A lovely old neighbour lady passed away a few months ago and her son just sold the house. Four bedroom, two story, double garage, backs onto a creek etc. $1.9 M. Needed a total interior makeover. The new buyer, if they follow the granite paved pattern, with be in at $2.5M or more.
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COVID and the housing market
- Thread starter mimico_polak
- Start date
There are quite a few people with dumptruck loads of disposable income (or access to dumptruck loads of credit). Near the inlaws cottage, a family purchased a beautiful cottage that had been fully redone not long before. Previous renovation was really deep into six figures. New owners bought cottage for 1.5 and spent more than a year renovating (well into six figures again) plus the obligatory new ~$100k boat. New owners are in their mid-30's and apparently have a nice place in Toronto as their main dwelling.
There is no shortage of money in the GTA. All my relatives and closest friends work with nothing but granite, and the amount of money that goes into these renovations / cottage builds makes my head spin.
In 2006 I got to work on a condo building that started at 1.2M for 600 sq ft (penthouse was tens of millions bare concrete). That was a fortune back then. Backsplashes were counter to ceiling slabs of marble. It looked cool but holy crap. Last I heard, condo fees in their are much higher than most peoples mortgage payments (conceirge, valet, etc).
I was assisting in a home repair and we required access to a junction box in the garage. The pleasant lady of the house moved her car, a loaded Escalade. Next to it was a Rolls Royce that we assumed was her hubby's. Nope, he arrived later in his McLaren. No tag day for them.
Cousins constantly send me pics of double or triple decker garages. I remember one time had an Orange Lambo, an orange Hummer, McLaren, Porsche, and some other toys on the top deck.
Bottom deck had. a G Wagon, some AMGs, etc…
Come to think of it, may have been a GTAM baller’s house.
guzzirider
Well-known member
I just read an article that Calgarians are upset that all these people from Ontario are moving west and forcing housing prices up.
Hard to find a nice single detached home on a large lot with double car garage for under $400,000.00
Hard to find a nice single detached home on a large lot with double car garage for under $400,000.00
Afaik, only one GTAM baller was spending that much on vehicles. I don't think he's here anymore. We've got lots of wealthy people but I don't think we've got many with seven figures worth of cars at one point in time.
Yup, seeing it in my colleagues at work. 'Hey, I just bought these 2 condos in Edmonton / Calgary for a stupid price. You should get in on this also!'
guzzirider
Well-known member
I once stopped at the gas pump with my 12 year old beater of a Volvo behind a shiny high end Porsche.
When I walked in to pay the Porche driver was on his fourth gold credit card to pay for $10.00 of gas.
All four had been declined and he finally found enough change in his pocket to pay.
At least MY BEATER was paid for.
It is easy to own! It is a lot harder to not have to make payments!
When I walked in to pay the Porche driver was on his fourth gold credit card to pay for $10.00 of gas.
All four had been declined and he finally found enough change in his pocket to pay.
At least MY BEATER was paid for.
It is easy to own! It is a lot harder to not have to make payments!
Speak of the devil...
globalnews.ca
Hundreds of thousands moving to Calgary, making city unaffordable | Globalnews.ca
Calgarian Millie Winzinowich loves apartment hunting, but having to go back into apartment hunting in a 'crazy market' twice in one year impacted her plans to buy.
globalnews.ca
guzzirider
Well-known member
Just retired & moved back to Ontario from Edmonton 2 years ago.
Sold my place at a loss.
I admit I have impeccable timing.
Regardless of the potential profit that may be available, I am not taking on more debt in the near future. My investment loan is still doing ok but as things stand now, the payback period will be decades instead of the <9 years with low rates at the start of the program. Obviously that assumes that only dividends are used to pay off loan, dividends are unchanged, interest rate is unchanged etc. Realistically, as rates drop, it should be gone in less than 20 years. As it drops I will contemplate more debt to keep leverage up on the house.
Calgary and Edmonton already didn’t like Ontario much , driving up real estate isn’t helping . I was in Newfoundland last month , hundreds of Ontarians are selling up in the GTA and cashing in going back home , it’s putting housing prices way up for ‘locals’ .
Sent from my iPhone using GTAMotorcycle.com
Sent from my iPhone using GTAMotorcycle.com
guzzirider
Well-known member
The locals where smarter. They all moved to Alberta to work in Fort McMurray for insane money but kept Martine addresses for lower tax reasons.
They bought up houses back home for as little as $35,000.00 and are now selling them for big bucks to people fro Ontario.
They bought up houses back home for as little as $35,000.00 and are now selling them for big bucks to people fro Ontario.
Again, it depends on your age. 40-50 year olds may have been able to leverage that plan to retire in comfort. 20-30 year olds may never be able to afford a place to live near where they grew up.
At least one gtamer moved east. Really nice house and seems happy with their decision. House was ~30% of the money of a similar gta house. That is a lot of cash freed up to be used for money generating investments.
Back to the whiners, many of the people in the gta whining about wealthy immigrants pricing them out move east or west and drive out the locals there. Most don't comprehend that they are now the intruders. They think their move is fair game. Many locals understandably are upset. I don't have a good answer but bitching is definitely not useful.
Can't speak for Calgary, but having shopped around for a house in Edmonton and the GTA in recent years, the biggest difference I see is supply of new homes. There's a lot of new development in all directions beyond the ring road in Edmonton. It seems to me that newcomers are generally settling in those newly established communities. While demand is rising, it appears that there is enough supply and enough variety - condos, townhomes, duplexes, triplexes, etc... Same can't be said for the GTA.
There’s a lot of folks living outside the ring road the work in Ft Mac or in support industry , 5-7 days in camp then home . Car pool so the 4hr run isn’t so bad . Bigger operations are running buses , it’s just safer . Living in Edmonton is very different from Mac ,you can actually get a vet or doctor in Ed .
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Sent from my iPhone using GTAMotorcycle.com
Buttonville Airport closing in November. It sounds like the land will become industrial not housing. No one seems to know where all the planes and businesses are going to go.
Oshawa wasn't user friendly years back. Brampton is on borrowed time as housing encroaches. Maple and King A/Ps disappeared ages ago. Toronto Island is no jets and subject to NIMBYism. Pearson can't handle what's already on their plate.
Oshawa wasn't user friendly years back. Brampton is on borrowed time as housing encroaches. Maple and King A/Ps disappeared ages ago. Toronto Island is no jets and subject to NIMBYism. Pearson can't handle what's already on their plate.
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