My friends did it the other way around. Bought the pre construction houses in Alliston and then flipped them for 150-200k more after a year or so. Then put down payments on houses here.
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COVID and the housing market
- Thread starter mimico_polak
- Start date
blackcamaro
Well-known member
If I was in your spot today I would be looking for a condo in Hamilton, Kitchener/Waterloo, Barrie. You may not love it but it's doable and gets you started.
My first place sucked. I didn't have a kitchen for 6 months, walking around on the subfloor for a couple years before I got to that, bare drywall walls, In and out of my line of credit etc. Point is it wasn't a great time at all but it paid off.
Good luck.
Our Toronto house is worth ten times what it was 40 years ago so the theory is not impossible.
However at some point the interest rates will rise and being over leveraged will be a killer.
A five year plan was tricky before Covid. To suggest a 30 plan is merely musing about possibilities. The more beer you drink the more practical it sounds.
Is there anything in life that isn't a Ponzi scheme? Government and investing etc. Think of the big names that were once blue chip stocks and are now stencil brands for batteries and flashlights.
Repeating myself, we have to do something about capital gains on personal properties. We don't have to gut our parents or grand parents but we need to review the 2016 changes to see if there is room to discourage the greed.
bigpoppa
Well-known member
In addition to this, I understand mortgage fraud is rampant, wages havent kept up with real estate, yet people keep qualifying for those expensive mortgages
So either they have the cash from their first home and are not first time buyers, OR someone needs to take a closer look at the paper work ?
Insurance shouldn't be a huge issue as most of the money is in the land and not able to be lost. Mortgages on the other hand. Yeesh. I'm not sure how they are dealing with this mess. The whole program is based on stable (or at least predictable) price changes. If you pay close to what someone else paid for a similar house a year ago it is pretty safe for the bank. If you pay 50% more than a similar house a year ago, did they get a great deal or is your price crazy and unsupported? I don't know how the lenders deal with that. It would be easy for them to say that you have to throw in another 30% to protect them, but nobody has that.
If the swamp is more than 50% water I guess it's waterfront.
I was talking to a true nature loving, laid back couple with a watery lot. The high water one year didn't bother them. The extra frogs the flooding brought them the next year didn't bother them. The extra snakes the frogs brought the next year were welcomed because the kept the two legged snakes away.
I completely agree. Even something like a lifetime capital gain exemption of $1,000,000 does a lot. If you wanted it to be "fair" the exemption would be much much lower than that but I don't expect any politician to attempt fair. For MP, why would he sell and move up if the entire capital gain on the text house would be taxable? He'd do better using the money for TFSA or some other more liquid investment. Let people hopping around, less appreciation on houses over 1M. No reason at all to buy a ridiculous house unless it is for vanity. A friend bought his house in Mississauga in 2015 for 1.2 and listed it for 2.4 in 2018. wtf. 400K a year tax-free? ridiculous and should be plugged asap. I would still prefer a flat tax that helps with the haves and have nots. What did you make last year from all sources? Give us this percentage of that. All of the holes are just tools exploited by the wealthy and essentially unavailable to the average. The further you move up the wealth tree, the more tools you have to avoid paying tax (and the more cash flow you have at a very low tax rate). Ridiculous.
I grew up in Scarborough. 550 McCowan Rd just south of Lawrence. Mom and Dad bought the place in 1958 for $22,000. They had to borrow the down payment from Dad's parents, and grandma never let Mom forget."OMG, it's so big".
I wonder what that place would sell for now?
I wonder what that place would sell for now?
563 went for over 1M in September 2020.
D
Deleted member 50930
Guest
I live in KW.
Nothing is available for $350s** and 1 bedroom apartments are creeping into $2000+ territory
** Or cheap mortgage but high condo fees.......
edit - I just checked Kijiji again and it's cheaper than December 2020. My bad
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Double income.
2050: Based on past growth rates, the average home in Canada could cost $3.3M to $7.6M.
The purpose of this article is not to create fear and panic, but to illustrate the future impact of home prices continually growing at a much faster rate than income. We have become all too accustomed to high single-digit or even double-digit home price growth, while ignoring the future...www.thehabistat.com
What the honest f***
I think after COVID, I will leverage my degree and move to the US
The most successful couples I know, minus the 1% (aka. doctors), have a combined income between $100,000 to $200,000+. This won't change anywhere because last generation decided they wanted women to work so now we have this problem lol (not against women working, just stating a fact.)
I recall your situation with your significant other. Good luck.
bigpoppa
Well-known member
Your best bet is london or sudbury at this point.
I would suggest windsor but by all accounts not a lot of work in that town
I’d prefer no mortgage + Benz + cash and commute if needed.
Windsor is great. Few guys I know bought duplex’s there for under $200k and are making serious bank on income properties.
Only issue for me is I prefer to have my investment properties within an hour drive. Simply to get there if **** hits the fan.
but definite opportunities to make serious coin.
81 Kilgreggan Cres, 3 BR bungalow listed at $888,000 40 X 111 foot lot
112 Brimorton 4 BR bungalow $1,199,998 53 X 104 foot lot
And then there is my grandparents place. 6 Queensgrove down by the lake. They paid less than $7,000!
blackcamaro
Well-known member
Check housesigma. In the past 30 days almost 40 properties in KW have sold under $350,000. Not going to tell you I would live/buy in every one of them but there is always opportunity.
D
Deleted member 50930
Guest
Similar (~1M) for original houses. Rebuilds sold for 1.8.
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