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COVID and the housing market
- Thread starter mimico_polak
- Start date
I was offered a transfer to Sarnia but it had the same problem. Big project = big house price. Project ends and the toilet flushes. Refill time could be ten years.
The option was to live in London and spend half my life in Sarnia away from family. I passed on the opportunity.
Another "luxury" house under construction burns to the ground. This one took out the two closest neighbours. Damage total ~$12M. It looks like the lot/original house was purchased more than a decade ago but if you were a few million dollars down the rebuild rabbit hole at 7%, maybe the owners reconsidered the viability.
News doesn't provide address but probably 216 Duncan Rd. Kingsgate was the builder.
www.cp24.com
News doesn't provide address but probably 216 Duncan Rd. Kingsgate was the builder.
Fire that destroyed 3 Richmond Hill homes caused estimated $12M in damage
No injuries were reported after a fire ripped through three homes in Richmond Hill overnight, York Regional Police say.
www.cp24.com
ooops....
www.blogto.com
Ontario home sold at $700k loss after multiple failed attempts to sell
A home in Burlington re-listed for sale multiple times and eventually sold at a staggering loss shows just how prices tend to fluctuate in the GTA re…
www.blogto.com
Sold for $2.1 million in February 2022.ooops....
Ontario home sold at $700k loss after multiple failed attempts to sell
A home in Burlington re-listed for sale multiple times and eventually sold at a staggering loss shows just how prices tend to fluctuate in the GTA re…
Re-listed for $3.3 million just a few months later. (No Sale)
Re-listed just above its initial selling price at $2.2 million in April 2023. (No Sale)
Re-listed in November 2023, at $1.5 million. (No Sale)
Home sold for $1.42 million in March 2024.
Play stupid games, win stupid prizes...
And trying to catch a falling knife. If they had tried to get out with minimal loss by listing at 2.1 when they listed at 3.3, they might have had a chance to get another sucker on the hook. They refused to admit to themselves that they had screwed up.
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it's a hell of a tax write off though as an investor...
100% someone made money off this fiasco..
Here's an interesting proposal. One house torn down, severance into two lots and build three dwellings on each lot.
As expected, tons of NIMBY with a petition stating "inconsistent with the surrounding neighbourhood". That is exactly the point. Any person that makes that argument should be entirely discounted. Anything increasing density is inconsistent with existing residential developments and that is the desired outcome.
Garages have stackers so each dwelling can have a vehicle.
kitchener.ctvnews.ca
EDIT:
Check out this quote from one of the Karen's:
"What they’re talking about, coming in and rebuilding a place for six individual units for six individual people or families to live. This is supposed to be an R1 low residential, low zoned housing unit,"
The whole point is their treasured R1 is no longer a protected zone. More of these need to get built so people realize the train is coming and they can't stop it.
As expected, tons of NIMBY with a petition stating "inconsistent with the surrounding neighbourhood". That is exactly the point. Any person that makes that argument should be entirely discounted. Anything increasing density is inconsistent with existing residential developments and that is the desired outcome.
Garages have stackers so each dwelling can have a vehicle.
Waterloo neighbours push back against proposed double lot build
Residents on Vermont Street in Waterloo are voicing their concerns about a proposed build on their quiet road.
EDIT:
Check out this quote from one of the Karen's:
"What they’re talking about, coming in and rebuilding a place for six individual units for six individual people or families to live. This is supposed to be an R1 low residential, low zoned housing unit,"
The whole point is their treasured R1 is no longer a protected zone. More of these need to get built so people realize the train is coming and they can't stop it.
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ifiddles
Well-known member
How would the garage stackers work? what if the guy parked on top has to leave for work before the guys below him? I'm a visual learner so can't picture this scenario in my head.Here's an interesting proposal. One house torn down, severance into two lots and build three dwellings on each lot.
As expected, tons of NIMBY with a petition stating "inconsistent with the surrounding neighbourhood". That is exactly the point. Any person that makes that argument should be entirely discounted. Anything increasing density is inconsistent with existing residential developments and that is the desired outcome.
Garages have stackers so each dwelling can have a vehicle.
Waterloo neighbours push back against proposed double lot build
Residents on Vermont Street in Waterloo are voicing their concerns about a proposed build on their quiet road.
Some stackers have underground spaces so you can access any level (eg three platforms with loading at ground level with room for two vehicles above and two below. Any platform can get to ground level. For bigger stackers, they could use a chain but that requires a lot more space (video of this type of system below).
The problem is when zoning becomes inconsistant associated services can't adjust. Schools, medical services, policing, fire and transportation can't change as quickly as putting up a six plex. Isi t going to be one six plex or do they follow with three more or ???Here's an interesting proposal. One house torn down, severance into two lots and build three dwellings on each lot.
As expected, tons of NIMBY with a petition stating "inconsistent with the surrounding neighbourhood". That is exactly the point. Any person that makes that argument should be entirely discounted. Anything increasing density is inconsistent with existing residential developments and that is the desired outcome.
Garages have stackers so each dwelling can have a vehicle.
Waterloo neighbours push back against proposed double lot build
Residents on Vermont Street in Waterloo are voicing their concerns about a proposed build on their quiet road.
EDIT:
Check out this quote from one of the Karen's:
"What they’re talking about, coming in and rebuilding a place for six individual units for six individual people or families to live. This is supposed to be an R1 low residential, low zoned housing unit,"
The whole point is their treasured R1 is no longer a protected zone. More of these need to get built so people realize the train is coming and they can't stop it.
Schools are normally ok as long-established neighbourhoods are both financially out of reach for many families with young kids and many homes are full of older people whose families have grown up already. Schools have lots of room in most older neighbourhoods.
Medical services are in the crapper regardless of number of houses. This requires attention.
Policing provides terrible service for high cost already. More dwellings, more taxes, more money to increase police salaries.
Fire spends most of their time doing first response not fire. Conceivably if density in a neighbourhood changed substantially, ehy may need more services but I can't see ever crossing that threshold. Ratio is something like one station for every 30,000 residents.
Public transportation in single family areas is a disaster. In needs far higher density to be viable. These redevelopment will actually help transit.
Transportation continues to be the problem. There is a ton of relatively cheap land less than 45 minutes from the Toronto core if we had 200 KPH travel. Pleasant Peterborough, Charming Cobourg, Lovely Listowel, Magnificent Midland.
George Jetson hops into his personal travel drone and flies to his nearest hub where he transfers to a bullet train to the Toronto hub. Then the TTC and moving sidewalks take over.
Sure it would be expensive but the budget will pay for itself.
48Connor
Well-known member
If you make Listowel within commuting distance to Toronto, would it still be affordable? Or does the house currently for sale at $700k now sell for $1.1m because you can work in the city?
Pretty much what you said. Barrie and Peterborough were <<$200k 10 years ago. Now they are more like 800k as people are commuting further to try to get in the market. On that front, that is why most of the studies that talk about housing affordability are complete crap. They compare the house prices in Hamilton with the average wage in Hamilton. Most of those hamilton residents buying houses are commuting towards Toronto. People working in Hamilton are commuting from Cayuga.
As the availability of commuting expands, so does the price of the surrounding communities and the ‘affordable’ radius gets further and further away.
I just want a Bungalow
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