#9792073 - 04/23/20 12:01 PM
Re: I started a blog (real estate)
[Re: SuPeR-MaRiO]
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LNXGUY
Tougher than Logan Roy
Post Master Supreme
Registered: 08/06/00
Posts: 107868
Loc: Barrie, Ont,
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This is going to get bad.
_________________________
-Bill The GN would OWN you, your children and your children's children. Left foot, right foot, just keep moving!!! -Jeffrey P. Murphy 
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#9792084 - 04/23/20 12:08 PM
Re: I started a blog (real estate)
[Re: SuPeR-MaRiO]
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Riskhe Business
Provides a Great Work Environment.
Post Master Supreme
Registered: 05/17/10
Posts: 45662
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Anyone aware of a form for landlords where they will somehow be reimbursed for missed rental payments? Not sure that it applies to commercial, but more so for residential.
If you take your tenant to court and are able to collect, sure. Or are you asking if the government is now going pay rent to landlords on behalf of tenants?
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#9792136 - 04/23/20 12:42 PM
Re: I started a blog (real estate)
[Re: Riskhe Business]
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SuPeR-MaRiO
Post Master Sr
Registered: 06/28/01
Posts: 6220
Loc: Toronto, Ontario
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Anyone aware of a form for landlords where they will somehow be reimbursed for missed rental payments? Not sure that it applies to commercial, but more so for residential. If you take your tenant to court and are able to collect, sure. Or are you asking if the government is now going pay rent to landlords on behalf of tenants?
I was told it was the latter, but I'm trying to confirm. I dont know any of the details (if true), conditions or stipulations.
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#9792147 - 04/23/20 12:53 PM
Re: I started a blog (real estate)
[Re: SuPeR-MaRiO]
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Riskhe Business
Provides a Great Work Environment.
Post Master Supreme
Registered: 05/17/10
Posts: 45662
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The rumour was around since Corona started, so really consider the source.
It doesn't make sense to do that for many reasons that I won't get into.
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#9792926 - 04/24/20 07:58 AM
Re: I started a blog (real estate)
[Re: SuPeR-MaRiO]
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Senor Eduardo_82
miataist
Post Master Supreme
Registered: 01/09/03
Posts: 38037
Loc: Ca�ada
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#9793013 - 04/24/20 09:43 AM
Re: I started a blog (real estate)
[Re: Senor Eduardo_82]
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Riskhe Business
Provides a Great Work Environment.
Post Master Supreme
Registered: 05/17/10
Posts: 45662
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Good to know, thanks!
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#9793067 - 04/24/20 11:02 AM
Re: I started a blog (real estate)
[Re: Senor Eduardo_82]
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Riskhe Business
Provides a Great Work Environment.
Post Master Supreme
Registered: 05/17/10
Posts: 45662
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Ask if the lenders did a last minute minute check the day before close. Deals are closing if you are still technically employed, but with the caveat of these last minute employment checks.
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#9793395 - 04/24/20 03:24 PM
Re: I started a blog (real estate)
[Re: Riskhe Business]
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Big Tasty
Post Master Supreme
Registered: 02/10/02
Posts: 19956
Loc: Toronto
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Holy hell, browsing Bungol out of boredom and came across a house with this as one of the listing pics they put up. 
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#9793428 - 04/24/20 03:55 PM
Re: I started a blog (real estate)
[Re: Big Tasty]
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Riskhe Business
Provides a Great Work Environment.
Post Master Supreme
Registered: 05/17/10
Posts: 45662
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Send me the MLS ID, i want to see the broker that listed this 
I am impressed how not one upper door lines up.
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#9793476 - 04/24/20 05:07 PM
Re: I started a blog (real estate)
[Re: Riskhe Business]
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Big Tasty
Post Master Supreme
Registered: 02/10/02
Posts: 19956
Loc: Toronto
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#9793765 - 04/24/20 09:30 PM
Re: I started a blog (real estate)
[Re: Big Tasty]
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A2B-Lexus
Post Master Supreme
Registered: 04/19/01
Posts: 45576
Loc: Raptors Land
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lmao............that's awful
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#9793801 - 04/24/20 10:53 PM
Re: I started a blog (real estate)
[Re: A2B-Lexus]
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LNXGUY
Tougher than Logan Roy
Post Master Supreme
Registered: 08/06/00
Posts: 107868
Loc: Barrie, Ont,
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Did they run out of money for windows?
_________________________
-Bill The GN would OWN you, your children and your children's children. Left foot, right foot, just keep moving!!! -Jeffrey P. Murphy
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#9793988 - 04/25/20 12:26 PM
Re: I started a blog (real estate)
[Re: Riskhe Business]
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Riskhe Business
Provides a Great Work Environment.
Post Master Supreme
Registered: 05/17/10
Posts: 45662
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Drove down unionville main street, the For Lease signs are popping up 
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#9794360 - 04/26/20 05:17 AM
Re: I started a blog (real estate)
[Re: Hatorade]
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Riskhe Business
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Post Master Supreme
Registered: 05/17/10
Posts: 45662
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So bankruptcy filings are way down, dropped in March, and massively dropped in April, but debt is going through the roof. 60-90 day lag for sure, personal insolvency will probably explode once courts are opened and we have some normalcy. I think the impact of everything that's happened to date and the consequences will really punch us in the face.
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#9794603 - 04/26/20 05:24 PM
Re: I started a blog (real estate)
[Re: Hatorade]
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Riskhe Business
Provides a Great Work Environment.
Post Master Supreme
Registered: 05/17/10
Posts: 45662
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Just like my guy at Cushman said a few weeks back, 50%+ of restos won't open...here we are now numbers are coming in and it's looking bad.
https://www.youtube.com/watch?v=pp3oJpvylss
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#9794658 - 04/26/20 07:10 PM
Re: I started a blog (real estate)
[Re: Hatorade]
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Riskhe Business
Provides a Great Work Environment.
Post Master Supreme
Registered: 05/17/10
Posts: 45662
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My bad, I was referring to the part of the interview where they had the spokesperson for Restaurants Canada mention the stats coming in:
https://youtu.be/pp3oJpvylss?t=116
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#9794830 - 04/27/20 05:17 AM
Re: I started a blog (real estate)
[Re: Hatorade]
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Riskhe Business
Provides a Great Work Environment.
Post Master Supreme
Registered: 05/17/10
Posts: 45662
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That's assuming they are well managed, usually not the case.
Like you mentioned payroll and TMI are the biggest costs. Payroll can be flexed so let's assume everyone is laid off, rent accrues, the big issue is that restaurants have shitty margins and their entire cashflow is subsidized by them extended their trade payables with suppliers. Ask any food distributor and resto will stretch payment for food 60-90 days, yet they collect their reveneue right away, like a grocery store. This is a crutch all of them rely on that gives 2 months of cashflow interest free.
Problem is payroll is flex, they are behind on rent, but they owe 2-3 months worth of food that is now expired/tossed, above and beyond rent. Also many owners treat their businesses like a piggy bank. Between personal insolvency, owning to suppliers and being behind on rent, even 2 weeks of being shut down and you are not coming back.
The whole resto business model is like that, that's why they all do their 2-5 year run, close shop, re-open under new name.
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#9797040 - 04/29/20 04:56 AM
Re: I started a blog (real estate)
[Re: loudsubz]
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Riskhe Business
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Registered: 05/17/10
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#9797483 - 04/29/20 02:08 PM
Re: I started a blog (real estate)
[Re: c2k]
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Wildout
Post Master Jr
Registered: 11/26/07
Posts: 1767
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#9797824 - 04/29/20 08:30 PM
Re: I started a blog (real estate)
[Re: Senor Eduardo_82]
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Senor Eduardo_82
miataist
Post Master Supreme
Registered: 01/09/03
Posts: 38037
Loc: Ca�ada
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Yeah, I've got two friends closing their deals in the next few weeks. One deal was made after the pandemic/lockdown was declared so I'd think it's more likely to succeed.
The other deal is to two Indian families who will be sharing the house. I'd hope at least one of them still has a job and the deal can close. Deal two closed yesterday. Deal one is set to close on Monday.
Also closed.
And another friend signed to buy a place next month.
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#9797998 - 04/30/20 08:30 AM
Re: I started a blog (real estate)
[Re: Senor Eduardo_82]
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Riskhe Business
Provides a Great Work Environment.
Post Master Supreme
Registered: 05/17/10
Posts: 45662
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Good to see.
From my perspective it looks like the following happened (loose numbers).
80% of listings went off market, 50% of buyers stopped actively looking, end result artificial demand as listings are scarce.
That said March and April were the lowest months for solds over ask, but prices are holding steady, kind of. What happened is because a lot of luxury listings were pulled and there are very few luxury/high end homes changing hands it has skewed the average prices lower on the monthly reports from TREB. Meaning it shows lower average prices but if you drill down under 1.5M it seems to be within 5% of the month before.
That said, because the shitty access to data we get it's impossible to get a porper view of this. ffs
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#9798004 - 04/30/20 08:38 AM
Re: I started a blog (real estate)
[Re: Riskhe Business]
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Riskhe Business
Provides a Great Work Environment.
Post Master Supreme
Registered: 05/17/10
Posts: 45662
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That said condos are taking a beating and deals are happening below 'market' on leases and sales and they are moving very quick.
Detaached and 905 in general has been ok for now.
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#9798265 - 04/30/20 12:26 PM
Re: I started a blog (real estate)
[Re: c2k]
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Riskhe Business
Provides a Great Work Environment.
Post Master Supreme
Registered: 05/17/10
Posts: 45662
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TD's forecast is skewed in the way it's presented, that gain is mostly because of how strong the year started Jan 1 - March 15, then they assume we remain steady for the rest of the year, hence why the increase.
That said ideals aside cheaper housing is necessary, but the GTA real estate market has punched us all in the face with its resilience so I wouldn't be holding my breath for any drastic changes overall. There will be micro failures (certain condos), otherwise it's all holding steady for now.
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