COVID and the housing market | Page 52 | GTAMotorcycle.com

COVID and the housing market

Cottage near the inlaws just sold. 4000 sq ft (2000 sq ft bungalow with finished walk out basement). Listed at 1.4, sold in four days for 1.475. That cottage was used ~two weekends a year when the grandkids would come up to have a fun weekend with the nannies. For their use case, rental made a hell of a lot more sense but obviously owning paid off financially.

The inlaws have a smaller cottage (~1500 sq ft + walkout basement) on a much much better lot and they bought it ~15 years ago for 220K. When my BIL takes over ownership he is going to have a decent size mortgage just to cover capital gains.
 
Pretty sure my parents bought their cottage for around 60k back in the early 90s.

Actually they got fired from being superintendents many years ago because “how can a stupid immigrant have a car, cottage and house? Must be stealing!”

no. Each parent worked 2 jobs ********.
 
mimico_polak said:
Pretty sure my parents bought their cottage for around 60k back in the early 90s.

Actually they got fired from being superintendents many years ago because “how can a stupid immigrant have a car, cottage and house? Must be stealing!”

no. Each parent worked 2 jobs ********.
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My FIL came to Canada in 1949 after WWII, POW, Labour camp, displaced persons camp, torture etc. He couldn't speak English. When I met him in 1973, 24 years later he had built his own house, bought three other income properties, had a solid job reputation, become a stationary engineer, installed siding and storm windows on the side. Did jobs on a handshake. Didn't have a credit card.

The guys that hung around at the bar every night couldn't figure out how he did it.

I only got to know him for a few years as he died young. It was a solemn day last Monday as it would have been his 100th birthday. One of the hardest things to do in life is spending enough time with someone you will eventually miss.
 
I take solace in the **** that those people that tried to ruin my parents are still living in that ****** building and crusty as ever. **** them.

I know people that lived there recently and they all said the building is in disrepair, the board is a bunch of crooks, and the property managers don’t do ****. Meanwhile my parents did everything to keep the place running. Good memories and lifelong friends from there. But nothing else.
 
mimico_polak said:
I take solace in the **** that those people that tried to ruin my parents are still living in that ****** building and crusty as ever. **** them.

I know people that lived there recently and they all said the building is in disrepair, the board is a bunch of crooks, and the property managers don’t do ****. Meanwhile my parents did everything to keep the place running. Good memories and lifelong friends from there. But nothing else.
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Yup. They wallow in their pity parties, blame everyone else, and enjoy shared misery with others of the same mindset.

Life is to short to put up with the crap. I have a couple of cousins I could go on about.
 
bigpoppa said:
Daycare must have been affordable back then, or were your grandparents with you in canada?
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No daycare, and no grandparents. I was 10-12 or so, and as the supers mom stayed home and then worked evenings elsewhere while dad worked 2 jobs (and also in the building in the evenings).

Plus we had good friends so the moms would always care for the other kids in the building as required. We had a good pack of kids in our age (about 5-7 of us) and basically from day to night during the summers you could find us somewhere on the property. Lots of trees, a pool, playground and a tennis court can keep young kids busy all day long.

Being the supers the apartment was free/included in the salary, so you save a huge portion which went to pay the mortgage on the house while being rented, and saved for cottage.
 
mimico_polak said:
No daycare, and no grandparents. I was 10-12 or so, and as the supers mom stayed home and then worked evenings elsewhere while dad worked 2 jobs (and also in the building in the evenings).
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Same with us, no babysitters or day care, but around 10 years old you're smart enough to not kill yourself if you're left alone for a while
 
bigpoppa said:
Same with us, no babysitters or day care, but around 10 years old you're smart enough to not kill yourself if you're left alone for a while
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Ditto in the early 1960's. We lived across the street from the school and went home to a hot lunch we cooked on a gas stove starting at 8 YO. Good behaviour was expected and bad behaviour reported and dealt with. Key-latch kids
 
At what point is the housing market like the meat market bar? As closing time approaches people have to accept what's available or do without.

Are we approaching closing time with real estate and the ones that were holding out for a better outcome will be left behind?

Over the years I've heard different standards for spending.

Your car should represent a half a year's salary. OK for a secretary making $50 K driving an entry level import but how do the $100 K pickup trucks fit into the market?

Your first weeks salary should cover the rent or mortgage, the second weeks should cover running expenses, the third covers gifts, vacations etc and the fourth is saved.

I've heard ratios on engagement rings, wedding costs, restaurants that one shouldn't be seen in because they were too expensive (Showing off) or too cheap (Slumming).

Now it's more like "The ship got torpedoed. Grab onto anything that floats."
 
nobbie48 said:
At what point is the housing market like the meat market bar? As closing time approaches people have to accept what's available or do without.

Are we approaching closing time with real estate and the ones that were holding out for a better outcome will be left behind?

Over the years I've heard different standards for spending.

Your car should represent a half a year's salary. OK for a secretary making $50 K driving an entry level import but how do the $100 K pickup trucks fit into the market?

Your first weeks salary should cover the rent or mortgage, the second weeks should cover running expenses, the third covers gifts, vacations etc and the fourth is saved.

I've heard ratios on engagement rings, wedding costs, restaurants that one shouldn't be seen in because they were too expensive (Showing off) or too cheap (Slumming).

Now it's more like "The ship got torpedoed. Grab onto anything that floats."
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A friend listed his townhouse in Barrie. I think freehold units but condo roads, maintenance $155/mo. Asked 570, got 630 in a week. That part of the market is crazy as those kinds of numbers are the stretch numbers of people selling their condo and wanting more space.
 
GreyGhost said:
A friend listed his townhouse in Barrie. I think freehold units but condo roads, maintenance $155/mo. Asked 570, got 630 in a week. That part of the market is crazy as those kinds of numbers are the stretch numbers of people selling their condo and wanting more space.
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Surprised it was that cheap. Figured 700k was entry level in Barrie for a town nowadays. Especially freehold with low maintenance fees.

Out condo townhouse with 300/month in maintenance fees should be around 650+ right about now at Dundas/Hurontario.
 
mimico_polak said:
Surprised it was that cheap. Figured 700k was entry level in Barrie for a town nowadays. Especially freehold with low maintenance fees.

Out condo townhouse with 300/month in maintenance fees should be around 650+ right about now at Dundas/Hurontario.
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A friend bought a townhouse about 4 years ago and paid a bit under $500 K. The one next to him just went for about $750 K. Erin Mills / Burnhamthorpe, Two car garage which is nice for a townhouse. Even with part of the garage used for storage he has visitor parking.

If you have the income and balls to do it I like your earlier financing option. Keep building equity percentage wise from inflation and move up shrewdly keeping a similar mortgage.

The first couple of moves will be a pain but hopefully number 3 or 4 will be the keeper.
 
I still remember about 5-6 years ago. Went to look at a property privately just off Ponytrail. Nice 1700sqft townhouse that we agreed on a price of 400k. All good. Until the bank changed their tune and said now you need to give us 20% down instead of the agreed upon 10%. I cancelled the deal because I didn’t have an extra 40k lying around.

3 years later the place was worth 700k or so.

One of the reason we left BMO. That broker dicked us around so much I just have had enough. Always switching at the last minute where we had no choice but to accept. Asshats.

If that deal had worked out I’d have a 6 plex still, and a $1m home with a 300k mortgage.
 
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