a failure as I’m being conservative, safe, and looking at the long term play.

Meanwhile…they’re all laughing all the way to the bank.
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The secret is balance. They might laugh now, but suffer later living under a bridge. You may suffer now, but be laughing in retirement.

The problem is, anyone could get hit by the ice cream truck crossing the street tomorrow.
 
Evoex said:
The secret is balance. They might laugh now, but suffer later living under a bridge. You may suffer now, but be laughing in retirement.

The problem is, anyone could get hit by the ice cream truck crossing the street tomorrow.
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They might laugh now….but they’re also building large portfolios while I squirrel away.

Time will tell I guess. Buddy just told me he fainted last week, dropped, and got a concussion. Doesn’t remember a thing. 46.
 
nobbie48 said:
I had the tree in our back yard tested this morning and asked the 28 year old expert about his view of the housing market.

Between him and his better half they make just under $200K. She is well versed in finances, him less so but neither is a spend thrift. He figures they will have to save for 10 years to have a decent down payment unless their incomes ramp up or their costs go down. A morbid thought but inheritances won't likely kick in for 20+ years.

If they want a house before kids they'll be on CPP while their kids graduate university.

He has a brother that figures it isn't worth the fight for housing and is doing the YOLO lifestyle.
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Silly...

700K still buys a 1+1 condo with little effort in Toronto. A 200K combined income they should be able to swing a high ratio down payment in a couple of years easy from dead zero (should be right now if they have any financial brains) and the carrying costs are not an issue at that income level as they will be under 1/4 monthly.

Going 1+1 means a small second room/sunroom that can be used as an office to start for the first kid as a baby/toddler. Wait on the first kid a few years after buying today and plan to cash in what was paid down and any equity growth in roughly five to six years---to either a larger condo (not the way I would go) for second kid or better yet a house/townhome.

Income was way less and the condo numbers were less but that is exactly what I did. I know many people who also did the same, eithr in the city condo starter or other places in Ontario as a starter 2 bedroom house.

The problem is people want their dream home day one without using that stepping stone of a starter to get there or maybe It does not sound like she is all that "financially well versed"?
 
crankcall said:
Going to have to be Steve or Mike , I’m in the middle of doing something sensible with my money , I’m getting a new boat ….


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The Kialoa III is for sale for a reasonable price. Beautiful boat. I would not want to know the budget required to replace sails.

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IOR designed race pigs are awesome when you have 11 friends to get out sailing . 17 if you want to race it . I’d guess 200k would buy the sails if you didn’t need fancy ones.
I did bow on a 70ft in the San Diego / Ensenada race , stainless wire for guys on the spinnakers , life is too short for that stuff . I’m looking at a very civilized Beneteau 10R , cheap and cheerful .


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We are all saved , DoFo and his crew were on the news this am defending the green belt deal , many many houses will be built under 1 million for Ontario new home owners . Those homes feature big enough lots for your two kids and their pet unicorns .


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crankcall said:
We are all saved , DoFo and his crew were on the news this am defending the green belt deal , many many houses will be built under 1 million for Ontario new home owners . Those homes feature big enough lots for your two kids and their pet unicorns .


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I am curious where they will build the house under 1 million

Sent from the future
 
Scuba Steve said:
I am curious where they will build the house under 1 million

Sent from the future
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Low cost means high density which means destroying greenbelt. Greenbelt housing is a log cabin on ten acres of woods, gravel roads, septic system, dug well, off grid.
 
nobbie48 said:
Local bungalow just listed for $1.4 M, a realistic starting point. Last sold for $826K in 2013.
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For your neighbourhood...that's not a bad deal in all honesty. I'd move there to be closer to my parents.

Good schools, nice lots, nice houses, quiet tree lined streets...sign me up.
 
crankcall said:
I will be well retired before I will see an inheritance. That was a standard thing 30 yrs ago , get dad cash and be ok, not so much now .


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Same here. Inheritance is not a retirement plan. Though for many it probably is.
 
backmarkerducati said:
The problem is people want their dream home day one without using that stepping stone of a starter to get there or maybe It does not sound like she is all that "financially well versed"?
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Bigger problem is people want everything on day one. Including trips ever year and dining out 3 times a week.
 
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