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COVID and the housing market
- Thread starter mimico_polak
- Start date
The numbers in the spreadsheet are meaningless. I don't care what they originally paid. I want the real estate agent to do their bleeping job and compare prices to comps. Maybe a couple winners amongst the bunch if you do that (or maybe not).
It's shocking that a "profession" can be so ridiculously out of touch. Asking price means nothing to me. What you paid in a bidding war means nothing to me. Show me against comparable recent sales and you may get my interest (or more likely I'll call you an idiot as I suspect these are all still high).
For assignment purchases, I need to get a major discount from comparable units already constructed as there is no guarantee when or if it will ever exist.
Restaurant guy did a bunch of assignment sales. I don't remember his username and afaik, he never disclosed which restaurant he owned.
Mikedezo44
Well-known member
Yea, nothing like the realtor flyers bragging they got XX percentage over asking price for one of their clients. Ok? so if you underpriced it even more you could've got higher percentage over the asking price. Means absolutely nothing.
Have been watching a few Youtube videos about the current Toronto condo market. Absolutely in the toilet. So many investors walking away from 100k + deposits.
This is exactly how my brain works too. Over ask = under priced
It's worth what you get for it. The lament of the gambler; casino, stock market or housing is "I just want to get my money back out of it." Unfortunately, the innocent get caught in the net as well.
Sadly in the real estate market, the listing agent and the selling agent both get more commission when they don't look after the buyer's interest.
Is there something like a real estate buyers analyst to paint a realistic picture for the buyer?
Is that occupation financially viable as a lot of people don't want to pay for intangible advice?
I occasionally see ads "Want to buy XXXX SF home and have $XXX,XXX to right seller. Some are bottom feeders but does it become a Kijiji BS game?
Potential Kelowna home buyers ordered to pay $413k after not being able to secure financing - Kelowna News
A recent civil court case highlighted the drastic dip in Kelowna's real estate market in the spring and summer of 2022.
www.castanet.net
There's been quite of a few of these ruling lately.
As there should be. Far too many "investors" (cough speculators) pretending to be geniuses on the way up and trying to dodge consequences on the way down.Potential Kelowna home buyers ordered to pay $413k after not being able to secure financing - Kelowna News
A recent civil court case highlighted the drastic dip in Kelowna's real estate market in the spring and summer of 2022.www.castanet.net
There's been quite of a few of these ruling lately.
They could have protected themselves with a simple clause "Conditional on financing". However in the heat of battle, they blinked.
Cough. Average property tax in Brampton is now over $11k per year. It's hard to have any semblance of affordable housing when property tax alone is pushing $1000 a month.
www.insauga.com
Average homeowner will pay $11,000 in property taxes in Brampton: report | inBrampton
The average Brampton homeowner will pay over $11,000 in property tax this year thanks to a tax hike of more than 6 per cent by the city and the Region of Peel, according to a new report. This week will see the first 2024 property tax bills come due in Brampton with a 1.9 per […]
www.insauga.com
I’m close to 7k and I’m struggling….11k…in Brampton….Cough. Average property tax in Brampton is now over $11k per year. It's hard to have any semblance of affordable housing when property tax alone is pushing $1000 a month.
Average homeowner will pay $11,000 in property taxes in Brampton: report | inBrampton
The average Brampton homeowner will pay over $11,000 in property tax this year thanks to a tax hike of more than 6 per cent by the city and the Region of Peel, according to a new report. This week will see the first 2024 property tax bills come due in Brampton with a 1.9 per […]
Hubby and wife if they were well employed, will bring in ~ 4$ K a month CPP & OAS. $1 K to taxes, $1 K to utilities and if you don't have a car $2 K keeps you in bread and peanut butter. GIS may kick in but RRSPs and company pensions are needed.
If one spouse dies the CPP and OAS go to zero.
Add the tax rate and interest rate bumps to the sales price of your mega mansion.
Borrow from Peter to pay Paul economics has its limits.
Cough. Average property tax in Brampton is now over $11k per year. It's hard to have any semblance of affordable housing when property tax alone is pushing $1000 a month.
Average homeowner will pay $11,000 in property taxes in Brampton: report | inBrampton
The average Brampton homeowner will pay over $11,000 in property tax this year thanks to a tax hike of more than 6 per cent by the city and the Region of Peel, according to a new report. This week will see the first 2024 property tax bills come due in Brampton with a 1.9 per […]
"With an average home value of $1,013,920 in Brampton, the typical homeowner will pay more than $11,000 in property taxes in 2024, says a new report from real estate website Zoocasa.
The numbers show homes valued over $1 million can expect to pay around $11,069 in property taxes. Properties priced at over $750,000 will pay around $8,301, while homes over $500,000 will pay some $5,534."
The average home price is 1.013M... not assessed value. You'd have to spend 2.5m-3m to pay 11K in property tax.. more than double the "average".
The article is flawed.. price vs value.
Well that's lazy and stupid. I didn't dig into the numbers but your analysis makes sense.
MPAC is still on 2016 assessed values through at least 2024, They don't outright say what happens in 2025 (my guess is douggie pushes it a year as you don't want revised assessments in an election year). For houses built since 2016, they seem to be assessed 30-50% higher than similar homes that existed in 2016.
Yes MPAC is the 2016 assessed value BUT if there were permitted renos the number may be a bit higher based on more sq.ft or more bathrooms in the formula, etc.. In general all my research says MPAC is cruising around 40% to 60% of current market values for unrenovated (since 2016) homes. Maybe 60% to 70% for renovated or new build. Some higher, some lower, none actual market value.
When MPAC is adjusted up the MIL rates will drop. So if they in theory fix MPAC it next year and property values on average double the MIL rate will drop in half. It is not some sword of damocles where property tax doubles overnight due to this in a few years.
These articles seem to be written by clueless people or they just want shock value. BUT to be fair I am also shocked at smart people I know that have no clue how their property taxes are calculated (what is MPAC, what is MIL rate...?). If you go to MPAC and make a free account you can pretty much look at anyone's assessment.
When MPAC is adjusted up the MIL rates will drop. So if they in theory fix MPAC it next year and property values on average double the MIL rate will drop in half. It is not some sword of damocles where property tax doubles overnight due to this in a few years.
These articles seem to be written by clueless people or they just want shock value. BUT to be fair I am also shocked at smart people I know that have no clue how their property taxes are calculated (what is MPAC, what is MIL rate...?). If you go to MPAC and make a free account you can pretty much look at anyone's assessment.
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I know that's how it should work. The part that can kick your ass (or help you) is if MPAC decides your property value has changed substantially relative to the average. I also won't be surprised if municipalities use it as a chance to grab more money (your assessment doubled but we only want an extra 10%. We're looking out for you).
As far as assessed values go, some municipalities make it easy and put values in their gis maps (and give the public access to that data).
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Mad Mike
Well-known member
A broad MPAC reassessment in a municipality does not cause a material change in the taxpayer's rate -- as a taxpayer you pay a proportional amount to the municipal budget based on your assessment. If your evaluation jumps to current 2024 values, so do your neighbors, that doesn't change the percentage of the municipal budget you must cover.
Well put!
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