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#10367971 - 12/18/22 05:42 AM Re: dat real estate v.2021 [Re: Risky Business]
zaius Offline
Post Master Sr


Registered: 04/30/05
Posts: 8474
Loc: Toronto
yup. i got that piece of yellow paper. scared me at first thinking i missed some sort of bill payment.

couple thoughts:

i donít understand if youíre elderly, how the f are you going to go online and submit the declaration? there doesnít seem to be any other option.

also, this yearly thing is going to get annoying fast... and thereís no way no one will declare their house vacant to pay more taxes. pretty pointless to me.
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2003 dc5 typeS.
looks stock.

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#10368114 - 12/18/22 05:05 PM Re: dat real estate v.2021 [Re: zaius]
Big Tasty Online   pandAr
Post Master Supreme


Registered: 02/10/02
Posts: 19148
Loc: Toronto
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.
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#10368132 - 12/18/22 06:21 PM Re: dat real estate v.2021 [Re: Big Tasty]
Risky Business Offline
Post Master Supreme


Registered: 05/17/10
Posts: 43687
You are giving the city staffers way to much credit.
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#10391447 - 02/17/23 07:26 PM Re: dat real estate v.2021 [Re: Risky Business]
furball Offline
Post Master Sr


Registered: 09/24/03
Posts: 9446
Loc: Toronto, ON
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



Edited by furball (02/17/23 07:30 PM)

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#10391449 - 02/17/23 07:28 PM Re: dat real estate v.2021 [Re: furball]
furball Offline
Post Master Sr


Registered: 09/24/03
Posts: 9446
Loc: Toronto, ON
China mortgage situ ...

https://www.cnn.com/2023/02/17/economy/china-mortgage-age-95-property-market-intl-hnk/index.html

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#10391487 - 02/18/23 08:58 AM Re: dat real estate v.2021 [Re: furball]
Risky Business Offline
Post Master Supreme


Registered: 05/17/10
Posts: 43687
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.

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#10393013 - 02/22/23 02:33 PM Re: dat real estate v.2021 [Re: Risky Business]
Screamin Type ARGH! Offline
Honda CEO's personal fluffer
Post Master Supreme


Registered: 02/20/01
Posts: 47133
Loc: T.O. - Canaduh
^ 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.
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#10393496 - 02/23/23 06:09 AM Re: dat real estate v.2021 [Re: Screamin Type ARGH!]
Risky Business Offline
Post Master Supreme


Registered: 05/17/10
Posts: 43687
We are definitely getting another hike, already priced in.
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#10396263 - 02/28/23 10:24 PM Re: dat real estate v.2021 [Re: Risky Business]
furball Offline
Post Master Sr


Registered: 09/24/03
Posts: 9446
Loc: Toronto, ON
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


Edited by furball (02/28/23 10:25 PM)

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#10396291 - 03/01/23 05:13 AM Re: dat real estate v.2021 [Re: furball]
SuPeR-MaRiO Offline
Post Master Sr


Registered: 06/28/01
Posts: 5990
Loc: Toronto, Ontario
 Quote:
Likely both homes will need to be sold and all equity lost and likely still owe CIBC

Damn \:\(

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#10396354 - 03/01/23 09:25 AM Re: dat real estate v.2021 [Re: SuPeR-MaRiO]
Simon_the_Pieman Offline
Post Master Sr


Registered: 08/13/01
Posts: 9365
Loc: The A
 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
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"I'd love it if we did it... but I guess I'm a big skeptic on Canadians because so many are retarded as fuck." - 355-Si, 2020

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#10396760 - 03/02/23 05:03 AM Re: dat real estate v.2021 [Re: furball]
Risky Business Offline
Post Master Supreme


Registered: 05/17/10
Posts: 43687
 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


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.

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#10396891 - 03/02/23 11:42 AM Re: dat real estate v.2021 [Re: Risky Business]
furball Offline
Post Master Sr


Registered: 09/24/03
Posts: 9446
Loc: Toronto, ON
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...


Edited by furball (03/02/23 11:43 AM)

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#10396895 - 03/02/23 11:53 AM Re: dat real estate v.2021 [Re: furball]
Risky Business Offline
Post Master Supreme


Registered: 05/17/10
Posts: 43687
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.
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