Housing market is hot
- Thread starter Bigdaug
- Start date
Not locally but if you look internationally you'll find plenty of people with cash looking to buy. Junior has done a nice job pimping Canada out the past 5 years. It's quite literally being overtaken and it will only get worse if they follow through with their plans. Plus there is virtual economy, which is my way of saying tech sector, that thing is detached from reality big times and the trick there is that you can always come up with something to keep it running. I mean you can create apps/online services for pandemic, recession, depression whatever the case may be, even if there is an apocalypse you can still create something "useful" (an app that will help you die faster and without pain
).
Particularly the Markham area, what is happening? I'm thinking of selling a townhouse I have rented out in downtown Markham and buying it back later, the issue is the rental contract or I'd flip it asap. This market is just absurd. Just saw a 2800sq foot home in the 404/majormac area go for 400k above listing price. You would think we'd see a decline post covid with an over supply...
There's alot of cash buyers around that area, so yeah it's pretty crazy that homes would fly off the market. That's what I thought too, but apparently buyers are taking advantage of COVID recession and buying now before it gets really bad.
Instead of ranting about Trudeau's dancing skills and 401 traffic, just come out and say you dont like immigrants plain and simple.
Saw a news report yesterday that a shack sold for $1.8mm, $800,000 above asking. The new owner will probably tear down the shack and build a new house on the lot.
For those that are most familiar with emerging GTA residential areas, where do you think is best for investment purposes ? Which would yield the most returns in the next 5-10 years? I've had a friend suggest kleinburg (north of Woodbridge), they are going to be extending 427 up there, and also Ajax.
Invest in homes out east. Way cheaper than Barrie Orillia area. Too late for our kids now. A good trade career at this point is better than competing on cubicle jobs downtown toronto.
Kleinberg is already expensive. Ajax now too. an average townhome is $600k - $800k which is ridiculous. You can probably get a condo for $499k as well as a Little 2bedroom 1 wash bungalow. Oshawa would be a bit cheaper than ajax. As soon as my kids go to University I'm moving out of the GTA and possibly move to Kingston, Belleville or Peterborough at least that's the plan. Plan's change.
I've been looking at London. Good pricing, top hospital (#1 in Canada) two hours from Toronto or Windsor. I'm seven years away right now. Hoping pricing holds in ratio.
I can't say that you would be wrong to sell that rental unit and capture your capital gain in this dynamic market, but then again, in the spring I never would have expected to see to such a vibrant market given the economy and the pandemic and all. That would have been a mistake, but it might seem to have made sense at the time. Over the years, when I look at the rapid appreciation in my community and start to think that "now is the time to sell", it would always have been the wrong decision as prices today appear to once again be at record levels...
I never wrote that. What I want is a country that is manage properly for the people and not the selfish needs of a greedy corrupt prime minister who only cares to get votes. Reread my post and maybe you will understand.
Lets not compare ourselves to our American siblings. When they collapsed in 2008, we stay pretty firm.
You need to start at the beginning.
This beginning is the professionals in the industry. All Real Estate and Mortgage professionals are crooks. They are all immoral crooks and most had nothing else in life going for them.
In this industry, you write a few simple exams and you are license to do whatever you want. No surprise you see: Foreign money pouring in, Fraudulent applications that get approved, Residential homes chopped into rental properties, etc. You let crooks do what they want, this will be the outcome, Chaos.
Until the people demand the Real Estate and Mortgage industry is held to a higher standard like the Banks or Insurance companies, nothing will changes.
There's a reason why you can't walk into a bank and buy insurance, or your personal banker will make you sign a Liability Release form if you invest more than the recommended amount. They have consequences for being a crook.
This beginning is the professionals in the industry. All Real Estate and Mortgage professionals are crooks. They are all immoral crooks and most had nothing else in life going for them.
In this industry, you write a few simple exams and you are license to do whatever you want. No surprise you see: Foreign money pouring in, Fraudulent applications that get approved, Residential homes chopped into rental properties, etc. You let crooks do what they want, this will be the outcome, Chaos.
Until the people demand the Real Estate and Mortgage industry is held to a higher standard like the Banks or Insurance companies, nothing will changes.
There's a reason why you can't walk into a bank and buy insurance, or your personal banker will make you sign a Liability Release form if you invest more than the recommended amount. They have consequences for being a crook.
Not I but I know several owners who are renting out rooms in large houses to poor people and students at $400 a pop. The city is ok with this because it is a form of "affordable housing". Otherwise, these folks would be living in tents in our parks.
Like I said earlier in this thread, we are being eased into poverty.
You guys are waiting for a Market Correction to happen, but it will never come. It's like living in Venezuela and waiting for correction.
