COVID and the housing market | Page 370 | GTAMotorcycle.com

COVID and the housing market

So if BMO tells me that I need to call ahead of time whenever I need to make a cash withdrawal of more than 4k at a time - that is all BS?

Next time Ima show them this post and demand they give me cash lol
Risk mitigation. Retail banks don’t want anyone to know how much cash is available to robbers. If you need $10k, they will prepare it and take steps to make sure a robber doesn’t follow you.

Or, they will up your withdrawal limit and ask you to get your cash from an ATM.

A retail bank will have $50k or more in loose change on hand.
 
Anything but lower prices…

Condo market is teetering on a price correction, buyers instinctively wait, not for better price as much as fear that a purchase today might be underwater tomorrow.

Another challenge is maintenance fees. In panic buying mode, they get less consideration. Now buyers are concerned that annual fees of $12/sq foot as extortion.
 
My mom’s condo fees are $768.00 , that heat / ac, cable and internet, a pool and fitness room, and a very well maintained building . But that’s a lot of money I think , but less than many new buildings .


Sent from my iPhone using GTAMotorcycle.com
 
My mom’s condo fees are $768.00 , that heat / ac, cable and internet, a pool and fitness room, and a very well maintained building . But that’s a lot of money I think , but less than many new buildings .


Sent from my iPhone using GTAMotorcycle.com
I think my mom's is around 800 for grass snow and outside maintenance. There is also a pool and community building with library and gym. Hers is 1800 sq ft detached house in a condo community.

Sent from the future
 
My mom’s in a high rise . For comparison our 1800sqft townhouse in northern Arizona , all outside maintenance/ pool / tennis / ‘club house’ was $188.00 .


Sent from my iPhone using GTAMotorcycle.com
 
Condo market is teetering on a price correction, buyers instinctively wait, not for better price as much as fear that a purchase today might be underwater tomorrow.

Another challenge is maintenance fees. In panic buying mode, they get less consideration. Now buyers are concerned that annual fees of $12/sq foot as extortion.
Developers seem to be ethically challenged, especially in the condo sector. Re-writing the agreements sounds good but with a history of downgrading final value by skimping on quality as the project advances, do the buyers fear buying a money pit?

Retro fitting quality after the building is up is pricey.
 
So if BMO tells me that I need to call ahead of time whenever I need to make a cash withdrawal of more than 4k at a time - that is all BS?

Next time Ima show them this post and demand they give me cash lol

I've had that happen at TD for 10K... a few times. I think it's standard policy.
A friend of mine recently took out an amount.. a lot more than 10K.. The bank made him arrange security.
 
I've had that happen at TD for 10K... a few times. I think it's standard policy.
A friend of mine recently took out an amount.. a lot more than 10K.. The bank made him arrange security.
I’ve had BMO take me to the back, count money, and sign a waiver that they’re not responsible once I leave the premises for the money as some people had been robbed in that particular lot.

Let me tell you I booked it straight to my car.

Plus the whole ‘is anyone pressuring you to take out these funds? Are you under duress?’ Etc etc
 
I’ve had BMO take me to the back, count money, and sign a waiver that they’re not responsible once I leave the premises for the money as some people had been robbed in that particular lot.

Let me tell you I booked it straight to my car.

Plus the whole ‘is anyone pressuring you to take out these funds? Are you under duress?’ Etc etc
Lots of jugging reports from the USA. Thugs follow the person home and jump them.
 
Lots of jugging reports from the USA. Thugs follow the person home and jump them.
How do they know what you're carrying? Dirty bank employees? When my wife was closing an account, I asked to close the account and take cash. I didn't yell out how much was in the account. Carried the envelope to another bank and deposited. If it was a life changing amount of money, I'd pay for a money order or wire.
 
How do they know what you're carrying? Dirty bank employees? When my wife was closing an account, I asked to close the account and take cash. I didn't yell out how much was in the account. Carried the envelope to another bank and deposited. If it was a life changing amount of money, I'd pay for a money order or wire.
I’d say most times it’s just a simple crackhead seeing someone coming out of a bank and assuming that there’s cash to be potentially easily attainable.

Most criminals aren’t masterminds. Apparently a lot of them are quite dumb.
 
I’d say most times it’s just a simple crackhead seeing someone coming out of a bank and assuming that there’s cash to be potentially easily attainable.

Most criminals aren’t masterminds. Apparently a lot of them are quite dumb.
I'd have them fooled. I try to withdraw cash almost never. As with most personal transactions, I am not wearing good looking clothes or a fancy watch. I still may get randomly selected but given the choice, most other people look like better targets with more money (and they probably are the vast majority of the time).
 
How do they know what you're carrying? Dirty bank employees? When my wife was closing an account, I asked to close the account and take cash. I didn't yell out how much was in the account. Carried the envelope to another bank and deposited. If it was a life changing amount of money, I'd pay for a money order or wire.
At the branch I deal with occasionally it isn't hard to overhear transactions. In the old days of deposit and withdrawal slips you wrote down your needs. Now you verbalize them and some people don't realize how loud they are. Then the teller repeats the numbers.
 
I'd have them fooled. I try to withdraw cash almost never. As with most personal transactions, I am not wearing good looking clothes or a fancy watch. I still may get randomly selected but given the choice, most other people look like better targets with more money (and they probably are the vast majority of the time).
An engineer friend worked in Brazil and people are cautioned to dress poor to avoid getting mugged. He said the one thing they typically overlook is their shoes. High end Nikes gets you a thump to the head.
 
When I have to get a certified cheque for 50K, I slipped a note to the teller, she did her thing and then stated "Here is your statement"
No mention of money and that was for a certified cheque, I'd be sweating if I had to do it for 50K cash...
 
One friend keeps at least 25k cash at home at all times ( because you never know ) ( whatever that means ) . One friend has 3.6 million in silver in his garage , he’s not worried , he is the guy you would worry about .
Me , when I have 1k in my toonie / loonie barrel , it’s off to the bank .


Sent from my iPhone using GTAMotorcycle.com
 
One friend keeps at least 25k cash at home at all times ( because you never know ) ( whatever that means ) . One friend has 3.6 million in silver in his garage , he’s not worried , he is the guy you would worry about .
Me , when I have 1k in my toonie / loonie barrel , it’s off to the bank .


Sent from my iPhone using GTAMotorcycle.com
What's cash? I seem to have forgotten...
I never see actual money anymore...
 
My mom’s condo fees are $768.00 , that heat / ac, cable and internet, a pool and fitness room, and a very well maintained building . But that’s a lot of money I think , but less than many new buildings .


Sent from my iPhone using GTAMotorcycle.com
Our condo row house in Burlington just hit $1059/mo, up $400 in 5 years. We pay water, gas, cable, internet ourselves, no community pool, fences or structures. It covers grounds maint and the maintenance of the exterior,

Maint was $202 in 2002.

My head nearly blows off every time I read meeting minutes.

I don’t go to the AGM any more, I’m not cut out for prison.

IMG_0723.jpeg
 
Wow , that’s getting awfully pricey. I would think resale might be tough to cover a mortgage and those fees on top . Yikes .


Sent from my iPhone using GTAMotorcycle.com
 

Back
Top Bottom