GDT: Game #40 | Sharks @ Canadiens | Jan 2, 2018| 7:30 (a.k.a. Real Estate Thread)

Re: GDT: Game #40 | Sharks @ Canadiens | Jan 2, 2018| 7:30

wiseguy1 said:

Families buy into the dream of a home, a house. A condo doesnt cut it for most families. Canadian cities are running out of land for new home developments, so the demand for a house will always be there.

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I never gave a crap about a house. I know I would have more "wealth" but more cost and hassle. We chose condo living.

More families in BC are choosing this because of ridiculously high housing costs.

Re: GDT: Game #40 | Sharks @ Canadiens | Jan 2, 2018| 7:30

CH1 said:

worse. many have become accustomed to using their home as a perpetual ATM.

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you got that right, it is scary what I see .. any little jump in values and they are refinancing to pay the credit cards off.... people actually finance a life style..

Re: GDT: Game #40 | Sharks @ Canadiens | Jan 2, 2018| 7:30

okay, my take on the real estate market. Those of you with little to no equity in your home - you should always be concerned about downturns in the market place. Can it happen....yes! Furthermore, some neighbourhoods are more desirable and less prone to dropping or dropping as much as other neighborhoods throughout the city.

Otoh, if you have zero mortgage or a relatively small one. Who gives a crap? Maybe you can even take advantage of a market bust or dip and buy another property at some point - either that, or don't sweat it much cause it's all relative as you can buy someone else's place that is poorly leveraged at a lower price point too - if you choose to move.

anecdotal yes, but here goes - here in midtown for sale signs are not staying up long - meaning less than a month. I know for a fact, some homes in my neighborhood are drawing multiple offers at this time. I know someone in Scabro that could not attract interest in their suburban back split in May - June last year. She took it off the market and relisted in October and sold for what she wanted earlier in the year. No multiple offers though.

similar situation happened to a friend in midtown TO - relisted in the Fall of 17' got multiple offers and sold over list of what he wanted earlier in the year. Difference being a more desirable part of town, better schools and closer to buses and subway line.

Re: GDT: Game #40 | Sharks @ Canadiens | Jan 2, 2018| 7:30

TheCountofMonteCristo said:

I never gave a crap about a house. I know I would have more "wealth" but more cost and hassle. We chose condo living.

More families in BC are choosing this because of ridiculously high housing costs.

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People also underestimate the wear and tear of long commute times. If I had to choose between the two, I would take the condo and the shorter commute times.

Re: GDT: Game #40 | Sharks @ Canadiens | Jan 2, 2018| 7:30

legoalie said:

you got that right, it is scary what I see .. any little jump in values and they are refinancing to pay the credit cards off.... people actually finance a life style..

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people like that, should always have a tube of butt lube handy

Re: GDT: Game #40 | Sharks @ Canadiens | Jan 2, 2018| 7:30

wiseguy1 said:

People also underestimate the wear and tear of long commute times. If I had to choose between the two, I would take the condo and the shorter commute times.

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Another reason why houses in the City of Toronto won't go down. Moving outside the city is a killer commute wise.

Re: GDT: Game #40 | Sharks @ Canadiens | Jan 2, 2018| 7:30

legoalie said:

you got that right, it is scary what I see .. any little jump in values and they are refinancing to pay the credit cards off.... people actually finance a life style..

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Agreed. It's disgusting looking at the number of Canadians carrying CONSIDERABLE unsecured debt.

My only issue with putting a cap on refi's however, is that people who are in their "dream home" are penalized when they want to use their equity to improve their homes. Not sure why the rules couldn't allow for exceptions when funds are being directed to home improvement.

Re: GDT: Game #40 | Sharks @ Canadiens | Jan 2, 2018| 7:30

legoalie said:

TREB just lost its appeal case to have their stats private, if this holds it will change the way real estate is reporter in GTA.. here is an example why they dont want it public. This is a fact example btw. house is listed at $1.34 , no offers , price reduction and still no offers, after several price reductions with a final ask of $1,040,000 the house sells at $1,050,000 and the realtor is allowed to advertise it sold over asked... that is a true sale that happened in Nov-2017... TREB sells real estate..they apparently have hooked you...

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That reporting scam has been going on for years . My realtor friends say they can skew the numbers anyway they want .