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Yes, I know...no shit Sherlock, houses increase. But just water cooler talk, I find it interesting to see the historical progression in specific houses in some areas. Great for the sellers but 1st time buyers are SOL. View from Bungol.ca |
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Well ... Are they really? Or is it that 'first time home buyers' nowadays have illusions at a much younger age than previous generations? i.e. previous gens moved in with 1-2 generations, or much larger families, or further away, etc.... Nowadays, everyone wants their 'own place', downtown, multi-bedrooms, etc... |
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My first townhouse in 2004 was a 3bdrm 2 bath with garage for $179k. Was manageable on a decent salary on my own. My second townhouse sold for double what I paid for it within the span of 10 years. 1st time buyers are saying now what we told our grand parents about price leaps. |
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It's ok, the bubble will burst any day now. |
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Anything over $1M has dropped quite a bit. |
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Originally Posted By: A2B-Lexus Anything over $1M has dropped quite a bit. Yup. |
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This reminds me, I have a few real estate sales/equity/will questions for you guys lol. |
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The worst now is that people who put their house up thinking it is worth what it was 2 years ago. I put in a couple of market value offers for the area and they rather be wheeled out of their in a body bag than to sell for what market value is now. |
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Originally Posted By: A2B-Lexus The worst now is that people who put their house up thinking it is worth what it was 2 years ago. I put in a couple of market value offers for the area and they rather be wheeled out of their in a body bag than to sell for what market value is now. Do they not bother to look at comps? |
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The ones I've looked at and put offers down on are houses that tend to be paid off where the owners got it preconstruction and isn't in a hurry. All tend to be set on a price they missed out on when the market was batshit crazy....some have been listed on and off for a year. |
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Not good for sellers unless looking to downsize. |
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The time for sellers is 2 years ago for houses. Condos still seem to be hot. |
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Homes in my area, that are pretty much cookie-cut replicas of mine, have dropped like a rock since the peak ... Still out of reach (and far as fuck) for a slice of heaven ... |
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My place dropped about $100k from the peak....the area I am looking at dropped $300k. Getting into that area still almost triples my mortgage. Still have sticker shock at what 2 car garage house cost in Markham. |
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Certain areas have recovered back to almost peak pricing lol. My home is close to peak, but I guess I should thank the newly built $1.25M townhouses for that. It’s a great time to upsize as the larger homes have dropped a lot, but majority of sellers are not in a rush (Markham). I’ve been showing buyers homes that use to cost upwards of $2M and now they just sit listed forever at $1.6-$1.8 Horrible time to downsize. These sellers are not in a rush to sell as majority of these larger homes are vacant, but all they need is that one buyer that’s willing to pay. |
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Yup......that's our experience so far. Crazy Rich Asians....I rather pay property tax, heat and keep paying to cut the lawn than to cut bait and cash in less. |
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Originally Posted By: A2B-Lexus My place dropped about $100k from the peak....the area I am looking at dropped $300k. Getting into that area still almost triples my mortgage. Still have sticker shock at what 2 car garage house cost in Markham. You going to unionville? |
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A 3+3 split level around the corner from me on same street just sold for 104% of asking. A house in the process of being built on the other side of the park from me is on the market for $1.93M (4+2 bdrm, 5 bth), think there is a sketchy situation on that though. |
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just did some renos to my garage and whole driveway/front path, side and backyard stone/paths. soooo, home should be worth 100k more now given GTA tard pricing |
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^nope you increased your home by $500k LOLOLOL |
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Originally Posted By: Risky Business Originally Posted By: A2B-Lexus My place dropped about $100k from the peak....the area I am looking at dropped $300k. Getting into that area still almost triples my mortgage. Still have sticker shock at what 2 car garage house cost in Markham. You going to unionville? Closer to grandma care around kennedy and 16. |
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Originally Posted By: A2B-Lexus Originally Posted By: Risky Business Originally Posted By: A2B-Lexus My place dropped about $100k from the peak....the area I am looking at dropped $300k. Getting into that area still almost triples my mortgage. Still have sticker shock at what 2 car garage house cost in Markham. You going to unionville? Closer to grandma care around kennedy and 16. Should be able to get a deal done. Unless the offers are too unrealistic XD |
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Filial piety .... Who cut the onions up in hurrr... Originally Posted By: A2B-Lexus Closer to grandma care around kennedy and 16. |
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Originally Posted By: A2B-Lexus Originally Posted By: Risky Business Originally Posted By: A2B-Lexus My place dropped about $100k from the peak....the area I am looking at dropped $300k. Getting into that area still almost triples my mortgage. Still have sticker shock at what 2 car garage house cost in Markham. You going to unionville? Closer to grandma care around kennedy and 16. Look at this 'upper unionville' nikra lol |
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LOL It's always great to be close to family. This I have learned over the years... |
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Yep, live one street over from cousins/uncles/etc. Not going anywhere, village life! |
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Originally Posted By: Risky Business Yep, live one street over from cousins/uncles/etc. Not going anywhere, village life! You are slowly turning yellow by staying in MarkHAM LOL |
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https://www.instagram.com/p/B0BuPQFnUZa/?igshid=18lsn8w65h2qm |
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So my mom gives my bro $100k for a deposit for his house and co-signs for his mortgage. He works at Shoppers Drug Mart making slightly more then minimum wage and cant really afford the house he bought without her. Now, when she eventually dies, am I entitled to her equity in his home since she has stake in part of it? |
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Originally Posted By: Hatorade Originally Posted By: A2B-Lexus Originally Posted By: Risky Business Originally Posted By: A2B-Lexus My place dropped about $100k from the peak....the area I am looking at dropped $300k. Getting into that area still almost triples my mortgage. Still have sticker shock at what 2 car garage house cost in Markham. You going to unionville? Closer to grandma care around kennedy and 16. Should be able to get a deal done. Unless the offers are too unrealistic XD List was $1.2....it has been empty for a year. We offer just that to go in for the kill. We get rejected. They delisted the house because they didn't get "their price". Both me and my wife work DT so grandma can pick up and drop off while we live our go train lives. Still a few houses in the market we can go into. Probably try for a fixer upper and do a reno top to bottom. |
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Originally Posted By: A2B-Lexus List was $1.2....it has been empty for a year. We offer just that to go in for the kill. We get rejected. They delisted the house because they didn't get "their price". |
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Originally Posted By: Hatorade Originally Posted By: Risky Business Yep, live one street over from cousins/uncles/etc. Not going anywhere, village life! You are slowly turning yellow by staying in MarkHAM LOL Full yellow, integrated af. Ni hao ma? Markham I am eyeing a 1.24 acre property less than a km from me (they listed it for sale twice for an astronomical price, delisted both times now sitting off the market), but not sure i can swing the cash hit No upper uville here, although unionville proper does look appealing Love me some secluded lots. |
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Originally Posted By: The Postman So my mom gives my bro $100k for a deposit for his house and co-signs for his mortgage. He works at Shoppers Drug Mart making slightly more then minimum wage and cant really afford the house he bought without her. Now, when she eventually dies, am I entitled to her equity in his home since she has stake in part of it? Is she on title? Depends, in arrangements like that above the lawyer usually does a 99%/1% split to minimize tax owed if he was to ever buy out his mother, but still gives co signer status. If it was 50/50 or nothing attesting to a split I am pretty sure it's assumed 50/50, so if you go ahead and dead your mother for half the equity in some turd home you MAY be eligible to 25% which is half of her ownership stake, other 25% goes to him. |
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Originally Posted By: Risky Business Originally Posted By: Hatorade Originally Posted By: Risky Business Yep, live one street over from cousins/uncles/etc. Not going anywhere, village life! You are slowly turning yellow by staying in MarkHAM LOL Full yellow, integrated af. Ni hao ma? Markham I am eyeing a 1.24 acre property less than a km from me (they listed it for sale twice for an astronomical price, delisted both times now sitting off the market), but not sure i can swing the cash hit No upper uville here, although unionville proper does look appealing Love me some secluded lots. Yup lots of properties in the $1M plus aren't selling and a lot are vacant. The Sellers aren't in a rush and just let it sit till someone is willing to pay I guess LOL. Or some know it will take a while like my in-laws neighbour in Cachet. Took them a year to sell, started at $1.8M+ and ended up selling for $1.528M after a year LOLOLOL |
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Originally Posted By: 28_eidde https://www.instagram.com/p/B0BuPQFnUZa/?igshid=18lsn8w65h2qm "Builders, Developers And Heritage Home Lovers, This Is Your Chance To Build A Stunning Custom Home Minutes From Main St. Unionville." Ask ender_1M how much fun he had with a heritage home. Or follow his thread in OT |
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That's gonna be a tear-down dog. |
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You can't tear down those homes, they are protected under the heritage conservation plan. People in my area are digging them out and moving them to the corners of the lot to get more room and adding "heritage additions", but you sure as fuck are not knocking that down. |
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Originally Posted By: SuPeR-MaRiO Ask ender_1M how much fun he had with a heritage home. Or follow his thread in OT Not sure what this means? Guy is building a house and going through the regular builder stuff, nothing out of the ordinary unless I am missing something? |
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Originally Posted By: Risky Business Originally Posted By: SuPeR-MaRiO Ask ender_1M how much fun he had with a heritage home. Or follow his thread in OT Not sure what this means? Guy is building a house and going through the regular builder stuff, nothing out of the ordinary unless I am missing something? I'm pretty sure, his experience is far from regular builder stuff. He is dealing with a heritage home with many stipulations. From what I recall in his thread, and I didn't study it to length, he went through a number of hurdles, expenses and grief dealing with a heritage home that had to be preserved. I'm not saying it wasn't worth it, but I didn't see it as a typical build from the ground up, even when you consider the challenges that come with a new build. |
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You give them Good Diu? "5-2-8" </CantoAccent> Originally Posted By: Hatorade Took them a year to sell, started at $1.8M+ and ended up selling for $1.528M after a year LOLOLOL |
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markham gone full retard lol (for what?) aurora/thornhill/richmond hill already went full retard lol (also for what?) |
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Originally Posted By: SuPeR-MaRiO Originally Posted By: Risky Business Originally Posted By: SuPeR-MaRiO Ask ender_1M how much fun he had with a heritage home. Or follow his thread in OT Not sure what this means? Guy is building a house and going through the regular builder stuff, nothing out of the ordinary unless I am missing something? I'm pretty sure, his experience is far from regular builder stuff. He is dealing with a heritage home with many stipulations. From what I recall in his thread, and I didn't study it to length, he went through a number of hurdles, expenses and grief dealing with a heritage home that had to be preserved. I'm not saying it wasn't worth it, but I didn't see it as a typical build from the ground up, even when you consider the challenges that come with a new build. Ah the permitting process, yes that is more nuanced than a regular build out, I thought you were referring to the actual construction. |
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So the news is telling me that bidding wars are picking up in the GTA again. Where? |
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Originally Posted By: 28_eidde So the news is telling me that bidding wars are picking up in the GTA again. Where? For the most part it’s bullshit. It’s agents under listing a home to sell with an offer date. Nothing is selling over Market Price. There’s 3 homes on my street that have sold and the agents proudly put up a sign saying “sold over asking”. Well no shit when the home is worth nearly a million and you’re listing it for $799k There’s a home listed for sale in the Markham Village area for $1 currently. I’m sure that’s going to sell for over asking as well. |
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Pretty much, "bidding wars" on properties that are listed 20%-30% lower than their peak in 2017. My buddy just sold his bungalow last week in the York Mills/Don Mills area, I suppose there was a bit of a "bidding war" but it still sold for 300k less than what comps were going for even in 2018. |
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We put another offer down on a place. The dude won't sell....doesn't need the $$.. he has a $1M tied up to the house but only getting 2000 per month for rent. A GIC generates more revenues at this point. |
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Did you sell your house yet? |
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Not yet...its kinda a risky business but our house is worth around $800k so it is easier to get rid of vs a $1M+....if we get a good deal on the big house, don't mind setting my house low....can't always have it both ways. |
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Originally Posted By: A2B-Lexus Not yet...its kinda a risky business but our house is worth around $800k so it is easier to get rid of vs a $1M+....if we get a good deal on the big house, don't mind setting my house low....can't always have it both ways. does not compute |
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Ideally, we would sell our place prior to looking for a new one but with a 15m old....kinda hard. If I get a good deal on a new property, I don't mind selling my current property below the market so I don't have to deal with bridge mortgage. Originally Posted By: Screamin Type ARGH! Originally Posted By: A2B-Lexus Not yet...its kinda a risky business but our house is worth around $800k so it is easier to get rid of vs a $1M+....if we get a good deal on the big house, don't mind setting my house low....can't always have it both ways. does not compute |
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^ You shouldn’t need to sell below market in that price range, unless the home requires work. |
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He is just furball'ing, baby brain and all. |
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6th offer tomorrow....the sellers aren't Asian so maybe they are willing to actually sell close to their asking price. |
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Dafuq: https://outline.com/5W8PVe Quote: The tenants of a semi-detached house in Toronto’s east end could be forced from their rental homes after a 1 per cent stake of the property, at a cost of $9,000, was transferred to a 20-year-old first-time homebuyer. With that sliver of ownership, Jacky Bai Jun Liu also acquired the title of landlord and as such, seven people in two apartments in the house were informed, he would be pursuing his legal right to push them out because he intended to move into the home near Danforth and Greenwood Aves. Quote: The bulk of the east-end house, 99 per cent, belongs to George Chiang and Harriet Ho-Yin Chung, who bought the home for $230,000 in 2001, property records show. It is one of 17 houses the pair own in Old Toronto. The couple, according to their personal websites, are members of both the Canadian and Hong Kong arts communities. A transfer document from the Land Registry Office dated June 18 shows that spouses Chiang and Chung transferred a 1 per cent interest to Liu, identified as a first-time homebuyer, worth $9,000. |
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^ Seems like the owners used a loop hole to evict tenants and get someone they want in there. |
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^yup. So shady but smart at the same time lol |
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Tenant/Landlord act is based on case law, the above can be proven as malicious against the tenant and if the tenant pursues the landlord they will have a decent chance of being awarded damages. |
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Our side unit townhome sold within a week and at 99% of asking....our 1 car garage unit was sold $20k less than an newer 2 car garage semi across the street. Ours had a patio but overall, we were pretty happy with our sold price. off to getting contractors to quote a refresh for the new place. New laminate floors, paint, Ikea kitchen and Ikea washroom sinks/cabinets. Need to rip out the old deck and get a new one in too as the home inspector noted that water going into the house because the deck was tilting towards the house. |
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Congrats man! Let's see pics of the new place. Your deck posts probably starting heaving over winter and pushed the deck to lean against the house. |
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Nice kill A2B. Now you get to make the new place your own! |
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Congrats! |
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Thanks dudes!! We will be house poor for a while. LOL The deck looks to be 20 years old. We had 3 contractors lined up for 3 hours to get quotes. Will probably get a stone patio instead of a deck. We found mice droppings and we think they may be coming in from there. Anyone contemplate wood vs. laminate? We are leaning towards laminate for more colours and cost. |
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This depends on the house and what market you are catering to, for high end luxury you absolutely would need to do wood/bamboo/etc. I am a big fan of laminate, especially the thick costco laminate planks that look like hand scraped wood, not talking about shitty thin laminate that's a c hair better than vinyl flooring. If I was to do my house over, I would've gone that route instead of wood. I think anything in the ~1M range can get away with high quality laminate. 1.5M+ and area dependent it starts demanding wood, crown, solid core doors, etc, under that it's all builder grade shit and quality laminate is many times better than entry level wood floors anyway. |
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We saw the Costco laminate too and we liked it. that stuff is super thick. Now that we have the buying and selling of house out of the way. Time to get into the details. The contractors says the Ikeas kitchens isn't great as it still needs custom work to make it fit into the space. May get the contractor we use to use their guys for a custom. They can also plan the timing better too...(so they say) Ikea sink and cabinets are still in play. They have the simplistic look we are looking for. This house we will be in for the next 20 years so we need durability more than resale (wife had to drill that in me)...by the time we sell, whoever it is will probably want to modernize it. The good news is, TD's 5 year fixed is 2.7% so there is some cost certainty there. |
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Not sure if something is lost in translation, but if that's what your contractor said he is full of shit. The only thing ikea kitchens require sometimes are custom end cabinets if their pre existing uppers/lowers don't add up to the exact length you want. I had that for my 2nd ikea kitchen and had to make 1 custom end cabinet to get an extra 8" of counter top space and meet the end of a wall. Ikea makes great kitchens, however the only real reason to go this route is if you are going to assemble all the cabinets yourself as that's where the savings are compared to "custom" - assembly takes a long time. Ikea's quality is also better than a lot of "custom" stuff I've seen and even mid level builder grade. They use good materials and their process is solid, they can take a beating and you can easily replace pieces if something was to happen to a door. Your contractor also can't mark up an ikea kitchen so that's why he won't want to use it. If you aren't doing any of the work yourself then go with whatever the contractor recommends, hopefully you can hold him accountable to it and he can't use any excuse like "you didn't use my guy, so here is your shitty end product" type of thing. |
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When we had flooring installed in our basement we knew we wanted something durable as our kids would be playing down there and wreaking havoc so we went with a Canadian made laminate that we found at Rona for a great price (I think it may have been on sale at the time). If memory serves me correctly it was 14mm and rated AC3 which is the first level rated for residential use with heavy traffic but is also suitable for commercial with moderate traffic. A2B if you're at all interested let me know and I'll see if I can dig up the details. |
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Originally Posted By: SuPeR-MaRiO When we had flooring installed in our basement we knew we wanted something durable as our kids would be playing down there and wreaking havoc so we went with a Canadian made laminate that we found at Rona for a great price (I think it may have been on sale at the time). If memory serves me correctly it was 14mm and rated AC3 which is the first level rated for residential use with heavy traffic but is also suitable for commercial with moderate traffic. A2B if you're at all interested let me know and I'll see if I can dig up the details. ^ This is helpful! I will keep this in mind while shopping for laminate. Originally Posted By: Risky Business Not sure if something is lost in translation, but if that's what your contractor said he is full of shit. The only thing ikea kitchens require sometimes are custom end cabinets if their pre existing uppers/lowers don't add up to the exact length you want. I had that for my 2nd ikea kitchen and had to make 1 custom end cabinet to get an extra 8" of counter top space and meet the end of a wall. Ikea makes great kitchens, however the only real reason to go this route is if you are going to assemble all the cabinets yourself as that's where the savings are compared to "custom" - assembly takes a long time. Ikea's quality is also better than a lot of "custom" stuff I've seen and even mid level builder grade. They use good materials and their process is solid, they can take a beating and you can easily replace pieces if something was to happen to a door. Your contractor also can't mark up an ikea kitchen so that's why he won't want to use it. If you aren't doing any of the work yourself then go with whatever the contractor recommends, hopefully you can hold him accountable to it and he can't use any excuse like "you didn't use my guy, so here is your shitty end product" type of thing. we won't be doing much ourselves with the little one and I started a new job which is a lot more demanding. The Ikea story is probably so they can make a markup. |
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^ are you admiral now? Lol |
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Not shuffling deck chairs on the Titanic anymore....it is kinda like rowing upstream now. |
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Update to the guy who bought 1% of a home, then forced an eviction: https://outline.com/kddbwM Basically withdrew the original eviction notice, only to refile minutes after court adjourned Quote: Landlord who bought 1 per cent stake in a house withdraws eviction notice — then promptly issues a new one[ Originally Posted By: furball Dafuq: https://outline.com/5W8PVe [quote]The tenants of a semi-detached house in Toronto’s east end could be forced from their rental homes after a 1 per cent stake of the property, at a cost of $9,000, was transferred to a 20-year-old first-time homebuyer. With that sliver of ownership, Jacky Bai Jun Liu also acquired the title of landlord and as such, seven people in two apartments in the house were informed, he would be pursuing his legal right to push them out because he intended to move into the home near Danforth and Greenwood Aves. Quote: The bulk of the east-end house, 99 per cent, belongs to George Chiang and Harriet Ho-Yin Chung, who bought the home for $230,000 in 2001, property records show. It is one of 17 houses the pair own in Old Toronto. The couple, according to their personal websites, are members of both the Canadian and Hong Kong arts communities. A transfer document from the Land Registry Office dated June 18 shows that spouses Chiang and Chung transferred a 1 per cent interest to Liu, identified as a first-time homebuyer, worth $9,000. |
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Got the keys last week. Gave them to the contractor the next day and he ripped out EVERYTHING from floor to ceiling. Picked some AC4 laminate flooring and if all goes well, we should be in by mid/late November. |
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Nice! Just in time before snow |
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Nice, congrats. You will all settled by Christmas and enjoy the holidays in the new digs. |
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super excited....we are moving out of our current place this weekend. Our contractor found where mice was coming in. We decided to get rid of the gas fireplace and BAM......mice shit everywhere. Joys of home ownership. Also did our energy audit via Enbridge....going to get a new furnace, new water heater and new windows. |
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Luxury staging: https://outline.com/Hm77X4 |