#10238148 - 04/06/22 07:06 AM
Re: dat real estate v.2021
[Re: Hatorade]
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Risky Business (he/him)
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Post Master Supreme
Registered: 05/17/10
Posts: 45577
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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 
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#10238731 - 04/06/22 09:07 PM
Re: dat real estate v.2021
[Re: Hatorade]
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Risky Business (he/him)
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Post Master Supreme
Registered: 05/17/10
Posts: 45577
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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!
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#10238948 - 04/07/22 11:48 AM
Re: dat real estate v.2021
[Re: Screamin Type ARGH!]
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Hatorade
pheggit
Post Master Supreme
Registered: 11/05/99
Posts: 26908
Loc: Toronto, ON
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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.
How? Stress test is at 5.25%
You really see interest rates going beyond this in this economy?
_________________________
'07 997.1 GT3
'08 E90 M3
'11 E90 d
'02 Rota Grid - 195-55-16FR (RIP)
'04 Volk GTC - 245-35-19F/275-35-19R (Sold to a farm boi)
I thought Spark was a robot from the old movie and I kind of remember seeing him telling some engineer showing the equation for a clear metal that the guy would event years later - porschetr
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#10238949 - 04/07/22 11:50 AM
Re: dat real estate v.2021
[Re: c2k]
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Hatorade
pheggit
Post Master Supreme
Registered: 11/05/99
Posts: 26908
Loc: Toronto, ON
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so, thots on the federal budget on ban on foreign home buyers?  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.
_________________________
'07 997.1 GT3
'08 E90 M3
'11 E90 d
'02 Rota Grid - 195-55-16FR (RIP)
'04 Volk GTC - 245-35-19F/275-35-19R (Sold to a farm boi)
I thought Spark was a robot from the old movie and I kind of remember seeing him telling some engineer showing the equation for a clear metal that the guy would event years later - porschetr
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#10239568 - 04/08/22 02:05 PM
Re: dat real estate v.2021
[Re: Hatorade]
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furball
Post Master Sr
Registered: 09/24/03
Posts: 9530
Loc: Toronto, ON
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#10239580 - 04/08/22 02:40 PM
Re: dat real estate v.2021
[Re: furball]
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Risky Business (he/him)
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Registered: 05/17/10
Posts: 45577
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Sweet, higher prices, here we come!!
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#10239693 - 04/08/22 07:36 PM
Re: dat real estate v.2021
[Re: Risky Business (he/him)]
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Hatorade
pheggit
Post Master Supreme
Registered: 11/05/99
Posts: 26908
Loc: Toronto, ON
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Sweet, higher prices, here we come!!
Yup. Shit show here we come.
_________________________
'07 997.1 GT3
'08 E90 M3
'11 E90 d
'02 Rota Grid - 195-55-16FR (RIP)
'04 Volk GTC - 245-35-19F/275-35-19R (Sold to a farm boi)
I thought Spark was a robot from the old movie and I kind of remember seeing him telling some engineer showing the equation for a clear metal that the guy would event years later - porschetr
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#10241941 - 04/13/22 01:26 PM
Re: dat real estate v.2021
[Re: Hatorade]
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Risky Business (he/him)
Provides a Great Work Environment.
Post Master Supreme
Registered: 05/17/10
Posts: 45577
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Real estate entering a downward spiral, hang on to your pants!
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#10246364 - 04/22/22 09:38 AM
Re: dat real estate v.2021
[Re: Risky Business (he/him)]
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furball
Post Master Sr
Registered: 09/24/03
Posts: 9530
Loc: Toronto, ON
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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???
Edited by furball (04/22/22 09:40 AM)
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#10246400 - 04/22/22 10:15 AM
Re: dat real estate v.2021
[Re: furball]
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Risky Business (he/him)
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Post Master Supreme
Registered: 05/17/10
Posts: 45577
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This video explains it pretty well I think for our local market.
https://youtu.be/2rpI5n0qPWU
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#10246530 - 04/22/22 02:01 PM
Re: dat real estate v.2021
[Re: Risky Business (he/him)]
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furball
Post Master Sr
Registered: 09/24/03
Posts: 9530
Loc: Toronto, ON
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Did I ask a leading question, for an ad?
Where's the black circle
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.) 
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#10246536 - 04/22/22 02:12 PM
Re: dat real estate v.2021
[Re: furball]
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Risky Business (he/him)
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Post Master Supreme
Registered: 05/17/10
Posts: 45577
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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
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#10249074 - 04/28/22 10:10 AM
Re: dat real estate v.2021
[Re: Risky Business (he/him)]
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Hatorade
pheggit
Post Master Supreme
Registered: 11/05/99
Posts: 26908
Loc: Toronto, ON
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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
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
_________________________
'07 997.1 GT3
'08 E90 M3
'11 E90 d
'02 Rota Grid - 195-55-16FR (RIP)
'04 Volk GTC - 245-35-19F/275-35-19R (Sold to a farm boi)
I thought Spark was a robot from the old movie and I kind of remember seeing him telling some engineer showing the equation for a clear metal that the guy would event years later - porschetr
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#10250362 - 05/01/22 01:09 PM
Re: dat real estate v.2021
[Re: Hatorade]
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furball
Post Master Sr
Registered: 09/24/03
Posts: 9530
Loc: Toronto, ON
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#10250389 - 05/01/22 04:23 PM
Re: dat real estate v.2021
[Re: Hatorade]
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Risky Business (he/him)
Provides a Great Work Environment.
Post Master Supreme
Registered: 05/17/10
Posts: 45577
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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 
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#10250404 - 05/01/22 05:35 PM
Re: dat real estate v.2021
[Re: Risky Business (he/him)]
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Big Tasty
Post Master Supreme
Registered: 02/10/02
Posts: 19927
Loc: Toronto
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#10255621 - 05/11/22 11:19 AM
Re: dat real estate v.2021
[Re: titty sprinkles]
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furball
Post Master Sr
Registered: 09/24/03
Posts: 9530
Loc: Toronto, ON
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Any comments on this? Got this from a friend:
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#10255731 - 05/11/22 01:10 PM
Re: dat real estate v.2021
[Re: furball]
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Risky Business (he/him)
Provides a Great Work Environment.
Post Master Supreme
Registered: 05/17/10
Posts: 45577
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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.
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#10255740 - 05/11/22 01:17 PM
Re: dat real estate v.2021
[Re: Risky Business (he/him)]
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Risky Business (he/him)
Provides a Great Work Environment.
Post Master Supreme
Registered: 05/17/10
Posts: 45577
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New video dropped, changing it up a little:
https://youtu.be/VZX_1VReYYw
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#10256045 - 05/12/22 07:51 AM
Re: dat real estate v.2021
[Re: Risky Business (he/him)]
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furball
Post Master Sr
Registered: 09/24/03
Posts: 9530
Loc: Toronto, ON
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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?)
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#10256085 - 05/12/22 09:27 AM
Re: dat real estate v.2021
[Re: furball]
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Risky Business (he/him)
Provides a Great Work Environment.
Post Master Supreme
Registered: 05/17/10
Posts: 45577
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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 
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#10256210 - 05/12/22 12:34 PM
Re: dat real estate v.2021
[Re: Hatorade]
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Risky Business (he/him)
Provides a Great Work Environment.
Post Master Supreme
Registered: 05/17/10
Posts: 45577
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Congrats! Finally good to be a buying agent after 2 years of being treated like a second class citizen.
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#10256234 - 05/12/22 01:06 PM
Re: dat real estate v.2021
[Re: Risky Business (he/him)]
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Hatorade
pheggit
Post Master Supreme
Registered: 11/05/99
Posts: 26908
Loc: Toronto, ON
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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.
_________________________
'07 997.1 GT3
'08 E90 M3
'11 E90 d
'02 Rota Grid - 195-55-16FR (RIP)
'04 Volk GTC - 245-35-19F/275-35-19R (Sold to a farm boi)
I thought Spark was a robot from the old movie and I kind of remember seeing him telling some engineer showing the equation for a clear metal that the guy would event years later - porschetr
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#10256976 - 05/14/22 05:36 AM
Re: dat real estate v.2021
[Re: Hatorade]
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c2k
Post Master Supreme
Registered: 05/21/00
Posts: 19309
Loc: Wiesloch-Walldorf, Germany
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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.
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Who cares
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#10257272 - 05/15/22 11:35 AM
Re: dat real estate v.2021
[Re: c2k]
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Risky Business (he/him)
Provides a Great Work Environment.
Post Master Supreme
Registered: 05/17/10
Posts: 45577
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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.
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