COVID and the housing market | Page 91 | GTAMotorcycle.com

COVID and the housing market

mimico_polak said:
Don’t worry...’exceptional govt support’ has your back. Nothing to see here....let’s just keep this blindfold on as we continue down this rocky path. Let the next generation deal with the fallout.

EDIT: Anyway...saying you’re concerned and doing something about it are completely different things.

Im concerned about my gut, but that bread and beer aren’t going to consume themselves!
Click to expand...
Seriously, Government is the ultimate Ponzi scheme.

I would like an factual argument to the opposite so I didn't feel we were all going to be circling downwards in a porcelain bowl in the foreseeable future.

A half century ago I feel that most Canadians thought that Canada would be there for them if things went personally wrong. When a person feels secure in that regards they are more likely to be generous to others that might be facing hard times. Now it's getting to be every man for himself. "Yeah, I've got extra but I'm hoarding because I might need it some day."

In some ways GTAM is old school socialism. People offer advice, the loan of tools, muscle, share experiences etc because we tend to know each other. We also kick but when a 16 YO asks about buying a Busa and putting it in his grandfather's name for insurance purposes.

Can anyone imagine what a F*** Up this forum would be if the government ran it?
 
george__ said:
betterdwelling.com

BMO Revises Worst-Case Forecast For Canadian Real Estate To A Much Larger Drop - Better Dwelling

Canadian real estate’s high flying prices are increasing the risk of a large correction. BMO Q2 2021 disclosures show the bank made big revisions to its risk forecast. In the best-case scenario, they see exuberance pushing prices more than twice as high as previously thought. In the worst case...
betterdwelling.com betterdwelling.com
Click to expand...
I hate "news" and their neverending quest for clicks. They revised all of their forecasts not just the worst-case as the headline implies.

The span between their 18 month best case and worst case is ~50%. That's not forecasting, that's a monkey throwing poop at the wall.
 
Last edited:
Good video on the municipal development ponzi scheme. Is it time for municipalities to have to provide something similar to a status certificate that documents it's long-term liabilities and associated reserved fund to cover them?

 
Buddy's neighbour listed his house for 830k and said he wanted 950k minimum. Was getting offers in the low 900s so he pulled the listing and re-listed for 930k or so. Ended up selling it for 980k.

This is a semi-detached house in Erin Mills / Dundas area... my buddy bought the exact same house (literally) a few doors down for 730k right before the 'dip' in the market 2-3 years ago.
 
mimico_polak said:
Buddy's neighbour listed his house for 830k and said he wanted 950k minimum. Was getting offers in the low 900s so he pulled the listing and re-listed for 930k or so. Ended up selling it for 980k.

This is a semi-detached house in Erin Mills / Dundas area... my buddy bought the exact same house (literally) a few doors down for 730k right before the 'dip' in the market 2-3 years ago.
Click to expand...
My friends listed their subdivision house in Barrie. Decent 1970's vintage two-storey in a good neighbourhood. They've had it for about five years. Into it for less than 1.5, listed for 2.4. Cough. They wanted us to buy in their neighbourhood and we weren't interested for many reasons (cost, don't like a lot of the neighbours, etc) but financially it would have been a good idea. I wonder how long gov't lets this stupidity continue with principal residence tax-free with no limit.
 
Looked into some pre construction condos in Hamilton. 500k for like 980 sq ft, condo fees and parking fees 😭

I have a new idea

Buy vacant land (300k)
Put a shack on it

But IDK if this is legal
 
george__ said:
Looked into some pre construction condos in Hamilton. 500k for like 980 sq ft, condo fees and parking fees 😭

I have a new idea

Buy vacant land (300k)
Put a shack on it

But IDK if this is legal
Click to expand...
It is...if you get the proper permits and permissions...
 
GreyGhost said:
I saw another interesting mess caused by the crazy market. A rural house was listed in January 2021 for 849K. Sold conditional (I don't know for how much). The interesting thing I hadn't seen before was the condition was the seller had to find a suitable house to buy (backwards from the normal situation where you are waiting for the buyers house to sell). Seller got outbid on a few houses and terminated the deal at the end of February. Relisted for 899K this week. wtf. So the buyer was tied up thinking they had a house for over a month while the market continued to reach for the sky and then got their deposit back and told good luck. I have no idea if the seller has found another house or whether they will play the same game again and keep someone on the hook while they search.
Click to expand...
Holy crap. Sold conditional (again) after being on the market for a week or so. Conditions cleared now (don't know if they were the same as last time or normal conditions). They got 1.012. This is a nice looking 30 yo two bedroom bungaloft in the middle of nowhere on a one acre lot. We are in crazy land.
 
george__ said:
I’m guessing this will be super expensive? 🤦‍♀️
Click to expand...
No clue. Never went through the process as all my upgrades have been minimal.

Although I do need to submit a permit for cutting a larger window opening. Apparently some jurisdictions are cool if you're just extending the window down, but if you go wider...permit needed.

I want to make a larger window in both my son's and our rooms. I probably wouldn't apply typically...but I've got a nosy neighbour that shows up the minute a saw gets turned on and don't want the hassle. Plus the bastard takes photos.
 
george__ said:
I’m guessing this will be super expensive? 🤦‍♀️
Click to expand...
It's often not possible in Southern Ontario, many municipalities either have time limits on trailers or if you bought a building lot, require a house within two years. If you go to an unincorporated municipality (lots up north, not sure if they also exist east and west) your land is your land, do what you want. No building permits, no zoning, no tree preservation, enjoy your property.
 
GreyGhost said:
It's often not possible in Southern Ontario, many municipalities either have time limits on trailers or if you bought a building lot, require a house within two years. If you go to an unincorporated municipality (lots up north, not sure if they also exist east and west) your land is your land, do what you want. No building permits, no zoning, no tree preservation, enjoy your property.
Click to expand...
Can't work remotely if there's no internet infrastructure...so @george__ will need to be within shot of a communications tower....
 
mimico_polak said:
No clue. Never went through the process as all my upgrades have been minimal.

Although I do need to submit a permit for cutting a larger window opening. Apparently some jurisdictions are cool if you're just extending the window down, but if you go wider...permit needed.

I want to make a larger window in both my son's and our rooms. I probably wouldn't apply typically...but I've got a nosy neighbour that shows up the minute a saw gets turned on and don't want the hassle. Plus the bastard takes photos.
Click to expand...
As most of these rules are written in blood, some moron probably cut the studs out beside the window and dropped the roof onto their head (probably not right away, it would take some snow to get the header to fall).
 
GreyGhost said:
As most of these rules are written in blood, some moron probably cut the studs out beside the window and dropped the roof onto their head (probably not right away, it would take some snow to get the header to fall).
Click to expand...
I'll go through the motions for the experience. Hell still going through OMVIC with that dealership over the Volt. Will see / update as that progresses.
 
mimico_polak said:
It is...if you get the proper permits and permissions...
Click to expand...
in addition to the permits and permissions, I suspect the lending is also probably trickier...convincing the bank to give you money for an empty piece of land....

I hear they usually attach conditions that you have to build a house by date xyz

Never really looked into it in detail
 
george__ said:
Looked into some pre construction condos in Hamilton. 500k for like 980 sq ft, condo fees and parking fees 😭

I have a new idea

Buy vacant land (300k)
Put a shack on it

But IDK if this is legal
Click to expand...
You're swimming upstream in fast water.

Most municipalities want permits with minimums. A shack is easy to build but do you want a flush toilet and where's the water coming from? Electricity, ESA won't approve an extension cord on a hook.

For about the same money an industrial condo could work except for zoning not being residential. They pay high tax rates with reduced services and you can't vote. IMO they are a great place for a gear head. A place to sleep, fry an egg and a huge shop.

Unfortunately your next door neighbour could be a blacksmith shop running 24/7 and spewing out toxins.
 
You must log in or register to reply here.

Back
Top Bottom