COVID and the housing market

Jampy00 said:
My Mother Lives in a apartment build in Tillsonburg, for many many years the building was populated with mostly seniors. Now anyone paying under 1000 were evicted (Don't know all the details) New tenants are now paying 1900.00 a month with no inclusions. My mom pays 1275.00 and fears she'll be next on the chopping block...
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There's a local young guy on Instagram bragging about all the money he is making investing in commercial real-estate, multi family income properties, etc etc. Ready to release his "how to" course that we can all buy from him so we can all get rich too. Bragging how he is increasing property values hundreds of thousands of dollars just months after his purchase, by renovating apartments and increasing rent/cash flow. All seems rosey for him sitting in the back of his 200k Mercedes S class with his laptop infront of him, and driving his Lamborghini on the weekends. Guess no one ever thinks about the person that actually has to pay these increased rents and how it might affect them.
 
Mikedezo44 said:
There's a local young guy on Instagram bragging about all the money he is making investing in commercial real-estate, multi family income properties, etc etc. Ready to release his "how to" course that we can all buy from him so we can all get rich too. Bragging how he is increasing property values hundreds of thousands of dollars just months after his purchase, by renovating apartments and increasing rent/cash flow. All seems rosey for him sitting in the back of his 200k Mercedes S class with his laptop infront of him, and driving his Lamborghini on the weekends. Guess no one ever thinks about the person that actually has to pay these increased rents and how it might affect them.
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Being poor isn't sexy, so no one thinks about it...except the poor person.

As for making all that money...basically EVERYONE (with maybe 1 exception) that I know that is well off / rich...99% of them did it because of family help.

- Guy sets up a laundromat and small hotel - mommy gave him free large house with multiple rooms and warehouse space downstairs
- Guy sets up a business renting kayaks and bunkies - daddy gave him the land for free so acquisition is zero
- Girl sets up a boutique store - mommy and daddy gave her startup funds and free location to sell her wares in THEIR hotel
- Guy drives a MB and states how rich he is - daddy bought the house, car, and funnels money into the business through his son's toys

And the list goes on and on and on and on.

But that's not sexy. You can't sell 'my mommy and daddy gave me everything I had'.
 
GreyGhost said:
Trumpy and Musk follow the pattern of your friends. Sure, they did well to grow the initial capital but they believe it makes a more compelling story if they started as an everyman not a silver spoon.
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It's always like that. There is a very very small number of people that 'made it on their own'.

Musk - rich parents
Trump - rich parents
Bezos - rich parents
Gates - rich parents

As you say, they just like to pretend they made it on their own, and sell that dream to their followers who think they can 'make it too'.

It's all BS.
 
mimico_polak said:
It's always like that. There is a very very small number of people that 'made it on their own'.

Musk - rich parents
Trump - rich parents
Bezos - rich parents
Gates - rich parents

As you say, they just like to pretend they made it on their own, and sell that dream to their followers who think they can 'make it too'.

It's all BS.
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To be fair to those guys... Rich parents had their backs so they were free to explore their ideas -- a little seed money probably helped.

They are all much richer than their parents and have built remarkable businesses. Musk's parents were the richest -- $100m. Elon's net worth increases by $41M/day - so between now and Wed he will accumulate more wealth than his parents did in their lifetime. Bezoz does that every 35 minutes., Gates every 2 hours.

Like him or not (I don't), Trumpy made it to the highest leadership position in the world. And he's likely to do it again.
 
 
Mad Mike said:
To be fair to those guys... Rich parents had their backs so they were free to explore their ideas -- a little seed money probably helped.

They are all much richer than their parents and have built remarkable businesses. Musk's parents were the richest -- $100m. Elon's net worth increases by $41M/day - so between now and Wed he will accumulate more wealth than his parents did in their lifetime. Bezoz does that every 35 minutes., Gates every 2 hours.

Like him or not (I don't), Trumpy made it to the highest leadership position in the world. And he's likely to do it again.
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No doubt. However, it's much easier to risk starting your own business / whatever if you know that you won't lose everything and your parents have your back.

Hell I could start something tomorrow if someone would cover the next year expenses for me.

Would I be successful? No clue
Does it matter? Not really...not my money and I have only other people's money to lose.
 
Mikedezo44 said:
There's a local young guy on Instagram bragging about all the money he is making investing in commercial real-estate, multi family income properties, etc etc. Ready to release his "how to" course that we can all buy from him so we can all get rich too. Bragging how he is increasing property values hundreds of thousands of dollars just months after his purchase, by renovating apartments and increasing rent/cash flow. All seems rosey for him sitting in the back of his 200k Mercedes S class with his laptop infront of him, and driving his Lamborghini on the weekends. Guess no one ever thinks about the person that actually has to pay these increased rents and how it might affect them.
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It's not just the tenants that get screwed. They also prey on investors looking to get rich quick by owning a piece of various properties. That's why the 'how-to' courses are a key part of the business model, as they serve as direct marketing to the kind of suckers they want. The show-offy social media posts are there for the same reason. There's a Burlington company who was posting videos from a rented luxury yacht while entering court to go into bankruptcy, who 'own' something like 400 properties, mostly across Northern Ontario. Once the wheels come off, it happens fast, and the small-time investors get nothing. It's also created a huge problem in places like the Soo, where they 'owned' a huge chunk of the rental market.
 
Jampy00 said:
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I had a 1 br house for rent near a diploma mill last summer. I had renters begging me to let them have the place - they planned 2 bunk beds (4 people) in the bedroom, and another (2 beds in the 1/2 story open loft. 6 in total, 1 bathroom -- I said no to that (plus we don't rent to students).

Foreign students are willing to make those accommodations work. Rooms are $750, so $450 for a shared room is attractive.
 
raginduck said:
globalnews.ca

Proposed law bans ‘predators’ from tying consumer goods loans to Ontario land titles | Globalnews.ca

The Ontario government is introducing legislation which will eliminate the ability for people to place Notices of Security Interest for consumer goods on the Land Registry.
globalnews.ca globalnews.ca

This will be good for a lot of people... they will ban nosi's.. and retroactively cancel existing ones.
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Good. Neighbour bought a house with an on-demand water heater. Tried to buy it out and was told $35K. Thieving bastards.
 
mimico_polak said:
It's always like that. There is a very very small number of people that 'made it on their own'.

Musk - rich parents
Trump - rich parents
Bezos - rich parents
Gates - rich parents

As you say, they just like to pretend they made it on their own, and sell that dream to their followers who think they can 'make it too'.

It's all BS.
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Think about the discussions around the dinner table with the above or similar.

IE father is an investment CEO and mom's a lawyer.

Kids grow up hearing about hedge funds, legalities, loop holes, short selling, compounding, leveraging etc.

Then think about the family discussions when dad works in a warehouse and mom slings coffee. The discussions centre on where to get cheap used stuff.

The rich kids get a grass roots education right out of the cradle. Even without the parents money and influence they will do well. Throw in the social connections from the Muskoka cottage, golf club and yacht club on the right side of the river and money makes money.

Schools here still largely teach you to be an employee. I had a chat with a colleague yesterday on a tech matter. He has 600 employees. If he made a couple of bucks an hour off each one he'd be over $2M a year. He invests that money wisely so no go-fund-me for him.
 
Jampy00 said:
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From Wikipedia, the free encyclopedia

A bedspace apartment (Chinese: 牀位寓所), also called cage home (籠屋), coffin cubicle, or coffin home (棺材房), is a type of residence that is only large enough for one bunk bed surrounded by a metal cage.[1]: 23  This type of residence originated in Hong Kong, and primarily exists in older urban districts such as Sham Shui Po, Mong Kok, To Kwa Wan, and Tai Kok Tsui. In 2007, there were approximately 53,200 people living in cage homes in Hong Kong.[2]
Generally, the residents are low-income people, including the elderly, drug users, and some low-skilled or unskilled labourers.[3] Reports from the Legislative Council of Hong Kong found that the people who lived in cage homes were those who did not qualify for social welfare, or subsidised rent or electricity.[4] Most of the residents are male. Safety and other living conditions in bedspace apartments homes are often poor.
While often called cage homes, they are categorised as "bedspace apartments" by the Hong Kong Government. According to the Bedspace Apartment Ordinance, the term "bedspace apartment" refers to a house that contains 12 or more people who rent bedspaces individually. It is legal to run these bedspace apartments, but landlords must first apply for a special license.[5][6]

Coming soon to a slum near you.

Reality check: Would you rather sleep on a piece of cardboard in a rat infested drug riddled alley?
 
GreyGhost said:
Good. Neighbour bought a house with an on-demand water heater. Tried to buy it out and was told $35K. Thieving bastards.
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Were they aware of the consequences before they signed? All homes should be sold free of all encumbrances. Ours has a rental hot water tank.

In the pre interest rate increase days you didn't have time to ask questions. Places were being sold as is, no survey.
 
nobbie48 said:
Were they aware of the consequences before they signed? All homes should be sold free of all encumbrances. Ours has a rental hot water tank.

In the pre interest rate increase days you didn't have time to ask questions. Places were being sold as is, no survey.
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One thing I did is make sure to get rid of my Enercare contract at the earliest date possible. Cost me $20.
 
nobbie48 said:
From Wikipedia, the free encyclopedia

A bedspace apartment (Chinese: 牀位寓所), also called cage home (籠屋), coffin cubicle, or coffin home (棺材房), is a type of residence that is only large enough for one bunk bed surrounded by a metal cage.[1]: 23  This type of residence originated in Hong Kong, and primarily exists in older urban districts such as Sham Shui Po, Mong Kok, To Kwa Wan, and Tai Kok Tsui. In 2007, there were approximately 53,200 people living in cage homes in Hong Kong.[2]
Generally, the residents are low-income people, including the elderly, drug users, and some low-skilled or unskilled labourers.[3] Reports from the Legislative Council of Hong Kong found that the people who lived in cage homes were those who did not qualify for social welfare, or subsidised rent or electricity.[4] Most of the residents are male. Safety and other living conditions in bedspace apartments homes are often poor.
While often called cage homes, they are categorised as "bedspace apartments" by the Hong Kong Government. According to the Bedspace Apartment Ordinance, the term "bedspace apartment" refers to a house that contains 12 or more people who rent bedspaces individually. It is legal to run these bedspace apartments, but landlords must first apply for a special license.[5][6]

Coming soon to a slum near you.

Reality check: Would you rather sleep on a piece of cardboard in a rat infested drug riddled alley?
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I'd like to see more social housing include relocatable camp-style dorm units. They have private rooms, shared restrooms, showers, and social areas. They are quick and easy to build, rugged, can be located and relocated anywhere you can find utility connections. It wouldn't be hard to put a few hundred under the Gardiner as well as vacant lands scheduled for future development.
 
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