| Risky Business |
| (Post Master Supreme) |
| 04/02/21 05:32 AM |
dat real estate v.2021
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We had a thread on this from a year ago, a new thread is worthy of a discussion considering where things are at. Looking to see what others are seeing.
Tail end of Jan and all of February were completely insane for detached, anything and everything was set for a bidding war and going on a face ripping rally. Condos were sluggish, but picking up, then here we are in April everything is changing by the day.
Detached cooling off, prices staying high, condos now ripping (building dependent).
Couple of examples.
Worked with a few investor clients, 1 particular example I am intrigued by: Downtown condo, solid building, sat listed since November. I made an offer, some back and forth got it for $796/sq. ft, which is roughly what they went for in ‘16/’17. This was in the dead of winter, no one was buying, new lockdown announced, client was nervous.
Fast forward 3 months to today, same building, last unit sold at $1,020/sq. ft. $150k ‘gain’
Listed another condo on the bay corridor 2 weeks ago, wasn’t too keen on sellng it because it had a tenant on a fixed term until end of summer, you usually take a haircut on these listings. Told my buddy to list regardless to see if the lack of inventory will prevail, if not just terminate and relist later. Sure enough, even with a subpar tenant on paper on offer night we got out with a firm offer and got maybe 5k-10k less than what it would’ve gone vacant. Still a win here, 'over asking' bro
wow such amaze, many triggered.Detached Markham/Toronto which are predominantly my stomping grounds, just a shitshow. From the back to back 60 showings, 30 offers on a typical detached listing, I’d have to say more than 50% of listings with offers dates that I am watching are now failing, houses are getting relisted at ask, not selling and then terminating. You will get the odd sales now in March that still breaks a record mostly because uninformed buyers, but it’s a wild west.
Big wild card now is the fear put into everyone with Bank of Canada revisiting the interest rate hike. Literally 4 months ago there were promises of no hikes until 2023, it’s now on the table…no shit.
Never a dull moment. How things have changed in 12 months from what was a pretty uncertain time.
| loudsubz |
| (Post Master Supreme) |
| 04/02/21 08:49 AM |
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Re: dat real estate v.2021
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I can't even fathom buying a house these days. Back 10 years ago when we first bought we were the only offer and got it 10k less than asking. Now I hear you basically have to offer as much as you're comfortable spending and hope you get accepted lol
| porschetr |
| (Post Master Supreme) |
| 04/02/21 09:34 AM |
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Re: dat real estate v.2021
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Vaughan market is just stupid hot. Woodbridge especially
Houses that were selling for 1 ~ 1.1M a couple months ago is now 1.3~ 1.5M
Ive been looking aggressivly and regretting not buying it last year.
Looked at a house listed for 1.29M
It was terrible. Sunk backyard, broken elevator for wheel chair taking a big chunk of space, dirry,
Original AC from 1970 that probably doesn't work.
It was sold early for 1.37M.
A couple of days later a house listed for 1.35M.
Made an appointment to see but the seller cancelled it saying they just took the first high offer.
Sold in a day for 1.45M
That was last weekend.
| Risky Business |
| (Post Master Supreme) |
| 04/02/21 09:53 AM |
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Re: dat real estate v.2021
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Originally Posted By: loudsubz
I can't even fathom buying a house these days. Back 10 years ago when we first bought we were the only offer and got it 10k less than asking. Now I hear you basically have to offer as much as you're comfortable spending and hope you get accepted lol
It's pretty bad, being on the listing side of a few of these it's crazy to see how:
1. Uneducated realtors are and how they are pushing their clients into total junk.
2. How much help people are getting from their parents.
3. I went firm on a deal on one listing, guy couldn't get financing after being 'pre approved' either place didn't appraise for purchase price or he did something stupid like buy/lease a car between pre approval and purchase...parent had to co sign for him to close.
Sucks being a buyer, it sucked especially in February. Things are better and reality is if you are buying and selling you have a natural hedge, up market or down market. Being a first time home buyer sucks, might as well keep waiting it out.
| Risky Business |
| (Post Master Supreme) |
| 04/02/21 09:55 AM |
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Re: dat real estate v.2021
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Originally Posted By: porschetr
It was terrible. Sunk backyard, broken elevator for wheel chair taking a big chunk of space, dirry,
Original AC from 1970 that probably doesn't work.
If things like these are deal breakers for you, I have a surprise for you...you will never buy. Short of material deficiencies all houses will require some work...what you listed in nothing $ wise compared to purchase price. You are better off buyng pre con if you can afford it than trying to get into the resale market.
| porschetr |
| (Post Master Supreme) |
| 04/02/21 10:00 AM |
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Re: dat real estate v.2021
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That's not the point.
That was the worst conditioned house out of a dozen I looked at in the area.
It sold for 1.37M.
| Risky Business |
| (Post Master Supreme) |
| 04/02/21 11:22 AM |
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Re: dat real estate v.2021
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The fact that you can get a detached in this market for that price is a win, that's a townhouse in many places.
| Raocorp |
| (Post Master Sr) |
| 04/02/21 12:52 PM |
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Re: dat real estate v.2021
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Originally Posted By: Risky Business
The fact that you can get a detached in this market for that price is a win, that's a townhouse in many places.
Sadly I will likely never own a detached home in the city. I have no parents help and will not qualify for a $1M plus mortgage. even 10% down is $100k in cash, plus closing costs, plus needed repairs.
I don't mind moving out of the city tbh tho, just have to either a) continue to be able to work from home with my T.O job (unlikely) or b) find a job in the area where i'd be moving to. At this rate, I'll be moving to North Bay.
Vas, you're a realtor now?
| Risky Business |
| (Post Master Supreme) |
| 04/02/21 02:47 PM |
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Re: dat real estate v.2021
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Things should cool off, lots of ppl getting nervous since as of this week BoC said rate hikes aren't off limits, yet a few months ago they said no rate hikes until 2023. If anything brings prices back to reality it will be a rate hike.
If you are serious about moving north, look into cities part of the Feds RNIP initiative, I have a few ppl looking for multiplexes up there since cap rates are solid and they are attracting better rents. Sudbury road trip! If you get a 6 plex and live in one you can get solid LTV and up to 40 year amorts. You will effectively get paid to live there. I mean doe sit matter where we play COD from?
Yes, full time Realtor now...since there was a shortage and all
| zaius |
| (Post Master Sr) |
| 04/02/21 03:28 PM |
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Re: dat real estate v.2021
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how can anyone afford over $1.5M for a detached is beyond me.
that's almost $3M of pre-tax income or 30 years making $100k going straight into a house. you gotta marry rich.
| Hatorade |
| (Post Master Supreme) |
| 04/02/21 04:02 PM |
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Re: dat real estate v.2021
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Originally Posted By: zaius
how can anyone afford over $1.5M for a detached is beyond me.
that's almost $3M of pre-tax income or 30 years making $100k going straight into a house. you gotta marry rich.
that's almost $3M of pre-tax income or 30 years making $100k going straight into a house. you gotta marry rich.
People that own property already and selling/buying is where a lot of this money is coming from. One of my current clients bought a condo downtown 6 years ago and after selling it they now have a 40% downpayment on a $1M home with money leftover for renos. Where it's sucking is for first time home owners.
RB has only touched the service on how insane the market was back in Jan/Feb. I was in situations where there were 40 offers, yes not a typo. 40 fucking offers and that's for a house that was only on the market for 5 days.
It's better now, but people are still paying a premium for homes. It's not even about whether the buyers agents are doing a shitty job educating their clients. Truth be told listing agents don't even know how much a home will sell right now as all it takes is that one buyer that is willing to pay a premium, whether it's because they really love it or have lost out on multiple offers and on every missed house means the next one is going to be more. See where this is going?
Also biggest pet peeve are the idiot agents all saying SOLD FOR OVER ASKING. Fuck off, unless you listed at market and it sold for over asking sure go gloat. But fucking listing a house for $800k when it's $1.3M is horse shit.
| Risky Business |
| (Post Master Supreme) |
| 04/02/21 05:06 PM |
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Re: dat real estate v.2021
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Originally Posted By: zaius
how can anyone afford over $1.5M for a detached is beyond me.
that's almost $3M of pre-tax income or 30 years making $100k going straight into a house. you gotta marry rich.
that's almost $3M of pre-tax income or 30 years making $100k going straight into a house. you gotta marry rich.
What hator said, a lot of people are moving up and have a natural hedge of selling high and buying high.
The biggest factor however is that interest rates dropped significantly (Fixed has gone up in the last month however). I don't have the numbers in front of me but since covid the rate drop increased purchasing power roughly by 20%, which is reflected in price appreciation (even though appreciation disproportionately outpaced purchasing power).
Being a first time buyer right now is not worth it unless you are comfortable carrying such a large amount or have help from parents (majority do).
| Risky Business |
| (Post Master Supreme) |
| 04/02/21 05:08 PM |
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Re: dat real estate v.2021
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Originally Posted By: Hatorade
Originally Posted By: zaius
how can anyone afford over $1.5M for a detached is beyond me.
that's almost $3M of pre-tax income or 30 years making $100k going straight into a house. you gotta marry rich.
that's almost $3M of pre-tax income or 30 years making $100k going straight into a house. you gotta marry rich.
People that own property already and selling/buying is where a lot of this money is coming from. One of my current clients bought a condo downtown 6 years ago and after selling it they now have a 40% downpayment on a $1M home with money leftover for renos. Where it's sucking is for first time home owners.
RB has only touched the service on how insane the market was back in Jan/Feb. I was in situations where there were 40 offers, yes not a typo. 40 fucking offers and that's for a house that was only on the market for 5 days.
It's better now, but people are still paying a premium for homes. It's not even about whether the buyers agents are doing a shitty job educating their clients. Truth be told listing agents don't even know how much a home will sell right now as all it takes is that one buyer that is willing to pay a premium, whether it's because they really love it or have lost out on multiple offers and on every missed house means the next one is going to be more. See where this is going?
Also biggest pet peeve are the idiot agents all saying SOLD FOR OVER ASKING. Fuck off, unless you listed at market and it sold for over asking sure go gloat. But fucking listing a house for $800k when it's $1.3M is horse shit.
I am buying you a vanity plate as a present. Who is in for a group buy?
SLDOVRSK
| 355-Si |
| (Post Master Sr) |
| 04/02/21 09:20 PM |
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Re: dat real estate v.2021
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We recently bought a house post-February.
I didn’t mind buying high because the hope was to sell high in the same market.
Bought at 1.2, but sold at 835 (I bought the house for $340k 9 years ago.)
Our rate is 1.40% variable.
Our realtor just put “sold” above the sign, even though it sold for above market appraised value.
I couldn’t imagine being a first time home buyer right now.
| Risky Business |
| (Post Master Supreme) |
| 04/03/21 05:36 AM |
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Re: dat real estate v.2021
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Congrats on the new purchase!
This is a perfect example of a natural hedge, I obviously don't know the exact numbers, but will run them here for illustrative purposes as I think you are a good case study. In particular moving up from a smaller place into a bigger place, you generally have 2 advantages. On a relative % basis cheaper/smaller homes appreciated more than larger homes, also once you crack over the $1M mark you have less competition as you need 20% down to buy. This is area dependent, in some places it's completely incorrect, but by and large it holds some truth.
Here is why you have a natural hedge. The total mortgage amount is a little higher, but your payment is lower and more of it is going to principal anyway. If you match the normal scenario payment then you are coming out ahead. The risk here is interest rates, but in general whether you move in a crazy or down market at the moment in time it's all a wash. The risk is in long term exposure to interest rates, which we are all at risk for anyway.
Existing owners are hedged, new buyers are priced out.
| Screamin Type ARGH! |
| (Post Master Supreme) |
| 04/03/21 02:49 PM |
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Re: dat real estate v.2021
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shit be crayyyyyyyyy
| A2B-Lexus |
| (Post Master Supreme) |
| 04/03/21 10:32 PM |
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Re: dat real estate v.2021
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i moved to McCowan and 16th in Sept 2019. We paid 1.1M for 2 car garage detached house. Now, the area is 1.7M+.
There has been thought of moving back to 16th and 9th and being mortgage free if moving wasn't such a pain and other factor like help from family, school zone.
To think I bought my first condo 485sq ft condo at "Downtown" Markham back for 169k back in 2005. (I'd be laughing if I kept that....)
| Risky Business |
| (Post Master Supreme) |
| 04/04/21 05:33 AM |
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Re: dat real estate v.2021
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Cornell isn't cheap either.
| Hatorade |
| (Post Master Supreme) |
| 04/04/21 10:09 AM |
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Re: dat real estate v.2021
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Originally Posted By: Risky Business
Cornell isn't cheap either.
Yup. There really isn't anywhere that is "cheap" now. Even Jane and Finch has gone up A LOT.
| 355-Si |
| (Post Master Sr) |
| 04/04/21 10:35 AM |
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Re: dat real estate v.2021
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Million dollar semis in the Jane and Wilson corridor lol
| Risky Business |
| (Post Master Supreme) |
| 04/04/21 12:02 PM |
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Re: dat real estate v.2021
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The worst I've seen are suburbs outside of kitchener, like 20min outside of the city in the middle of a farm field are now a million.
outside of KITCHENER
| A2B-Lexus |
| (Post Master Supreme) |
| 04/04/21 08:46 PM |
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Re: dat real estate v.2021
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Originally Posted By: Risky Business
Cornell isn't cheap either.
"Cheaper"....but its super small lots.
The ones with the coach houses in the back would be decent. Get someone to pay for part of your mortgage.
| Risky Business |
| (Post Master Supreme) |
| 04/05/21 05:03 AM |
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Re: dat real estate v.2021
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Those are awesome, they were around 1.4M last year, that's when I stopped looking.
| 355-Si |
| (Post Master Sr) |
| 04/05/21 01:58 PM |
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Re: dat real estate v.2021
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Are you still in York Region?
| furball |
| (Post Master Sr) |
| 04/05/21 02:50 PM |
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Re: dat real estate v.2021
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I remember looking at those
... I was asking around, and ... at the time, it was ~$55k or so for that coach piece .. I was like wtf who would want to live atop a garage.... Originally Posted By: A2B-Lexus
The ones with the coach houses in the back would be decent. Get someone to pay for part of your mortgage.
| LNXGUY |
| (Post Master Supreme) |
| 04/05/21 05:44 PM |
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Re: dat real estate v.2021
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Originally Posted By: Risky Business
The worst I've seen are suburbs outside of kitchener, like 20min outside of the city in the middle of a farm field are now a million.
outside of KITCHENER
outside of KITCHENER
Buddy just dropped a cool mil on a place out there, lol.
| A2B-Lexus |
| (Post Master Supreme) |
| 04/05/21 10:01 PM |
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Re: dat real estate v.2021
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Originally Posted By: furball
I remember looking at those ... I was asking around, and ... at the time, it was ~$55k or so for that coach piece .. I was like wtf who would want to live atop a garage....
... I was asking around, and ... at the time, it was ~$55k or so for that coach piece .. I was like wtf who would want to live atop a garage.... Originally Posted By: A2B-Lexus
The ones with the coach houses in the back would be decent. Get someone to pay for part of your mortgage.
Markham Stouffville is a quick walk away. I'd think there would be nurses (who is ideally hot and young) that would want to rent one. LOL
| Risky Business |
| (Post Master Supreme) |
| 04/06/21 04:43 AM |
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Re: dat real estate v.2021
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Those coach houses rent really well, I went and looked at few...I've seen some get $1,800/month.
| Screamin Type ARGH! |
| (Post Master Supreme) |
| 04/06/21 08:53 AM |
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new brunswick looking mighty tempting right now lulz
| c2k |
| (Post Master Supreme) |
| 04/06/21 10:57 AM |
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Im wondering if the rising house prices are due to a higher amount of people working from home? Under the potential false pretense that they will work from home forever?
If that is the case, they are in for a rude awakening if they get recalled back to the office.
| Balhar |
| (Post Master Supreme) |
| 04/06/21 02:42 PM |
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Re: dat real estate v.2021
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my sister lives on the very north EDGE of Waterloo, like the last house before the fields and then St Jacobs. 2 bedroom bungalow on her street listed for 800 and sold for 1.1
| c2k |
| (Post Master Supreme) |
| 04/06/21 02:53 PM |
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Re: dat real estate v.2021
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Originally Posted By: Balhar
my sister lives on the very north EDGE of Waterloo, like the last house before the fields and then St Jacobs. 2 bedroom bungalow on her street listed for 800 and sold for 1.1
I love St. Jacobs, but 1.1?
| PhoenixrageElmie |
| (Newbie) |
| 04/06/21 07:45 PM |
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Re: dat real estate v.2021
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| robbbby |
| (Post Master Supreme) |
| 04/06/21 08:40 PM |
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Re: dat real estate v.2021
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Shit down here is absolutely nuts as well. My sister wants to sell her condo in downtown toronto and move back home. She's been outbid so many times it is insane. Her budget last year was 750 but now she is realizing she needs 850-900 to get anything close to what she wants.
I bought my house for $157k 12 years ago. Exact same house as mine one street over sold last week for $650k. Only difference is a pool and about 30' more property behind the house.
I think homes down here were always undervalued but now it's just ridiculous. Not GTA level insanity, but for this county it is just nuts. I'd be fucked if I had to buy a home today.
| A2B-Lexus |
| (Post Master Supreme) |
| 04/06/21 09:59 PM |
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Re: dat real estate v.2021
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Originally Posted By: Risky Business
Those coach houses rent really well, I went and looked at few...I've seen some get $1,800/month.
There are some that sit above 3 garages that's pretty big.
$1800 would be worth like $350k or so in mortgage.
| Risky Business |
| (Post Master Supreme) |
| 04/07/21 05:14 AM |
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Re: dat real estate v.2021
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Originally Posted By: robbbby
My sister wants to sell her condo in downtown toronto She's been outbid so many times it is insane. Her budget last year was 750 but now she is realizing she needs 850-900 to get anything close to what she wants.
She wants to sell her condo, but she is getting outbid? wat?
Condos are ripping, but inventory seems to be picking up again. Doubt it will cool it off, but hopefully we get more supply. I had about 6 clients in the tailend of 2020 looking to lock in units, only 1 did, everyone else got priced out now.
Windsor area went crazy it also got a lot of publicity because all the 'investors' from Toronto went out that way to do the BRRR method with JV's.
| SuPeR-MaRiO |
| (Post Master Sr) |
| 04/07/21 01:48 PM |
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Re: dat real estate v.2021
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Anyone up for refinancing? This is what I was offered:
5 year fixed = 2.19%
4 year fixed = 2.09%
3 year fixed = 1.94%
5 year variable = Prime - 0.95 = 1.5%
Thoughts?
| Risky Business |
| (Post Master Supreme) |
| 04/07/21 02:16 PM |
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Re: dat real estate v.2021
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Bank or Broker?
| robbbby |
| (Post Master Supreme) |
| 04/07/21 02:38 PM |
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Re: dat real estate v.2021
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Originally Posted By: Risky Business
Originally Posted By: robbbby
My sister wants to sell her condo in downtown toronto She's been outbid so many times it is insane. Her budget last year was 750 but now she is realizing she needs 850-900 to get anything close to what she wants.
She wants to sell her condo, but she is getting outbid? wat?
Condos are ripping, but inventory seems to be picking up again. Doubt it will cool it off, but hopefully we get more supply. I had about 6 clients in the tailend of 2020 looking to lock in units, only 1 did, everyone else got priced out now.
Windsor area went crazy it also got a lot of publicity because all the 'investors' from Toronto went out that way to do the BRRR method with JV's.
Lol fuck, think I missed a comma. She wants to sell her condo and move back to Windsor, but she keeps getting outbid on all the homes she finds down here, so still hasn’t sold the condo.
| SuPeR-MaRiO |
| (Post Master Sr) |
| 04/07/21 03:19 PM |
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Re: dat real estate v.2021
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Originally Posted By: Risky Business
Bank or Broker?
Bank, RBC.
| Risky Business |
| (Post Master Supreme) |
| 04/07/21 04:56 PM |
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Re: dat real estate v.2021
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From my experience RBC has the worst residential mortgage products (unless something changed drastically recently). Go with a broker for better rates/options, banks make money on the spread between the bank rate and the product they saddle you with. Brokers make money from getting you the lowest rate. Incentives are aligned.
| A2B-Lexus |
| (Post Master Supreme) |
| 04/07/21 11:06 PM |
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Re: dat real estate v.2021
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I renewed my Mom's condo for 1.28 after discounts. 5 years variable via TD bank.
My own is at 2.75% locked for 4 more years. It made sense at the time as we wanted cost certainty.
| Risky Business |
| (Post Master Supreme) |
| 04/08/21 05:23 AM |
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Re: dat real estate v.2021
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TD and BMO right now seem to be the most competitive in the space, BMO especially.
CIBC has always been the mortgage whore, anyone and anything goes, best rates
Always shop around, don't go direct to a bank unless you have a ton of business with them and can squeeze on rates.
| SuPeR-MaRiO |
| (Post Master Sr) |
| 04/08/21 09:59 AM |
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Anyone have a broker referral?
| Risky Business |
| (Post Master Supreme) |
| 04/08/21 10:02 AM |
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Re: dat real estate v.2021
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Check pm
| titty sprinkles |
| (Post Master Supreme) |
| 04/08/21 02:29 PM |
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Re: dat real estate v.2021
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fuck man i need to put up a no soliciting sign up on my door or something. realtors be knocking on my door at 10am waking me up asking me to sell. i know my place can fetch some decent coin, but where the ass am i going to buy for cheap? brb moving to maynooth ont.
| Simon_the_Pieman |
| (Post Master Sr) |
| 04/08/21 02:39 PM |
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Re: dat real estate v.2021
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Originally Posted By: titty sprinkles
fuck man i need to put up a no soliciting sign up on my door or something. realtors be knocking on my door at 10am waking me up asking me to sell. i know my place can fetch some decent coin, but where the ass am i going to buy for cheap? brb moving to maynooth ont.
take card and report em
| Hatorade |
| (Post Master Supreme) |
| 04/09/21 12:20 AM |
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Re: dat real estate v.2021
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Originally Posted By: Simon_the_Pieman
Originally Posted By: titty sprinkles
fuck man i need to put up a no soliciting sign up on my door or something. realtors be knocking on my door at 10am waking me up asking me to sell. i know my place can fetch some decent coin, but where the ass am i going to buy for cheap? brb moving to maynooth ont.
take card and report em
Report them to who? Realtors are not part of the door knocking ban.
| Risky Business |
| (Post Master Supreme) |
| 04/09/21 04:56 AM |
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Re: dat real estate v.2021
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I mean considering RECO does nothing about legitimate complaints about realtors, good luck with that door knock
| c2k |
| (Post Master Supreme) |
| 04/09/21 07:22 AM |
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Re: dat real estate v.2021
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Originally Posted By: titty sprinkles
fuck man i need to put up a no soliciting sign up on my door or something. realtors be knocking on my door at 10am waking me up asking me to sell. i know my place can fetch some decent coin, but where the ass am i going to buy for cheap? brb moving to maynooth ont.
"You woke me up? You want to sell my house? I will not sell unless you pay me 2 million bucks, plus 50 grand for waking my tired ass up. Oh and total commission, 3% bc FUCK YOU."
That'd be me if somebody knocks on my door.
| Risky Business |
| (Post Master Supreme) |
| 04/09/21 07:32 AM |
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Re: dat real estate v.2021
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Why stop at 3%?
There are Brampton realtors who work for free, can get better.
| Simon_the_Pieman |
| (Post Master Sr) |
| 04/09/21 01:23 PM |
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Re: dat real estate v.2021
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Originally Posted By: Hatorade
Originally Posted By: Simon_the_Pieman
Originally Posted By: titty sprinkles
fuck man i need to put up a no soliciting sign up on my door or something. realtors be knocking on my door at 10am waking me up asking me to sell. i know my place can fetch some decent coin, but where the ass am i going to buy for cheap? brb moving to maynooth ont.
take card and report em
Report them to who? Realtors are not part of the door knocking ban.
didnt know that. a bat should work then.
| robbbby |
| (Post Master Supreme) |
| 04/11/21 08:04 PM |
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Re: dat real estate v.2021
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Originally Posted By: Risky Business
Why stop at 3%?
There are Brampton realtors who work for free, can get better.
There are Brampton realtors who work for free, can get better.
What is standard when selling? This has always been something i've been curious about but could never find real answers on.
I've always heard 6% was kind of the standard, 3% for selling agent, 3% for buying agent, but that you could easily do 5% (2.5/2.5).
But say I'm selling a house, you are my selling agent, I negotiate 2.5% with you, who negotiates the rate for the buying agent? Can you share any info on how that works, or is this some hush hush trade secret?
| JEFFOS |
| (Post Master Supreme) |
| 04/12/21 05:15 AM |
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Re: dat real estate v.2021
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5% is typical at 2.5% each. If you discount you’re typically discounting on your side and leaving the buying agent intact at 2.5%
Go lower on the buying side and some agents won’t even bring buyers to your house. That’s typical for resale.
Precon is typical lower than the 5%
| Risky Business |
| (Post Master Supreme) |
| 04/12/21 07:40 AM |
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Re: dat real estate v.2021
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Originally Posted By: robbbby
Originally Posted By: Risky Business
Why stop at 3%?
There are Brampton realtors who work for free, can get better.
There are Brampton realtors who work for free, can get better.
What is standard when selling? This has always been something i've been curious about but could never find real answers on.
I've always heard 6% was kind of the standard, 3% for selling agent, 3% for buying agent, but that you could easily do 5% (2.5/2.5).
But say I'm selling a house, you are my selling agent, I negotiate 2.5% with you, who negotiates the rate for the buying agent? Can you share any info on how that works, or is this some hush hush trade secret?
It's area/agent/brokerage dependent.
What Jeff said, standard is 2.5% selling agent + 2.5% buying agent.
The more expensive the property is the more negotiable the listing commission from the standard 2.5%. Listing commission % on a $3M home will be lower than a $500k condo.
If you are using the same agent to sell as well as buy, you have more negotiation power on listing commission as well.
Effectively it can go from 2.5% to 1% for listing agent, somewhat of a sliding scale and how much business is on the table for the agent.
Also depends on the market and property you are selling, how much marketing dollars have to be put into the property etc.
Reason it's kept "hush" is because if someone got 1.5% listing fee doesn't mean you are going to get it, you don't know what was behind the deal.
On the buying side I've seen from 2% to 3%. Your realtor gives you the standard for your area and you can squeeze there or you can go with what's standard. Standard is 2.5% in the GTA, if you make your listing agent offer 2%-2.25% to the buying agent you are going to alienate some buyers as their agents won't show the property even though that's unprofessional. Some agents get super butt hurt over rates/their time/they feel insulted, etc.
Keep in mind this is a very broad strokes discussion, for a lot of agents negotiating listing % is a non starter and they won’t do it. Everyone does business different.
For me personally for friends and family I will always hook them up as the referrals in the future are worth way more than any commission now. I also want to be fair to the client as I feel the commission should be reflective of the work needed to get a property sold for top dollar. If not much is needed from my end, even if they don’t ask for a discount I will offer it up – something I’ve done before even when people were adamant for me to keep full commission. I feel it’s good business rather than to try and milk every dollar. I’ve also had the total opposite, people who insist I work for barebones when the property is a POS and will not sell easy. Those are easy for me to deal with, just drop them and let someone else deal with the headache.
In the end, this is one of those ‘you get what you pay for’ scenarios. Discounting commission is a nice bonus, but considering how much money you are dealing with and the importance of the transaction not falling apart I say shop for competence first, discount second.
What you ‘save’ in commissions could be lost and then some with a bad listing execution, mispricing the property, botching an offer date, and ending up with a stale/stigmatized listing. Is the risk worth it? This is personal, 10 years ago I would’ve said ‘yes’, now totally stupid imo. Live and learn.
| robbbby |
| (Post Master Supreme) |
| 04/12/21 05:56 PM |
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Re: dat real estate v.2021
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Thanks, that is really good info, never considered a lot of those things.
| furball |
| (Post Master Sr) |
| 04/13/21 07:37 AM |
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Re: dat real estate v.2021
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"5% is typical" ...
At least in 2019, that was not the case. Whether you use the same realtor to BUY and SELL, or just to SELL (or just to BUY) ... some are willing to 'eat' some of that ...
(Whether it's because they're 'farmers' and 'farm' that specific neighbourhood and have economies of s(c)ale, or you're upgrading to a bigger unit, etc...)
Other scenarios I've heard of/seen/been through:
- farming discount
- a 'rebate' on their commission towards the purchase price of a home, to speed up the sale/lower the commission, etc...
- go on a diet on one portion of a buy/sell
- Other 'benefits' beyond the commission, such as realtor eating the cost of staging, their connections for movers/contractors/renovators, etc.
Our resident CSI:On agents can give you better insight into that.
I've heard anecdotally of selling agents 'pressuring' to ensure the BUYING agent gets the 2.5% (i.e. it has to be listed at 2.5% if the market area bears that), otherwise "agents won't even want to show the listing, etc" ...
Totally agree it's not always about the %, and a referral to an awesome agent is like a luck of the draw ...
(I've only gone thru 1 buy/sell transaction personally. The sell allowed me to witness my own agent in action, plus ~18 agents pitching; insane differences in experience/approach in pitching. The buy transaction went alright... but not great.)
In my case, the selling agent was a referral not from a transaction, but 'Hey, Jane goes to my church, and I think she does cheap listings.' We ended up with more than we bargained for (in a very good way) because of her team/partner.
Originally Posted By: JEFFOS
5% is typical at 2.5% each. If you discount you’re typically discounting on your side and leaving the buying agent intact at 2.5%
Go lower on the buying side and some agents won’t even bring buyers to your house. That’s typical for resale.
Precon is typical lower than the 5%
Go lower on the buying side and some agents won’t even bring buyers to your house. That’s typical for resale.
Precon is typical lower than the 5%
| Risky Business |
| (Post Master Supreme) |
| 04/13/21 07:55 AM |
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Re: dat real estate v.2021
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Originally Posted By: furball
The sell allowed me to witness my own agent in action, plus ~18 agents pitching; insane differences in experience/approach in pitching.
This is where the 'magic' happens. You take a part time agent that does the one off deal or someone that doesn't know what they are doing...they get thrown into the den it's so easy as the seller agent to leave money on the table by not playing the offer night well or to be the buy side agent and missing out on a property over a few grand, when price is only one component and there are number of other ways to have a strong offer by being prepared.
Like I said, you get what you pay for. Some well known agents with a track record won't even entertain dropping the commission as they have a steady and growing book of business - they don't need to attract based on price, some will immediately approach you and pitch you as their value prop being that they are the cheapest commission in town. If that's your 'value add' as an agent that tells me everything I need to know. To be fair to all agents, its hard to differentiate yourself as everyone says the same thing as the other person, this is why to me word of mouth is most important.
The industry has a ton of hacks, lots of people give it a bad rep, but there are also a ton of really good agents that know what's up. Buyer beware.
| Risky Business |
| (Post Master Supreme) |
| 04/13/21 08:15 AM |
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Re: dat real estate v.2021
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Originally Posted By: furball
"5% is typical" ...
At least in 2019, that was not the case. Whether you use the same realtor to BUY and SELL, or just to SELL (or just to BUY) ... some are willing to 'eat' some of that ...
At least in 2019, that was not the case. Whether you use the same realtor to BUY and SELL, or just to SELL (or just to BUY) ... some are willing to 'eat' some of that ...
Isn't that what I covered? 5% is standard (advertised) what happens behind closed doors is deal dependent...
| furball |
| (Post Master Sr) |
| 04/13/21 08:43 AM |
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Re: dat real estate v.2021
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Yes, yes you did. I read Jeffos' post, responded to that, then I read your post
Originally Posted By: Risky Business
Isn't that what I covered? 5% is standard (advertised) what happens behind closed doors is deal dependent...
Like watching Dragon's Den/Shark Tank; there's good presentations, terrible presentations, and everything in between. You see snakes come out, amateur hour, old skilled foxes, the prepared, the ill-prepared, the guys who show their hand, the ones who just stare at you to try to 'read' you, the ones who bring in their clients with personal letters about how lovely your home is for them, etc.
Quote:
This is where the 'magic' happens. You take a part time agent that does the one off deal or someone that doesn't know what they are doing...they get thrown into the den it's so easy as the seller agent to leave money on the table by not playing the offer night well or to be the buy side agent and missing out on a property over a few grand, when price is only one component and there are number of other ways to have a strong offer by being prepared.
| furball |
| (Post Master Sr) |
| 04/15/21 12:54 PM |
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Re: dat real estate v.2021
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https://www.blogto.com/real-estate-toronto/2021/04/toronto-realtors-stop-using-term-master-bedroom/
| Risky Business |
| (Post Master Supreme) |
| 04/20/21 05:34 AM |
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Re: dat real estate v.2021
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Closed a deal last night on a detached in the beaches...what a difference a lockdown makes. My best buy side deals have always been at the start of a new lockdown (December 2020 was great).
2 weekends ago I was tracking showings on properties of interest, 20-30 showings easily, 3-6 registered offers. Then it began: listings went up, lockdown announced, perfect storm over the weekend. Showings dropped off, sellers spooked, some buyers retreated...no competing offers. Drama averted, property acquired well below current market craziness.
| Hatorade |
| (Post Master Supreme) |
| 04/20/21 11:12 AM |
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Re: dat real estate v.2021
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Maybe a one off or price point? Anything under $1M regardless of location is still hot currently. I have not seen any slow down due to lockdown. When covid numbers started to rise in the fall I saw a decrease, but come December it was a fucking shit show. 40 offers on every fucking property we were looking at in Durham due to the lack of inventory. Prices were going up an easy 5%+ with every home that sold.
I also secured a place with my buyers last week. Property was listed Friday 1030am. We looked at it at 5pm and put in bully offer by 9pm. As I submitted our offer another agent did as well. So 2 bully offers by coincidence on the same day it was listed. This was for a townhouse just under $1M
| Risky Business |
| (Post Master Supreme) |
| 04/20/21 11:51 AM |
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Re: dat real estate v.2021
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I should've clarified, I was talking mostly detached 1.5m-2m range and some semis in the 1.3 range in 416.
Around 1M in 905 anywhere was the wild west, although I am seeing lots of offer dates flop in Markham and just relisting at some new ridiculous ask...some of it still selling.
Good kill with the bully on day -1. I think that's some solid service for your buyers since most see everything on day 0 and by then hustlers like you have had their way with the listing while everyone was sleeping
| furball |
| (Post Master Sr) |
| 04/20/21 12:30 PM |
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Re: dat real estate v.2021
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Stupid question: is that / should sellers be in that opinion that it's good to accept a bully offer?
In a hot-assed market as it is now, would the open-market not be the ideal scenario? (My one time scenario, this one time, at bandcamp, in 2019 ... We told the bullys to fuck off and get in line like the other peasants, and wait for open-market day.)
Schrödinger's cat scenario?
(i.e. you can't really say either way, because if you took the bully, no way to see how it'd do at the open market. If you entertained the bully offer, they wouldn't go with the same at market?) Originally Posted By: Risky Business
Good kill with the bully on day -1. I think that's some solid service for your buyers since most see everything on day 0 and by then hustlers like you have had their way with the listing while everyone was sleeping
| Risky Business |
| (Post Master Supreme) |
| 04/20/21 12:39 PM |
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Re: dat real estate v.2021
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I will preface my answer with it depends on the property, the bully offer, and agents on both sides of the deal.
As a listing agent I would tell a bully offer to f off or would play them to get them to come up higher than what I think a bidding war would do. This is where experience/knowledge comes into play the most...who knows the market better? The listing agent or the bully offer agent?
As a buying agent I am totally down to do what Hator did, pre emptive offers can work amazing if the listing agent is a part timer, doesn't know the local market, etc. Combine that with them entertaining the bully without informing all other interested parties you could theoretically 'steal' the listing. Offer dates get botched all the time in favour of the buyer or seller, how good is your realtor? This is why it's hard to find a good realtor, you simply don't know unless it's through a referral or you know the person. Otherwise it all sounds the same.
| furball |
| (Post Master Sr) |
| 04/20/21 01:34 PM |
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Re: dat real estate v.2021
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Well put ... </NotBadObama>
Originally Posted By: Risky Business
pre emptive offers can work amazing if the listing agent is a part timer, doesn't know the local market, etc. Combine that with them entertaining the bully without
informing all other interested parties you could theoretically 'steal' the listing.
informing all other interested parties you could theoretically 'steal' the listing.
| Risky Business |
| (Post Master Supreme) |
| 04/20/21 06:02 PM |
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Re: dat real estate v.2021
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Not going to lie, when I see MLS listings with a salesperson using a discount brokerage or someone using hotmail, yahoo, or the like for emails to conduct business i double down on them like a mofo
| robbbby |
| (Post Master Supreme) |
| 04/20/21 09:13 PM |
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Re: dat real estate v.2021
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My sister put an offer in on a home tonight.
House was listed this morning, closing tonight based on 7 preemptive offers.
Edit - and she didn't get it. they came back and said it was between her and one other buyer and wanted to know how much more they could offer. Sister told them to get fucked.
Is this common practice? Like going behind the back of the highest bidder to try and get second highest to outbid them? Seems shady as fuck.
| Risky Business |
| (Post Master Supreme) |
| 04/21/21 05:00 AM |
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Re: dat real estate v.2021
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Yes it's common practice, yes it's allowed, no it's not 'shady'. This is a case where maybe a couple of grand would've gotten her the house if she really wanted it.
Is the process frustrating as hell for buyers? Yes.
This is the issue with the blind bidding process, it's a crapshoot, and it's a massive waste of time for many participants. However since it's allowed you'd be doing a disservice to your seller client by not playing the the game to get them top dollar if everyone else is doing it. Race to bottom in a way.
Sounds like it was a grossly underpriced property to get that many counters on a pre-emptive in a day. Crazy
| Screamin Type ARGH! |
| (Post Master Supreme) |
| 04/21/21 07:58 AM |
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Re: dat real estate v.2021
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RISKY HATOR you can sell my house now for x2 and we'll move in with one of y'all until market cools, thanks fam!
| robbbby |
| (Post Master Supreme) |
| 04/21/21 08:10 AM |
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Re: dat real estate v.2021
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Originally Posted By: Risky Business
Yes it's common practice, yes it's allowed, no it's not 'shady'. This is a case where maybe a couple of grand would've gotten her the house if she really wanted it.
Is the process frustrating as hell for buyers? Yes.
This is the issue with the blind bidding process, it's a crapshoot, and it's a massive waste of time for many participants. However since it's allowed you'd be doing a disservice to your seller client by not playing the the game to get them top dollar if everyone else is doing it. Race to bottom in a way.
Sounds like it was a grossly underpriced property to get that many counters on a pre-emptive in a day. Crazy
Is the process frustrating as hell for buyers? Yes.
This is the issue with the blind bidding process, it's a crapshoot, and it's a massive waste of time for many participants. However since it's allowed you'd be doing a disservice to your seller client by not playing the the game to get them top dollar if everyone else is doing it. Race to bottom in a way.
Sounds like it was a grossly underpriced property to get that many counters on a pre-emptive in a day. Crazy
Where does it end though?
Lets say my sister offered another $10k and outbid the previous high bidder, would they then go back to the other people and ask them to offer more to try and beat my sister?
It may be common practice but it seems like such a scumbag move, IMO of course.
| Risky Business |
| (Post Master Supreme) |
| 04/21/21 09:04 AM |
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Re: dat real estate v.2021
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Originally Posted By: robbbby
Originally Posted By: Risky Business
Yes it's common practice, yes it's allowed, no it's not 'shady'. This is a case where maybe a couple of grand would've gotten her the house if she really wanted it.
Is the process frustrating as hell for buyers? Yes.
This is the issue with the blind bidding process, it's a crapshoot, and it's a massive waste of time for many participants. However since it's allowed you'd be doing a disservice to your seller client by not playing the the game to get them top dollar if everyone else is doing it. Race to bottom in a way.
Sounds like it was a grossly underpriced property to get that many counters on a pre-emptive in a day. Crazy
Is the process frustrating as hell for buyers? Yes.
This is the issue with the blind bidding process, it's a crapshoot, and it's a massive waste of time for many participants. However since it's allowed you'd be doing a disservice to your seller client by not playing the the game to get them top dollar if everyone else is doing it. Race to bottom in a way.
Sounds like it was a grossly underpriced property to get that many counters on a pre-emptive in a day. Crazy
Where does it end though?
Lets say my sister offered another $10k and outbid the previous high bidder, would they then go back to the other people and ask them to offer more to try and beat my sister?
It may be common practice but it seems like such a scumbag move, IMO of course.
Some agents have been caught doing shady shit in the past, but generally you get one shot at improving your offer.
Your frustrations are warranted. There are some houses I don't bother bidding on if I know the agent because I know my client will have no chance of getting it unless they severely overpay (local agents who know the ones that do this will avoid bidding on them also). In my local market if I see certain names I avoid the listing, if the offer date flops because they got greedy I will kick the can a day or two after when they've been humbled. Doesn't always work, but some agents are known to push the boundaries. Fuck that.
| Hatorade |
| (Post Master Supreme) |
| 04/21/21 09:13 AM |
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Re: dat real estate v.2021
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Originally Posted By: Risky Business
I should've clarified, I was talking mostly detached 1.5m-2m range and some semis in the 1.3 range in 416.
Around 1M in 905 anywhere was the wild west, although I am seeing lots of offer dates flop in Markham and just relisting at some new ridiculous ask...some of it still selling.
Good kill with the bully on day -1. I think that's some solid service for your buyers since most see everything on day 0 and by then hustlers like you have had their way with the listing while everyone was sleeping
Around 1M in 905 anywhere was the wild west, although I am seeing lots of offer dates flop in Markham and just relisting at some new ridiculous ask...some of it still selling.
Good kill with the bully on day -1. I think that's some solid service for your buyers since most see everything on day 0 and by then hustlers like you have had their way with the listing while everyone was sleeping
Yup it's nuts man. There's bidding wars on vacant fucking land too. I'm in the process trying to secure land for subdivision (20-100 units) and it's fucking wild.
| Hatorade |
| (Post Master Supreme) |
| 04/21/21 09:25 AM |
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Re: dat real estate v.2021
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Originally Posted By: Risky Business
Originally Posted By: robbbby
Originally Posted By: Risky Business
Yes it's common practice, yes it's allowed, no it's not 'shady'. This is a case where maybe a couple of grand would've gotten her the house if she really wanted it.
Is the process frustrating as hell for buyers? Yes.
This is the issue with the blind bidding process, it's a crapshoot, and it's a massive waste of time for many participants. However since it's allowed you'd be doing a disservice to your seller client by not playing the the game to get them top dollar if everyone else is doing it. Race to bottom in a way.
Sounds like it was a grossly underpriced property to get that many counters on a pre-emptive in a day. Crazy
Is the process frustrating as hell for buyers? Yes.
This is the issue with the blind bidding process, it's a crapshoot, and it's a massive waste of time for many participants. However since it's allowed you'd be doing a disservice to your seller client by not playing the the game to get them top dollar if everyone else is doing it. Race to bottom in a way.
Sounds like it was a grossly underpriced property to get that many counters on a pre-emptive in a day. Crazy
Where does it end though?
Lets say my sister offered another $10k and outbid the previous high bidder, would they then go back to the other people and ask them to offer more to try and beat my sister?
It may be common practice but it seems like such a scumbag move, IMO of course.
Some agents have been caught doing shady shit in the past, but generally you get one shot at improving your offer.
Your frustrations are warranted. There are some houses I don't bother bidding on if I know the agent because I know my client will have no chance of getting it unless they severely overpay (local agents who know the ones that do this will avoid bidding on them also). In my local market if I see certain names I avoid the listing, if the offer date flops because they got greedy I will kick the can a day or two after when they've been humbled. Doesn't always work, but some agents are known to push the boundaries. Fuck that.
Yup, that's why I always ask them how they are handling the offers on offer date. Most aren't out to play games since they are buying as well so being on both sides it's really nobody's interest to fuck around.
Originally Posted By: robbbby
Originally Posted By: Risky Business
Yes it's common practice, yes it's allowed, no it's not 'shady'. This is a case where maybe a couple of grand would've gotten her the house if she really wanted it.
Is the process frustrating as hell for buyers? Yes.
This is the issue with the blind bidding process, it's a crapshoot, and it's a massive waste of time for many participants. However since it's allowed you'd be doing a disservice to your seller client by not playing the the game to get them top dollar if everyone else is doing it. Race to bottom in a way.
Sounds like it was a grossly underpriced property to get that many counters on a pre-emptive in a day. Crazy
Is the process frustrating as hell for buyers? Yes.
This is the issue with the blind bidding process, it's a crapshoot, and it's a massive waste of time for many participants. However since it's allowed you'd be doing a disservice to your seller client by not playing the the game to get them top dollar if everyone else is doing it. Race to bottom in a way.
Sounds like it was a grossly underpriced property to get that many counters on a pre-emptive in a day. Crazy
Where does it end though?
Lets say my sister offered another $10k and outbid the previous high bidder, would they then go back to the other people and ask them to offer more to try and beat my sister?
It may be common practice but it seems like such a scumbag move, IMO of course.
There's also the off chance your offer could be the highest one and the agent is trying to squeeze more out of you. There's a lot that is wrong with these offer dates and the whole "bidding" process. For example I've had agents tell me a rough number that we need to improve to still be in the running (he'll throw out a number like 20-50k or sometimes they'll say shit like you're about a mid-size car apart in price), just gotta read between the lines. Sometimes they are actually trying to help and other times they are full of shit. Also one thing that most don't realize when it comes to multiple offers, it doesn't mean shit if there's 40 offers as most of those will be shit, whether it's no where close in price or with conditions. Usually only a handful of offers will be close to what the seller is looking for and only 2 offers that truly want the place and pay a premium.
The real question is what that premium is and how much more should one pay, cause no one is paying what the last house sold for a week ago in this market.
| robbbby |
| (Post Master Supreme) |
| 04/21/21 10:23 AM |
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Re: dat real estate v.2021
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Originally Posted By: Hatorade
There's also the off chance your offer could be the highest one and the agent is trying to squeeze more out of you.
That was the first thing I thought when my sister called me TBH.
But then what happens when you are the highest and tell them to get fucked when they ask for more?
They call you an hour later like "Guess what! the other buyer backed out, it's yours for your original offer!"
Like if you're playing those games why not just hold a live auction on the front yard of the home?
| Risky Business |
| (Post Master Supreme) |
| 04/21/21 11:27 AM |
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Re: dat real estate v.2021
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Originally Posted By: robbbby
Originally Posted By: Hatorade
There's also the off chance your offer could be the highest one and the agent is trying to squeeze more out of you.
That was the first thing I thought when my sister called me TBH.
But then what happens when you are the highest and tell them to get fucked when they ask for more?
They call you an hour later like "Guess what! the other buyer backed out, it's yours for your original offer!"
Like if you're playing those games why not just hold a live auction on the front yard of the home?
This happens all the time unfortunately, you are rolling the dice a bit, but so are they. I'd like to think most agents act in good faith as no one wants to see a deal fall through over greed, but there are definitely bad apples. Sometimes you have unreasonable clients, they have unreasonable expectations and want more more more more more, don't listen to the agent and the thing falls apart.
I think majority of bad rep for agents comes from incompetence first and foremost, 'shady' is probably very last. To be a good agent there is a massive learning curve, most never even scratch the surface. That incompetence/ignorance is what comes off as shady imo.
| Risky Business |
| (Post Master Supreme) |
| 05/04/21 08:01 PM |
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Re: dat real estate v.2021
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Boom, went firm on a semi today, set a new sales record on the street by a decent margin. Parts of 416 proper are on fire.
No inventory and pre-emptives flying w/ no fucks given. It did help that I hired one of the best stagers in the city for this one. Place looked like it was out of a magazine spread.
What will be interesting is my next listing in 2 weeks which is a 100 acre cottage just outside of Toronto. If things continue as they are that might take the cake. Cottage country puts anything we do here to shame jfc 100% appreciation in 15 months.
Place in blue mountain that was 350 2 years ago going for a million now.
This doesn't end well for some people imo, I don't see how this can be sustainable.
| robbbby |
| (Post Master Supreme) |
| 05/05/21 05:54 AM |
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Re: dat real estate v.2021
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My gf just sold her semi.
Bought for 167 6 years ago and sold for 510.
Again not GTA levels of insane, but we are talking about a really old, tiny ass semi, not some newer modern one.
It makes no sense though, the value of homes doesn't seem to scale linearly. Like 500+ for < 1000sq ft. semi, but then the nicer homes in great areas are 700 - 900 depending on size.
| Risky Business |
| (Post Master Supreme) |
| 05/05/21 06:05 AM |
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Re: dat real estate v.2021
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That's a good observation, every area has a certain price point of diminishing returns. In the GTA 1.2M was that bar before covid, under that crapshoot in terms of how they scale, over that you followed 'some' logic. In certain areas that number is 1.6-1.8.
For condos in the core it's around 750k where they scale somewhat normal over that and crapshoot below.
| robbbby |
| (Post Master Supreme) |
| 05/12/21 05:59 AM |
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Re: dat real estate v.2021
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Sister lost yet another house. Asking $799, went for 1.1, she had gone in just slightly above 1mill. Fucking nuts.
| Risky Business |
| (Post Master Supreme) |
| 05/12/21 07:33 AM |
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Re: dat real estate v.2021
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Windsor still on fire eh? If she keeps losing offer nights, she should probably sit down w/ the realtor and ask wtf. Is she being mislead going to all these listings she can't afford from the start? The realtor should know wtf they are offering on. I get losing a few here and there, but more than that it's usually poorly managed expectations.
Things are more stable here now, mind you we went from going 220km/h to now a leisurely 160km in a 100 zone.
Some pockets still pretty hot, but 905 in general cooling, 416 a bit busier, condos busy, but slowing.
| SuPeR-MaRiO |
| (Post Master Sr) |
| 05/12/21 08:57 AM |
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Re: dat real estate v.2021
|
2 bedroom bungalow on my street sold for $1.3M
Most people like
for our property value. I'm like 
I'm not planning to move so what does it really matter? More like 
at the prices.
| Risky Business |
| (Post Master Supreme) |
| 05/12/21 09:20 AM |
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Re: dat real estate v.2021
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It's ok, they will be crying when they have to pull out 200k+ out of their HELOC's to subsidize their kids' downpayments. Ask any boomer right now what they are going through.
I have a few clients, all with bags of money from the parents (majority) otherwise no chance of getting into the market.
House of cards
| zaius |
| (Post Master Sr) |
| 05/12/21 09:28 AM |
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Re: dat real estate v.2021
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is the market still on fire compared to earlier this year?
| Risky Business |
| (Post Master Supreme) |
| 05/12/21 09:57 AM |
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Re: dat real estate v.2021
|
Went from 220km/h to 160km/h in a 100.
That's as best as I can explain it.
| robbbby |
| (Post Master Supreme) |
| 05/12/21 03:04 PM |
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Re: dat real estate v.2021
|
Originally Posted By: Risky Business
Windsor still on fire eh? If she keeps losing offer nights, she should probably sit down w/ the realtor and ask wtf. Is she being mislead going to all these listings she can't afford from the start? The realtor should know wtf they are offering on. I get losing a few here and there, but more than that it's usually poorly managed expectations.
She's well east of Windsor, but I'm pretty sure Windsor proper is still going nuts.
I don't think she's bidding on listings she can't afford or being misled on, just shit luck i guess?
The last one we figured she was highest bidder and they came back asking for more.
This last one that went for 300k over at 1.1mill, there was 10 bids and she was number 2.
If highest bidder beats next person buy 100k I don't consider that not being able to afford the home, I think somebody wanted it very badly and was willing to go all in to guarantee victory. Who knows, maybe I'm wrong.
| Hatorade |
| (Post Master Supreme) |
| 05/12/21 03:56 PM |
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Re: dat real estate v.2021
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Originally Posted By: Risky Business
Went from 220km/h to 160km/h in a 100.
That's as best as I can explain it.
That's as best as I can explain it.
This is accurate LOL
London student house rental property next to Western. Listed today with offer date. First showing and clean offer LOL, but not at the price we want.
Shit be nuts yo!
| Risky Business |
| (Post Master Supreme) |
| 05/12/21 04:41 PM |
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Re: dat real estate v.2021
|
Originally Posted By: robbbby
Originally Posted By: Risky Business
Windsor still on fire eh? If she keeps losing offer nights, she should probably sit down w/ the realtor and ask wtf. Is she being mislead going to all these listings she can't afford from the start? The realtor should know wtf they are offering on. I get losing a few here and there, but more than that it's usually poorly managed expectations.
She's well east of Windsor, but I'm pretty sure Windsor proper is still going nuts.
I don't think she's bidding on listings she can't afford or being misled on, just shit luck i guess?
The last one we figured she was highest bidder and they came back asking for more.
This last one that went for 300k over at 1.1mill, there was 10 bids and she was number 2.
If highest bidder beats next person buy 100k I don't consider that not being able to afford the home, I think somebody wanted it very badly and was willing to go all in to guarantee victory. Who knows, maybe I'm wrong.
Over asking being irrelevant, before putting an offer on a house the realtor should have a good idea of market value within reason.
Asking to improve is expected in this market, so you need to operate with that in mind and how much room you have. No point to blow your load on first offer.
"If the highest bidder beats the next person by a 100k"
This hypothetical is not relevant, you will never know what the other offer was, that's why knowing the local market managing expectations in terms of what it would take to get the property is important otherwise it's just a constant churn of putting in offers and losing out.
I don't mean to come off rude, it's just a pet peeve of mine because a lot of offers you see (majority actually) have no business being in the game. 2-3 are in the ballpark, the rest are the just dreamers. This is being on the listing side what I see.
Full disclosure I know nothing about the market where she is so maybe it's all over the place.
| Risky Business |
| (Post Master Supreme) |
| 05/12/21 04:42 PM |
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Re: dat real estate v.2021
|
Originally Posted By: Hatorade
Originally Posted By: Risky Business
Went from 220km/h to 160km/h in a 100.
That's as best as I can explain it.
That's as best as I can explain it.
This is accurate LOL
London student house rental property next to Western. Listed today with offer date. First showing and clean offer LOL, but not at the price we want.
Shit be nuts yo!
wtf even with no students or are students still living within the school proximity despite studying 'from home'?
| Risky Business |
| (Post Master Supreme) |
| 05/12/21 04:56 PM |
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Re: dat real estate v.2021
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DT condos seem to be cooling off. Looked at a unit last week, bowed out of offer night...then it flopped. Listing agent just called begging me to come back, seller is all of the sudden motivated LOL
Debating if I should toss in a lowball, he is trying to sell it tenanted with C+ tenants at beginning of fixed term lease. Someone dun goofed or needs money bad.
| Hatorade |
| (Post Master Supreme) |
| 05/12/21 05:32 PM |
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Re: dat real estate v.2021
|
Originally Posted By: Risky Business
Originally Posted By: Hatorade
Originally Posted By: Risky Business
Went from 220km/h to 160km/h in a 100.
That's as best as I can explain it.
That's as best as I can explain it.
This is accurate LOL
London student house rental property next to Western. Listed today with offer date. First showing and clean offer LOL, but not at the price we want.
Shit be nuts yo!
wtf even with no students or are students still living within the school proximity despite studying 'from home'?
Nope. Students are still renting. Vacancy has never been an issue during the pandemic. I was surprised too!
| Big Tasty |
| (Post Master Supreme) |
| 05/13/21 09:36 AM |
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Re: dat real estate v.2021
|
Did you all see the news story on Lakeview Village in Sauga? Shit is going to be all new massive living area by the waterfront.
https://mylakeviewvillage.com/mississauga-project-lakeview/
https://mylakeviewvillage.com/dl/19-10-07_DMP4.0_Report.pdf
Located in southeast Mississauga on the shores of Lake Ontario, Lakeview Village is:
177-acre mixed-use community
8,026 Residential units
1.5 km to Long Branch GO Station
3.6 km to Port Credit GO Station
Supported by established transit: GO, MiWay and TTC
Bounded by Lakeshore Road East to the north and in close proximity to major highways
7 km from Mississauga’s City Centre near the western edge of the City of Toronto
Office/Institutional 162,917 sm
Retail/Hotel 26,012 sm
Civic/School 27,449 sm
| Risky Business |
| (Post Master Supreme) |
| 05/13/21 09:54 AM |
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Re: dat real estate v.2021
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Next to a sewage plant, you are better off going to the brightwater project in Port Credit.
| Hatorade |
| (Post Master Supreme) |
| 05/13/21 01:05 PM |
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Re: dat real estate v.2021
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And London house is sold. $150k over "asking" LOLOLOLOL
| Risky Business |
| (Post Master Supreme) |
| 05/13/21 01:10 PM |
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Re: dat real estate v.2021
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Congrats
Bully came back improved next morning? They can't help themselves
| robbbby |
| (Post Master Supreme) |
| 05/13/21 04:51 PM |
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Re: dat real estate v.2021
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Originally Posted By: Risky Business
I don't mean to come off rude, it's just a pet peeve of mine because a lot of offers you see (majority actually) have no business being in the game. 2-3 are in the ballpark, the rest are the just dreamers. This is being on the listing side what I see.
No not rude at all, I have no skin in the game and know fuck all about real estate, everything is just based on my limited observations.
But realistically what sets market value, these super high bids out of left field? Is that really market value when highest bid is 10% higher than the next closest? Are the homes really worth that? Are the buyers desperate and throwing everything they have at the bid? Are their agents misleading them?
House right behind me sold for $650k, same house as mine, similar size property. Offer came out of nowhere from a toronto buyer. I know my house is not worth 650. You can't go and say other buyers underbid at a realistic $550k and can't fault a GOOD agent for advising to go in at 550.
Now I say good agent, because I really, really feel a small percentage of buying agents are scumbags and mislead their uninformed buyers. They want to make the sale quick, they don't want to look at house after house after house with the client. So, they advise that "in order to get it you're going to have to go in at $XXXXX, which is probably way overvalue.
I'm not saying this is always the case but I'm sure it happens, it happened to me when I bought my house.
Told the realtor I wanted to offer X amount below asking, she said no, that is way too low and is an insult. I'm like I don't give a fuck, present the number and give them the laundry list of shit wrong. They came back at only $5k above my offer. I said no and didn't even counter. My agent was like don't be silly, it's only another $5k on your mortgage over X amount of years. I told her to pay it then if it wasn't a lot. Sure enough next day they came back and said they'd take my original offer.
I know my situation was in a completely different time, but I still feel like lots of buyers don't think for themselves and go on the advice of their realtor who doesn't have their best interest in mind and only looking for that quick payout.
Again, just my thoughts.
| Risky Business |
| (Post Master Supreme) |
| 05/14/21 08:09 AM |
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Re: dat real estate v.2021
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Quote:
But realistically what sets market value, these super high bids out of left field? Is that really market value when highest bid is 10% higher than the next closest? Are the homes really worth that? Are the buyers desperate and throwing everything they have at the bid? Are their agents misleading them?
Market is set by the buyers and what they are willing to pay at a point in time. That’s it.
I don’t know much about Windsor aside from the fact that in 2017-2018 all these seminars on real estate kept pumping the BRRR strategy in Windsor and a bunch of Brampton/young kid investors went out there and started doing it, refinance the house, buy another, one, rinse/repeat. So Windsor has always been popular for Toronto buyers just to speculate on.
Quote:
Now I say good agent, because I really, really feel a small percentage of buying agents are scumbags and mislead their uninformed buyers.
You are being too nice here, it’s not a small percentage lol
Quote:
I'm not saying this is always the case but I'm sure it happens, it happened to me when I bought my house.
Told the realtor I wanted to offer X amount below asking, she said no, that is way too low and is an insult. I'm like I don't give a fuck, present the number and give them the laundry list of shit wrong. They came back at only $5k above my offer. I said no and didn't even counter. My agent was like don't be silly, it's only another $5k on your mortgage over X amount of years. I told her to pay it then if it wasn't a lot. Sure enough next day they came back and said they'd take my original offer.
Told the realtor I wanted to offer X amount below asking, she said no, that is way too low and is an insult. I'm like I don't give a fuck, present the number and give them the laundry list of shit wrong. They came back at only $5k above my offer. I said no and didn't even counter. My agent was like don't be silly, it's only another $5k on your mortgage over X amount of years. I told her to pay it then if it wasn't a lot. Sure enough next day they came back and said they'd take my original offer.
This type of ‘strategy’ only works in a buyer’s market, I am assuming you bought when the market wasn’t hot. I did the same thing as you 10 years ago, none of that shit is relevant today.
This would never work today and this is the rookie mistake a lot of people make listening to their parents (clients I have). For example if your sister is looking now, yet operating with feedback/advise from your experience 10 years ago, she is at odds because what you worked for you will not work for her now. Times have changed/market has changed. If she wants a house in this market, she will need to be more aggressive. If she can wait it out then do that and then your strategy will once again be relevant. Places like Windsor will get hit the hardest when the house of cards crumbles IMO.
| robbbby |
| (Post Master Supreme) |
| 05/14/21 02:11 PM |
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Re: dat real estate v.2021
|
Originally Posted By: Risky Business
Quote:
I'm not saying this is always the case but I'm sure it happens, it happened to me when I bought my house.
Told the realtor I wanted to offer X amount below asking, she said no, that is way too low and is an insult. I'm like I don't give a fuck, present the number and give them the laundry list of shit wrong. They came back at only $5k above my offer. I said no and didn't even counter. My agent was like don't be silly, it's only another $5k on your mortgage over X amount of years. I told her to pay it then if it wasn't a lot. Sure enough next day they came back and said they'd take my original offer.
Told the realtor I wanted to offer X amount below asking, she said no, that is way too low and is an insult. I'm like I don't give a fuck, present the number and give them the laundry list of shit wrong. They came back at only $5k above my offer. I said no and didn't even counter. My agent was like don't be silly, it's only another $5k on your mortgage over X amount of years. I told her to pay it then if it wasn't a lot. Sure enough next day they came back and said they'd take my original offer.
This type of ‘strategy’ only works in a buyer’s market, I am assuming you bought when the market wasn’t hot. I did the same thing as you 10 years ago, none of that shit is relevant today.
This would never work today and this is the rookie mistake a lot of people make listening to their parents (clients I have). For example if your sister is looking now, yet operating with feedback/advise from your experience 10 years ago, she is at odds because what you worked for you will not work for her now. Times have changed/market has changed. If she wants a house in this market, she will need to be more aggressive. If she can wait it out then do that and then your strategy will once again be relevant. Places like Windsor will get hit the hardest when the house of cards crumbles IMO.
I agree 100%. I wasn't so much promoting my strategy, but rather showing how agents can force a buyer to spend more just so that they can make a sale, regardless if it's a buyer or sellers market.
I've told my sister since day 1 (which is well over a year now), that she needs to be all in. She would budget around kitchen renovation or tearing a wall down. I've told her, you can't do that, somebody else will happily take the house as is and bid above you after you start deducting your renovation budget from the bid. She has finally realized that on the last couple attempts, but yeah, I guess now that you say it, her agent probably should have been making that clear to her.
| zaius |
| (Post Master Sr) |
| 05/14/21 02:20 PM |
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Re: dat real estate v.2021
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Any chance the RE cartel will allow transparency to the whole bidding process (open bids)?
It's insane having to make the largest purchase of your life all based on the trust of another individual.
| Hatorade |
| (Post Master Supreme) |
| 05/14/21 04:09 PM |
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Re: dat real estate v.2021
|
Originally Posted By: robbbby
Originally Posted By: Risky Business
Quote:
I'm not saying this is always the case but I'm sure it happens, it happened to me when I bought my house.
Told the realtor I wanted to offer X amount below asking, she said no, that is way too low and is an insult. I'm like I don't give a fuck, present the number and give them the laundry list of shit wrong. They came back at only $5k above my offer. I said no and didn't even counter. My agent was like don't be silly, it's only another $5k on your mortgage over X amount of years. I told her to pay it then if it wasn't a lot. Sure enough next day they came back and said they'd take my original offer.
Told the realtor I wanted to offer X amount below asking, she said no, that is way too low and is an insult. I'm like I don't give a fuck, present the number and give them the laundry list of shit wrong. They came back at only $5k above my offer. I said no and didn't even counter. My agent was like don't be silly, it's only another $5k on your mortgage over X amount of years. I told her to pay it then if it wasn't a lot. Sure enough next day they came back and said they'd take my original offer.
This type of ‘strategy’ only works in a buyer’s market, I am assuming you bought when the market wasn’t hot. I did the same thing as you 10 years ago, none of that shit is relevant today.
This would never work today and this is the rookie mistake a lot of people make listening to their parents (clients I have). For example if your sister is looking now, yet operating with feedback/advise from your experience 10 years ago, she is at odds because what you worked for you will not work for her now. Times have changed/market has changed. If she wants a house in this market, she will need to be more aggressive. If she can wait it out then do that and then your strategy will once again be relevant. Places like Windsor will get hit the hardest when the house of cards crumbles IMO.
I agree 100%. I wasn't so much promoting my strategy, but rather showing how agents can force a buyer to spend more just so that they can make a sale, regardless if it's a buyer or sellers market.
I've told my sister since day 1 (which is well over a year now), that she needs to be all in. She would budget around kitchen renovation or tearing a wall down. I've told her, you can't do that, somebody else will happily take the house as is and bid above you after you start deducting your renovation budget from the bid. She has finally realized that on the last couple attempts, but yeah, I guess now that you say it, her agent probably should have been making that clear to her.
So she's been looking for the past year? This has been a costly process...
| Hatorade |
| (Post Master Supreme) |
| 05/14/21 04:11 PM |
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Re: dat real estate v.2021
|
Originally Posted By: zaius
Any chance the RE cartel will allow transparency to the whole bidding process (open bids)?
It's insane having to make the largest purchase of your life all based on the trust of another individual.
It's insane having to make the largest purchase of your life all based on the trust of another individual.
I'm all for transparency. Need the damn boards to allow it!!! It's honestly the shittiest game, it's not even so much trust of the agent. It's the competing buyer that is driving the shit up. What ya gonna do?
Keep putting in offers just to be outbid? There comes to a point where buyers will be, just fuck it and go in high. Because if you lost out on another house the next one you're paying more anyways in a heated market.
| Risky Business |
| (Post Master Supreme) |
| 05/14/21 04:27 PM |
|
Re: dat real estate v.2021
|
Originally Posted By: robbbby
Originally Posted By: Risky Business
Quote:
I'm not saying this is always the case but I'm sure it happens, it happened to me when I bought my house.
Told the realtor I wanted to offer X amount below asking, she said no, that is way too low and is an insult. I'm like I don't give a fuck, present the number and give them the laundry list of shit wrong. They came back at only $5k above my offer. I said no and didn't even counter. My agent was like don't be silly, it's only another $5k on your mortgage over X amount of years. I told her to pay it then if it wasn't a lot. Sure enough next day they came back and said they'd take my original offer.
Told the realtor I wanted to offer X amount below asking, she said no, that is way too low and is an insult. I'm like I don't give a fuck, present the number and give them the laundry list of shit wrong. They came back at only $5k above my offer. I said no and didn't even counter. My agent was like don't be silly, it's only another $5k on your mortgage over X amount of years. I told her to pay it then if it wasn't a lot. Sure enough next day they came back and said they'd take my original offer.
This type of ‘strategy’ only works in a buyer’s market, I am assuming you bought when the market wasn’t hot. I did the same thing as you 10 years ago, none of that shit is relevant today.
This would never work today and this is the rookie mistake a lot of people make listening to their parents (clients I have). For example if your sister is looking now, yet operating with feedback/advise from your experience 10 years ago, she is at odds because what you worked for you will not work for her now. Times have changed/market has changed. If she wants a house in this market, she will need to be more aggressive. If she can wait it out then do that and then your strategy will once again be relevant. Places like Windsor will get hit the hardest when the house of cards crumbles IMO.
I agree 100%. I wasn't so much promoting my strategy, but rather showing how agents can force a buyer to spend more just so that they can make a sale, regardless if it's a buyer or sellers market.
I've told my sister since day 1 (which is well over a year now), that she needs to be all in. She would budget around kitchen renovation or tearing a wall down. I've told her, you can't do that, somebody else will happily take the house as is and bid above you after you start deducting your renovation budget from the bid. She has finally realized that on the last couple attempts, but yeah, I guess now that you say it, her agent probably should have been making that clear to her.
wow over a year? That's brutal, she has to live with the fact that she now paying 30%+ for equivalent properties from a year ago when she started. That's going to be hard to reconcile.
I don't even know what to say here, maybe time to take a break tbh.
| Risky Business |
| (Post Master Supreme) |
| 05/14/21 04:29 PM |
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Re: dat real estate v.2021
|
Originally Posted By: zaius
Any chance the RE cartel will allow transparency to the whole bidding process (open bids)?
It's insane having to make the largest purchase of your life all based on the trust of another individual.
It's insane having to make the largest purchase of your life all based on the trust of another individual.
Lots of talk about it, no idea if they will allow for it or not. Like Hator said, more transparency is always a good thing however I don't think it will change anything. Overpaying isn't because of blind bidding, that's just a convenient excuse.
Problem is you can't build shit in this city, approving anything takes 5-7 years while we keep bringing in people. Competition for housing will always be ridiculous.
| Risky Business |
| (Post Master Supreme) |
| 05/19/21 05:44 PM |
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Re: dat real estate v.2021
|
Just sold this amazing log home on a 100 acres for double than what it was bought for just over 2 years
Smart money all around is cashing out on 2nd/3rd properties. Cottage market is insane. Gotta be careful as some people can't close on these when the bank won't appraise at selling price and you need to look at B lenders or worse. Local cottage realtors out to lunch a bit when the Toronto crew shows up running circles around them on offer night. It's like a massive troll fest, good old boys don't know what hit them.
| Big Tasty |
| (Post Master Supreme) |
| 05/20/21 11:14 AM |
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Re: dat real estate v.2021
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Next door neighbour just told me he is putting the house up for sale and moving to a cheaper market. We weren't close but the family was quiet and kept their place up. Now who knows who we'll get, would think that price alone would leave out the scum but we've seen people renting out their basements to cover costs and that comes with pain in itself.
Hoping it doesn't turn into a teardown rebuild as we've seen a lot of that in the area with the smaller A-frame houses but this is a 4+2 bdrm unit so hoping it's a nice single family that gets it.
| Risky Business |
| (Post Master Supreme) |
| 05/20/21 12:16 PM |
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Re: dat real estate v.2021
|
No need to worry about tear downs, no builder/investor is buying in this market.
You are probably going to get a young family looking for more space for their kids (which is 90%+ of buyers right now).
| Simon_the_Pieman |
| (Post Master Sr) |
| 05/20/21 12:32 PM |
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Re: dat real estate v.2021
|
Originally Posted By: Risky Business
No need to worry about tear downs, no builder/investor is buying in this market.
You are probably going to get a young family looking for more space for their kids (which is 90%+ of buyers right now).
You are probably going to get a young family looking for more space for their kids (which is 90%+ of buyers right now).
or multiple families living in one roof with a gazillion cars on the driveway and street
| Risky Business |
| (Post Master Supreme) |
| 05/20/21 12:39 PM |
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Re: dat real estate v.2021
|
That's definitely a concern, but IIRC Big Tasty is in Scarborough (older/smaller homes). The multi family scenario plays out mostly in the biggest possible home on the smallest lot. They don't like smaller/older homes since you can fit less people lol...but it's definitely not out of question. Multi fam love their cookie cutter 905 homes, looking directly at Brampton
| Screamin Type ARGH! |
| (Post Master Supreme) |
| 05/20/21 12:48 PM |
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Re: dat real estate v.2021
|
https://www.reddit.com/r/funny/comments/nh27dy/someone_in_toronto_put_this_up/
lmao rekt
| Risky Business |
| (Post Master Supreme) |
| 06/01/21 07:28 AM |
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Re: dat real estate v.2021
|
New Stress test rules in effect starting today, in theory this drops purchasing power by 5%, let's see if it translates into a price reductions across listings (doubt it).
| furball |
| (Post Master Sr) |
| 06/21/21 01:32 PM |
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Re: dat real estate v.2021
|
"Austin TX: There are more Realtors than homes for sale. Follow one trying to close his first deal"
8 realtors to everyone 1 home for sale
https://www.cnn.com/videos/business/2021...ig.cnn-business
| Hatorade |
| (Post Master Supreme) |
| 06/21/21 07:26 PM |
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Re: dat real estate v.2021
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Lost 2 offers trying to purchase a 2 bedroom condo in Markham. Yup that stress test is really cooling the market!!!
| Risky Business |
| (Post Master Supreme) |
| 06/22/21 05:59 AM |
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Re: dat real estate v.2021
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WTF
Downtown condo market has calmed down, definitely a bit of a lull and showings trending down since lifting of lock down - everyone enjoying the weather and patios. I am actually trying to pick up a unit for myself this week as sellers are a bit more nervous...although this is temporary. Government press released that they are starting to let immigrants in, students are starting to trickle back, gut feel condos will go up again especially if rents start going up faster.
| Hatorade |
| (Post Master Supreme) |
| 06/22/21 09:48 PM |
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Re: dat real estate v.2021
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Yup great time to purchase downtown. Prices are still well below what they should be.
| Risky Business |
| (Post Master Supreme) |
| 06/23/21 05:04 AM |
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Re: dat real estate v.2021
|
Put in offer irrevocable until 9pm tonight, let's see.
| SuPeR-MaRiO |
| (Post Master Sr) |
| 06/23/21 07:57 AM |
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Re: dat real estate v.2021
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What's the feedback from our resident realtors?
Quote:
They lost a bidding war to buy the house in March of 2020, but days later the seller, who was also the listing real estate agent, contacted them to say they could buy it as long as they increased their offer and waived getting a home inspection.
Dream home becomes nightmare for Ontario family who passed on home inspection
| Risky Business |
| (Post Master Supreme) |
| 06/23/21 08:22 AM |
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Re: dat real estate v.2021
|
Play stupid games, win stupid prizes. This is entirely on the buyer and their realtor, but the buck stops with the buyer.
I've dealt with similar estate homes like this in Stouffville, if client is serious we are paying for an inspection before offer night, asking for water tests for financing, etc. A lot of times the selling agent will have the info up front anyway. The fact that he didn't is already suspect and of all the conditions to ask them to waive inspection just has red flags all over it.
Every home needs something unless you are buying brand new (even then warranty claims). So you have to go with that in mind, then it's a sliding scale of your risk tolerance.
| SuPeR-MaRiO |
| (Post Master Sr) |
| 06/23/21 08:34 AM |
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I was going to say that in this market I'm guessing inspections are being waived left right and center. But you have a point that the inspection can be made ahead of offer night.
| Risky Business |
| (Post Master Supreme) |
| 06/23/21 08:39 AM |
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Re: dat real estate v.2021
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Every offer night I've held I've provided a reputable inspection up front for the listing to save everyone the bullshit, but also because I want firm offers only. The crazy part is that all people making offers only a few of their realtors request the inspection for review, others don't even ask and just put it in firm unconditional offers.
You can lead a horse to water, can't make it drink.
| Hatorade |
| (Post Master Supreme) |
| 06/23/21 09:50 AM |
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Re: dat real estate v.2021
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Originally Posted By: Risky Business
Every offer night I've held I've provided a reputable inspection up front for the listing to save everyone the bullshit, but also because I want firm offers only. The crazy part is that all people making offers only a few of their realtors request the inspection for review, others don't even ask and just put it in firm unconditional offers.
You can lead a horse to water, can't make it drink.
You can lead a horse to water, can't make it drink.
Define reputable inspection? The issue with home inspections is that it's not regulated. If I'm on the buying side and inspection report is available I'll ask for it, but I don't trust it. Shit could be biased. Honestly Sellers inspection reports don't add much value, but good for optics.
| Risky Business |
| (Post Master Supreme) |
| 06/23/21 10:03 AM |
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Re: dat real estate v.2021
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Originally Posted By: Hatorade
Originally Posted By: Risky Business
Every offer night I've held I've provided a reputable inspection up front for the listing to save everyone the bullshit, but also because I want firm offers only. The crazy part is that all people making offers only a few of their realtors request the inspection for review, others don't even ask and just put it in firm unconditional offers.
You can lead a horse to water, can't make it drink.
You can lead a horse to water, can't make it drink.
Define reputable inspection? The issue with home inspections is that it's not regulated. If I'm on the buying side and inspection report is available I'll ask for it, but I don't trust it. Shit could be biased. Honestly Sellers inspection reports don't add much value, but good for optics.
Neighbourhood specific, in EY/Beaches there are 2-3 guys there that are very well known and trusted and know the old/war home era homes in/out. If they provide an inspection on behalf of the Seller you can definitely trust it.
Better yet anyone who provides a Carson Dunlop inspection, you know it's legit and it's the 'gold standard', possibly even better than what an average buyer's inspector will do.
Lastly if the inspection is from a 'nobody' then I agree with you, but even then you can still cross reference with OAHI. If that's not satisfactory you still have time to do your own. Let's also not forget an inspection can only uncover so much, short of pulling drywall out you are taking on *some* risk.
There is no excuse for people buying without an inspection, that's entirely on the buyer/buyer relator.
| Risky Business |
| (Post Master Supreme) |
| 06/23/21 10:44 AM |
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Re: dat real estate v.2021
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Originally Posted By: Risky Business
Put in offer irrevocable until 9pm tonight, let's see.
boom, bought below market. They accepted.
| Risky Business |
| (Post Master Supreme) |
| 06/30/21 02:08 PM |
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Re: dat real estate v.2021
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This better come to fruition as this 1 bed condo purchase was a complete timing play for this anticipated rebound. Crazy to see the amount of decent deals we have right now on condos. Let's see if that remains if the demand for rentals keeps increasing as it has over the last few weeks.
Toronto rental market could see major rebound this fall: Rentals.ca
https://www.livabl.com/2021/06/toronto-rental-market-major-rebound-fall.html
| A2B-Lexus |
| (Post Master Supreme) |
| 07/01/21 09:29 PM |
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Re: dat real estate v.2021
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I got into my area (McCowan/16) for 1.1M less than 2 years ago. A house across 3 houses down sold for 1.9M.
We need to be here because we need to be close to family but man, it sure is tempted to cash out and buy slightly smaller to capitalize.
| Risky Business |
| (Post Master Supreme) |
| 07/02/21 06:15 AM |
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Re: dat real estate v.2021
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A lot of people I know with multiple properties dumped at least one over the last 6 months. This run up has been insane.
Are you in Wismer? It's been popping off there, no inventory. It's really the same across the board everywhere. Your old hood in Cornell has gone nuts too, nothing is affordable.
Markham is a drop in the bucket though, you want crazy, go to Guelph/Kitchener, I saw a stat that the price appreciation they've seen in the last 3 years outpaces the price appreciation they had in the prior 37 years.
A detached in KW is 1.2M now in the middle of nowhere.
| Simon_the_Pieman |
| (Post Master Sr) |
| 07/02/21 10:25 AM |
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Originally Posted By: Risky Business
A detached in KW is 1.2M now in the middle of nowhere.
whats the condo market look like in KW?
| Risky Business |
| (Post Master Supreme) |
| 07/02/21 11:29 AM |
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Not too sure as I haven't followed, but I am assuming as of right now it's probably ripping. My brokerage just sold out a pre con development in Kingston for $1,000 a foot.....IN KINGSTON
| A2B-Lexus |
| (Post Master Supreme) |
| 07/02/21 09:49 PM |
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Re: dat real estate v.2021
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I am off The Bridle Walk just North of 16th. I wish I had a 2nd property to dump.
Too bad my old hood is crazy now too.....if there difference was enough for us to be in the same house and mortgage free, could have convinced my wife it would be a good idea to move with 2 kids.
| A2B-Lexus |
| (Post Master Supreme) |
| 07/03/21 09:39 AM |
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Re: dat real estate v.2021
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Originally Posted By: Risky Business
Not too sure as I haven't followed, but I am assuming as of right now it's probably ripping. My brokerage just sold out a pre con development in Kingston for $1,000 a foot.....IN KINGSTON
Only Queens is there. Unless you are an university student or mental, there is no reason to be in Kingston.
| Risky Business |
| (Post Master Supreme) |
| 07/06/21 04:58 AM |
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Re: dat real estate v.2021
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^ Pretty much.
On the topic of downtown condows, I pulled up the latest stats and the stats are glorious. Listings flat, offers up, showings up, days on market down. Condo rentals are about to make a rebound
| Risky Business |
| (Post Master Supreme) |
| 07/06/21 05:00 AM |
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Re: dat real estate v.2021
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Originally Posted By: A2B-Lexus
I am off The Bridle Walk just North of 16th.
Nice, that pocket has always been hot especially with the Asians!
| Screamin Type ARGH! |
| (Post Master Supreme) |
| 07/06/21 10:50 AM |
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Re: dat real estate v.2021
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Originally Posted By: Risky Business
A lot of people I know with multiple properties dumped at least one over the last 6 months. This run up has been insane.
Are you in Wismer? It's been popping off there, no inventory. It's really the same across the board everywhere. Your old hood in Cornell has gone nuts too, nothing is affordable.
Markham is a drop in the bucket though, you want crazy, go to Guelph/Kitchener, I saw a stat that the price appreciation they've seen in the last 3 years outpaces the price appreciation they had in the prior 37 years.
A detached in KW is 1.2M now in the middle of nowhere.
Are you in Wismer? It's been popping off there, no inventory. It's really the same across the board everywhere. Your old hood in Cornell has gone nuts too, nothing is affordable.
Markham is a drop in the bucket though, you want crazy, go to Guelph/Kitchener, I saw a stat that the price appreciation they've seen in the last 3 years outpaces the price appreciation they had in the prior 37 years.
A detached in KW is 1.2M now in the middle of nowhere.
this is ret*rded wow
| A2B-Lexus |
| (Post Master Supreme) |
| 07/06/21 09:42 PM |
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Re: dat real estate v.2021
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Originally Posted By: Risky Business
Originally Posted By: A2B-Lexus
I am off The Bridle Walk just North of 16th.
Nice, that pocket has always been hot especially with the Asians!
The school zone is probably what is driving up the prices. Its a solid 26 minutes walk from my place. I am hoping by the time the kids need to go to high school, there will still be enough wfh flexibility for us to drive them.
| Risky Business |
| (Post Master Supreme) |
| 07/07/21 05:08 AM |
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Re: dat real estate v.2021
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My wife is a teacher in the immediate area, like most Markham schools they are great, the community of people there make it what it is.
You have a culture of people who highly value academics, who are involved, have resources, and teach their kids to respect the teachers. It's a really good dynamic you naturally get some of the best teachers working with an involved parent group and there is mutual respect going both ways. You write feedback about the kids and the parents act on it right away rather than argue or try to blame the teacher if their kid isn't the superstar that they thought he/she was.
| furball |
| (Post Master Sr) |
| 07/07/21 07:13 AM |
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Asians don't fuck around
(Yes, there are non-Asians in the area too.)I heard stories about teachers getting death threats 'n shit, and there's absolutely NOTHING the school boards, or even the teacher's union can do
(Story went, some white trailer trash girl in Mississauga school said she's going to go home, grab a knife, and stab her teacher (said it to teacher's face.) Principal took the kid out of school, but that was it... Kid returned back to the same class apparently, which sounds real odd.)Meanwhile in Markham, beatdowns with the bamboo cane if you mouth off, then you're driven in Mommy's Porsche Cayenne to school, or walk to school in your Gucci slides
Originally Posted By: Risky Business
You write feedback about the kids and the parents act on it right away rather than argue or try to blame the teacher if their kid isn't the superstar that they thought he/she was.
| A2B-Lexus |
| (Post Master Supreme) |
| 07/07/21 09:33 PM |
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Re: dat real estate v.2021
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Originally Posted By: Risky Business
My wife is a teacher in the immediate area, like most Markham schools they are great, the community of people there make it what it is.
You have a culture of people who highly value academics, who are involved, have resources, and teach their kids to respect the teachers. It's a really good dynamic you naturally get some of the best teachers working with an involved parent group and there is mutual respect going both ways. You write feedback about the kids and the parents act on it right away rather than argue or try to blame the teacher if their kid isn't the superstar that they thought he/she was.
You have a culture of people who highly value academics, who are involved, have resources, and teach their kids to respect the teachers. It's a really good dynamic you naturally get some of the best teachers working with an involved parent group and there is mutual respect going both ways. You write feedback about the kids and the parents act on it right away rather than argue or try to blame the teacher if their kid isn't the superstar that they thought he/she was.
Yeah...Asians do value academics.
Once my kids are school age, will keep an eye out for Ms. Vas with black circle around the face.
| A2B-Lexus |
| (Post Master Supreme) |
| 07/07/21 09:36 PM |
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Re: dat real estate v.2021
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Originally Posted By: Risky Business
^ Pretty much.
On the topic of downtown condows, I pulled up the latest stats and the stats are glorious. Listings flat, offers up, showings up, days on market down. Condo rentals are about to make a rebound
On the topic of downtown condows, I pulled up the latest stats and the stats are glorious. Listings flat, offers up, showings up, days on market down. Condo rentals are about to make a rebound
My cousin closed on a shoebox condo in Liberty Village last month. I was down there a couple of weeks ago for the first time in years and I seriously don't see the attraction of living at Liberty Village. At least City Place, I can walk home from work. Liberty Village feels like New York but NO subway infrastructure to get people in and out of there in the masses.
My 20 years younger self would probably love walking around with a dog checking out the eye candy.
| Risky Business |
| (Post Master Supreme) |
| 07/08/21 08:19 AM |
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Re: dat real estate v.2021
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Liberty is 905 transplant central, not my first choice for a condo, but for first time investors the prices are the cheapest there. You are right on all accounts, logistically not the best. Neither is City Place, which has its own share of issues, I like East City Place, but west of Spadina you have to be careful as the buildings there have a number of issues.
King West/Bay Corridor is where it's at, in my biased opinion. If you are searching for value, have to look a bit east of Yonge.
| Hatorade |
| (Post Master Supreme) |
| 07/08/21 02:58 PM |
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Re: dat real estate v.2021
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Originally Posted By: Risky Business
Liberty is 905 transplant central, not my first choice for a condo, but for first time investors the prices are the cheapest there. You are right on all accounts, logistically not the best. Neither is City Place, which has its own share of issues, I like East City Place, but west of Spadina you have to be careful as the buildings there have a number of issues.
King West/Bay Corridor is where it's at, in my biased opinion. If you are searching for value, have to look a bit east of Yonge.
King West/Bay Corridor is where it's at, in my biased opinion. If you are searching for value, have to look a bit east of Yonge.
Ugh what? Prices are not cheapest in Liberty. Pricing is similar to the core if not more.
| Risky Business |
| (Post Master Supreme) |
| 07/08/21 03:10 PM |
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Re: dat real estate v.2021
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| Hatorade |
| (Post Master Supreme) |
| 07/08/21 05:56 PM |
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Re: dat real estate v.2021
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Stats are one thing. I’ve been busy with downtown condos the past couple of months. When you start looking at specific buildings you’ll see what I mean.
| Risky Business |
| (Post Master Supreme) |
| 07/09/21 05:41 AM |
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Re: dat real estate v.2021
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We will have to agree to disagree on this as I've always seen LV as an entry level into DT, that's how most people view it since it's cheaper relative to the core. I remember looking at pre cons there 10 years ago, and they were always the cheapest pre con projects in 'downtown'.
I am interested to know what specific buildings you are referring to that skew Liberty as more expensive? I looked at ~8 units there in the last 30 days and made offer on 2 before settling on Bay Street.
Last point on LV, they have a lot more parking allocation per unit compared to say King West/Bay/etc. So you back out the parking premium from the average LV condo sale, their price per SF is even lower than posted above.
| furball |
| (Post Master Sr) |
| 07/09/21 10:17 AM |
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Re: dat real estate v.2021
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House-hunting story, unrelated to pricing talk...
- Looking for a home in the area, and saw one. Pretty much a full reno. There were some oddities...
- Pool (pre-reno) is massive, so big there's not much room to walk around
- Arlo cordless cameras everywhere (I have some myself, so either you're super shady, or you're a tech nerd)
- Some odd European styles: washer/dryer in the basement washroom, sweet electric rear-lit bathroom mirrors
- for sale by owner. We had to get our realtor to contact the guy to see if he's willing to pay the 2.5%, he was.
- Was put up then taken off the market a few times, each time price lowered.
European guy, walked his dog while we visited the property. Said he's a carpenter, and moving out west as his job needs him there.
Wife got a little bit antsy on getting a home in the area NOW ...But it wasn't in the 'good school' district.
Our realtor was semi-retired, so didn't really give a fuck about giving us full service...
We ended up calling our 'silver fox' (years of experience) realtor that sold our Markham home, and consulted with him ... One thing he told us to do: "always google the seller. Doesn't hurt." (We were able to get the sellers' names on the MLS listing thru the realtor - as an end-user, you don't see these fields. Name was under the 'carpenter' and his gf, an RMT in the area.)
HOLY FUCK, GTFO, NO WAI.
Yeah, nope, nope nope nope nope... (Cue Risky re: these are the 'off the beaten path, there's an opp here to make big money' ... Sure, just not with us.)
The owner was arrested by TPS as part of Project Yellow Bird, a European high-end car theft ring. Guy's name is damn unique, and I confirmed the mugshots.
I tell the wife this, she's like .... WAIT A MINUTE ... Project Yellow Bird? I worked with that guy at my previous job
(The police op was named Project Yellow Bird after a physician's stolen Porsche.)These guys would go and scope out a home, steal a car in the garage, and leave the garage door open. When the owner comes home and freaks out, they rush in and steal the car the victim drove home in as well
(All the nurses were making fun of him, that TPS used his stolen yellow Porsche as sting op or named the sting after his car or some shit.)
Anyway .... Who knows if old rivals will come and try to kill us thinking he's still there, if he's buried dead bodies in the yard, or if legally we could get into some shit after the sale re: "this was built using proceeds from crime" ... no idea.
Such excite, much hero.
| Risky Business |
| (Post Master Supreme) |
| 07/09/21 02:53 PM |
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Re: dat real estate v.2021
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Pretty common tactic. You can get a lot of info looking up the owners and another overlooked person is the listing realtor. You want to dig up as much as possible, if you are dealing with a part time realtor you know they won't know wtf they are doing vs. a seasoned vet. At least this is what I do to best prepare.
One of my best purchases was a home where the seller's son had to go into rehab and they were paying 20k/a month for it and had to sell to keep up with payments (this came out randomly after I kept the listing agent on the line just poking around trying to make the 'offer' perfect in every respect as a lowball was coming
. She offered that up, guess what... now I know that house was selling no matter what and we squeezed the fuck out on price and got it for 150k below market (other factors in there as well). It's a fascinating game.
| furball |
| (Post Master Sr) |
| 07/09/21 07:39 PM |
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Re: dat real estate v.2021
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Here's a tip for the buyers, and realtors ...
(First off, apparently Asians in Markham are ultra cheap, so if you are selling a home that comes with a Nest Ring doorbell and Nest thermostat, it's a 'perk'
...)- Lock down that fucking thermostat. One fucking set of viewers with teenage kids cranked up the fucking HEAT to 30C, in the middle of summer.
- If you're gonna talk shop, don't talk about it IN the home, or anywhere NEAR the front door (especially if there's a Nest doorbell) ....
Just sayin' ...
| Risky Business |
| (Post Master Supreme) |
| 07/12/21 01:34 PM |
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Re: dat real estate v.2021
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General rule when you are walking through a house is not to saying anything you wouldn't want the sellers to hear
The thermostat thing is more scumbag behaviour. Some people do it to sabotage the rest of the showings, get people out faster, make them uncomfortable, etc. I don't understand this shit.
| Big Tasty |
| (Post Master Supreme) |
| 07/22/21 09:07 AM |
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Re: dat real estate v.2021
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Casually looking at houses in Ottawa, came across this.
| Simon_the_Pieman |
| (Post Master Sr) |
| 07/22/21 09:43 AM |
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sick! reminds me of those multicoloured golfs
| Risky Business |
| (Post Master Supreme) |
| 07/22/21 05:04 PM |
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Re: dat real estate v.2021
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They screwed up the pattern in so many places, OCD in overdrive.
| Screamin Type ARGH! |
| (Post Master Supreme) |
| 07/28/21 01:13 PM |
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Re: dat real estate v.2021
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reminds me of fucking CHI-CHI's restaurant from the 80's looool
| Risky Business |
| (Post Master Supreme) |
| 07/28/21 07:28 PM |
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Re: dat real estate v.2021
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Rents downtown are skyrocketing, condo prices will likely follow. Some buildings are already getting higher rents than pre covid. Can't wait to finish my reno to list.
| A2B-Lexus |
| (Post Master Supreme) |
| 07/28/21 09:48 PM |
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Re: dat real estate v.2021
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Would be nice to get an investment property someday.
So...when will the market crash again?
I got my first condo for $167k....to think I need to drop like 500k plus to get another shoebox is kinda nutty.
| Risky Business |
| (Post Master Supreme) |
| 07/29/21 05:19 AM |
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Re: dat real estate v.2021
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A lot of parents (myself included) are grabbing condos now for kids, at this pace no idea how kids will afford anything.
As long as Canada keeps letting immigrants at record numbers while not allowing development, we will have an insane pressure on real estate. They either have to slow down immigration (which they can't do as that's what the government lives off) or allow development, open the white belt/green belt/make it easier for developers to intensify (doesn't seem like there will be progress here).
| A2B-Lexus |
| (Post Master Supreme) |
| 07/29/21 09:45 PM |
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Re: dat real estate v.2021
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Any big plans will have to wait for 2 incomes. Worst comes to worst, I can downsize the current place.
| Risky Business |
| (Post Master Supreme) |
| 07/30/21 04:51 AM |
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Re: dat real estate v.2021
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Setup a sweet bachelor pad in the basement and they should be good to go well into their 40's
| Risky Business |
| (Post Master Supreme) |
| 09/04/21 12:35 PM |
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Re: dat real estate v.2021
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Hitting peak insanity in York Region and other parts of the 905.
Decade low inventory, got blown out of the water on a number of listings I bid on, going to sit back this shit isn't worth it. There has been a double digit % bump on properties in the last 3 weeks compared to market comps from just 2 months ago.
Worst one I saw was a townhouse in R Hill back onto a busy Esso selling for over 1M within hours of hitting the market. Prior comp was mid 8's.
WORST time ever as a buyer, if you want to time the market as a seller this is probably peak imo.
Some gems from this last week:
| A2B-Lexus |
| (Post Master Supreme) |
| 09/04/21 01:38 PM |
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Re: dat real estate v.2021
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one of my friends moved out of those towns. He was complaining that the walls are paper thin and he could hear his neighbors phone ring.
A town for 1.5+M. I can't imagine having an $1M+ mortgage. GNSP
| Risky Business |
| (Post Master Supreme) |
| 09/04/21 02:29 PM |
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Re: dat real estate v.2021
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That's typical for stacked towns. They look great on paper until you find yourself in one, it's a big let down....but they are hot now since they are 'affordable' lol
| A2B-Lexus |
| (Post Master Supreme) |
| 09/05/21 01:29 PM |
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Re: dat real estate v.2021
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I was in one around Steeles and Old Kennedy. I had a lower unit. The bedrooms were in the lower level. The upstairs unit had a dog. I swear the dog sounded like he was barking next to my ear when I was sleeping. The WORST.
Never again.
| Hatorade |
| (Post Master Supreme) |
| 09/05/21 01:52 PM |
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Re: dat real estate v.2021
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Originally Posted By: Risky Business
That's typical for stacked towns. They look great on paper until you find yourself in one, it's a big let down....but they are hot now since they are 'affordable' lol
That's not a stacked town...
Also those are double car garage and around 2300 sqft.
| Risky Business |
| (Post Master Supreme) |
| 09/05/21 02:56 PM |
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Re: dat real estate v.2021
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My bad, you are right, I thought of another project.
| Big Tasty |
| (Post Master Supreme) |
| 09/05/21 08:05 PM |
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Re: dat real estate v.2021
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https://youtu.be/T-OfQCWOsYg
The City Place Skybridge was featured on House and Home. I always thought it was a common area/party room but nope, 4 floors, 40 meters long and 4,168 sq ft condo. All yours for a cool $4.5M
| A2B-Lexus |
| (Post Master Supreme) |
| 09/05/21 09:27 PM |
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Re: dat real estate v.2021
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Thats pretty slick.
| Risky Business |
| (Post Master Supreme) |
| 09/06/21 05:55 AM |
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Re: dat real estate v.2021
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The only problem with that is that you have an iceboat terrace address, doesn't have a very good rep.
| Hatorade |
| (Post Master Supreme) |
| 09/06/21 09:01 AM |
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Re: dat real estate v.2021
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Originally Posted By: Risky Business
The only problem with that is that you have an iceboat terrace address, doesn't have a very good rep.
Shown iceboat once a few years ago. NEVER AGAIN!!!
Also this bridge condo has a pretty shitty layout from the looks of it. The “walk-in” closest are freaking tiny as hell. And the kitchen is a joke for a “4200 sqft” condo.
| Risky Business |
| (Post Master Supreme) |
| 09/07/21 01:25 PM |
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Re: dat real estate v.2021
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Yea, that whole city place area is hit or miss, the newer builds are especially bad. I don't mind east city place or some of the older buildings west of spadina. Iceboat terrace only if it's a steal of a deal.
| Hatorade |
| (Post Master Supreme) |
| 09/08/21 10:31 AM |
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Re: dat real estate v.2021
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Market is still in-demand in the Fort York/LV area, but not crazy. Prices remain, but not really going up. Tried to sell a condo with offer date and only 2 offers came in LOLOLOL. Both were around $20k under market. Told them to f-off. Changed price to market and one of the of the agents from the offer night kept pestering me to sell under market. Told her to tell her client stop being a cheap fuck and she in turns tells me my client is being greedy LOLOLOL
Well dumb bitch, condo is sold at market now. I should call her up...
| Risky Business |
| (Post Master Supreme) |
| 09/08/21 12:46 PM |
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Re: dat real estate v.2021
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wtf ppl are out to lunch.
If you have any 1 beds coming up let me know, have a few buyers ready
| Hatorade |
| (Post Master Supreme) |
| 09/08/21 07:18 PM |
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Re: dat real estate v.2021
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Oh I may have one coming at Yonge and Steeles, World on Yonge. Let you know.
| Risky Business |
| (Post Master Supreme) |
| 09/09/21 04:50 AM |
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Re: dat real estate v.2021
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Looking strictly C1 downtown, have 4 committed buyers all looking for the same thing. Any 1 bed that comes up that rents well gets snatched up within a day or two with a pre emptive.
| Simon_the_Pieman |
| (Post Master Sr) |
| 09/10/21 02:48 PM |
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Re: dat real estate v.2021
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Originally Posted By: Hatorade
Oh I may have one coming at Yonge and Steeles, World on Yonge. Let you know.
really close to Jollibee so selling feature for filipinos.
| zaius |
| (Post Master Sr) |
| 09/11/21 10:49 AM |
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Re: dat real estate v.2021
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Originally Posted By: Big Tasty
https://youtu.be/T-OfQCWOsYg
The City Place Skybridge was featured on House and Home. I always thought it was a common area/party room but nope, 4 floors, 40 meters long and 4,168 sq ft condo. All yours for a cool $4.5M
The City Place Skybridge was featured on House and Home. I always thought it was a common area/party room but nope, 4 floors, 40 meters long and 4,168 sq ft condo. All yours for a cool $4.5M
you sell that place and your commission over $110k @ 2.5%.
| Risky Business |
| (Post Master Supreme) |
| 09/11/21 11:33 AM |
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Re: dat real estate v.2021
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No one is listing multi million dollar properties at 2.5% FYI.
| robbbby |
| (Post Master Supreme) |
| 09/12/21 07:45 AM |
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Re: dat real estate v.2021
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Originally Posted By: Risky Business
No one is listing multi million dollar properties at 2.5% FYI.
Question for you Vas, ignore if you would rather not share.
In a typical 2.5/2.5 split, where say you are the buying agent, how much of that 2.5% do you pocket and how much goes to the realty company you work for?
Does the split between agent and realty house change depending on whether it is a buy/sell?
| Risky Business |
| (Post Master Supreme) |
| 09/12/21 10:54 AM |
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Re: dat real estate v.2021
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The answer is it depends.
First, what does the listing offer the buying agent 2.5% 2.25% 2%, etc? That's step 1
Then it depends on your brokerage, what your split is with the brokerage, are you part of a real estate team within the brokerage, is the buyer lead your own, or provided to you by the team, etc.
With that out of the way the 2% - 2.5% may have to be split 50/50 (realtor to team/broker) all the way to 95/5, depending on what I mentioned above. I've heard of some ridiculous splits like 10% realtor 90% broker of the 2.5%.
Everyone thinks realtors are 'killing it' lol. It comes down if they have their own recurring client base vs. relying on others for the work. I need to pull up the stats for 60k agents, more than 1/3rd don't do ANY deals in a given year, and majority do a handful. Why anyone would use a part time agent for such a big ticket item is beyond me, but I digress.
Before people go to calculate what the realtor is actually taking home, I am probably paying close 1k a month in other fees to be in business, between brokerage fees, insurance, license, misc. $5k-10k just to be active, can be done for less, but not worth it if you plan to do this full time like I am.
On the listing side it's different, especially in a hot market like this, I always do it at a discount (depends on the property and depends on the client and my relationship with them). Charging 2.5% to list when a house sells itself doesn't make sense and I don't do that. There is no set %.
Generally a few factors will drive listing discount beyond client relationship: how sought after is the property, condition of place and how much work there is to be done, and how expensive it is. $3M listing % is not the same as $500k condo.
Then there is also the question if the seller is also buying with you, if they are, more room to negotiate.
/disclaimer, this is how I do it. There are many agents that don't offer any discounts. The industry is so fragmented that there really is no rule of thumb answer to a lot of this. Ask another agent they will give you a totally different response. My goal is to be fair, it's what I'd expect if I was the client. Trying to squeeze every dollar out of everyone is a fool's errand and just bad business, be fair, do the right thing even if it means less money, and have clients for life.
| Simon_the_Pieman |
| (Post Master Sr) |
| 09/12/21 06:45 PM |
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Re: dat real estate v.2021
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Originally Posted By: Risky Business
... My goal is to be fair, it's what I'd expect if I was the client. Trying to squeeze every dollar out of everyone is a fool's errand and just bad business, be fair, do the right thing even if it means less money, and have clients for life.
preach!
| Hatorade |
| (Post Master Supreme) |
| 09/14/21 04:51 PM |
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Re: dat real estate v.2021
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Woot just secured a condo slightly below market for my client in LV. I think we lucked out as I was dealing with a part time agent LOLOLOLOL
| robbbby |
| (Post Master Supreme) |
| 09/17/21 05:36 AM |
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Re: dat real estate v.2021
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Thanks for highlighting how it works Vas, I've always been curious.
| Risky Business |
| (Post Master Supreme) |
| 10/05/21 08:10 AM |
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Re: dat real estate v.2021
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Everything is fine!
| SuPeR-MaRiO |
| (Post Master Sr) |
| 10/05/21 09:21 AM |
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Re: dat real estate v.2021
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| Risky Business |
| (Post Master Supreme) |
| 10/05/21 09:29 AM |
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Re: dat real estate v.2021
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Markham just being Markham.
Meanwhile East End slow AF. Currently have a listing in East York, was dead last week, picked up significantly this week thankfully.
| A2B-Lexus |
| (Post Master Supreme) |
| 10/05/21 09:28 PM |
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Re: dat real estate v.2021
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Wack! That home is nothing special. The buyer got hosed big.
| JEFFOS |
| (Post Master Supreme) |
| 10/09/21 09:10 PM |
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Re: dat real estate v.2021
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Originally Posted By: Risky Business
Everything is fine!
Ah crazy times
| Risky Business |
| (Post Master Supreme) |
| 10/11/21 05:29 AM |
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Re: dat real estate v.2021
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Originally Posted By: Risky Business
Markham just being Markham.
Meanwhile East End slow AF. Currently have a listing in East York, was dead last week, picked up significantly this week thankfully.
Meanwhile East End slow AF. Currently have a listing in East York, was dead last week, picked up significantly this week thankfully.
East end non renovated type homes definitely slow, on offer night only had 1 offer. Still got them to come up, but definitely quiet.
| Hatorade |
| (Post Master Supreme) |
| 10/11/21 12:32 PM |
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Re: dat real estate v.2021
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Stouffville is beyond retarded. $1.5-1.7M not making it to offer day. They are selling within 48hrs LOL
| c2k |
| (Post Master Supreme) |
| 10/15/21 11:27 AM |
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Re: dat real estate v.2021
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https://www.cbc.ca/news/canada/marketplace-real-estate-agents-1.6209706
I have every faith knowing that our CSi: ON Real Estate agents are not breaking the law.
| Risky Business |
| (Post Master Supreme) |
| 10/15/21 12:19 PM |
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Re: dat real estate v.2021
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I actually prefer lower commission listings because I know I can get a deal for my client because every other agent will avoid them, there will be no competition, then I am the hero even if I get a few bucks less, who cares
| c2k |
| (Post Master Supreme) |
| 10/15/21 01:00 PM |
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Re: dat real estate v.2021
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Originally Posted By: Risky Business
I actually prefer lower commission listings because I know I can get a deal for my client because every other agent will avoid them, there will be no competition, then I am the hero even if I get a few bucks less, who cares
Smart move that will pay off in the long run for future client referrals.
| Hatorade |
| (Post Master Supreme) |
| 10/16/21 10:19 AM |
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Re: dat real estate v.2021
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Originally Posted By: Risky Business
I actually prefer lower commission listings because I know I can get a deal for my client because every other agent will avoid them, there will be no competition, then I am the hero even if I get a few bucks less, who cares
Yep, I've gotten deals for my clients with For Sale By Owner listings. Selling by yourself, especially with lower commission usually never pays off...literally
I think there's too much stigma attached to it and too many shitty agents who have no idea WTF they are doing or not working in their clients best interest.
I don't even look at co-op commish TBH. Most recent deal I did was in Port Colborne and it was 2%
| Risky Business |
| (Post Master Supreme) |
| 10/23/21 05:20 AM |
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Re: dat real estate v.2021
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Originally Posted By: c2k
https://www.cbc.ca/news/canada/marketplace-real-estate-agents-1.6209706
I have every faith knowing that our CSi: ON Real Estate agents are not breaking the law.
I have every faith knowing that our CSi: ON Real Estate agents are not breaking the law.
26k emails were sent to CBC about this segment, there will be a follow up.
Shitshow to ensue.
Meanwhile prices keep going up with no end in sight. Makes it very difficult on the buy side, ffs
| Hatorade |
| (Post Master Supreme) |
| 10/24/21 09:28 AM |
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Re: dat real estate v.2021
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Originally Posted By: Risky Business
Originally Posted By: c2k
https://www.cbc.ca/news/canada/marketplace-real-estate-agents-1.6209706
I have every faith knowing that our CSi: ON Real Estate agents are not breaking the law.
I have every faith knowing that our CSi: ON Real Estate agents are not breaking the law.
26k emails were sent to CBC about this segment, there will be a follow up.
Shitshow to ensue.
Meanwhile prices keep going up with no end in sight. Makes it very difficult on the buy side, ffs
Shit is bananas. Not a healthy market by a long stretch LOL
| c2k |
| (Post Master Supreme) |
| 10/27/21 08:38 AM |
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Re: dat real estate v.2021
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Originally Posted By: Hatorade
Originally Posted By: Risky Business
Originally Posted By: c2k
https://www.cbc.ca/news/canada/marketplace-real-estate-agents-1.6209706
I have every faith knowing that our CSi: ON Real Estate agents are not breaking the law.
I have every faith knowing that our CSi: ON Real Estate agents are not breaking the law.
26k emails were sent to CBC about this segment, there will be a follow up.
Shitshow to ensue.
Meanwhile prices keep going up with no end in sight. Makes it very difficult on the buy side, ffs
Shit is bananas. Not a healthy market by a long stretch LOL
that's an understatement.
https://www.reddit.com/gallery/qghv18
| Risky Business |
| (Post Master Supreme) |
| 10/27/21 08:46 AM |
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Re: dat real estate v.2021
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That listing has been up for a week, it's a forced power of sale by a private lender. Typical for those types of properties.
I have buddies doing private lending at 11% on homes occupied by people with 400 credit scores LOL
What could possibly go wrong..
| Big Tasty |
| (Post Master Supreme) |
| 10/27/21 09:14 AM |
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Re: dat real estate v.2021
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Wow sucks for the neighbours, area looks pretty decent. Guess they got stuck with a horder. Did they rip up the driveway and then eventually have grass grow overtop?
https://www.google.com/maps/place/4200+P...52!4d-79.665547
| Risky Business |
| (Post Master Supreme) |
| 11/01/21 01:24 PM |
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Re: dat real estate v.2021
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Here we go, another run up on prices with people trying to close on homes with the previous approved and lower fixed mortgage rates.
Also tempted to pick up another condo in the core, seems like the lull before the run up.
First it was indefinite WFH
Then it was hybrid
Now the Path and first canadian place food court are packed...
then societal pressure from those working in the office vs WFH crew and the likelihood of butts in seats mentality to prevail. People will probably show up more often than not for the perceived job security and proximity to mgmt for that sweet promotion. At least that's how a few of my clients are starting to see it.
| Risky Business |
| (Post Master Supreme) |
| 11/01/21 01:25 PM |
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Re: dat real estate v.2021
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Race to the bottom, even though hybrid seems like the perfect approach. There is absolutely no point in being in the office 5 days a week imo.
| Screamin Type ARGH! |
| (Post Master Supreme) |
| 11/01/21 02:26 PM |
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Re: dat real estate v.2021
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shit is fucked
man full one well sized singles as overpriced as they are in my RH 'hood selling in a week
i see agent flyers (usuall the asian ones), like 6 homes on the front page alone all selling 120-140% over asking....what the shitballdicks?!
when Rog/Hator got us this place 3yrs back i said it'd prob be down in value (a bit) by now...they said no, well up. they won
| Risky Business |
| (Post Master Supreme) |
| 11/01/21 02:39 PM |
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Re: dat real estate v.2021
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REARH ESTATE ONRY GO UP1!!!!
| Hatorade |
| (Post Master Supreme) |
| 11/03/21 11:04 AM |
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Re: dat real estate v.2021
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Originally Posted By: Screamin Type ARGH!
shit is fucked
man full one well sized singles as overpriced as they are in my RH 'hood selling in a week
i see agent flyers (usuall the asian ones), like 6 homes on the front page alone all selling 120-140% over asking....what the shitballdicks?!
when Rog/Hator got us this place 3yrs back i said it'd prob be down in value (a bit) by now...they said no, well up. they won
man full one well sized singles as overpriced as they are in my RH 'hood selling in a week
i see agent flyers (usuall the asian ones), like 6 homes on the front page alone all selling 120-140% over asking....what the shitballdicks?!
when Rog/Hator got us this place 3yrs back i said it'd prob be down in value (a bit) by now...they said no, well up. they won
Holy shit. Has it really been 3 years already?!?!?!?!
| Risky Business |
| (Post Master Supreme) |
| 11/03/21 02:42 PM |
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Re: dat real estate v.2021
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Just put up a 'coming soon' sign on a property like 45 mins ago, getting calls already. Has to be a record
Time to add a couple hundo on top of expectations?
| Risky Business |
| (Post Master Supreme) |
| 11/06/21 05:53 AM |
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Re: dat real estate v.2021
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Well after decades of fighting and back and forth, looks like someone will be caving:
Quote:
"In Ontario’s York Region, council just voted to allow development on 1,400 acres of Greenbelt farmland"
https://thenarwhal.ca/greenbelt-york-region-tacc-vote/
| Hatorade |
| (Post Master Supreme) |
| 11/07/21 08:27 PM |
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Re: dat real estate v.2021
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Originally Posted By: Risky Business
Just put up a 'coming soon' sign on a property like 45 mins ago, getting calls already. Has to be a record Time to add a couple hundo on top of expectations?
Time to add a couple hundo on top of expectations?Nice. Where’s this? Meanwhile I have a $1M+ condo listed as of yesterday with only one showing so far LOL
| Risky Business |
| (Post Master Supreme) |
| 11/08/21 06:04 AM |
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Re: dat real estate v.2021
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Originally Posted By: Hatorade
Originally Posted By: Risky Business
Just put up a 'coming soon' sign on a property like 45 mins ago, getting calls already. Has to be a record Time to add a couple hundo on top of expectations?
Time to add a couple hundo on top of expectations?Nice. Where’s this? Meanwhile I have a $1M+ condo listed as of yesterday with only one showing so far LOL
Port Union
The condo story seems pretty common at that price range. Have another friend that had his condo listed in King West, 900k, 1 showing, offer date flopped, now shitting bricks. Sister in law listed too high for a bidding war, but still a little slower than I thought it would be.
| Screamin Type ARGH! |
| (Post Master Supreme) |
| 11/08/21 08:39 AM |
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Re: dat real estate v.2021
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Originally Posted By: Risky Business
Well after decades of fighting and back and forth, looks like someone will be caving:
https://thenarwhal.ca/greenbelt-york-region-tacc-vote/
Quote:
"In Ontario’s York Region, council just voted to allow development on 1,400 acres of Greenbelt farmland"
https://thenarwhal.ca/greenbelt-york-region-tacc-vote/
lovely yes, just cram more ppl into the burbs with already poor transportation infrastructure
- maybe for once they can exapand fucking roads FIRST.let me guess, they'll mostly be stacked towns with 1 garage, barely a backyard (or front yard for that matter) and still cost 1.25mil
| Risky Business |
| (Post Master Supreme) |
| 11/08/21 09:11 AM |
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Re: dat real estate v.2021
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By the way, I have a lender that will use crypto holdings in personal net worth calcs for new mortgages. Once Rog/Hator upgrade you to your new mansion I will pass you the contact so you can Y0l000
| c2k |
| (Post Master Supreme) |
| 11/08/21 05:01 PM |
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Re: dat real estate v.2021
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Originally Posted By: Screamin Type ARGH!
Originally Posted By: Risky Business
Well after decades of fighting and back and forth, looks like someone will be caving:
https://thenarwhal.ca/greenbelt-york-region-tacc-vote/
Quote:
"In Ontario’s York Region, council just voted to allow development on 1,400 acres of Greenbelt farmland"
https://thenarwhal.ca/greenbelt-york-region-tacc-vote/
lovely yes, just cram more ppl into the burbs with already poor transportation infrastructure
- maybe for once they can exapand fucking roads FIRST.let me guess, they'll mostly be stacked towns with 1 garage, barely a backyard (or front yard for that matter) and still cost 1.25mil
Property Taxes, y0. gotta net some income for the city councillors.
| Screamin Type ARGH! |
| (Post Master Supreme) |
| 11/11/21 02:44 PM |
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Re: dat real estate v.2021
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Originally Posted By: Risky Business
By the way, I have a lender that will use crypto holdings in personal net worth calcs for new mortgages. Once Rog/Hator upgrade you to your new mansion I will pass you the contact so you can Y0l000
holy shit yAAAAAssssss
| Hatorade |
| (Post Master Supreme) |
| 11/11/21 03:45 PM |
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Re: dat real estate v.2021
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Originally Posted By: Risky Business
Well after decades of fighting and back and forth, looks like someone will be caving:
https://thenarwhal.ca/greenbelt-york-region-tacc-vote/
Quote:
"In Ontario’s York Region, council just voted to allow development on 1,400 acres of Greenbelt farmland"
https://thenarwhal.ca/greenbelt-york-region-tacc-vote/
Horse shit. Nothing but noise, still need one more approval. But I'm surprised the amendment was approved with the greenbelt foundation LOL
| c2k |
| (Post Master Supreme) |
| 11/23/21 01:20 PM |
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Re: dat real estate v.2021
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https://www.cbc.ca/news/canada/toronto/investors-in-ontario-real-estate-market-1.6258199
| Risky Business |
| (Post Master Supreme) |
| 11/23/21 02:02 PM |
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Re: dat real estate v.2021
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I don't believe much of that article and I know both of the people quoted in it (realtor and mortgage guy). I will save you the details, I don't know why they keep making up new narratives.
I sold 2 places in the last 30 days and have also bought a couple over the same time period. 4 transactions, 1 was an investor (and it was a condo, which is common with condo buyers). Everybody else in the detached space is for the most part an end user.
The place I sold last week, 52 showings, winning bid was a young couple, first time home buyers. Place before that, same thing.
There is a shortage of active listings, nobody wants to list because they have nowhere to go. You sell a $1M townhouse to move to a 1.6M detached? That's a huge bump in aggregate mortgage so you have people staying put, it's just way too expensive to upgrade. No listings, and this is the end result. investors lol
Would be good to see what Hator is seeing on his end.
| Risky Business |
| (Post Master Supreme) |
| 11/23/21 02:05 PM |
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Re: dat real estate v.2021
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Of note, one investor I am actively working with right now that's looking at detached is only looking at places that can't be financed so you eliminate 90% of the competition, so that's not exactly inventory normal people buy. Places such as grow ops, abandoned homes, tenants who won't move out, vacant land, construction projects that ran out of money, etc. I just came back from looking at a meth lab for fuck's sake
That's what "investors" look at, not cookie cuter detached in Suburbia.
| c2k |
| (Post Master Supreme) |
| 11/26/21 01:38 PM |
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Re: dat real estate v.2021
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Today at work, I was dumbfounded when my co-worker shared w/ me that she is renting an apartment in the heart of downtown Toronto while still owning a home in Stratford that she goes home to on the weekends.
Is this common practice for folks who are from the suburbia to rent a place in Toronto for a place to stay during the week and to go home in the suburbia on the weekends?
| Risky Business |
| (Post Master Supreme) |
| 11/26/21 02:07 PM |
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Re: dat real estate v.2021
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It's becoming a lot more common now, picked up steam during the pandemic for sure.
| Risky Business |
| (Post Master Supreme) |
| 12/06/21 09:11 PM |
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Re: dat real estate v.2021
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Lost a bidding war on a condo tonight, identical unit sold for 620k, 2 months ago. Same unit, couple of floors up, suspect it will sell closer to 690k...what a difference just 2 months makes. We tapped out at 650k.
Why work, just buy condos that appreciate 70k for every 2 months, ffs.
| Risky Business |
| (Post Master Supreme) |
| 12/16/21 07:16 PM |
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Re: dat real estate v.2021
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| Big Tasty |
| (Post Master Supreme) |
| 12/16/21 08:55 PM |
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Re: dat real estate v.2021
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Was driving on the weekend and saw an open house sign. Good to see it come back but I'm sure omicron will shut that back down with the quickness.
| furball |
| (Post Master Sr) |
| 12/17/21 08:29 AM |
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Re: dat real estate v.2021
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Originally Posted By: Risky Business
Of note, one investor I am actively working with right now that's looking at detached is only looking at places that can't be financed
https://storeys.com/billions-gta-housing-linked-money-laundering
| Risky Business |
| (Post Master Supreme) |
| 12/17/21 02:37 PM |
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Re: dat real estate v.2021
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It's an issue and a big one, construction projects are a favourite for washing money, that's generally where it goes. Then turn up FULL CYCLE.
| c2k |
| (Post Master Supreme) |
| 12/19/21 07:34 AM |
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Re: dat real estate v.2021
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meanwhile, Toronto replaced the parking minimums to parking maximum for new residential developments.
Toronto must really hate cars. It doesn't make sense to do change the parking rules for new developments if there are no public transit infrastructure in place as Toronto aren't exactly shitting out new subway lines on a yearly basis.
I guess their solution is to bike across the city. YOLO.
developers are already loving the change bc it's a cost saving for them and they can sell parking at a premium rate.
| BroKe |
| (Post Master Sr) |
| 12/19/21 02:42 PM |
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Re: dat real estate v.2021
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Been say for the last few years that there is a war on cars in Toronto. Slowly trickling into the suburbs uptown. Traffic has been a nightmare in the last 6 years.
| c2k |
| (Post Master Supreme) |
| 12/22/21 11:22 AM |
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Re: dat real estate v.2021
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I'll believe when i see it happen.
https://nationalpost.com/news/politics/b...9-aaaba52f37bd/
| Risky Business |
| (Post Master Supreme) |
| 12/22/21 11:43 AM |
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Re: dat real estate v.2021
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He must've missed the memo that 'foreign buyers' as per the technical definition are like less than 1%, unless they go after those with PR cards too and the 'students' and 'house wives'.
More garbo solutions.
| Hatorade |
| (Post Master Supreme) |
| 12/23/21 08:54 AM |
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Re: dat real estate v.2021
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Madness still in full force. Showed a house in Stouffville this past Saturday. House came to market late Friday night so showings didn't start till Saturday 9am. My window was 1pm. At 12:40pm I get a notification that an offer has been registered. By 5pm there are 4 offers. House was listed at $1.388M sold for $1.68M. I pegged this house to be no more than $1.6M
It's going to be a complete shit show starting next month...
| JEFFOS |
| (Post Master Supreme) |
| 12/23/21 03:21 PM |
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Re: dat real estate v.2021
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Originally Posted By: Risky Business
He must've missed the memo that 'foreign buyers' as per the technical definition are like less than 1%, unless they go after those with PR cards too and the 'students' and 'house wives'.
More garbo solutions.
More garbo solutions.
Yup
| JEFFOS |
| (Post Master Supreme) |
| 12/23/21 03:23 PM |
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Re: dat real estate v.2021
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Originally Posted By: c2k
meanwhile, Toronto replaced the parking minimums to parking maximum for new residential developments.
Toronto must really hate cars. It doesn't make sense to do change the parking rules for new developments if there are no public transit infrastructure in place as Toronto aren't exactly shitting out new subway lines on a yearly basis.
I guess their solution is to bike across the city. YOLO.
developers are already loving the change bc it's a cost saving for them and they can sell parking at a premium rate.
Toronto must really hate cars. It doesn't make sense to do change the parking rules for new developments if there are no public transit infrastructure in place as Toronto aren't exactly shitting out new subway lines on a yearly basis.
I guess their solution is to bike across the city. YOLO.
developers are already loving the change bc it's a cost saving for them and they can sell parking at a premium rate.
The new parking regulations will help to make Toronto much worse off in the long run. No other infrastructure is in place to get around properly. It’s easy to reduce spaces but will be near impossible to add them.
| Risky Business |
| (Post Master Supreme) |
| 01/11/22 08:52 AM |
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Re: dat real estate v.2021
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One of my tweets last week made it to Canadian Parliament, who knew CSI would be dictating housing policy.
https://twitter.com/PierrePoilievre/status/1478820754904866821?s=20
Housing is in gridlock, emergency status at this point. I unloaded one of my properties in December, taking profit, no idea how long this lasts.
If you have multiple properties, can't think of a better time to unload the dogs. If you have one property hang on to dear life, it's like we are become a class of renters and owners.
| Risky Business |
| (Post Master Supreme) |
| 01/20/22 10:10 AM |
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Re: dat real estate v.2021
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Interest rate hike inbound next week, likely won't do shit to this market.
| Risky Business |
| (Post Master Supreme) |
| 01/27/22 08:46 AM |
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Re: dat real estate v.2021
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Bank of Canada doesn't jack up rates, real estate will continue to spiral out of control.
Sold one of my properties last month, taking profit. This shit is absolute insanity.
$1.1M for interior townhouse in Keswick.
2M for detached in Brampton/Whitby
Condos are running now, downtown will absolutely rip as the weather gets better.
Couple that with clients with small kids all locking up resale or preconstruction condos now for their kids out of fear of them being priced out. What a time to be alive.
| A2B-Lexus |
| (Post Master Supreme) |
| 01/30/22 03:14 PM |
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Re: dat real estate v.2021
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we would need to downsize if we want to help out our kids. Don't think I can rock a rental property. The cost of a 400k-450k mortgage, property taxes, maintenance would be too much.
| c2k |
| (Post Master Supreme) |
| 02/06/22 06:32 AM |
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Re: dat real estate v.2021
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Originally Posted By: Risky Business
One of my tweets last week made it to Canadian Parliament, who knew CSI would be dictating housing policy.
https://twitter.com/PierrePoilievre/status/1478820754904866821?s=20
Housing is in gridlock, emergency status at this point. I unloaded one of my properties in December, taking profit, no idea how long this lasts.
If you have multiple properties, can't think of a better time to unload the dogs. If you have one property hang on to dear life, it's like we are become a class of renters and owners.
https://twitter.com/PierrePoilievre/status/1478820754904866821?s=20
Housing is in gridlock, emergency status at this point. I unloaded one of my properties in December, taking profit, no idea how long this lasts.
If you have multiple properties, can't think of a better time to unload the dogs. If you have one property hang on to dear life, it's like we are become a class of renters and owners.
Pierre filed the paperwork to run for the federal CPC leadership.
Could this be another career change for Risky? Risky to run for the MP in Markham? Surely he can do a better job to troll the MPs in the house of commons than most spineless MPs
| Risky Business |
| (Post Master Supreme) |
| 02/06/22 06:44 AM |
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Re: dat real estate v.2021
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Pierre follows me on twitter (wow success), so maybe I can tell him what to do?
Dawes road connects.
| Screamin Type ARGH! |
| (Post Master Supreme) |
| 02/08/22 10:15 AM |
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Re: dat real estate v.2021
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Originally Posted By: Risky Business
Bank of Canada doesn't jack up rates, real estate will continue to spiral out of control.
Sold one of my properties last month, taking profit. This shit is absolute insanity.
$1.1M for interior townhouse in Keswick.
2M for detached in Brampton/Whitby
Condos are running now, downtown will absolutely rip as the weather gets better.
Couple that with clients with small kids all locking up resale or preconstruction condos now for their kids out of fear of them being priced out. What a time to be alive.
Sold one of my properties last month, taking profit. This shit is absolute insanity.
$1.1M for interior townhouse in Keswick.
2M for detached in Brampton/Whitby
Condos are running now, downtown will absolutely rip as the weather gets better.
Couple that with clients with small kids all locking up resale or preconstruction condos now for their kids out of fear of them being priced out. What a time to be alive.
| Risky Business |
| (Post Master Supreme) |
| 02/08/22 10:18 AM |
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Re: dat real estate v.2021
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East Gwillimbury inside TH sold for 1.45M
| Big Tasty |
| (Post Master Supreme) |
| 02/08/22 12:39 PM |
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Re: dat real estate v.2021
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Never heard of East Gwillimbury, looked it up and one of the first things that catches my eye was Bare Oaks Family Naturist Park
| Risky Business |
| (Post Master Supreme) |
| 02/08/22 02:00 PM |
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Re: dat real estate v.2021
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Oshawa north
| A2B-Lexus |
| (Post Master Supreme) |
| 02/08/22 05:08 PM |
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Re: dat real estate v.2021
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Originally Posted By: Risky Business
East Gwillimbury inside TH sold for 1.45M
| Hatorade |
| (Post Master Supreme) |
| 02/08/22 05:24 PM |
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Re: dat real estate v.2021
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FFS
Lost out on a townhouse over the weekend. Just 2 weeks prior an inside townhouse sold for just over $1M. This one I was trying to win for my clients was a corner lot about the same size... fucking sold for $1.3M and my clients were already willing to go $1.2M
Hate this fucking shit!!!
| Risky Business |
| (Post Master Supreme) |
| 02/08/22 06:04 PM |
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Re: dat real estate v.2021
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$1M TH - IS THIS IN ONTARIO??? Jesus, 1.2M should've pulled it relative to last comp for a corner unit. Guess throwing a hundo here a hundo there is no biggy these days for some people. eh 1.2 1.3 what's the big deal.
This will end in tears.
| c2k |
| (Post Master Supreme) |
| 02/09/22 10:36 AM |
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Re: dat real estate v.2021
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Originally Posted By: Risky Business
This will end in tears.
Not for you and hater. Meanwhile, both of you are lollin' all the way to the bank.
| Risky Business |
| (Post Master Supreme) |
| 02/09/22 11:09 AM |
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Re: dat real estate v.2021
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Contrary to popular belief, it sucks being a realtor right now, probably one of the shittiest times...so I am definitely not lollin'
Give me a balanced market any day.
| Hatorade |
| (Post Master Supreme) |
| 02/09/22 03:12 PM |
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Re: dat real estate v.2021
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Originally Posted By: Risky Business
Contrary to popular belief, it sucks being a realtor right now, probably one of the shittiest times...so I am definitely not lollin'
Give me a balanced market any day.
Give me a balanced market any day.
Exactly. It's going to be a tough year to make money.
| Risky Business |
| (Post Master Supreme) |
| 02/09/22 03:45 PM |
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Re: dat real estate v.2021
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Not to mention, 70k realtors in GTA right now, I think 1 for every 88 people and a stat I heard is there are 50k people enrolled at Humber to get their license (not sure if true).
Regardless, what I appreciate about this profession is that it chews people out as fast as it takes them in.
Being a realtor is easy they said, LOTS OF MONEY ThEY SAiD.
I can't wait!
| Hatorade |
| (Post Master Supreme) |
| 02/09/22 07:33 PM |
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Re: dat real estate v.2021
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Originally Posted By: Risky Business
Not to mention, 70k realtors in GTA right now, I think 1 for every 88 people and a stat I heard is there are 50k people enrolled at Humber to get their license (not sure if true).
Regardless, what I appreciate about this profession is that it chews people out as fast as it takes them in.
Being a realtor is easy they said, LOTS OF MONEY ThEY SAiD.
I can't wait!
Regardless, what I appreciate about this profession is that it chews people out as fast as it takes them in.
Being a realtor is easy they said, LOTS OF MONEY ThEY SAiD.
I can't wait!
Yup and over 90% will quit in the first year after they get licensed. Huge money maker for humber LOL
| Screamin Type ARGH! |
| (Post Master Supreme) |
| 02/11/22 09:34 AM |
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Re: dat real estate v.2021
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Originally Posted By: Hatorade
Originally Posted By: Risky Business
Not to mention, 70k realtors in GTA right now, I think 1 for every 88 people and a stat I heard is there are 50k people enrolled at Humber to get their license (not sure if true).
Regardless, what I appreciate about this profession is that it chews people out as fast as it takes them in.
Being a realtor is easy they said, LOTS OF MONEY ThEY SAiD.
I can't wait!
Regardless, what I appreciate about this profession is that it chews people out as fast as it takes them in.
Being a realtor is easy they said, LOTS OF MONEY ThEY SAiD.
I can't wait!
Yup and over 90% will quit in the first year after they get licensed. Huge money maker for humber LOL
jfc should i just list again for 1mil over what we paid? lulz
| SharpSpoon |
| (Post Master Sr) |
| 02/12/22 10:19 AM |
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Re: dat real estate v.2021
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Originally Posted By: Risky Business
Contrary to popular belief, it sucks being a realtor right now, probably one of the shittiest times...so I am definitely not lollin'
Give me a balanced market any day.
Give me a balanced market any day.
100% agreed. The current state makes it very difficult on the deal front
| 87ZCSi |
| (Post Master Sr) |
| 02/18/22 10:50 AM |
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Re: dat real estate v.2021
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So I'm just waking up learning about kitec in my rental condo... fuck
| Risky Business |
| (Post Master Supreme) |
| 02/18/22 02:07 PM |
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Re: dat real estate v.2021
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I wouldn't worry about kitec too much.
Does the condo have plans to replace it? Most importantly who does replacement fall on? some condos leave it to the individual unit holders, others do it methodically floor by floor.
Bonus points if the unit above you has had it replaced, in this market you can shit on the floor and it will sell. That being said kitec can be derisked, more important that you have a clean status.
| 87ZCSi |
| (Post Master Sr) |
| 02/18/22 04:18 PM |
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Re: dat real estate v.2021
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I learned about it because my tenants are cleaning up a flood. Falls on us. Turns out someone fucked up and canceled OUR insurance, so tenant has, condo building has, but this is condo owner problem.
So, happy Friday I guess?
| Risky Business |
| (Post Master Supreme) |
| 02/18/22 05:45 PM |
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Re: dat real estate v.2021
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wtf
Sucks, is the unit paid off? I think that's the only you can have no insurance, otherwise not sure how that could've happened.
| 87ZCSi |
| (Post Master Sr) |
| 02/18/22 06:12 PM |
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Re: dat real estate v.2021
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Nope, 3 yrs left... not sure wtf happened. Oh well, just one more thing to sort out.
| Hatorade |
| (Post Master Supreme) |
| 02/18/22 08:46 PM |
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Re: dat real estate v.2021
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Originally Posted By: Risky Business
I wouldn't worry about kitec too much.
Does the condo have plans to replace it? Most importantly who does replacement fall on? some condos leave it to the individual unit holders, others do it methodically floor by floor.
Bonus points if the unit above you has had it replaced, in this market you can shit on the floor and it will sell. That being said kitec can be derisked, more important that you have a clean status.
Does the condo have plans to replace it? Most importantly who does replacement fall on? some condos leave it to the individual unit holders, others do it methodically floor by floor.
Bonus points if the unit above you has had it replaced, in this market you can shit on the floor and it will sell. That being said kitec can be derisked, more important that you have a clean status.
From what I’ve seen owners are usually on the hook with the cost of kitec replacement. Agree on it not being a big deal.
| Risky Business |
| (Post Master Supreme) |
| 02/19/22 06:35 AM |
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Re: dat real estate v.2021
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I wrote that all jacked up.
Owners are on the hook, what I've seen done different is the condo corp will either pick a contractor and then schedule repairs throughout the whole building and you just get a notice when they are coming or they will set a date into the future and tell owners to have it replaced by said date by an approved contractor. Out of pocket.
Liberty Village has a bunch of these buildings, I usually try to find out it units above have been switched out, then if you are below it's not a big deal.
A lot of the replacements got put on hold because of covid, but should be underway now.
In the end condo floods are a rite of passage, kitec or not, it will happen eventually.
Had a client unit on the 19th floor get flooded right before listing from a unit that flooded on the 27th floor.
My own condo unit flooded 2 months ago from the idiot upstairs. Neither have kitec lol
| Hatorade |
| (Post Master Supreme) |
| 02/19/22 11:16 AM |
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Re: dat real estate v.2021
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Originally Posted By: Risky Business
I wrote that all jacked up.
Owners are on the hook, what I've seen done different is the condo corp will either pick a contractor and then schedule repairs throughout the whole building and you just get a notice when they are coming or they will set a date into the future and tell owners to have it replaced by said date by an approved contractor. Out of pocket.
Liberty Village has a bunch of these buildings, I usually try to find out it units above have been switched out, then if you are below it's not a big deal.
A lot of the replacements got put on hold because of covid, but should be underway now.
In the end condo floods are a rite of passage, kitec or not, it will happen eventually.
Had a client unit on the 19th floor get flooded right before listing from a unit that flooded on the 27th floor.
My own condo unit flooded 2 months ago from the idiot upstairs. Neither have kitec lol
Owners are on the hook, what I've seen done different is the condo corp will either pick a contractor and then schedule repairs throughout the whole building and you just get a notice when they are coming or they will set a date into the future and tell owners to have it replaced by said date by an approved contractor. Out of pocket.
Liberty Village has a bunch of these buildings, I usually try to find out it units above have been switched out, then if you are below it's not a big deal.
A lot of the replacements got put on hold because of covid, but should be underway now.
In the end condo floods are a rite of passage, kitec or not, it will happen eventually.
Had a client unit on the 19th floor get flooded right before listing from a unit that flooded on the 27th floor.
My own condo unit flooded 2 months ago from the idiot upstairs. Neither have kitec lol
LOL I've experienced the leak from above too in my old condo. Luckily it was right above the bathtub so the water didn't go anywhere.
A few of my clients had kitec replacement scheduled right around when Covid started and delayed for 6 months to a year.
Can usually rule out kitec buildings after 2008. Anything built between 1995 to 2007 will be dicey and Status will review anyways.
Remember last year with that huge flood in the green condo by Yonge/Sheppard? That building is not kitec LOLOLOL
| 87ZCSi |
| (Post Master Sr) |
| 02/19/22 12:34 PM |
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Re: dat real estate v.2021
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I think it's not a problem until it is. My MIL manages the condo for us in Toronto and argues that even though there's a mortgage that only the tenant needs insurance. I believe this to be wrong. Fortunately no other units were affected, the issue from the leak has been fixed and they have water again. I agree Kitec isn't an issue, until it is.
I had a leak once to the unit below it was that the toilet brush was knocked over and just touching the cheap toilet (non rubber gasket type) toilet feed line and it caused it to drip for days and run down around the base of the toilet. Not kitec either...
One of my houses is all PEX, and another is all CPVC which turns brittle. The CPVC is easy to work but I've made 4 repairs.
| Risky Business |
| (Post Master Supreme) |
| 02/19/22 01:53 PM |
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Re: dat real estate v.2021
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With a condo there is so much out of your control you have to be ok with accepting that you are the mercy of the competence of others, especially as it relates to floods.
In regards to insurance, you should check your mortgage papers, I am positive you'd need to have insurance for you not to be in default of your obligations, the tenant insurance is for their contents only usually. I've seen stuff get pretty dicey with tenant vs. landlord disputes on damages from floods, I've seen the landlord insurance cover it (assuming it's their fault, if it's a flood from above, that unit's insurance is technically supposed to pay). Not an expert on this, just what I've seen from a few anecdotal examples.
That green condo at Yonge/Sheppard is a mess, I have a buddy that lives there, they are all cursed. Poorly managed and that flood absolutely destroyed any salvageable value if you own there. Pure trash, might as well take it down and start fresh.
| Hatorade |
| (Post Master Supreme) |
| 02/19/22 04:18 PM |
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Re: dat real estate v.2021
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Your MIL is definitely wrong on the insurance front. The building has its own insurance for the common areas, but you are responsible for the unit itself including damages beyond it. Tenant insurance is only for covering their own contents to mitigate landlord responsibility for loss.
As RB said, if there's a mortgage on the property 100% GUARANTEED that property insurance is required otherwise it's a breach of the mortgage.
So please look into insurance immediately.
| hyper-s2k |
| (Post Master Supreme) |
| 02/25/22 11:02 PM |
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Re: dat real estate v.2021
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Originally Posted By: 87ZCSi
I think it's not a problem until it is. My MIL manages the condo for us in Toronto and argues that even though there's a mortgage that only the tenant needs insurance. I believe this to be wrong. Fortunately no other units were affected, the issue from the leak has been fixed and they have water again. I agree Kitec isn't an issue, until it is.
I had a leak once to the unit below it was that the toilet brush was knocked over and just touching the cheap toilet (non rubber gasket type) toilet feed line and it caused it to drip for days and run down around the base of the toilet. Not kitec either...
One of my houses is all PEX, and another is all CPVC which turns brittle. The CPVC is easy to work but I've made 4 repairs.
I had a leak once to the unit below it was that the toilet brush was knocked over and just touching the cheap toilet (non rubber gasket type) toilet feed line and it caused it to drip for days and run down around the base of the toilet. Not kitec either...
One of my houses is all PEX, and another is all CPVC which turns brittle. The CPVC is easy to work but I've made 4 repairs.
How did you manage to close on the property without insurance? (esp. if you declared it as a rental?) -- we couldn't get the keys from the builder until we had proof of insurance with X amount of liability, etc.
| 87ZCSi |
| (Post Master Sr) |
| 02/25/22 11:26 PM |
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Re: dat real estate v.2021
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It was my wife's primary residence before moving in together. When she canceled car insurance she inadvertently canceled condo insurance also, 6 yrs ago. I'm told no letters came from lender, but they knew where to send the renewal letter.
| Risky Business |
| (Post Master Supreme) |
| 02/26/22 02:31 PM |
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Re: dat real estate v.2021
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So what happens now?
| 87ZCSi |
| (Post Master Sr) |
| 02/27/22 10:43 PM |
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Re: dat real estate v.2021
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She's calling the lender, who also sells insurance, to see if they'll offer her a policy. She called the prior insurer to see about putting insurance back on it but since there has been a lapse it's a no go. She's called someone else for another quote, again, lapse in coverage so no go. She was nervous to call the mortgage holder in case they freak out, we could write a cheque to pay off the mortgage but we STILL have no insurance. We looked at a mortgage statement and it appears the lender didn't just take the liberty of adding some silly expensive policy either. Apparently we need to opt out of the replumb job that's being planned for the entire building since there's a temp fix in place at the moment and we need to get an engineer, permits, and the repipe. Then new floor that's needed, and last I heard we're buying a new floor for the people below us too. I'm coming in town this week for another reason so I'll head over to take a look. Further, apparently there is a bill coming for rental fans, etc, all this bullshit.
CN: If we can't get coverage, I guess it's getting sold once we're done with the fallout of the flood.
| Risky Business |
| (Post Master Supreme) |
| 02/28/22 07:32 PM |
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Re: dat real estate v.2021
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Recap of last week, looks like 905 is topping out. No more price increases, searching for a 'bottom' in some cases
Sold an estate ranch style bungalow in Stouffville, 2.2M (got on the low end, should've fetched 2.4M) - 70 showings, 4 offers
TH in Newmarket that I was keeping an eye out as I will be listing in the same complex shortly, list 850k, sold 1.05M
Talking to listing agent apparently only 14 showings, 2 offers, one was way lower, first person blew their load. Market was probably low 9s
| Risky Business |
| (Post Master Supreme) |
| 02/28/22 07:33 PM |
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Re: dat real estate v.2021
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On the flip side, condos absolute madness. Grabbed a unit for investor client in December. Next door unit came up last week, 100 showing, 50k from what he paid in Dec.
This is King West
| Risky Business |
| (Post Master Supreme) |
| 02/28/22 07:34 PM |
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Re: dat real estate v.2021
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Also for all of you big balling CSI'ers will have 75 acres coming up in north part York region if you want to land bank and park 2M
In next 10 years should do well, close to proposed Bradford bypass
| c2k |
| (Post Master Supreme) |
| 03/01/22 06:38 AM |
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Re: dat real estate v.2021
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glad to see you're lollin' all the way to the bank w/ all the properties you are selling for your client.
meanwhile the rest of us are holding on to our houses. lol
| Risky Business |
| (Post Master Supreme) |
| 03/01/22 08:06 AM |
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Re: dat real estate v.2021
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I am not lolling shit, some stuff firms up, some is up in the air.
If the market was normal it would be way easier, i have plenty of clients that can't afford to move up so everyone is just sitting in houses they don't like because they can't afford to move up. Count your blessings if your place is adequate, trying raising a newborn in 500 sq. ft. while working from home
Only people lolling are the downsizing boomers working with boomer agents and people dumping extra properties they own to capitalize on the crazy market.
Everyone else is fucked
On the buy side it's fucked, have a good number of investor type of clients that love condos which is my specialty...that no longer makes sense, almost impossible to find good condo deals. Still doable, but unless you are an end user as an investor doesn't make sense.
The big wins will be in buying old freehold I think, if inclusionary zoning goes through old freeholds on big lots will absolutely rip your face off in terms of appreciation. Imagine tearing down a bungalow to build a legal 4 plex instead of a mcmansion, the linear front foot cost will likely double. Markham is sitting at 30k/linear foot right now for cookie cutter 25' lots.
| Screamin Type ARGH! |
| (Post Master Supreme) |
| 03/01/22 09:20 AM |
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Re: dat real estate v.2021
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Originally Posted By: Risky Business
I am not lolling shit, some stuff firms up, some is up in the air.
If the market was normal it would be way easier, i have plenty of clients that can't afford to move up so everyone is just sitting in houses they don't like because they can't afford to move up. Count your blessings if your place is adequate, trying raising a newborn in 500 sq. ft. while working from home
Only people lolling are the downsizing boomers working with boomer agents and people dumping extra properties they own to capitalize on the crazy market.
Everyone else is fucked
On the buy side it's fucked, have a good number of investor type of clients that love condos which is my specialty...that no longer makes sense, almost impossible to find good condo deals. Still doable, but unless you are an end user as an investor doesn't make sense.
The big wins will be in buying old freehold I think, if inclusionary zoning goes through old freeholds on big lots will absolutely rip your face off in terms of appreciation. Imagine tearing down a bungalow to build a legal 4 plex instead of a mcmansion, the linear front foot cost will likely double. Markham is sitting at 30k/linear foot right now for cookie cutter 25' lots.
If the market was normal it would be way easier, i have plenty of clients that can't afford to move up so everyone is just sitting in houses they don't like because they can't afford to move up. Count your blessings if your place is adequate, trying raising a newborn in 500 sq. ft. while working from home
Only people lolling are the downsizing boomers working with boomer agents and people dumping extra properties they own to capitalize on the crazy market.
Everyone else is fucked
On the buy side it's fucked, have a good number of investor type of clients that love condos which is my specialty...that no longer makes sense, almost impossible to find good condo deals. Still doable, but unless you are an end user as an investor doesn't make sense.
The big wins will be in buying old freehold I think, if inclusionary zoning goes through old freeholds on big lots will absolutely rip your face off in terms of appreciation. Imagine tearing down a bungalow to build a legal 4 plex instead of a mcmansion, the linear front foot cost will likely double. Markham is sitting at 30k/linear foot right now for cookie cutter 25' lots.
i can totally see this lol
| c2k |
| (Post Master Supreme) |
| 03/01/22 06:01 PM |
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Re: dat real estate v.2021
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interest rates go up tmw? I hope so and frankly I cannot wait.
| Risky Business |
| (Post Master Supreme) |
| 03/01/22 07:21 PM |
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Re: dat real estate v.2021
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Supposed to go up .25%
Like they were supposed to in January.
I thought they are going up for sure tomorrow, not sure now with this war and housing seems to start to soften up...but knowing bank of Canada they do everything way too late, rates should've been jacked a long time ago. Now it's irrelevant so for that reason they will likely do it to continue showing incompetence.
| Risky Business |
| (Post Master Supreme) |
| 03/02/22 09:05 AM |
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Re: dat real estate v.2021
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Rates up by .25%
| c2k |
| (Post Master Supreme) |
| 03/02/22 11:47 AM |
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Re: dat real estate v.2021
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Originally Posted By: Risky Business
Rates up by .25%
I hope they will increase it quickly rather than gradually on a quarterly basis or whenever they feel like it.
| SuPeR-MaRiO |
| (Post Master Sr) |
| 03/02/22 01:41 PM |
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Re: dat real estate v.2021
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Originally Posted By: c2k
interest rates go up tmw? I hope so and frankly I cannot wait.
Originally Posted By: c2k
I hope they will increase it quickly rather than gradually on a quarterly basis or whenever they feel like it.
I'm curious as to your eagerness
| Hatorade |
| (Post Master Supreme) |
| 03/02/22 05:35 PM |
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Re: dat real estate v.2021
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Originally Posted By: SuPeR-MaRiO
Originally Posted By: c2k
interest rates go up tmw? I hope so and frankly I cannot wait.
Originally Posted By: c2k
I hope they will increase it quickly rather than gradually on a quarterly basis or whenever they feel like it.
I'm curious as to your eagerness
Sounds like bitterness!
| 87ZCSi |
| (Post Master Sr) |
| 03/02/22 11:31 PM |
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Re: dat real estate v.2021
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OP: Is your heritage causing you any issues given recent events? Honest question.
| Risky Business |
| (Post Master Supreme) |
| 03/03/22 08:33 AM |
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Re: dat real estate v.2021
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In what sense?
I have family in Ukraine and Russia.
Family in Ukraine had their town taken over a couple of days ago, Russians planted flag and moved on. Second set of relatives had some shelling, a bit of resistance, everything is closed including hospitals and police station. Grocery store open limited hours, just found out they had extra shelling there in Sumy, Ukraine.
Relatives in Russia are raging about what's happening, Putin never gave a fuck about his people/does what dictators do. My uncle in Moscow is likely trying to get out of Russia (can't be reached laying low - works for one of the oligarch gas companies), other relatives without means just staying put, likely going to get starved out.
So my issues are: can't sleep, stress, etc /CN
| c2k |
| (Post Master Supreme) |
| 03/03/22 10:42 AM |
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Re: dat real estate v.2021
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Originally Posted By: Hatorade
Originally Posted By: SuPeR-MaRiO
Originally Posted By: c2k
interest rates go up tmw? I hope so and frankly I cannot wait.
Originally Posted By: c2k
I hope they will increase it quickly rather than gradually on a quarterly basis or whenever they feel like it.
I'm curious as to your eagerness
Sounds like bitterness!
I have my reasons to be. Frankly, even w/ my new job that came w a 30% pay increase and I still can't get ahead. Wife and I can't even get a house as we kept on getting outbid by hundreds of thousands of dollars. We gave up on house hunting in the summer of 2021.
So yeah, crank the interest rate way up.
| c2k |
| (Post Master Supreme) |
| 03/03/22 10:44 AM |
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Re: dat real estate v.2021
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Originally Posted By: Risky Business
In what sense?
I have family in Ukraine and Russia.
Family in Ukraine had their town taken over a couple of days ago, Russians planted flag and moved on. Second set of relatives had some shelling, a bit of resistance, everything is closed including hospitals and police station. Grocery store open limited hours, just found out they had extra shelling there in Sumy, Ukraine.
Relatives in Russia are raging about what's happening, Putin never gave a fuck about his people/does what dictators do. My uncle in Moscow is likely trying to get out of Russia (can't be reached laying low - works for one of the oligarch gas companies), other relatives without means just staying put, likely going to get starved out.
So my issues are: can't sleep, stress, etc /CN
I have family in Ukraine and Russia.
Family in Ukraine had their town taken over a couple of days ago, Russians planted flag and moved on. Second set of relatives had some shelling, a bit of resistance, everything is closed including hospitals and police station. Grocery store open limited hours, just found out they had extra shelling there in Sumy, Ukraine.
Relatives in Russia are raging about what's happening, Putin never gave a fuck about his people/does what dictators do. My uncle in Moscow is likely trying to get out of Russia (can't be reached laying low - works for one of the oligarch gas companies), other relatives without means just staying put, likely going to get starved out.
So my issues are: can't sleep, stress, etc /CN
Sorry to hear, but I do hope you and your family pull through.
| Hatorade |
| (Post Master Supreme) |
| 03/03/22 11:14 AM |
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Re: dat real estate v.2021
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Originally Posted By: c2k
Originally Posted By: Hatorade
Originally Posted By: SuPeR-MaRiO
Originally Posted By: c2k
interest rates go up tmw? I hope so and frankly I cannot wait.
Originally Posted By: c2k
I hope they will increase it quickly rather than gradually on a quarterly basis or whenever they feel like it.
I'm curious as to your eagerness
Sounds like bitterness!
I have my reasons to be. Frankly, even w/ my new job that came w a 30% pay increase and I still can't get ahead. Wife and I can't even get a house as we kept on getting outbid by hundreds of thousands of dollars. We gave up on house hunting in the summer of 2021.
So yeah, crank the interest rate way up.
This is two fold though. You currently own a home don’t you? So if you’re going to sell you’ll be riding along with the market up/down.
Situation currently hurts first time buyers. Those that own are fine. So aside from getting outbid I don’t see they other points being an issue.
| Hatorade |
| (Post Master Supreme) |
| 03/03/22 11:15 AM |
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Re: dat real estate v.2021
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Originally Posted By: Risky Business
In what sense?
I have family in Ukraine and Russia.
Family in Ukraine had their town taken over a couple of days ago, Russians planted flag and moved on. Second set of relatives had some shelling, a bit of resistance, everything is closed including hospitals and police station. Grocery store open limited hours, just found out they had extra shelling there in Sumy, Ukraine.
Relatives in Russia are raging about what's happening, Putin never gave a fuck about his people/does what dictators do. My uncle in Moscow is likely trying to get out of Russia (can't be reached laying low - works for one of the oligarch gas companies), other relatives without means just staying put, likely going to get starved out.
So my issues are: can't sleep, stress, etc /CN
I have family in Ukraine and Russia.
Family in Ukraine had their town taken over a couple of days ago, Russians planted flag and moved on. Second set of relatives had some shelling, a bit of resistance, everything is closed including hospitals and police station. Grocery store open limited hours, just found out they had extra shelling there in Sumy, Ukraine.
Relatives in Russia are raging about what's happening, Putin never gave a fuck about his people/does what dictators do. My uncle in Moscow is likely trying to get out of Russia (can't be reached laying low - works for one of the oligarch gas companies), other relatives without means just staying put, likely going to get starved out.
So my issues are: can't sleep, stress, etc /CN
Damn man. Hope the best for your fam.
| Big Tasty |
| (Post Master Supreme) |
| 03/03/22 11:17 AM |
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Re: dat real estate v.2021
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Originally Posted By: c2k
Originally Posted By: Hatorade
Originally Posted By: SuPeR-MaRiO
Originally Posted By: c2k
interest rates go up tmw? I hope so and frankly I cannot wait.
Originally Posted By: c2k
I hope they will increase it quickly rather than gradually on a quarterly basis or whenever they feel like it.
I'm curious as to your eagerness
Sounds like bitterness!
I have my reasons to be. Frankly, even w/ my new job that came w a 30% pay increase and I still can't get ahead. Wife and I can't even get a house as we kept on getting outbid by hundreds of thousands of dollars. We gave up on house hunting in the summer of 2021.
So yeah, crank the interest rate way up.
Don't worry, when it's time for me to renew it will jump dramatically.
| 87ZCSi |
| (Post Master Sr) |
| 03/03/22 03:47 PM |
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Re: dat real estate v.2021
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Sorry about the derail, at least it's your own thread. I am so sorry man, this is all so heartbreaking I can't at all imagine how you feel.
On the track of the thread and real estate we were talking last night about selling the condo (again thanks for all of the help) and I was telling my dad about your help and he brought up "people are giving Russians a hard time right now regardless of the fact it's all unwarranted" so I was curious if this has affected your business. Truth be told - life is going on to an extent, but at the same time for all I know it could be just a way to fill your mind with something other than tragedy at the moment.
| Risky Business |
| (Post Master Supreme) |
| 03/03/22 04:55 PM |
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Re: dat real estate v.2021
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I don't think it has had any effect on anything here, I mean covid is still a bigger deal for people.
That being said I know xenophobia against Russians will rise regardless even though people don't understand that this is a dictator doing dictator things and most Russians have Ukrainian in them and vice versa.
It did make me feel emphatic towards visible minorities who can't hide their origins. Xenophobia against Russians is a drop in the bucket, imagine looking Middle Eastern after 9/11, or being black after some x,y,z racial event and living somewhere in the southern US. This moment is just making me realize how good I have it to be honest.
| Risky Business |
| (Post Master Supreme) |
| 03/03/22 04:57 PM |
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Re: dat real estate v.2021
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Originally Posted By: c2k
Originally Posted By: Risky Business
In what sense?
I have family in Ukraine and Russia.
Family in Ukraine had their town taken over a couple of days ago, Russians planted flag and moved on. Second set of relatives had some shelling, a bit of resistance, everything is closed including hospitals and police station. Grocery store open limited hours, just found out they had extra shelling there in Sumy, Ukraine.
Relatives in Russia are raging about what's happening, Putin never gave a fuck about his people/does what dictators do. My uncle in Moscow is likely trying to get out of Russia (can't be reached laying low - works for one of the oligarch gas companies), other relatives without means just staying put, likely going to get starved out.
So my issues are: can't sleep, stress, etc /CN
I have family in Ukraine and Russia.
Family in Ukraine had their town taken over a couple of days ago, Russians planted flag and moved on. Second set of relatives had some shelling, a bit of resistance, everything is closed including hospitals and police station. Grocery store open limited hours, just found out they had extra shelling there in Sumy, Ukraine.
Relatives in Russia are raging about what's happening, Putin never gave a fuck about his people/does what dictators do. My uncle in Moscow is likely trying to get out of Russia (can't be reached laying low - works for one of the oligarch gas companies), other relatives without means just staying put, likely going to get starved out.
So my issues are: can't sleep, stress, etc /CN
Sorry to hear, but I do hope you and your family pull through.
Originally Posted By: Hatorade
Originally Posted By: Risky Business
In what sense?
I have family in Ukraine and Russia.
Family in Ukraine had their town taken over a couple of days ago, Russians planted flag and moved on. Second set of relatives had some shelling, a bit of resistance, everything is closed including hospitals and police station. Grocery store open limited hours, just found out they had extra shelling there in Sumy, Ukraine.
Relatives in Russia are raging about what's happening, Putin never gave a fuck about his people/does what dictators do. My uncle in Moscow is likely trying to get out of Russia (can't be reached laying low - works for one of the oligarch gas companies), other relatives without means just staying put, likely going to get starved out.
So my issues are: can't sleep, stress, etc /CN
I have family in Ukraine and Russia.
Family in Ukraine had their town taken over a couple of days ago, Russians planted flag and moved on. Second set of relatives had some shelling, a bit of resistance, everything is closed including hospitals and police station. Grocery store open limited hours, just found out they had extra shelling there in Sumy, Ukraine.
Relatives in Russia are raging about what's happening, Putin never gave a fuck about his people/does what dictators do. My uncle in Moscow is likely trying to get out of Russia (can't be reached laying low - works for one of the oligarch gas companies), other relatives without means just staying put, likely going to get starved out.
So my issues are: can't sleep, stress, etc /CN
Damn man. Hope the best for your fam.
Thank you!
| Risky Business |
| (Post Master Supreme) |
| 03/08/22 07:56 AM |
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Re: dat real estate v.2021
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Sellers starting to accept bullies, looks like they are losing confidence.
| A2B-Lexus |
| (Post Master Supreme) |
| 03/09/22 11:22 PM |
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Re: dat real estate v.2021
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Very tragic what is happening in Ukraine. Hope your families abroad stay safe.
| Risky Business |
| (Post Master Supreme) |
| 03/15/22 04:53 PM |
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Re: dat real estate v.2021
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So far everyone is safe, for now.
| Risky Business |
| (Post Master Supreme) |
| 03/15/22 04:54 PM |
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Re: dat real estate v.2021
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Market shifting nicely in buyer's direction.
Closed on a place in Aurora last night, was the only offer on offer night, got it for 10% less that recent comps. Sentiment is changing.
| Risky Business |
| (Post Master Supreme) |
| 03/23/22 06:56 AM |
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Re: dat real estate v.2021
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Couple of observations, all the secondary 905 suburbs far out are starting to drop in price, inner 905 suburbs and Toronto staying strong and in some parts still going up.
People shitting their pants as they are being called back in the office. High gas, etc.
Fixed interest rate hikes keep coming, 5 year bond yield ripping, no more fixed mortgage rates under 3%, likely going for 4% soon.
| furball |
| (Post Master Sr) |
| 03/24/22 01:58 PM |
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Re: dat real estate v.2021
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Boiling Frog Apologue...
We just got the email .... "... while we uphold the hybrid working environment, blah blah, there's something to be said about face-to-face interactions, and encourage all to meet in the office, even if a few times/week." </CEO>
The thinking goes....
Now: "Encourage to go to office"
Next: "Mandatory 2x/wk"
Next Next: "Mandatory 4x/wk"
Next Next Next: "Office 9am-5pm, 5x/wk"
https://en.wikipedia.org/wiki/Boiling_frog
Originally Posted By: Risky Business
People shitting their pants as they are being called back in the office.
| Simon_the_Pieman |
| (Post Master Sr) |
| 03/24/22 02:38 PM |
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Re: dat real estate v.2021
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Originally Posted By: furball
Boiling Frog Apologue...
i love hot springs
| c2k |
| (Post Master Supreme) |
| 03/25/22 08:06 AM |
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Re: dat real estate v.2021
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Originally Posted By: Risky Business
People shitting their pants as they are being called back in the office. High gas, etc.
Something about pleasing the commercial landlords with billion of dollars worth of properties being left unused or something like that.
| furball |
| (Post Master Sr) |
| 03/25/22 10:04 AM |
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Re: dat real estate v.2021
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In other news, we're seeing more and more big tech creating massive job hubs in GTA...
Walmart Canada, facebook, Amazon, Microsoft ... physical hubs, not just reaching on over to Canadian territory and sucking Canadian workers away.
Meanwhile, I'm interviewing someone from ... Alberta, which has a 25% lower standard of living....
Originally Posted By: Risky Business
Couple of observations, all the secondary 905 suburbs far out are starting to drop in price
| Risky Business |
| (Post Master Supreme) |
| 03/25/22 10:50 AM |
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Re: dat real estate v.2021
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I had a listing going live in Wismer (Markham), was going to be the only listing - smooth sailing ahead. Woke up today in the morning 2 identical homes listed within 200' of mine.
| Risky Business |
| (Post Master Supreme) |
| 03/25/22 10:51 AM |
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Re: dat real estate v.2021
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Originally Posted By: furball
In other news, we're seeing more and more big tech creating massive job hubs in GTA...
Walmart Canada, facebook, Amazon, Microsoft ... physical hubs, not just reaching on over to Canadian territory and sucking Canadian workers away.
Meanwhile, I'm interviewing someone from ... Alberta, which has a 25% lower standard of living....
Walmart Canada, facebook, Amazon, Microsoft ... physical hubs, not just reaching on over to Canadian territory and sucking Canadian workers away.
Meanwhile, I'm interviewing someone from ... Alberta, which has a 25% lower standard of living....
Originally Posted By: Risky Business
Couple of observations, all the secondary 905 suburbs far out are starting to drop in price
New York post just had an article about Toronto (quiet tech boom town) or something
| Big Tasty |
| (Post Master Supreme) |
| 03/25/22 11:07 AM |
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Re: dat real estate v.2021
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Looks like Windsor will get a boon.
$4.9B electric vehicle battery plant announced for Windsor, Ont
Joint-venture EV manufacturing plant expected to be operational by 2024, create 2,500 jobs
https://www.cbc.ca/news/canada/windsor/automotive-announcement-windsor-1.6393463
| SuPeR-MaRiO |
| (Post Master Sr) |
| 03/25/22 02:12 PM |
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Re: dat real estate v.2021
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Originally Posted By: Risky Business
I had a listing going live in Wismer (Markham), was going to be the only listing - smooth sailing ahead. Woke up today in the morning 2 identical homes listed within 200' of mine.
Wismer Commons? My old neighborhood.
| Screamin Type ARGH! |
| (Post Master Supreme) |
| 03/25/22 03:41 PM |
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Re: dat real estate v.2021
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Yeah the big tech stuff is actually a boon. Ironically everything will still be expensive here re. Housing and living though.
Honda Alliston plant just got 1.4bil funding for electric upgrades. 2024 onwards Honda aucra major push for these models coming.
The battery plant one is epic huge too. The supply needed for all the EV shit is going to be huge. Get buying lithium stocks ppl.
| Risky Business |
| (Post Master Supreme) |
| 03/25/22 05:12 PM |
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Re: dat real estate v.2021
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Originally Posted By: SuPeR-MaRiO
Originally Posted By: Risky Business
I had a listing going live in Wismer (Markham), was going to be the only listing - smooth sailing ahead. Woke up today in the morning 2 identical homes listed within 200' of mine.
Wismer Commons? My old neighborhood.
Around there, closer to McCowan.
Place is in demand because of the high ranking schools, let's see how this shakes up in a week from now. I will report back.
| A2B-Lexus |
| (Post Master Supreme) |
| 03/25/22 10:54 PM |
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Re: dat real estate v.2021
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where single garage detaches go for $1.7M.
| Risky Business |
| (Post Master Supreme) |
| 03/26/22 05:32 AM |
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Re: dat real estate v.2021
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^ This guy knows
Getting closer to 1.8M now, not sure if it sustains, more listings now.
Across the street at Berczy they are pushing for $2M for the same thing (~1,800sf 3 bed).
People go ape shit over what school their kid goes
| Hatorade |
| (Post Master Supreme) |
| 03/26/22 11:24 AM |
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Re: dat real estate v.2021
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Cornell Rouge pre-con TH starting @ $1.6M
Market is slowing, but developers are not LOLOLOL
We'll see what happens in April. Construction cost at an all time high, we are most likely in a small window for buyers before it picks up again. Pushing my buyers to buy now as we can secure places back to December prices. Jan/Feb was pure insanity.
| Risky Business |
| (Post Master Supreme) |
| 03/26/22 11:27 AM |
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Re: dat real estate v.2021
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Originally Posted By: Hatorade
Cornell Rouge pre-con TH starting @ $1.6M
WTFFFFFF
| A2B-Lexus |
| (Post Master Supreme) |
| 03/26/22 10:33 PM |
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Re: dat real estate v.2021
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3 stories too.....13 foot wide.
| Risky Business |
| (Post Master Supreme) |
| 03/27/22 05:13 AM |
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Re: dat real estate v.2021
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I can't in good conscience ever promote precon, even though Hator and I have pretty good access especially for condo launches, none of it makes sense anymore (very very very few projects, and even then I will always buy resale personally).
| c2k |
| (Post Master Supreme) |
| 03/29/22 05:11 PM |
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Re: dat real estate v.2021
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Only 20%? It should be 50%.
https://twitter.com/cbcalerts/status/1508904192475287560?s=21
| Risky Business |
| (Post Master Supreme) |
| 03/30/22 05:57 AM |
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lol gov doing more irrelevant things. Foreign buyers tax is easy to evade, been happening since 2017.
| Hatorade |
| (Post Master Supreme) |
| 03/30/22 06:10 PM |
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Re: dat real estate v.2021
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Originally Posted By: c2k
Meh, that’s not even the real issue. As usual Gov going after the wrong ppl.
| c2k |
| (Post Master Supreme) |
| 03/31/22 11:54 AM |
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Re: dat real estate v.2021
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Of course it isn't.
Sadly enough that people are stupid enough to vote the cons again.
| furball |
| (Post Master Sr) |
| 03/31/22 01:29 PM |
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Re: dat real estate v.2021
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Friend sent me this, says they're expanding?
https://unreserved.com/
Online transparent bidding.
Example:
| Big Tasty |
| (Post Master Supreme) |
| 03/31/22 03:21 PM |
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Re: dat real estate v.2021
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I can see that being good for the seller in this market but prices will just go up because of it.
Quote:
Bid with Full Transparency
Once the auction starts, you can bid transparently by placing a one-time bid or setting a maximum bid using the Autobid function. If you are outbid, you will receive an instant notification. The default bid increase is $2,500, however bidders can also enter a custom bid amount.
Once the auction starts, you can bid transparently by placing a one-time bid or setting a maximum bid using the Autobid function. If you are outbid, you will receive an instant notification. The default bid increase is $2,500, however bidders can also enter a custom bid amount.
Quote:
Live auction
Our auctions take place online and in real-time, so sellers can watch the bids live as they come in. We set the auction end time, which means the auction might be live for 24-48 hours, however, most of the action begins when the auction end time is near. Buyers love the transparency of watching the bids come in and tend to save their best bids for last as they compete for your home. All bidders are verified to participate in the auction in advance, and when the auction ends, the sale and purchase documents are immediately sent to both the buyer and seller. You provide the documents to your lawyer, and they’ll take it from there. We will collect a cheque from the buyers for the down payment and hold the funds in trust.
Our auctions take place online and in real-time, so sellers can watch the bids live as they come in. We set the auction end time, which means the auction might be live for 24-48 hours, however, most of the action begins when the auction end time is near. Buyers love the transparency of watching the bids come in and tend to save their best bids for last as they compete for your home. All bidders are verified to participate in the auction in advance, and when the auction ends, the sale and purchase documents are immediately sent to both the buyer and seller. You provide the documents to your lawyer, and they’ll take it from there. We will collect a cheque from the buyers for the down payment and hold the funds in trust.
| Hatorade |
| (Post Master Supreme) |
| 03/31/22 05:44 PM |
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Re: dat real estate v.2021
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Quote:
All bidders are verified to participate in the auction in advance, and when the auction ends, the sale and purchase documents are immediately sent to both the buyer and seller.
How are they going to enforce this?
Sounds like there's no Agreement of Purchase and Sale in place during these bids, till it ends. And if they are really trying to make the market better, why even list homes under what it's worth and have bids on them???
Why not just price at market and bid from there?
Only difference I see here is the listing brokerage trying to streamline work (make it easier) as they won't need to talk to anyone and just have buyers bid online. There's so much to trying to win a bid and isn't always about who has the highest offer. I've been able to win 2 houses in the past few months and we weren't the highest. Rare, but it does happen.
| furball |
| (Post Master Sr) |
| 04/01/22 07:43 AM |
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Re: dat real estate v.2021
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Based on that screenshot I provided above .... I mean, most of the action is in the final 5 minutes....
Repurpose those eBay Sniper Bots?
| Risky Business |
| (Post Master Supreme) |
| 04/01/22 08:44 AM |
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Re: dat real estate v.2021
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Two risks I see for this company.
1. The government might make them obsolete as there is a big push to mandate this already.
2. In the aggregate I feel open bidding will likely just make prices go up even higher.
I am indifferent what happens. More transparency is good, I don't think people realize that it will be at the cost of higher prices. Maybe it's worth it.
Having listed many properties with multiple offers, bids are generally pretty close together, it's rare that you get someone that overpays, and if they do they usually want the property really bad anyway and will pay whatever to beat out the competition.
Otherwise you are within 10k-20k even 5k
| Risky Business |
| (Post Master Supreme) |
| 04/04/22 02:28 PM |
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Re: dat real estate v.2021
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Shit is starting to get real slowish relative to what we had for the last year.
Monthly stats released, prices down across the board except DT condos holding strong which I've been bullish on for a while and put my money where my mouth is
| Hatorade |
| (Post Master Supreme) |
| 04/04/22 04:19 PM |
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Re: dat real estate v.2021
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Yup. Seeing a lot of houses with offer dates and no offers on presentation day LOL
She be bananas man.
| Risky Business |
| (Post Master Supreme) |
| 04/06/22 07:06 AM |
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Re: dat real estate v.2021
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My Markham offer night flopped, 1 offer.
Bought a condo yesterday at King West for 7% below most recent comp even though condos are still trending up.
Putting in a bully today on a townhouse, we will see if I can spook listing agent, next rate hike is next week around their offer presentation
| Hatorade |
| (Post Master Supreme) |
| 04/06/22 08:13 PM |
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Re: dat real estate v.2021
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Buying with my clients. Offer pres last night. Only us and one other offer. Dumb fuck seller still anticipating January price for their place FFS.
| Risky Business |
| (Post Master Supreme) |
| 04/06/22 09:07 PM |
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Re: dat real estate v.2021
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Happened to me tonight as well, 2 offers, both declined. 'Not working with you'
Meanwhile I was watching an FSBO listing that showed on the weekend get 11 offers tonight, half the house smelled like cat piss and they had cats in a walk in closet during the showing and I wasn't allowed to go in as the seller followed me around.
I love this!
| c2k |
| (Post Master Supreme) |
| 04/07/22 07:28 AM |
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Re: dat real estate v.2021
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so, thots on the federal budget on ban on foreign home buyers?
still won't fix the issue tho.
| Screamin Type ARGH! |
| (Post Master Supreme) |
| 04/07/22 07:45 AM |
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Re: dat real estate v.2021
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funny how market sentiment can change so fast with folks out there...mainly cos the gov fucking with markets now, given what's seen in the media now.
i pray for most ppl out there interest rate increase stay LOW and SLOW. cos if the central bank (fucks) keep raising it (which they will), it's gonna screw a lot of ppl out there.
| Simon_the_Pieman |
| (Post Master Sr) |
| 04/07/22 07:51 AM |
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Re: dat real estate v.2021
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Originally Posted By: Screamin Type ARGH!
cos if the central bank (fucks) keep raising it (which they will), it's gonna screw a lot of ppl out there.
isnt this the master plan though? get a bunch of people to foreclose so the already wealthy can snatch them up?
| Hatorade |
| (Post Master Supreme) |
| 04/07/22 11:48 AM |
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Re: dat real estate v.2021
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Originally Posted By: Screamin Type ARGH!
funny how market sentiment can change so fast with folks out there...mainly cos the gov fucking with markets now, given what's seen in the media now.
i pray for most ppl out there interest rate increase stay LOW and SLOW. cos if the central bank (fucks) keep raising it (which they will), it's gonna screw a lot of ppl out there.
i pray for most ppl out there interest rate increase stay LOW and SLOW. cos if the central bank (fucks) keep raising it (which they will), it's gonna screw a lot of ppl out there.
How? Stress test is at 5.25%
You really see interest rates going beyond this in this economy?
| Hatorade |
| (Post Master Supreme) |
| 04/07/22 11:50 AM |
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Re: dat real estate v.2021
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Originally Posted By: c2k
so, thots on the federal budget on ban on foreign home buyers? still won't fix the issue tho.
still won't fix the issue tho.Won’t do shit. Firstly foreign buyers are low, like stupid low. Secondly, there’s way around it. Partner up with a Canadian and register a corporation to start a “business” and buy house under the corporation.
Smoke and mirrors as usual with the stupid gov.
| furball |
| (Post Master Sr) |
| 04/08/22 02:05 PM |
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Re: dat real estate v.2021
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https://storeys.com/canada-home-buyers-bill-of-rights-blind-bidding/
| Risky Business |
| (Post Master Supreme) |
| 04/08/22 02:40 PM |
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Re: dat real estate v.2021
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Sweet, higher prices, here we come!!
| Hatorade |
| (Post Master Supreme) |
| 04/08/22 07:36 PM |
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Re: dat real estate v.2021
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Originally Posted By: Risky Business
Sweet, higher prices, here we come!!
Yup. Shit show here we come.
| Risky Business |
| (Post Master Supreme) |
| 04/13/22 01:26 PM |
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Re: dat real estate v.2021
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Real estate entering a downward spiral, hang on to your pants!
| furball |
| (Post Master Sr) |
| 04/22/22 09:38 AM |
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Re: dat real estate v.2021
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Haven't fully thought this through, so let's walk thru the fuzzy logic going on in my head...
INTEREST RATES are going the fuck up, inflation (already) through the roof.
- Likely my salary is about the same
- Gas is through the roof, grocery bills have gone up ~10%
- I have less disposable income, and my fixed costs (mortgage, gas, food) is likely increasing significantly, and so my purchasing power is diminished (My $1 can purchase less today, than say, a year ago.)
a) Renting, I want to buy a home
- Rising interest rates will fuck me; I will qualify for a lower mortgage amount
- Sure, there's likely less people now buying/bidding on homes, and prices may come down, but so's my mortgage qualifications. Unless I go to bank of Mommy.
b) Already own a home - variable rate 5 yr
- My regular (bi-weekly, bi-monthly, monthly) payments remain the SAME, until renewal, just more of it is going towards interest instead of principal. My 30-yr mortgage will likely cost more when I renew, or likely take more than 30 yrs.
c) Already own a home - fixed 5 yr
- Same as b), no?!
i.e. from a purely mortgage payment standpoint, there's no difference, is there???
| Risky Business |
| (Post Master Supreme) |
| 04/22/22 10:15 AM |
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Re: dat real estate v.2021
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This video explains it pretty well I think for our local market.
https://youtu.be/2rpI5n0qPWU
| furball |
| (Post Master Sr) |
| 04/22/22 02:01 PM |
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Re: dat real estate v.2021
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Did I ask a leading question, for an ad?
Where's the black circle
Originally Posted By: Risky Business
https://youtu.be/2rpI5n0qPWU
I watched it
Question remains though: How does the 50 point rate hike impact me, if I'm an EXISTING homeowner, (variable or fixed), say, 2 years into a 5 yr mortgage, if anything? Or is it just more of the shit happening AROUND me (gas, food prices), and the future outlook? (i.e. I may have bought near peak, and in 5 years time, my home might break even, or be worth less than what I bought it at.)
| Risky Business |
| (Post Master Supreme) |
| 04/22/22 02:12 PM |
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Re: dat real estate v.2021
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I told you, 20% haircut likely off the top, but day to day if you were paranoid enough to get a fixed mortgage, nothing changes. You keep paying your high monthly!
If you were smart and got a variable one, then you are ok, depending on your lender:
https://youtu.be/V1QmIiU7Fj4?t=51
| Hatorade |
| (Post Master Supreme) |
| 04/28/22 10:10 AM |
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Re: dat real estate v.2021
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Originally Posted By: Risky Business
I told you, 20% haircut likely off the top, but day to day if you were paranoid enough to get a fixed mortgage, nothing changes. You keep paying your high monthly!
If you were smart and got a variable one, then you are ok, depending on your lender:
https://youtu.be/V1QmIiU7Fj4?t=51
If you were smart and got a variable one, then you are ok, depending on your lender:
https://youtu.be/V1QmIiU7Fj4?t=51
This is what majority don't understand.
Oh noes interest goes up, people gonna walk from their homes and housing crashes LMFAOOOO
BTW you're so sexy :P
| furball |
| (Post Master Sr) |
| 05/01/22 01:09 PM |
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Re: dat real estate v.2021
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https://www.reddit.com/r/wallstreetbets/...utm_name=iossmf
| Hatorade |
| (Post Master Supreme) |
| 05/01/22 03:52 PM |
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Re: dat real estate v.2021
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US market…
In 2008 there was a 3 month window from what I remember when prices softened and then it never stopped going up.
So subprime lending up here either…
| Risky Business |
| (Post Master Supreme) |
| 05/01/22 04:23 PM |
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Re: dat real estate v.2021
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Trying to predict RE or a crash is completely useless.
We've decoupled from fundamentals ages ago, so there is always a new hot metric to prove the crash. If/When we see a pullback it will be something no one saw coming.
Toronto RE market is also resilient in its own right, to a fault unfortunately, I don't make up the rules, just the messenger.
The silver lining for all the shit I've had to deal with on my own listings I had a very busy open house today on a listing that was fucking dead for weeks. Fingers crossed it moves soon. Hator bring me a buyer!! This house is solid, original owners, Wismer, best schools, all maintenance done, inspection rates it as 'excellent', this thing is ready to go. No sidewalk too.
This property is like an OEM Integra GSR, never stolen, never modded, mature owner owned! It's a 1 car detached, if it was a 2 car detached in Wismer I'd rate it as CW ITR
| Big Tasty |
| (Post Master Supreme) |
| 05/01/22 05:35 PM |
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Re: dat real estate v.2021
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| c2k |
| (Post Master Supreme) |
| 05/03/22 03:51 PM |
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Re: dat real estate v.2021
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Originally Posted By: Risky Business
This property is like an OEM Integra GSR, never stolen, never modded, mature owner owned! It's a 1 car detached, if it was a 2 car detached in Wismer I'd rate it as CW ITR
great analogy, my interest piqued, where do I sign?
| titty sprinkles |
| (Post Master Supreme) |
| 05/03/22 08:21 PM |
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Re: dat real estate v.2021
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LMAOOOOO
| furball |
| (Post Master Sr) |
| 05/11/22 11:19 AM |
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Re: dat real estate v.2021
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Any comments on this? Got this from a friend:
| Risky Business |
| (Post Master Supreme) |
| 05/11/22 01:10 PM |
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Re: dat real estate v.2021
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There was already an HST component to assignment sales.
That aside, the sentiment from this change and the already inflated/scammy pre con space, it's correct, so many speculators over covid were buying with intent to just flip the paper (assignment) that they are going to get washed out.
It will take a while to happen, if we do end up in a sideways market and these pre cons aren't closing at higher market values, people will not be able to finance them and close on them. Deposits will be lost, people will be sued, and builders will be relisting.
The silver lining is that with precon you typically have 20% deposit down, so at worst people who can't close lose the 20%, builder has buffer to resell to someone that can close and we avoid a catastrophe, with the exception of all speculators losing their deposits. That's likely what will happen, the wildcard is what will the value of the units be at close.
The assignment space has always been shitty in city, great for buyers as there are deals, but you better know the right lawyers who can navigate it. All real estate lawyers say they "do assignments" there are only a handful that actually understand them. You are walking a fine line negotiating two contracts, the original one with the builder and the speculator/seller. Lots of traps.
Most people don't even know you are on the hook for ~6% in closing costs to close on a precon
This has been a gravy train for years.
| Risky Business |
| (Post Master Supreme) |
| 05/11/22 01:17 PM |
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Re: dat real estate v.2021
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New video dropped, changing it up a little:
https://youtu.be/VZX_1VReYYw
| furball |
| (Post Master Sr) |
| 05/12/22 07:51 AM |
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Re: dat real estate v.2021
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You had me at black flies
Fuuuuuuck that.Wait a minute, now I'm confused. What's your role in this? (I know you're using it as an example, but you're also a realtor, yet you're chopping down trees for the guy?)
Originally Posted By: Risky Business
| Risky Business |
| (Post Master Supreme) |
| 05/12/22 09:27 AM |
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Re: dat real estate v.2021
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I do all his deals and dude does some awesome stuff, he told me what he is doing so I went up to check it out, thought about making content plus who doesn't want to take the opportunity to cut some trees.
I don't know, I enjoy this shit...others enjoy sleeping with an N95 mask, I don't judge
| Hatorade |
| (Post Master Supreme) |
| 05/12/22 11:06 AM |
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Re: dat real estate v.2021
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Good time to be a buying agent only lol
Just helped my clients purchase a home for $1,205M that were selling for $1.45+ back in Jan/Feb
| Risky Business |
| (Post Master Supreme) |
| 05/12/22 12:34 PM |
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Re: dat real estate v.2021
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Congrats! Finally good to be a buying agent after 2 years of being treated like a second class citizen.
| Hatorade |
| (Post Master Supreme) |
| 05/12/22 01:06 PM |
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Re: dat real estate v.2021
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Originally Posted By: Risky Business
Congrats! Finally good to be a buying agent after 2 years of being treated like a second class citizen.
Thanks man. Feels really good not having to beg and suck dick for once.
| c2k |
| (Post Master Supreme) |
| 05/14/22 05:36 AM |
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Re: dat real estate v.2021
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Originally Posted By: Hatorade
Originally Posted By: Risky Business
Congrats! Finally good to be a buying agent after 2 years of being treated like a second class citizen.
Thanks man. Feels really good not having to beg and suck dick for once.
| c2k |
| (Post Master Supreme) |
| 05/14/22 07:26 AM |
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Re: dat real estate v.2021
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Originally Posted By: Risky Business
That's an interesting vlog and it's more in the line what the wife and I are considering doing in the long run.
Im looking forward to watching the rest of the series.
| Risky Business |
| (Post Master Supreme) |
| 05/15/22 11:35 AM |
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Re: dat real estate v.2021
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Not for the faint of heart, I will tell you that much.
But for the right person, totally worth it. This guy will likely 10x out of this land in a decade or so. The momentum for rezoning about a km or so from him is high. Generational wealth - this is how you do it.
| A2B-Lexus |
| (Post Master Supreme) |
| 05/18/22 10:54 PM |
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Re: dat real estate v.2021
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https://www.cp24.com/news/worry-buyer-s-...lizes-1.5908280
Sucks for the people who bought before they sold and not being able to sell their house for what they thought they could get.
| Risky Business |
| (Post Master Supreme) |
| 05/19/22 05:15 AM |
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Re: dat real estate v.2021
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I just went through this and it was very painful.
People hardly every walk away from deals though, tons of prior market precedent of them getting bent over in court. If you plan to not close on a purchase prepare to declare bankruptcy or your assets will get wiped out.
Good article, Mark Morris is one of the best lawyers in the city btw!
| SuPeR-MaRiO |
| (Post Master Sr) |
| 05/19/22 02:00 PM |
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Re: dat real estate v.2021
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Really? So its not just a case of losing your deposit, they will actually wipe you out? Wouldn't it be easier to just relist? Mind you I can understand that relisting now with the slowdown won't net you the same sale, but previously I can't see there have been much of a difference plus you've kept the deposit.
| Risky Business |
| (Post Master Supreme) |
| 05/19/22 02:06 PM |
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Re: dat real estate v.2021
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If you bought for 1.5M and put 100k down...3 months later you don't close and walk away.
It starts by you losing the 100k,
Then the seller has to relist, let's say they get 1.1M because market took a dump (like now).
Now they got 400k less than what you paid plus there will be legal fees and other carrying costs for this. There is plenty of case law that the court will award the damages to the seller, so now 100k deposit goes toward that payout, then you are personally liable for the other 300k+ in addition.
Walking away from a deal here is not for the faint of heart, which is why most deals close.
| Hatorade |
| (Post Master Supreme) |
| 05/19/22 03:12 PM |
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Re: dat real estate v.2021
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ALWAYS CLOSE.
| Risky Business |
| (Post Master Supreme) |
| 05/19/22 03:43 PM |
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Re: dat real estate v.2021
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I was in on a convo with Mark (the lawyer) that was quoted in the article that was posted a few posts up, this was a week or so ago.
Effectively in 2017 when this exact same thing happened people ran to the bank of Mom and Dad to come up with the difference to close if appraisals came in short.
What he said is different this time around compared to 2017 is that the bank of mom and dad which relies on HELOCs is much more stretched, parents usually already raided the HELOC to help with the downpayment or bought other properties, so there is less cushion.
The way i see it now they will be raiding the RRSP and withdrawing early because it's probably still the better alternative than not closing and getting wiped out.
| Hatorade |
| (Post Master Supreme) |
| 05/19/22 03:58 PM |
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Re: dat real estate v.2021
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Yup what really fuelled the fire was FOMO.
I have offer presentation tomorrow on my listing. Hate listing that way, but gotta follow the trend in the area and not “look” expensive on MLS LOL
Hoping for the best and have tempered expectations but some agents are out to lunch offering well below market. I’m talking going back to 2019 pricing retards! That was a preemptive offer on the second day of the listing.
| Risky Business |
| (Post Master Supreme) |
| 05/19/22 05:20 PM |
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Re: dat real estate v.2021
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Good luck man, it's a shitshow. I got a firm offer on my Integra GSR Wismer listing last week, we sold firm below market but they came in with a high deposit, firm, no conditions, and 30 day close. We had higher offers, people were putting ridiculous conditions, escape clauses, and 90 day closings lol
Post up what happens after you sell, should be entertaining.
edit: just saw listing, you are in prime shitshow territory, should be ok though lots of demand for that type of place
dis gun b gud
| A2B-Lexus |
| (Post Master Supreme) |
| 05/19/22 09:55 PM |
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Re: dat real estate v.2021
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sounds like a solid offer. GL!
| RatZero |
| (Post Master Supreme) |
| 05/25/22 06:51 PM |
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Re: dat real estate v.2021
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Oh my fuck the whole real estate process has changed since the last time we sold a house in 1998, pre internet. Used to be you'd tidy up, and list it.
Had stagers in last week, told us what needed to be dealt with, basically moving all the packrats (wife and son) stuff out. They were back for the froo froo shit, then photos, video, drone shots and some sort of 3d scanning operation of the whole house. Ok boomer, I know.
Listing should be up tomorrow or Friday. Fuck I hope this is over soon. Never again.
| furball |
| (Post Master Sr) |
| 05/26/22 01:10 PM |
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Re: dat real estate v.2021
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Dat ass …. Err dat real estate. https://instagram.com/the.yueyue
| Risky Business |
| (Post Master Supreme) |
| 05/26/22 05:07 PM |
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Re: dat real estate v.2021
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Originally Posted By: RatZero
Oh my fuck the whole real estate process has changed since the last time we sold a house in 1998, pre internet. Used to be you'd tidy up, and list it.
Had stagers in last week, told us what needed to be dealt with, basically moving all the packrats (wife and son) stuff out. They were back for the froo froo shit, then photos, video, drone shots and some sort of 3d scanning operation of the whole house. Ok boomer, I know.
Listing should be up tomorrow or Friday. Fuck I hope this is over soon. Never again.
Had stagers in last week, told us what needed to be dealt with, basically moving all the packrats (wife and son) stuff out. They were back for the froo froo shit, then photos, video, drone shots and some sort of 3d scanning operation of the whole house. Ok boomer, I know.
Listing should be up tomorrow or Friday. Fuck I hope this is over soon. Never again.
Good luck man, timing wise this is probably not the best time to list, we have a rate hike announcement next week and it's likely to be 50bps so it's going to further cool the market.
Hopefully you get some of the old pre approved buyers looking to buy to lock in their old rates. Be ready to do a quick closing. It's a very tough market for sellers right now unless you are in Toronto proper or have some unicorn property.
| Hatorade |
| (Post Master Supreme) |
| 05/31/22 08:48 AM |
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Re: dat real estate v.2021
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Just to update how the sale of the townhouse went. Just sold it for 6% under expectation.
Had the home listed with an offer date about 21% under expectation to drive traffic. Worked great had over 30 showings over 7 days and here's how it went down:
- received preemp on day 2 7% over asking with full conditions LOL
- offer night - 2 offers one was just over asking and the 2nd offer was 10% over. Well below expectation so no deal
- adjusted price following day above expectation for wiggle room
- ZERO showings for a week
- adjusted price again to 6% under expectation with offer presentation
- ZERO showings again LOLOLOLOL
So how did I end up selling it? I insisted on doing open house, my clients were reluctant. When the home first came to market I did an open house the same weekend. 2 sisters came in (1 is an agent). Didn't do open house during long weekend. Did an open house this past weekend and who comes in again... This time it was the non-agent sister with her parents. Hook line and sinker. Told her to have her sister call me. Long story short, the entire family came to see the home over the weekend during the open house. By the way, they were also the ONLY people to come to the open house during the past weekend.
All in all I'm pretty happy with how it went. Clients are not though, but with how fast things keep changing and with the next rake hike just days away I strongly believe this was the right call. Otherwise the already stale listing was just going to sit and we would eventually end up selling for less.
| c2k |
| (Post Master Supreme) |
| 06/01/22 06:34 AM |
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Re: dat real estate v.2021
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what did it sell for and what location?
| Risky Business |
| (Post Master Supreme) |
| 06/01/22 03:06 PM |
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Re: dat real estate v.2021
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Originally Posted By: Hatorade
Just to update how the sale of the townhouse went. Just sold it for 6% under expectation.
Had the home listed with an offer date about 21% under expectation to drive traffic. Worked great had over 30 showings over 7 days and here's how it went down:
- received preemp on day 2 7% over asking with full conditions LOL
- offer night - 2 offers one was just over asking and the 2nd offer was 10% over. Well below expectation so no deal
- adjusted price following day above expectation for wiggle room
- ZERO showings for a week
- adjusted price again to 6% under expectation with offer presentation
- ZERO showings again LOLOLOLOL
So how did I end up selling it? I insisted on doing open house, my clients were reluctant. When the home first came to market I did an open house the same weekend. 2 sisters came in (1 is an agent). Didn't do open house during long weekend. Did an open house this past weekend and who comes in again... This time it was the non-agent sister with her parents. Hook line and sinker. Told her to have her sister call me. Long story short, the entire family came to see the home over the weekend during the open house. By the way, they were also the ONLY people to come to the open house during the past weekend.
All in all I'm pretty happy with how it went. Clients are not though, but with how fast things keep changing and with the next rake hike just days away I strongly believe this was the right call. Otherwise the already stale listing was just going to sit and we would eventually end up selling for less.
Had the home listed with an offer date about 21% under expectation to drive traffic. Worked great had over 30 showings over 7 days and here's how it went down:
- received preemp on day 2 7% over asking with full conditions LOL
- offer night - 2 offers one was just over asking and the 2nd offer was 10% over. Well below expectation so no deal
- adjusted price following day above expectation for wiggle room
- ZERO showings for a week
- adjusted price again to 6% under expectation with offer presentation
- ZERO showings again LOLOLOLOL
So how did I end up selling it? I insisted on doing open house, my clients were reluctant. When the home first came to market I did an open house the same weekend. 2 sisters came in (1 is an agent). Didn't do open house during long weekend. Did an open house this past weekend and who comes in again... This time it was the non-agent sister with her parents. Hook line and sinker. Told her to have her sister call me. Long story short, the entire family came to see the home over the weekend during the open house. By the way, they were also the ONLY people to come to the open house during the past weekend.
All in all I'm pretty happy with how it went. Clients are not though, but with how fast things keep changing and with the next rake hike just days away I strongly believe this was the right call. Otherwise the already stale listing was just going to sit and we would eventually end up selling for less.
You got horseshoes dude, this is like the best open house to offer ratios evAR lol. Sellers should be grateful they managed to unload (hopefully short close), more pandemonium now from today's 50 bps hike, now they are saying July is already confirmed for another 50 bps. (although somehow I am not that confident, by then we will get data the economy is in the gutter and people are getting crushed from inflation).
Pickering is getting smashed bad, probably one of the worst performers along with Whitby, Brampton, Burlington.
I pulled a bunch of stats covering how bad the situation is here:
https://youtu.be/pcG-rynqBuc
| Hatorade |
| (Post Master Supreme) |
| 06/01/22 06:46 PM |
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Re: dat real estate v.2021
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Yup Rog always says I have a horseshoe up my ass LOL
Relatively short close. July 22nd.
| c2k |
| (Post Master Supreme) |
| 06/02/22 07:10 AM |
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Re: dat real estate v.2021
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Originally Posted By: Risky Business
Originally Posted By: Hatorade
Just to update how the sale of the townhouse went. Just sold it for 6% under expectation.
Had the home listed with an offer date about 21% under expectation to drive traffic. Worked great had over 30 showings over 7 days and here's how it went down:
- received preemp on day 2 7% over asking with full conditions LOL
- offer night - 2 offers one was just over asking and the 2nd offer was 10% over. Well below expectation so no deal
- adjusted price following day above expectation for wiggle room
- ZERO showings for a week
- adjusted price again to 6% under expectation with offer presentation
- ZERO showings again LOLOLOLOL
So how did I end up selling it? I insisted on doing open house, my clients were reluctant. When the home first came to market I did an open house the same weekend. 2 sisters came in (1 is an agent). Didn't do open house during long weekend. Did an open house this past weekend and who comes in again... This time it was the non-agent sister with her parents. Hook line and sinker. Told her to have her sister call me. Long story short, the entire family came to see the home over the weekend during the open house. By the way, they were also the ONLY people to come to the open house during the past weekend.
All in all I'm pretty happy with how it went. Clients are not though, but with how fast things keep changing and with the next rake hike just days away I strongly believe this was the right call. Otherwise the already stale listing was just going to sit and we would eventually end up selling for less.
Had the home listed with an offer date about 21% under expectation to drive traffic. Worked great had over 30 showings over 7 days and here's how it went down:
- received preemp on day 2 7% over asking with full conditions LOL
- offer night - 2 offers one was just over asking and the 2nd offer was 10% over. Well below expectation so no deal
- adjusted price following day above expectation for wiggle room
- ZERO showings for a week
- adjusted price again to 6% under expectation with offer presentation
- ZERO showings again LOLOLOLOL
So how did I end up selling it? I insisted on doing open house, my clients were reluctant. When the home first came to market I did an open house the same weekend. 2 sisters came in (1 is an agent). Didn't do open house during long weekend. Did an open house this past weekend and who comes in again... This time it was the non-agent sister with her parents. Hook line and sinker. Told her to have her sister call me. Long story short, the entire family came to see the home over the weekend during the open house. By the way, they were also the ONLY people to come to the open house during the past weekend.
All in all I'm pretty happy with how it went. Clients are not though, but with how fast things keep changing and with the next rake hike just days away I strongly believe this was the right call. Otherwise the already stale listing was just going to sit and we would eventually end up selling for less.
You got horseshoes dude, this is like the best open house to offer ratios evAR lol. Sellers should be grateful they managed to unload (hopefully short close), more pandemonium now from today's 50 bps hike, now they are saying July is already confirmed for another 50 bps. (although somehow I am not that confident, by then we will get data the economy is in the gutter and people are getting crushed from inflation).
Pickering is getting smashed bad, probably one of the worst performers along with Whitby, Brampton, Burlington.
I pulled a bunch of stats covering how bad the situation is here:
https://youtu.be/pcG-rynqBuc
That was a great video! What about Hamilton Area? Specifically Dundas / Ancaster / Waterdown / Burlington area?
| c2k |
| (Post Master Supreme) |
| 06/02/22 07:11 AM |
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Re: dat real estate v.2021
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https://www.youtube.com/watch?v=VGm267O04a8
This was under my "recommended" after watching Risky's show.
| Risky Business |
| (Post Master Supreme) |
| 06/02/22 08:43 AM |
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Re: dat real estate v.2021
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Hamilton Mountain/Ancaster holding up fairly well, as long as you aren't in Hamilton near the Industrial areas it's definitely outperforming the GTA.
Burlington getting smashed, Oakville too, just a little less, Mississauga the only one being somewhat resilient, but still going down.
| Risky Business |
| (Post Master Supreme) |
| 06/02/22 09:06 AM |
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Re: dat real estate v.2021
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Originally Posted By: c2k
https://www.youtube.com/watch?v=VGm267O04a8
This was under my "recommended" after watching Risky's show.
This was under my "recommended" after watching Risky's show.
jesus
| Risky Business |
| (Post Master Supreme) |
| 06/08/22 07:17 PM |
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Re: dat real estate v.2021
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Originally Posted By: RatZero
Oh my fuck the whole real estate process has changed since the last time we sold a house in 1998, pre internet. Used to be you'd tidy up, and list it.
Had stagers in last week, told us what needed to be dealt with, basically moving all the packrats (wife and son) stuff out. They were back for the froo froo shit, then photos, video, drone shots and some sort of 3d scanning operation of the whole house. Ok boomer, I know.
Listing should be up tomorrow or Friday. Fuck I hope this is over soon. Never again.
Had stagers in last week, told us what needed to be dealt with, basically moving all the packrats (wife and son) stuff out. They were back for the froo froo shit, then photos, video, drone shots and some sort of 3d scanning operation of the whole house. Ok boomer, I know.
Listing should be up tomorrow or Friday. Fuck I hope this is over soon. Never again.
Any update on this? Hopefully you were able to sell.
Totally dead right now, although some of my investor clients are starting to wake up again.
https://youtu.be/3Prz9QF6Juk
| Hatorade |
| (Post Master Supreme) |
| 06/08/22 10:05 PM |
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Re: dat real estate v.2021
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Have a condo coming up this Friday next to Shops at Don Mills. Lets see how this one goes LOL
| RatZero |
| (Post Master Supreme) |
| 06/13/22 06:51 PM |
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Re: dat real estate v.2021
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Originally Posted By: Risky Business
Originally Posted By: RatZero
Oh my fuck the whole real estate process has changed since the last time we sold a house in 1998, pre internet. Used to be you'd tidy up, and list it.
Had stagers in last week, told us what needed to be dealt with, basically moving all the packrats (wife and son) stuff out. They were back for the froo froo shit, then photos, video, drone shots and some sort of 3d scanning operation of the whole house. Ok boomer, I know.
Listing should be up tomorrow or Friday. Fuck I hope this is over soon. Never again.
Had stagers in last week, told us what needed to be dealt with, basically moving all the packrats (wife and son) stuff out. They were back for the froo froo shit, then photos, video, drone shots and some sort of 3d scanning operation of the whole house. Ok boomer, I know.
Listing should be up tomorrow or Friday. Fuck I hope this is over soon. Never again.
Any update on this? Hopefully you were able to sell.
Totally dead right now, although some of my investor clients are starting to wake up again.
https://youtu.be/3Prz9QF6Juk
Nope no sale yet, still getting showings but I'm pretty pessimistic at the moment, timing is really bad. Actually had the couple selling the place we are buying see it twice, but no offer.
Just had a 6:30 showing request tonight, at 6:05. Hated to deny but damn that's not much lead time.
| Risky Business |
| (Post Master Supreme) |
| 06/14/22 04:55 AM |
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^That's scummy (the 25 minute heads up from an agent - typical shit).
Are you going to be able to close on the new place without the sale of this one?
I don't know how long you've been on the market, but I'd get very aggressive with trying to sell in the next week or two. Might have to drop the price, possibly up the co-op commission. Really depends on your specific market and if there are competing listings.
In the next 3 months I think things will get worse before they get better, just a guess anyway.
| RatZero |
| (Post Master Supreme) |
| 06/14/22 07:23 AM |
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Won't be closing on the new one without the sale of mine, have that as a condition, so I'm willing to let the whole deal fall apart. If my seller were to list today, it wouldn't be at the price they did, ours would be listed lower as well, but I have an agreed upon deal, so only way to not take it up the ass is to not sell for less.
It's still early, only been listed about 3 weeks, so it's waiting time. I've read a bunch of analysis, there are people who will want to secure something before their locked in rates expire, so there's that.
| Risky Business |
| (Post Master Supreme) |
| 06/14/22 10:56 AM |
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That last part somewhat sailed about a month ago, ppl looking to lock in old rates. Everyone is on the sideline simply because prices are dropping faster than the rate savings they would get from locking in.
Well at least you have that condition, if you didn't you'd be totally screwed right now. The sellers are best suited to buy your house at this point otherwise this thing will fall apart.
Keep us posted either way, will be good learning for everyone.
| Hatorade |
| (Post Master Supreme) |
| 06/14/22 11:09 AM |
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Good thing you have an escape clause. Otherwise super fuxored.
Looks like I can go on vacation this summer with how the market is LOLOLOLOLOL
| furball |
| (Post Master Sr) |
| 06/20/22 10:09 AM |
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Random post from a buddy: a townhouse in 'sauga, with an elevator. and that price
https://www.realtor.ca/real-estate/24271657/1967-barber-house-lane-mississauga-central-erin-mills
| Risky Business |
| (Post Master Supreme) |
| 06/21/22 04:53 AM |
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Elevators in houses sound cool and all, until you go to a house with one and realize you are typically dealing with some Walmart level quality 'elevator' and would rather take the stairs.
| Risky Business |
| (Post Master Supreme) |
| 06/21/22 04:56 AM |
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| Big Tasty |
| (Post Master Supreme) |
| 06/21/22 07:42 AM |
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Ha I took note of that sign too when down there on Sunday. There was a insta chick all over the blue Aventador taking pic when i passed by that spot.
| Risky Business |
| (Post Master Supreme) |
| 06/21/22 09:18 AM |
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I figured the aventador would be a hit so I had to troll near it as well
| Risky Business |
| (Post Master Supreme) |
| 06/24/22 12:05 PM |
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2019 pricing inbound?
https://youtu.be/2qNUij7YzQ4
| RatZero |
| (Post Master Supreme) |
| 06/25/22 08:39 AM |
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I welcome 2019 pricing coming back.
Counting down the days for my deal to fall apart, then drop my selling price and try again. Might even get a shot at buying the same place in the country for significantly less, neither of us are getting even close to what we listed at.
| Risky Business |
| (Post Master Supreme) |
| 06/25/22 11:29 AM |
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I gotta say when you first posted your thread in OT, in my head I was like
the timing was pretty bad.Everything was tanking at the time with no stopping (it still is, just slower) Good thing you had that condition or you'd be majorly fucked right now like a ton of people getting sued left and right.
You will definitely do better now buying a bigger place at a discount even if you sell yours at a discount, the spread will be smaller.
| RatZero |
| (Post Master Supreme) |
| 06/25/22 12:07 PM |
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The deal was done a couple days before the interest rate shit started, typical timing for me.
| Risky Business |
| (Post Master Supreme) |
| 07/11/22 10:52 AM |
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If you are using housesigma, keep an eye out for this nonsense
https://youtu.be/lcdrU8x_9Qk
| Big Tasty |
| (Post Master Supreme) |
| 07/11/22 11:09 AM |
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Hmm, interesting. I did see a few places with no history and was skeptical that they were never listed in the past.
Good to know.
| RatZero |
| (Post Master Supreme) |
| 07/12/22 07:00 PM |
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I've seen the same thing, new listing on houses I knew that were previously listed. Last one I saw was a "3169 King Street" vs "3169 King St", 2 completely different addresses
| Risky Business |
| (Post Master Supreme) |
| 07/13/22 07:30 AM |
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Apparently the video made it into some private Toronto Lawyers facebook group, got a call from there asking for more info
| Big Tasty |
| (Post Master Supreme) |
| 07/13/22 08:01 AM |
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Class-action lawsuit time. A scam within itself
| Hatorade |
| (Post Master Supreme) |
| 07/13/22 10:36 AM |
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Originally Posted By: Risky Business
Apparently the video made it into some private Toronto Lawyers facebook group, got a call from there asking for more info
LOL not the audience you were targeting I take it.
| Risky Business |
| (Post Master Supreme) |
| 07/13/22 11:01 AM |
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Not going to lie, I put him into my CRM as a nurture lead lol
| Risky Business |
| (Post Master Supreme) |
| 07/13/22 11:01 AM |
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SHut the lights off, RE market about to get REKT
| SuPeR-MaRiO |
| (Post Master Sr) |
| 07/13/22 12:37 PM |
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Due to the recent interest hike? Sarcasm?
| Simon_the_Pieman |
| (Post Master Sr) |
| 07/13/22 02:10 PM |
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EREKTION
| Risky Business |
| (Post Master Supreme) |
| 07/13/22 04:15 PM |
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Re: dat real estate v.2021
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Originally Posted By: SuPeR-MaRiO
Due to the recent interest hike? Sarcasm?
You are in luck, I've got a video on it
https://youtu.be/-ZXQZ6zYc9Y
| SuPeR-MaRiO |
| (Post Master Sr) |
| 07/13/22 07:06 PM |
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Originally Posted By: Risky Business
Originally Posted By: SuPeR-MaRiO
Due to the recent interest hike? Sarcasm?
You are in luck, I've got a video on it
https://youtu.be/-ZXQZ6zYc9Y
| Risky Business |
| (Post Master Supreme) |
| 07/29/22 09:05 AM |
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Bloodbath out there.
Case study of an existing client broken down here in terms of purchasing power erosion.
https://youtu.be/xzfiyeUUK2k
| SuPeR-MaRiO |
| (Post Master Sr) |
| 07/29/22 11:04 AM |
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Great video. I liked the Kijiji reference
| Hatorade |
| (Post Master Supreme) |
| 07/29/22 04:12 PM |
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Had a deal fall through. My client (buying side) said financing fell through, which I think is BS since they are putting down over 60%. They got cold feet and didn't close. IDIOTS. Sellers are going to sue for sure.
Can't get into it. But they had a 6 figure deposit on the deal. Even if the house they bought is worth less today they should have closed and resold and still be better off.
| Risky Business |
| (Post Master Supreme) |
| 07/29/22 08:53 PM |
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Re: dat real estate v.2021
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Originally Posted By: SuPeR-MaRiO
Great video. I liked the Kijiji reference
Thank you!
| Risky Business |
| (Post Master Supreme) |
| 07/29/22 08:56 PM |
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Originally Posted By: Hatorade
Had a deal fall through. My client (buying side) said financing fell through, which I think is BS since they are putting down over 60%. They got cold feet and didn't close. IDIOTS. Sellers are going to sue for sure.
Can't get into it. But they had a 6 figure deposit on the deal. Even if the house they bought is worth less today they should have closed and resold and still be better off.
Can't get into it. But they had a 6 figure deposit on the deal. Even if the house they bought is worth less today they should have closed and resold and still be better off.
wowowow that's going to be rough. Damn, we are going to have to meet up soon swap stories offline. I had one almost bite me from the listing side, the buyer started with an extension request, the second I got the extension request I was lawyered up to the tits within 30 mins. Got it across the finish line, but in this market, probably would've been fucked.
I offered on 4 places last weekend, all of them are crawling back asking me to resubmit at what I originally did, guess what buyers are saying.
| robbbby |
| (Post Master Supreme) |
| 07/31/22 02:49 PM |
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Bit of a weird story, figured I'd share since crazy shit like this intrigues me
My neighbour is having a kid so he's looking at upsizing.
He found a bigger house just a few streets over, house looked nice, all remodeled, nothing out of the ordinary, he's like fuck it, it's super close i'll make an appointment to go look at it.
So he goes to look at it, notices something strange in the garage, almost like an outline of what used to be a staircase, but it's been mudded/painted over.
So he's like fuck it, going to grab a ladder and peak up into the attic access in the garage...
opens the access and it's pull down stairs, that go up into a completely finished attic space. Like entire attic space for this ranch is a bonus room.
Plywood floors, really, really poor drywall work and even a ceiling fan that was on.
He said the garage attic access was the only attic access in the whole house and only way into the space. And the listing made absolutely no mention of it at all, as if they were trying to keep it secret. He said it looks like whatever stairs in the garage that led up to the space were removed and everything sealed up.
Just so fucking weird.
Since nobody gets inspections anymore, and most people don't ever look in attics, I assume whoever buys/bought this house is going to have absolutely no clue their entire attic is a living space, or somewhat transformed into living space.
| A2B-Lexus |
| (Post Master Supreme) |
| 07/31/22 11:06 PM |
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Sounds like a great man cave to me.
| IntenseDak |
| (Sr Member) |
| 08/02/22 08:15 PM |
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Originally Posted By: Risky Business
Originally Posted By: SuPeR-MaRiO
Due to the recent interest hike? Sarcasm?
You are in luck, I've got a video on it
https://youtu.be/-ZXQZ6zYc9Y
Awesome vlog man, hope it takes off. Great insights. Thank you
I feel like the downtown condo market rebounded from Covid lows and hit new all time highs on the spring boom , but curious to see where they land by the end of the year.
Getting a discount on a choice unit/loft could be a good long term hold.
| Big Tasty |
| (Post Master Supreme) |
| 08/03/22 03:52 PM |
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Guessing the attic wasn't done to code and it was easier to board it up rather than fixing it after the fact to standards for resale/insurance.
| Risky Business |
| (Post Master Supreme) |
| 08/04/22 04:32 PM |
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Originally Posted By: IntenseDak
Originally Posted By: Risky Business
Originally Posted By: SuPeR-MaRiO
Due to the recent interest hike? Sarcasm?
You are in luck, I've got a video on it
https://youtu.be/-ZXQZ6zYc9Y
Awesome vlog man, hope it takes off. Great insights. Thank you
I feel like the downtown condo market rebounded from Covid lows and hit new all time highs on the spring boom , but curious to see where they land by the end of the year.
Getting a discount on a choice unit/loft could be a good long term hold.
Thanks for the feedback.
Everything is dropping, but condos are holding up better than detached as expected (they didn't appreciate much).
The next big hurdle for condos will be maintenance fees, so much was deferred during covid and not done, now at inflated prices I have seen some people's fees jump by 12% year over year.
New builds taking occupancy now are also coming in way higher than advertised. Will make a video on that tomorrow as I am pretty sure people are about to get pretty rattled.
I have one client that's thinking of dumping their unit, she is in a condo that's connected to another condo, shared amenities, but the other condo was registered earlier they just had their fees JACKED UP, her budget review is later year so she debating if she should dump while it doesn't show on her status cert.
Just another day in Toronto real estate.
| Screamin Type ARGH! |
| (Post Master Supreme) |
| 08/05/22 08:53 AM |
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| c2k |
| (Post Master Supreme) |
| 08/07/22 07:33 AM |
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is real estate still a worthy investment at this point?
| Risky Business |
| (Post Master Supreme) |
| 08/07/22 12:21 PM |
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Not to sound like a shill, but RE is always a good investment if you buy well.
All the money is made on the purchase.
It's a fundamental truth and a productive asset that generates cash, buy well without the froth on top.
| c2k |
| (Post Master Supreme) |
| 08/12/22 05:42 AM |
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What is the go to site, for finding out the sale price for homes sold?
| Big Tasty |
| (Post Master Supreme) |
| 08/12/22 08:53 AM |
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Housesigma.com
| c2k |
| (Post Master Supreme) |
| 08/13/22 04:52 AM |
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Thank you!
| Risky Business |
| (Post Master Supreme) |
| 08/13/22 06:24 AM |
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Been a wild couple of weeks, picked up a place for a client earlier this week after 'losing' the bidding war. Winner flaked, I came in with a quick haircut and bought it next day.
Looking to pounce on 2 more properties for 2 other clients but some sellers still delusional thinking market isn't going down further.
Bid on a house in Vaughan, 17 offers, wtffff they ended up relisting and jacking up the price by close to half a mil.
Lots of variability on the ground floor.
| Simon_the_Pieman |
| (Post Master Sr) |
| 08/15/22 08:45 AM |
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Originally Posted By: Risky Business
Bid on a house in Vaughan, 17 offers, wtffff they ended up relisting and jacking up the price by close to half a mil.
wowow hahah so scumy
| A2B-Lexus |
| (Post Master Supreme) |
| 08/29/22 09:02 PM |
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A friend happened to have bought a pre-construction place and sold his current house last week.
He was telling me had he sold in April, he would have been $350k richer.
Will be interesting to see how low things will go.
| Risky Business |
| (Post Master Supreme) |
| 08/30/22 09:08 AM |
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Things are volatile af right now.
| A2B-Lexus |
| (Post Master Supreme) |
| 09/04/22 01:16 PM |
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he was just happy he sold. There were semis and town houses that were bigger and cheaper. Considering the had to sell, it was still a good outcome.
| nfscheats |
| (Post Master Jr) |
| 09/07/22 04:33 AM |
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What's up all
| A2B-Lexus |
| (Post Master Supreme) |
| 09/07/22 10:35 PM |
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not the real Estate market.
Originally Posted By: nfscheats
What's up all
| SuPeR-MaRiO |
| (Post Master Sr) |
| 09/19/22 09:30 AM |
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What's the feedback from those with variable mortgages? Gonna ride it out? Did you lock in?
| Risky Business |
| (Post Master Supreme) |
| 09/19/22 10:50 AM |
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I have 2 on variable, riding it out.
| A2B-Lexus |
| (Post Master Supreme) |
| 09/19/22 11:15 PM |
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I went with fixed when I moved to my new place with a "big" mortgage 2.5 years ago. Not sure what it will look it at renewal but I am definitely going to ride out the term until the very last day.
| SuPeR-MaRiO |
| (Post Master Sr) |
| 09/20/22 08:56 AM |
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I have my mtg split into two. One is fixed the other is variable.
| furball |
| (Post Master Sr) |
| 09/20/22 10:33 AM |
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For VARIABLE rate mortgates, who/how/when do you figure out if the regular payment (monthly, bi-weekly, etc) stays the same for rate hikes, or goes up?
Never knew any of this ....
All I know was, way back on my first home in 2014, I had CIBC 5 yr variable closed, and the monthly payment amount was the same; just the amount that went to interest vs principal changed? (Then again, if anything, the rates went down, not up, like how it is now...)
| SuPeR-MaRiO |
| (Post Master Sr) |
| 09/20/22 11:09 AM |
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I believe it depends on the lender. Some will keep your payments the same and like you said the amount that goes towards the principal will change. Other lenders will increase/decrease your payments as the variable rate changes.
| Risky Business |
| (Post Master Supreme) |
| 09/20/22 12:09 PM |
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Re: dat real estate v.2021
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TD/BMO/RBC payment stays the same, less goes into principal. Once entire payment is interest you hit what's called a trigger rate, this is when your payment increases. With all the rate hikes I am close to hitting the trigger rate, if we have another 50bps i will hit it, then need to add a couple hundred so you aren't negative amortizing your mortgage.
CIBC has both, payment stays the same or flexes with rates...the rest of the banks and monoline lenders they jack up variable payment with every rate hike.
| nfscheats |
| (Post Master Jr) |
| 09/23/22 08:45 AM |
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Must be nice for the banks if rates go up and your payment stays the same, that means the term of your loan would extend
Here in Australia when a rate goes up, your payment goes up to include the additional interest. Would need to agree to a term change before the bank did it
In Canada you can negatively amortize your loan, really?
| Risky Business |
| (Post Master Supreme) |
| 09/23/22 12:06 PM |
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Only some banks, the reason you can do this is because our loan terms are usually 5 years, so at renewal you will get a much higher renewal to keep your amort. In the US their term loans are way longer, maybe it's the same case in Australia.
| OracerO |
| (Post Master Sr) |
| 09/28/22 09:54 AM |
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what the heck, Risky a realtor now?
I thought you were king cannibis ??
Edit: Risky providing some good info in this thread.
| Risky Business |
| (Post Master Supreme) |
| 09/29/22 05:23 AM |
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Re: dat real estate v.2021
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cannabis business is sold
re was a side hustle, until it wasn't
| OracerO |
| (Post Master Sr) |
| 09/29/22 08:31 AM |
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Originally Posted By: Risky Business
cannabis business is sold
re was a side hustle, until it wasn't
re was a side hustle, until it wasn't
Damn so much has changed. now you a YouTuber, no more oval faces.
| Risky Business |
| (Post Master Supreme) |
| 09/29/22 10:28 AM |
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Re: dat real estate v.2021
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^ it's temporary.
The end goal is to have enough referral business and then I am shutting all that shit down. Can't help it though, it works well
| furball |
| (Post Master Sr) |
| 09/30/22 11:33 AM |
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I don't know much about this, but I'm reading about the pyramid scheme aka eXp Realty, and the residuals + stock they're getting, and I'm hearing one person has like $12M annually, passive income, thru this scheme .... damn
Originally Posted By: Risky Business
The end goal is to have enough referral business
| Risky Business |
| (Post Master Supreme) |
| 09/30/22 01:12 PM |
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Re: dat real estate v.2021
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That person is not a realtor, they are just a recruiter.
Anyway, the exp story is going to go down as a great case study.
| Screamin Type ARGH! |
| (Post Master Supreme) |
| 10/06/22 09:57 AM |
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market seems to have stabilized (see...still over priced but whatever
)
| OracerO |
| (Post Master Sr) |
| 10/06/22 10:20 AM |
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Originally Posted By: furball
I don't know much about this, but I'm reading about the pyramid scheme aka eXp Realty, and the residuals + stock they're getting, and I'm hearing one person has like $12M annually, passive income, thru this scheme .... damn
Originally Posted By: Risky Business
The end goal is to have enough referral business
When I see EXP or Keller Williams. I'm like Brah .....
| Screamin Type ARGH! |
| (Post Master Supreme) |
| 10/13/22 12:23 PM |
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https://nationalpost.com/news/canada/the...e-else-on-earth
NO WAI?!
| c2k |
| (Post Master Supreme) |
| 10/15/22 07:35 AM |
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nothing about the "brampton loan" being exploited?
https://www.cbc.ca/news/business/marketplace-mortgage-fraud-1.6614132
| Risky Business |
| (Post Master Supreme) |
| 10/15/22 06:24 PM |
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There was a lot of stuff left unsaid in that docu, one of my mortgage guys was part of that docu and was interviewed. Interviewing him on Monday and will post on YT about what the docu got right and what was missed.
he is now getting hate mail from other mortgage people for helping the media expose the fraud. This shit been around for like 15 years.
| Hatorade |
| (Post Master Supreme) |
| 10/16/22 01:53 PM |
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This is nothing new. Last big spike with mortgage fraud was during the 2017 fiasco.
| Screamin Type ARGH! |
| (Post Master Supreme) |
| 10/17/22 08:06 AM |
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it's fucked how the industry gets away with so much, oh wait so do the banks...oh wait, the gov does fuck all to step in where it matters, rich get richer meanwhile everyone else gets bent over
| Simon_the_Pieman |
| (Post Master Sr) |
| 10/17/22 08:47 AM |
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Originally Posted By: Screamin Type ARGH!
rich get richer meanwhile everyone else gets bent over
easy fix is to just get rich man. cmon lfg.
| c2k |
| (Post Master Supreme) |
| 10/18/22 05:14 AM |
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Re: dat real estate v.2021
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Originally Posted By: Simon_the_Pieman
Originally Posted By: Screamin Type ARGH!
rich get richer meanwhile everyone else gets bent over
easy fix is to just get rich man. cmon lfg.
nah, that's too hard. just get a sugar mama or daddy whichever route you wanna get rich faster.
| furball |
| (Post Master Sr) |
| 11/13/22 09:20 PM |
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New Toronto Vacant Home Tax 2023.
https://www.toronto.ca/services-payments/property-taxes-utilities/vacant-home-tax
| Risky Business |
| (Post Master Supreme) |
| 11/14/22 06:21 AM |
|
Re: dat real estate v.2021
|
lol another useless policy
| furball |
| (Post Master Sr) |
| 11/14/22 09:22 AM |
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Re: dat real estate v.2021
|
Where's the youtube video on this
Waiting for the whole 'on-site with Bob, who's a homeowner, and let's see what his thoughts are on this new legislation'
<Selfie pans to a black circle covering Bob's face, voice altered digitally>
| Risky Business |
| (Post Master Supreme) |
| 12/05/22 11:08 AM |
|
Re: dat real estate v.2021
|
Things getting nasty
Put in an offer 2 weeks ago on a house in woodbridge, was at absolute max of client budget but they were adamant. Had financing condition, couldn't get favourable financing, deal not going through and sellers wouldn't sign a mutual release to release their deposit.
Client can't sleep, shitshow, a few sternly worded letters and a litigator on dial we got the money back, but people are getting nasty.
| Screamin Type ARGH! |
| (Post Master Supreme) |
| 12/05/22 12:38 PM |
|
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Re: dat real estate v.2021
|
Originally Posted By: Risky Business
Things getting nasty
Put in an offer 2 weeks ago on a house in woodbridge, was at absolute max of client budget but they were adamant. Had financing condition, couldn't get favourable financing, deal not going through and sellers wouldn't sign a mutual release to release their deposit.
Client can't sleep, shitshow, a few sternly worded letters and a litigator on dial we got the money back, but people are getting nasty.
Put in an offer 2 weeks ago on a house in woodbridge, was at absolute max of client budget but they were adamant. Had financing condition, couldn't get favourable financing, deal not going through and sellers wouldn't sign a mutual release to release their deposit.
Client can't sleep, shitshow, a few sternly worded letters and a litigator on dial we got the money back, but people are getting nasty.
wow...eh? ppl still going for the homerun in these conditions? dafuq? buyer should have chilled out. was there a way to know/confirm with the sellers they may keep the deposit?? that would have prob stopped buyer from diving in.
but yeah fuck dem sellers not returning deposit jfc. i'd be at their front door 24/7 asking for my money back lmao.
| SuPeR-MaRiO |
| (Post Master Sr) |
| 12/06/22 04:05 PM |
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Re: dat real estate v.2021
|
Another rate hike incoming? Possibly tomorrow?
| Screamin Type ARGH! |
| (Post Master Supreme) |
| 12/06/22 05:20 PM |
|
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Re: dat real estate v.2021
|
.25 to .5 yeah
cucked, the increases are barely helping and inflation is higher than they say/think. but now HOPEFULLY it'll slow and well...2023 onwards they said they'll hold steady where we are now re. rates. when they'll come down is anyone's guess. the central banks and gov caused it and now we pay for it...lovely.
they can't keep raising...i hope we're not too fargone because if so, 2023 is gonna be bad and recession in full swing.
| c2k |
| (Post Master Supreme) |
| 12/09/22 07:39 AM |
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Re: dat real estate v.2021
|
let it rise!
| Big Tasty |
| (Post Master Supreme) |
| 12/09/22 10:20 AM |
|
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Re: dat real estate v.2021
|
Anyone else get the letter from the city regarding Vacant Home Tax?
https://www.toronto.ca/services-payments/property-taxes-utilities/vacant-home-tax/
All residential property owners in Toronto will be required to submit a declaration of their property’s occupancy status for the previous year. The deadline to declare a property’s 2022 occupancy status is February 2, 2023. The online declaration portal will open in mid-December 2022.
An annual tax will be levied on vacant Toronto residences, payable beginning in 2023.
A property is considered vacant if it has been unoccupied for more than six months during the previous calendar year or is otherwise deemed to be vacant under the bylaw PDF.
The goal of the City of Toronto’s Vacant Home Tax (VHT) is to increase the supply of housing by discouraging owners from leaving their residential properties unoccupied. Homeowners who choose to keep their properties vacant will be subject to this tax.
| c2k |
| (Post Master Supreme) |
| 12/16/22 01:27 PM |
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Re: dat real estate v.2021
|
are condo sales slowing in the downtown core? Are the prices on a decline?
| Risky Business |
| (Post Master Supreme) |
| 12/16/22 01:45 PM |
|
Re: dat real estate v.2021
|
Yes and Yes
| zaius |
| (Post Master Sr) |
| 12/18/22 05:42 AM |
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Re: dat real estate v.2021
|
yup. i got that piece of yellow paper. scared me at first thinking i missed some sort of bill payment.
couple thoughts:
i don’t understand if you’re elderly, how the f are you going to go online and submit the declaration? there doesn’t seem to be any other option.
also, this yearly thing is going to get annoying fast... and there’s no way no one will declare their house vacant to pay more taxes. pretty pointless to me.
| Big Tasty |
| (Post Master Supreme) |
| 12/18/22 05:05 PM |
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Re: dat real estate v.2021
|
I would think they could easily monitor water or electricity consumption for homes to determine which is vacant or not without having people filling out these online declarations.
| Risky Business |
| (Post Master Supreme) |
| 12/18/22 06:21 PM |
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Re: dat real estate v.2021
|
You are giving the city staffers way to much credit.
| furball |
| (Post Master Sr) |
| 02/17/23 07:26 PM |
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Re: dat real estate v.2021
|
sob story: https://www.cbc.ca/news/canada/london/th...tmare-1.6750229
The car payments sounds stupid.
The home insurance cost looks fishy.
https://www.reddit.com/r/canadahousing/c...h_2022_why_this
| furball |
| (Post Master Sr) |
| 02/17/23 07:28 PM |
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Re: dat real estate v.2021
|
China mortgage situ ...
https://www.cnn.com/2023/02/17/economy/china-mortgage-age-95-property-market-intl-hnk/index.html
| Risky Business |
| (Post Master Supreme) |
| 02/18/23 08:58 AM |
|
Re: dat real estate v.2021
|
OFSI is planning to extend mortgage amorts for anyone here looking to renew and can't afford their new payments, will not be available for new mortgage originations. Effectively the same thing as China, just pass it on to the next generation.
Pretty surprised how resilient prices have been despite how much purchasing power has been eroded. Still feel there is more room to go down, at best stay sideways.
| Screamin Type ARGH! |
| (Post Master Supreme) |
| 02/22/23 02:33 PM |
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Re: dat real estate v.2021
|
^ yup..like wth homes back to battles and selling 100-220k over asking all over...derp city, ppl don't gAF lol. meantime rates been up up up and supposed to stop, but fucking BoC says maybe another hike
re. OFSI...it's fucked our markets (and society here at least) has come to this. may as well take advantage tho. rate hikes tame 'inflation' only so much but this time it seems to be different and it isn't having the same impact. if anything it's just hurting us all more with nutso fast rate increase after so long/so cheap interest. they can't just flick the switch like this.
| Risky Business |
| (Post Master Supreme) |
| 02/23/23 06:09 AM |
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Re: dat real estate v.2021
|
We are definitely getting another hike, already priced in.
| furball |
| (Post Master Sr) |
| 02/28/23 10:24 PM |
|
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Re: dat real estate v.2021
|
Twitter summary:
- People buy a new house (Brampton) March 2022 with a 90 day closing $1.9M purchase price
- Sell their old home FIRM $1.56M also long closing
- Need a 55 Day Bridge Loan for because new house closes first and old house 55 days later
- CIBC ponies up $1.9M which is a $1.38M mortgage plus the Bridge
- New Home purchase closes BUT Old House sale FAILS 55 days later
- Sweet Jaysus, what a mess, time to Re-list sell fast
- Now the total fckery begins: the value of both properties has FALLEN
- But Seller keeps Listing at $1.5M+ on old house because they need proceeds to pay off the Bridge Loan
- Finally when they call me: they have decided to drop to $1.35M to sell
- But wait it gets worse
- Because there are 2 mortgages AND a Bridge Loan to pay (nearby 9% Interest on the $500K Bridge) the owners took out a $120K Private Second Mortgage just to keep payments going
- Now they can sell old house for $1.35M pay off the Bank First Mortgage and Private on old but SHORT
- 335K to pay off the Bridge on New House
- Come to us looking for a Private Second to go to likely 96% Loan to Value on the New House to pay off the CIBC Bridge
- That's never going to happen
- Total Disaster
- Maybe the most interesting thing they said was: CIBC is very patient
- They say CIBC has a few of these all the GTA and they "Understand the problem"
- No one should call them reckless or dumb, these poor people just got caught in the WORST possible moment in time
- Likely both homes will need to be sold and all equity lost and likely still owe CIBC
https://twitter.com/ronmortgageguy/status/1630574280202174464?s=46&t=qmLsFYDVYFOl9AZgOTXXIw
| SuPeR-MaRiO |
| (Post Master Sr) |
| 03/01/23 05:13 AM |
|
|
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Re: dat real estate v.2021
|
Quote:
Likely both homes will need to be sold and all equity lost and likely still owe CIBC
Damn
| Simon_the_Pieman |
| (Post Master Sr) |
| 03/01/23 09:25 AM |
|
|
|
Re: dat real estate v.2021
|
Originally Posted By: SuPeR-MaRiO
Quote:
Likely both homes will need to be sold and all equity lost and likely still owe CIBC
Damn
holy fuck
| Risky Business |
| (Post Master Supreme) |
| 03/02/23 05:03 AM |
|
Re: dat real estate v.2021
|
Originally Posted By: furball
Twitter summary:
- People buy a new house (Brampton) March 2022 with a 90 day closing $1.9M purchase price
- Sell their old home FIRM $1.56M also long closing
- Need a 55 Day Bridge Loan for because new house closes first and old house 55 days later
- CIBC ponies up $1.9M which is a $1.38M mortgage plus the Bridge
- New Home purchase closes BUT Old House sale FAILS 55 days later
- Sweet Jaysus, what a mess, time to Re-list sell fast
- Now the total fckery begins: the value of both properties has FALLEN
- But Seller keeps Listing at $1.5M+ on old house because they need proceeds to pay off the Bridge Loan
- Finally when they call me: they have decided to drop to $1.35M to sell
- But wait it gets worse
- Because there are 2 mortgages AND a Bridge Loan to pay (nearby 9% Interest on the $500K Bridge) the owners took out a $120K Private Second Mortgage just to keep payments going
- Now they can sell old house for $1.35M pay off the Bank First Mortgage and Private on old but SHORT
- 335K to pay off the Bridge on New House
- Come to us looking for a Private Second to go to likely 96% Loan to Value on the New House to pay off the CIBC Bridge
- That's never going to happen
- Total Disaster
- Maybe the most interesting thing they said was: CIBC is very patient
- They say CIBC has a few of these all the GTA and they "Understand the problem"
- No one should call them reckless or dumb, these poor people just got caught in the WORST possible moment in time
- Likely both homes will need to be sold and all equity lost and likely still owe CIBC
https://twitter.com/ronmortgageguy/status/1630574280202174464?s=46&t=qmLsFYDVYFOl9AZgOTXXIw
- People buy a new house (Brampton) March 2022 with a 90 day closing $1.9M purchase price
- Sell their old home FIRM $1.56M also long closing
- Need a 55 Day Bridge Loan for because new house closes first and old house 55 days later
- CIBC ponies up $1.9M which is a $1.38M mortgage plus the Bridge
- New Home purchase closes BUT Old House sale FAILS 55 days later
- Sweet Jaysus, what a mess, time to Re-list sell fast
- Now the total fckery begins: the value of both properties has FALLEN
- But Seller keeps Listing at $1.5M+ on old house because they need proceeds to pay off the Bridge Loan
- Finally when they call me: they have decided to drop to $1.35M to sell
- But wait it gets worse
- Because there are 2 mortgages AND a Bridge Loan to pay (nearby 9% Interest on the $500K Bridge) the owners took out a $120K Private Second Mortgage just to keep payments going
- Now they can sell old house for $1.35M pay off the Bank First Mortgage and Private on old but SHORT
- 335K to pay off the Bridge on New House
- Come to us looking for a Private Second to go to likely 96% Loan to Value on the New House to pay off the CIBC Bridge
- That's never going to happen
- Total Disaster
- Maybe the most interesting thing they said was: CIBC is very patient
- They say CIBC has a few of these all the GTA and they "Understand the problem"
- No one should call them reckless or dumb, these poor people just got caught in the WORST possible moment in time
- Likely both homes will need to be sold and all equity lost and likely still owe CIBC
https://twitter.com/ronmortgageguy/status/1630574280202174464?s=46&t=qmLsFYDVYFOl9AZgOTXXIw
These situations are so wild, I had an experience like this in Feb 2022, client bought and we immediately listed, but it just so happened that it was right when the war started and rates kept going up. Bridge loan at the time for them was like 3k/day from what I remember. Thankfully they were in a solid financial position, the rug pull did end up costing a couple hundred k. Sometimes you can't time these things and with the speed at the which markets move in general (even the RE market) you have to be super diligent and sometimes act fast even if it's at the expense of not getting "top" dollar, just to have the piece of mind.
| furball |
| (Post Master Sr) |
| 03/02/23 11:42 AM |
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|
|
Re: dat real estate v.2021
|
Holy fuck ... these bridge loans are like loan shark sums.... $3k/day? WTF?
We were fortunate with our Markham > Burlington close ... I think it was 6 days, and we stretched it on purpose to alleviate stress on moving out ASAP ... Never realized it was that expensive.
Come to think of it, I can't even remember what happened first. IIRC we bought Burlington first, then listed Markham, since the market was so hot in 2019...
| Risky Business |
| (Post Master Supreme) |
| 03/02/23 11:53 AM |
|
Re: dat real estate v.2021
|
Depends on the loan amount, the properties they were moving to and from were around the 1.5M-$2M mark, the issue is that it was around May when we quoted it and with the market being dead and rates rising the 'risk premium' attached to these products was wild. We worked around it, but yea things are wild.
| furball |
| (Post Master Sr) |
| 06/15/23 08:14 AM |
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|
Re: dat real estate v.2021
|
random loss porn I got sent...
| Risky Business |
| (Post Master Supreme) |
| 06/15/23 09:23 AM |
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Re: dat real estate v.2021
|
That's pretty bad, damn.
| Hatorade |
| (Post Master Supreme) |
| 06/15/23 11:22 AM |
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Re: dat real estate v.2021
|
Kitchener...
| Risky Business |
| (Post Master Supreme) |
| 06/15/23 06:32 PM |
|
Re: dat real estate v.2021
|
wasteland lol
| Simon_the_Pieman |
| (Post Master Sr) |
| 06/16/23 12:35 PM |
|
|
|
Re: dat real estate v.2021
|
Originally Posted By: Risky Business
wasteland lol
glad i got out of kw when i did!
| Risky Business |
| (Post Master Supreme) |
| 06/16/23 02:34 PM |
|
Re: dat real estate v.2021
|
You are the luckiest person I know, timing was impeccable. Someone is holding that bag now.
I sold my own unit last month, feeling pretty good about it.
Now on the prowl for that multiplex play
| Simon_the_Pieman |
| (Post Master Sr) |
| 06/16/23 03:38 PM |
|
|
|
Re: dat real estate v.2021
|
Originally Posted By: Risky Business
You are the luckiest person I know, timing was impeccable. Someone is holding that bag now.
I sold my own unit last month, feeling pretty good about it.
Now on the prowl for that multiplex play
I sold my own unit last month, feeling pretty good about it.
Now on the prowl for that multiplex play
multi-tenant babyyyyyy!
| c2k |
| (Post Master Supreme) |
| 07/25/23 05:27 AM |
|
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|
Re: dat real estate v.2021
|
Markham is not a shithole?
you can't even drive anywhere unless you leave the house at 5am to get down on the 404.
| ehko |
| (Post Master Sr) |
| 07/25/23 03:41 PM |
|
|
Re: dat real estate v.2021
|
What's the Downtown Toronto market looking like right now? Thinking about buying something I can live in part time...
| Risky Business |
| (Post Master Supreme) |
| 07/25/23 06:19 PM |
|
Re: dat real estate v.2021
|
It will come down to where downtown, which building, and if you care about views/parking/amenities/etc.
I sold my Bay condo in May and broke the record per square foot for 1 bedrooms by a substantial amount. Same building now 2 months in and listings are sitting.
Seasonally the best times to buy are July/August and December/January, the least amount of activity.
Right now I can tell you anecdotally unless it's a banger unit in a sought after building it's going to sit, otherwise the sought after stuff still moves without issues.
Here is a video I did recently that breaks down state of affairs and what to expect based on seasonal trends:
https://youtu.be/f3VXDt17JOM
| Risky Business |
| (Post Master Supreme) |
| 07/25/23 06:24 PM |
|
Re: dat real estate v.2021
|
On the flip side I had a buyer client, didn't care about price all he wanted is a specific building, specific exposure, specific views. We got it and it was $$$
| Simon_the_Pieman |
| (Post Master Sr) |
| 07/25/23 09:45 PM |
|
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|
Re: dat real estate v.2021
|
excellent candle choice.
| Risky Business |
| (Post Master Supreme) |
| 07/26/23 04:07 AM |
|
Re: dat real estate v.2021
|
Good to know, also not surprising. Client is bougie.
| c2k |
| (Post Master Supreme) |
| 07/26/23 07:45 AM |
|
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|
Re: dat real estate v.2021
|
What about condos in the Dan Leckie / fort york area?
| Risky Business |
| (Post Master Supreme) |
| 07/26/23 10:40 AM |
|
Re: dat real estate v.2021
|
Dan Leckie I wouldn't touch with a 10' pole.
Fort York, building dependent. As an investor some units there can make sense, as an end user I wouldn't go to either of these locations.
Depends on what you want, if you are in your early to mid 20's Fort York can be good value.
| furball |
| (Post Master Sr) |
| 07/28/23 07:57 AM |
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|
Re: dat real estate v.2021
|
Fort York IMO feels like ..... such a dead zone. Nothing but concrete, industrial feel...
| Risky Business |
| (Post Master Supreme) |
| 07/28/23 10:14 AM |
|
Re: dat real estate v.2021
|
Yea it's nothing special, but decent value and location.
If you want boutique/good vibe/character you have to go King West, Yorkville, etc.
| c2k |
| (Post Master Supreme) |
| 07/31/23 11:09 AM |
|
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|
Re: dat real estate v.2021
|
Oh, I wasn't looking at it from an investor perspective but as a second residential.
How can an average Joe like myself get into the real estate investment market? How much capital do I need to front? How long will it take to get a passive income?
| Risky Business |
| (Post Master Supreme) |
| 07/31/23 07:32 PM |
|
Re: dat real estate v.2021
|
With current rates and prices of condos, personally I wouldn't bother. You'd be cashflow negative close to 1k/month on a typical rental at current interest rates. Need 20% down.
If you are looking for residential then you can probably get a deal on something as condos are sitting. I actually saw someone give a condo away today in the west end, sold well below market.
You can try to pick up an assignment unit where someone can't afford to close on it as the building is nearing completion. This is more for the veterans though.
In the GTA the simplest move is to get a detached/semi that you can get two rentals out of, maybe even 3 if space allows, close to a major transit area and sit and wait for rates to come down and refinance. These will all be 'grey market' rentals, you can pony up and make them legal, but most people don't. You take on the risk.
Personally I am looking at multifamily outside the GTA right now as the only thing that works. I looked at an 8 unit multi family for 1.1M that brought in 10k/month in rents. You can finance these with CMHC products at ~5% and 40 year amortizations, you are in the clear. You need to do renos, buy out tenants, deal with fuckery, but well worth it.
I also saw a crazy off market deal on incomplete construction sites, a few of these popping up now and selling for 65-80 cents on the dollar.
Person starts building custom, private lender pulls financing, if person is over leveraged it gets ugly quick. I saw someone put in 1.2M into a vacant land with permitting and foundation poured, can't unload it for 700k, has to sell primary residence now to settle all debts, it's a mess. Lots of opportunistic buying is happening, but nothing is without risk.
CN: Nothing is passive, it's all work. The more work/risk the higher the upside, all the low hanging fruit/easy buy/rent plays have the lowest returns.
| Risky Business |
| (Post Master Supreme) |
| 07/31/23 07:52 PM |
|
Re: dat real estate v.2021
|
The condo I sold in May, I got $560k for it. The buyer that bought is paid 20% down, mortgage of 448k.
Monthly mortgage = 2,944
Maintenance = $350
Property Tax = $200
Insurance = $20
Amortized Land Transfer = 220
Total Carrying Cost = $3,734
They just rented it out for $2500
Cashflow negative = $1,234
This is what you call modern subsidized housing.
| c2k |
| (Post Master Supreme) |
| 08/03/23 10:50 AM |
|
|
|
Re: dat real estate v.2021
|
I appreciate your insight and the fact you aren't sugarcoating it. But let's be realistic, the interest rate won't be coming back down anytime soon, we've had historic low interest rates for nearly 20 years. Interest rate in the 5-7% range will be the new normal from now on.
| Risky Business |
| (Post Master Supreme) |
| 08/03/23 06:59 PM |
|
Re: dat real estate v.2021
|
I don't think people realize how many people are in financial trouble because of rates. Yes they will be high for the next little while, 12+ months seems pretty certain, but beyond that is anyone's guess.
| RatZero |
| (Post Master Supreme) |
| 08/06/23 01:27 PM |
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|
Re: dat real estate v.2021
|
I think rates are going to be a huge thing, and it's just starting. I bought a house, and got them down $270K, I think a lot had to to with timing. It's my speculation that because they bought in spring 2019, that 5 year mortgage renewal is coming up, and would have been a giant leap up for them. We made a cash offer, no conditions, and was able to get a price we are happy with. 2.6 really private acres, 5000 sq feet finished, with 5 garages.
| Screamin Type ARGH! |
| (Post Master Supreme) |
| 08/08/23 12:21 PM |
|
|
|
Re: dat real estate v.2021
|
central bank are pieces of shit.
our gov is the TP who are also useless fucks.
| furball |
| (Post Master Sr) |
| 08/18/23 06:37 PM |
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|
Re: dat real estate v.2021
|
https://x.com/condochris/status/1692540630155600158?s=46&t=yvRxcjSrq9J-qBrK0dI17A
| Risky Business |
| (Post Master Supreme) |
| 08/18/23 07:50 PM |
|
Re: dat real estate v.2021
|
I just ran a pivot table for Markham listings over $4M, it's not showing in the data yet anyway.
| Risky Business |
| (Post Master Supreme) |
| 10/13/23 01:23 PM |
|
Re: dat real estate v.2021
|
CBC feature, hard to believe it started with lowballing honda parts on kijiji to lowballing homes.
https://www.cbc.ca/news/business/crea-housing-september-1.6994989
| titty sprinkles |
| (Post Master Supreme) |
| 10/16/23 01:04 PM |
|
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|
Re: dat real estate v.2021
|
congrats on the feature man
| c2k |
| (Post Master Supreme) |
| 10/16/23 06:12 PM |
|
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|
Re: dat real estate v.2021
|
Originally Posted By: Risky Business
CBC feature, hard to believe it started with lowballing honda parts on kijiji to lowballing homes.
https://www.cbc.ca/news/business/crea-housing-september-1.6994989
https://www.cbc.ca/news/business/crea-housing-september-1.6994989
Nice work! But how can I read it? The article is circle black-faced.
Congratulations. No doubt that your hard work is paying off.
| LNXGUY |
| (Post Master Supreme) |
| 10/17/23 02:24 PM |
|
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|
Re: dat real estate v.2021
|
Badass Vas.
| Risky Business |
| (Post Master Supreme) |
| 10/17/23 07:05 PM |
|
Re: dat real estate v.2021
|
Thanks
Reporter was cool, kept the story fairly unbiased although you can feel they were looking for a narrative in mind, but they kept it professional. I think sometimes shit you see on social media catches traction and then they want to find someone with data to actually vet if it's true. So much trash on social media, it's incredible.
| furball |
| (Post Master Sr) |
| 10/18/23 08:28 AM |
|
|
|
Re: dat real estate v.2021
|
Yeah, cool beans Vas.
I was scrolling thru TikTok/Insta, and Ron Butler shit popped up.
For a guy that owns a mortgage business, that guy has a fucking foul mouth
Originally Posted By: Risky Business
Thanks
Reporter was cool, kept the story fairly unbiased although you can feel they were looking for a narrative in mind, but they kept it professional. I think sometimes shit you see on social media catches traction and then they want to find someone with data to actually vet if it's true. So much trash on social media, it's incredible.
Reporter was cool, kept the story fairly unbiased although you can feel they were looking for a narrative in mind, but they kept it professional. I think sometimes shit you see on social media catches traction and then they want to find someone with data to actually vet if it's true. So much trash on social media, it's incredible.
| Risky Business |
| (Post Master Supreme) |
| 10/18/23 09:13 AM |
|
Re: dat real estate v.2021
|
Originally Posted By: furball
Yeah, cool beans Vas.
I was scrolling thru TikTok/Insta, and Ron Butler shit popped up.
For a guy that owns a mortgage business, that guy has a fucking foul mouth
I was scrolling thru TikTok/Insta, and Ron Butler shit popped up.
For a guy that owns a mortgage business, that guy has a fucking foul mouth
Originally Posted By: Risky Business
Thanks
Reporter was cool, kept the story fairly unbiased although you can feel they were looking for a narrative in mind, but they kept it professional. I think sometimes shit you see on social media catches traction and then they want to find someone with data to actually vet if it's true. So much trash on social media, it's incredible.
Reporter was cool, kept the story fairly unbiased although you can feel they were looking for a narrative in mind, but they kept it professional. I think sometimes shit you see on social media catches traction and then they want to find someone with data to actually vet if it's true. So much trash on social media, it's incredible.
There is a lot of drama/dirt with Ron so I am not going to comment. He always posts negative things, which is why he has such a big following. Posting negative shit all the time is like 10x more engaging than good quality content.
He is a smart guy, but a constant doom and gloom guy. Rumor is he sold his house years ago to rent because he could time the market, apparently he can't afford to get in now. Play stupid games, win stupid prizes.
| furball |
| (Post Master Sr) |
| 11/09/23 11:22 AM |
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Re: dat real estate v.2021
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This landed on my feed.... interesting .... Wondering what group of shady people could try to abuse this?
Community Land Trusts .... https://www.youtube.com/watch?v=h46WVCr4zk0
| Risky Business |
| (Post Master Supreme) |
| 11/12/23 05:05 AM |
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Re: dat real estate v.2021
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Good video, wasn't aware of this.
| furball |
| (Post Master Sr) |
| 11/13/23 01:31 PM |
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Re: dat real estate v.2021
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https://www.youtube.com/watch?v=eHk4bkMZKgA
"Toronto Condo investors are panic selling"
| Simon_the_Pieman |
| (Post Master Sr) |
| 11/13/23 09:06 PM |
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Re: dat real estate v.2021
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Originally Posted By: furball
https://www.youtube.com/watch?v=eHk4bkMZKgA
"Toronto Condo investors are panic selling"
"Toronto Condo investors are panic selling"
https://www.youtube.com/watch?v=ADZLdWn9TsU
| Risky Business |
| (Post Master Supreme) |
| 11/18/23 10:23 AM |
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Re: dat real estate v.2021
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Originally Posted By: Simon_the_Pieman
Originally Posted By: furball
https://www.youtube.com/watch?v=eHk4bkMZKgA
"Toronto Condo investors are panic selling"
"Toronto Condo investors are panic selling"
https://www.youtube.com/watch?v=ADZLdWn9TsU
Thanks for the support!
| 87ZCSi |
| (Post Master Sr) |
| 11/19/23 11:28 PM |
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Re: dat real estate v.2021
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Originally Posted By: titty sprinkles
congrats on the feature man
| Screamin Type ARGH! |
| (Post Master Supreme) |
| 11/27/23 07:38 AM |
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Re: dat real estate v.2021
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https://www.cbc.ca/news/politics/canada-mortgage-renewal-freeland-1.7040513
lol...dumb bitch
| Risky Business |
| (Post Master Supreme) |
| 11/27/23 09:04 AM |
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Re: dat real estate v.2021
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Her face really irritates me, imagine being a leader and talking while saying absolutely nothing. She has perfected it. "finance" minister, what a circus.
| Screamin Type ARGH! |
| (Post Master Supreme) |
| 12/02/23 09:32 PM |
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Re: dat real estate v.2021
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https://www.reddit.com/r/Canada_sub/comments/189bkeg/pierre_poilievres_minidocumentary_housing_hell/
oh the irony...........
| Risky Business |
| (Post Master Supreme) |
| 12/05/23 04:19 AM |
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Re: dat real estate v.2021
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JT is a piece of work, but nothing breats Chrystia Freeland.
This reporter committed career suicide most likely, but it's the first time I've seen someone call her out on her bullshit. What a cockroach.
https://www.youtube.com/watch?v=-QBjoZuh214
| Screamin Type ARGH! |
| (Post Master Supreme) |
| 12/07/23 02:11 PM |
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Re: dat real estate v.2021
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Yup
| Risky Business |
| (Post Master Supreme) |
| 12/07/23 05:46 PM |
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Re: dat real estate v.2021
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Market getting rocked right now with the price declines (area dependent), Markham, a lot of Toronto holding strong, but some good deals. Condos getting smashed.
Good news, fixed rates are going down, buyers are starting to get off the sidelines.
| Senor Eduardo_82 |
| (Post Master Supreme) |
| 01/29/24 01:48 PM |
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Re: dat real estate v.2021
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Has the market started to turn a corner? The small segments of the GTA I keep an eye on have all been stagnant for months, suddenly in the last two weeks things are being listed and sold (conditionally) within days. List prices were mostly in line with last year's numbers.
| Simon_the_Pieman |
| (Post Master Sr) |
| 01/29/24 03:01 PM |
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Re: dat real estate v.2021
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Originally Posted By: Senor Eduardo_82
Has the market started to turn a corner? The small segments of the GTA I keep an eye on have all been stagnant for months, suddenly in the last two weeks things are being listed and sold (conditionally) within days. List prices were mostly in line with last year's numbers.
https://www.youtube.com/watch?v=Hl5PLKr-Zcc
| Risky Business |
| (Post Master Supreme) |
| 01/29/24 05:43 PM |
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Re: dat real estate v.2021
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Originally Posted By: Senor Eduardo_82
Has the market started to turn a corner? The small segments of the GTA I keep an eye on have all been stagnant for months, suddenly in the last two weeks things are being listed and sold (conditionally) within days. List prices were mostly in line with last year's numbers.
There is a semi in Mississauga with an offer night tonight that currently has 85 offers.
The market is definitely picking up, but it's seasonal and not abnormal, feels abnormal because of how shitty it has been for almost a year.
| Screamin Type ARGH! |
| (Post Master Supreme) |
| 02/06/24 11:43 AM |
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Re: dat real estate v.2021
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*insert "you don't say meme here"...*
https://www.reddit.com/r/canada/comments/1akd6er/fake_chinese_income_mortgages_fuel_toronto_real/
| furball |
| (Post Master Sr) |
| 02/06/24 07:41 PM |
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Re: dat real estate v.2021
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https://www.thebureau.news/p/fake-chinese-income-mortgages-fuel
Original source article.
Screenshot of some of the evidence submitted:
Warning, Spoiler:
| Simon_the_Pieman |
| (Post Master Sr) |
| 02/07/24 07:43 AM |
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Re: dat real estate v.2021
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thats a good read!
| Big Tasty |
| (Post Master Supreme) |
| 02/07/24 07:56 AM |
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Re: dat real estate v.2021
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Toronto ramping up on home sales: https://www.youtube.com/watch?v=iMYrgK0G8SI
| Risky Business |
| (Post Master Supreme) |
| 02/07/24 03:26 PM |
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Re: dat real estate v.2021
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"soaring" lol
| furball |
| (Post Master Sr) |
| 02/08/24 05:36 AM |
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Re: dat real estate v.2021
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Diaspora, diaspora, diaspora, diaspora, diaspora, diaspora, diaspora, diaspora, diaspora, diaspora, diaspora, diaspora, diaspora, diaspora, diaspora, diaspora, diaspora, diaspora, diaspora, diaspora, diaspora, diaspora, WOULD YOU STFU with diaspora....
Originally Posted By: Simon_the_Pieman
thats a good read!
| RatZero |
| (Post Master Supreme) |
| 02/09/24 10:31 AM |
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Re: dat real estate v.2021
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Things did pick up after Christmas, we got ours conditionally sold Jan 2 after not much going on for 3 months. So looking forward to not carrying 2 sets of bills.
| Big Tasty |
| (Post Master Supreme) |
| 03/07/24 02:37 PM |
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Re: dat real estate v.2021
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Umm, how did they even do this?
https://cache-e12.housesigma.com/file/pix-treb/E8093628/9636f_11.jpg?22f60ecf
https://cache-e13.housesigma.com/file/pix-treb/E8093628/9636f_12.jpg?22f60ecf
| Risky Business |
| (Post Master Supreme) |
| 03/07/24 03:33 PM |
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Re: dat real estate v.2021
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that's amazingSpeaking of real estate, i just lost in a bidding war on this property.
Probably one of the nicest renos I've seen in a while, definitely over renovated for the neighbourhood, but damn was this place top notch. Guy had a b7 RS4 in the garage too.
https://housesigma.com/bkv2/landing/root...um=desktop&ign=
| Simon_the_Pieman |
| (Post Master Sr) |
| 03/08/24 11:41 AM |
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Re: dat real estate v.2021
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yeesh beauty renos