COVID and the housing market | Page 54 | GTAMotorcycle.com

COVID and the housing market

GreyGhost said:
So they aren't going to do much to rates for a few years and many people have locked in rates for much longer than that. Therefore at least 2025 to see effects of many people renewing at a higher rate.
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Perfect. My rate is up in 3 years. If I can keep pounding at the principal, and renew at less than 2% I should be able to get my payments down from 1000 to 700 biweekly.

Of course this benefits me. As a country were ******.
 
GreyGhost said:
So they aren't going to do much to rates for a few years and many people have locked in rates for much longer than that. Therefore at least 2025 to see effects of many people renewing at a higher rate.
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So imagine how much houses will go for by then if this keeps on going but wages stay like this

Holy moly :|

mimico_polak said:
Holy ****....that’s insane in Waterloo.....and it’s a condo townhouse!

Id assume/hope people are locking in these ridiculous rates for 5 years at least. You can shave a stupid amount of principal in that timeframe if you’re disciplined.

Hell that’s what I’d do.
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1-2 hours from KW now is unaffordable too. There are semi wfh people commuting from London ONT to the office now and then :|
 
What's the condo market like in Toronto and Mississauga nowadays?
Is now a good time to sell or hold and wait?
 
POWERMAN said:
What's the condo market like in Toronto and Mississauga nowadays?
Is now a good time to sell or hold and wait?
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I don't think anyone will know in all honesty.

My person opinion....any dip that happened, or drop, or whatever....it's going to surge again. Once COVID starts subsiding, and people realize that the commute will return (maybe not 5 days/week) the condo market will come back strong. If not for buyers/sellers...then for sure for the short term rentals.

Pricing in some condos downtown has dropped about 30% for rent from what I've heard/read...so definitely not looking good. But people will just snap it up if it goes any lower.

If you have a price in mind, add 30-50k to it and try your shot. If it sells great, if it doesn't (or you don't get your price) you still have the condo.
 
mimico_polak said:
I don't think anyone will know in all honesty.

My person opinion....any dip that happened, or drop, or whatever....it's going to surge again. Once COVID starts subsiding, and people realize that the commute will return (maybe not 5 days/week) the condo market will come back strong. If not for buyers/sellers...then for sure for the short term rentals.

Pricing in some condos downtown has dropped about 30% for rent from what I've heard/read...so definitely not looking good. But people will just snap it up if it goes any lower.

If you have a price in mind, add 30-50k to it and try your shot. If it sells great, if it doesn't (or you don't get your price) you still have the condo.
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Interesting point. Theoretically, short-term rentals in Toronto are illegal with the by-law as written (the overwhelming majority were condos or houses exclusively rented short-term and not rooms in your primary residence that you were living in as allowed by the by-law). Does Toronto back off on the regulations to prop up housing prices or do they enforce the rules to crash prices and get more people into homes (or long-term rentals)?

House in Riverdale (IIRC) with 24 bedrooms and shared kitchen/living is on the market for 7.5M. Like hell the plan is for that to be a long term rental. That is an AirBnB castle with the expectation that the city will look away.
 
Isn’t that the Schitts Creek property that they originally lived in? It was on the news. Listed for $5M last year, didn’t sell so they increased it by $2M and hope for the best?
 
mimico_polak said:
Isn’t that the Schitts Creek property that they originally lived in? It was on the news. Listed for $5M last year, didn’t sell so they increased it by $2M and hope for the best?
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No, this was a rooming house where they renovicted a crack den/very low income tenants. Apparently it had the bedrooms with private kitchens and shared bathrooms. Renovated to public kitchen and private bathrooms.
 
mimico_polak said:
I don't think anyone will know in all honesty.

My person opinion....any dip that happened, or drop, or whatever....it's going to surge again. Once COVID starts subsiding, and people realize that the commute will return (maybe not 5 days/week) the condo market will come back strong. If not for buyers/sellers...then for sure for the short term rentals.

Pricing in some condos downtown has dropped about 30% for rent from what I've heard/read...so definitely not looking good. But people will just snap it up if it goes any lower.

If you have a price in mind, add 30-50k to it and try your shot. If it sells great, if it doesn't (or you don't get your price) you still have the condo.
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Thank you - spoke to my agent and she advised against selling at this point in time well.
But it still makes me wonder - will immigration and international student levels return to what it once was?

Only time will tell!
 
POWERMAN said:
Thank you - spoke to my agent and she advised against selling at this point in time well.
But it still makes me wonder - will immigration and international student levels return to what it once was?

Only time will tell!
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Liberals are going to be jacking up immigration quotas. No immigration in 2020 and 2021....last I heard it’s going up 50k/year.

400k / year total...

www.immigration.ca

Canada To Dramatically Increase Immigration to More Than 400,000 Per Year - Canada Immigration and Visa Information. Canadian Immigration Services and Free Online Evaluation.

Canada is to significantly increase immigration to boost its economic recovery from the coronavirus pandemic by welcoming more than 1.2 million newcomers between 2021 and 2023
www.immigration.ca www.immigration.ca
 
klr_guy said:
House down from my parent's place, a semi, sold for $1.95m. Crazy. Mt. Pleasant and Eglinton area. I've been in the house, tried to bang the daughter of the then owner, no bueno... ;)
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Yes bueno....just not for you!
 
crankcall said:
a prenup can be written to be quite solid in Ontario, but there has to be enough money to make all the nonsense worthwhile. Ontario is pretty clear about you have xx, she gets xx , and you make xx so she gets xx. It can be renegoiated if for example you flew a 777 and made 300k , now you cannot do that.

Too many in my mind think their 'estate' is like the Royal Family and just make it hard for survivors. Creating an enduring trust so you will be remembered in perpetuity when your net worth is under 10 mil is just stupid.

My FIL would put nothing in writing in his will besides ' split 3 ways' and 1 executor, 3 kids. His favorite statement was ' I going to look down from above and watch you kids fight over my money ' . I used to tell him you mean ' look up from below' doofus. Nobody fought because there wasn't actually enough to get bent over .
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I got thinking about shared assets and the double edged sword problem.

If someone inherits a million and keeps it in their own bank account their spouse can't touch it if the marriage folds. However if the marriage outlasts the heir, I suspect the million is part of the estate and subject to probate fees as well as being subject to challenges.

If the money goes into a joint account and the other half decides to leave, they get half. How solid is the marriage?
 
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