Ok so that makes a big difference, you WERE allowed to list, but they had to breach contract first (not abide by closing date). That was my understanding.

I was confused because hator said the house is tied up even after for up to a year, which I don't understand why it would be. Either way maybe I am not understanding something...

From what the lawyer I spoke to he told me that 90%+ of problems is the agent poorly advising their client/overstepping their role as an agent/trying to give legal advice. Part of problem is not fully understanding the pre printed legalese on the forms themselves. I guess that makes sense.

There is a point in time you are supposed to hand off the transaction to the lawyer who knows better, but the agent is in a spot where he/she wants to provide value and it's a bit of a dichotomy. I can see both perspectives, but from what I was told a lot of clients get overexposed from shitty advice.

I am learning as I am going, but the more I learn the more I realize the amount of conflicting opinions depending on who you ask.

The TREB MLS database is another shitshow, learning to pull data is some 1982 shit and it's filled with mistakes, double entries, etc. Trying to pull any analysis is like pulling teeth with the system.

I can add some anecdotal color here as I listed a 1-bed condo for sale in the Queen West / Dufferin area on March 10th. The local area (east side of Dufferin, West queen West) had been scorching hot all of 2020 and while I had planned to sell this summer, I figured I'd test the market and see if these early spring bidding wars would push the value beyond what I was ever expecting.

Showings were being booked about 7-10 per day for the first 2 days. Night of Thursday the 12th, Rudy Gobert's positive diagnosis shuts down the NBA. I know I'm screwed. By Friday the word is buzzing around Ontario, and many people realize the quarantine is coming. We had a few showings that weekend. We planned to hold offers on Monday the 16th. We postpone to the 18th to get a few more people through. We end up with 2 offers on the 18th, 1 at asking (Waste of time) and the second was a workable offer. Luckily for me, this buyer had tried and lost on 4-5 condos in the immediate area, and a few had sold for silly prices (700+ for 600 ft and parking) so he appeared to at least be content to pick mine up for a "discount". He had 3 days to review the status cert, and somehow, didn't back out and we went firm on the 23rd. We were able to reach a price that was about 20g shy of where I thought it would have landed, and I accepted as I anticipated the market was going to be put into a tailspin.

I figure I was a week short of selling at an all time high, but very lucky to walk out with a price well above what I was ever hoping for.

50k deposit in trust, hope it works out. They agreed to close in August as that's when my tenants lease was up. Having showings with her living in there during the early Covid-19 days was intense. Luckily she agreed to let people in.

Based on a quick look around bungol, a few condos in the area have sold in the last week and they appear about 30-40g short of what I would have expected in early March. So on 700k we are talking a 5% correction in a matter of 2 weeks.

Sorry to circle back. HELOC definitely could work but just being lazy to deal with a tenant, it never materialized. The way the prices are in the last few years, it almost makes more sense to buy a 2nd house to rent as condo prices before were ape shit crazy.

Probably going to go with cash in hand and eventually put it in the market once things look rock bottom.

You got very lucky for two reasons.

1. You sold at the *perfect* time in relation to this crisis, yes a week or two would've been ideal, but you dodged a big bullet here. Effectively you got top dollar.

2. Deal doesn't close, you just made 50k

Keep me posted if you encounter any issues with the closing as it's far away, trying to see how people behave throughout this. Things should start returning back to normal, the only concern would be is if the person paid 700k for example and comps are sitting at 600k or less in August it would be hard to justify going through. They might walk away from the deposit.

Hopefully it works out for you, I will keep posting info on condo prices for that area to see how it's trending.

This has been far a much helpful thread than any other investment/real state discussion online. Although I do have questions with regards to the down-spin of the real state sales as of late, how many mortgage brokerage businesses will be affected? How many will or could survive through the COVID-19? How many will cease to operate due to the lack of sales? Do you have access to the mortgage sales data?

A staggering 7.5 million applications approved for the Canada Emergency Response Program to date. That’s about 37% of the entire labour force!

About half of mainland Chinese investors are planning to reduce their investments in overseas markets this year, according to Cushman&Wakefield.

Noticed my first big real estate hit today in Oakville post covid.

Nice street, 2019 listings all moved around $1M or just over.

List was 1.07M 5 weeks ago in line with home, reduced offer to 995k 2 weeks ago, sold over weekend for 890k. shiiiiiet

Noticed my first big real estate hit today in Oakville post covid.

Nice street, 2019 listings all moved around $1M or just over.

List was 1.07M 5 weeks ago in line with home, reduced offer to 995k 2 weeks ago, sold over weekend for 890k. shiiiiiet

SiRKID BAT SIGNAL!

Fine by me. Homes are still expensive today, no matter how you spin it. So if home prices are going down, does that mean rent is also going down too?