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Agreed, apartment hunting isn't as soul crushing when you have time on your side. Honestly 1 month free is a joke, in this market it should be closer to 3 months at the very least.
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Feb 5, 2021 19:23
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I was looking at a house in Aurora that was asking 1.29 million. It wound up getting 17 offers and sold for $1.7 million. poo poo's insane.
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Feb 6, 2021 03:37
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McGavin posted:I was looking at a house in Aurora that was asking 1.29 million. It wound up getting 17 offers and sold for $1.7 million. poo poo's insane. That's insane. Where is this money coming from that can pour into real estate like that? Without massive cash on hand, you need a pretty fierce income to carry a mortgage like that, and even then, it's still significant. Mandibular Fiasco fucked around with this message at 03:54 on Feb 6, 2021 |
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Feb 6, 2021 03:52
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That's over $5k per month in mortgage payments, easy. For a completely average house 50 km outside of Toronto.
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Feb 6, 2021 04:19
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I've looked at a few houses over the past two weeks in Toronto and all have sold for 300-400K over asking. I saw one on Ossington Ave near Dupont that was listed for 850K and sold for 1.35M. Another was listed for 1.6M sold for 2.1M (the seller bought it for 1.7M in December!).
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Feb 6, 2021 04:34
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Oakland Martini posted:I've looked at a few houses over the past two weeks in Toronto and all have sold for 300-400K over asking. I saw one on Ossington Ave near Dupont that was listed for 850K and sold for 1.35M. Another was listed for 1.6M sold for 2.1M (the seller bought it for 1.7M in December!). drat, 400k profit for literally 0 work in a month
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Feb 6, 2021 04:39
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going to look at a townhouse and three condos. already bracing for the worst. i think if today doesn't go well i'm going to give up until spring. the townhouse was almost impossible to get a showing. it'll probably get 25 offers. i think no matter what i'm going to stop bothering with townhouses since i'm not willing to spend 800k+ on one.
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Feb 6, 2021 13:54
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I wish the number of offers was public after the fact instead of just in the private MLS database.
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Feb 6, 2021 14:58
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Today did not go well. :/ Just going to have to be patient and hopefully my landlord doesn’t list for awhile.
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Feb 6, 2021 18:39
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Why don't you just keep renting, find something that's not likely to go up for sale where you'll have a reasonable expectation of security of tenancy This has to be like the absolute worst time to buy
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Feb 6, 2021 19:00
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We’re existing in a perpetual state of worst time to buy.
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Feb 6, 2021 19:14
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No that's just a lazy thing to say. The housing market is unbelievably crazy emotional right now because of covid. I noped out of that pretty quick last fall.
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Feb 6, 2021 20:13
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Yeah we are considering looking for another rental. It’s just frustrating because rental prices have gone up ridiculous amounts too. Even with the recent drop in the GTA rents we will be looking at $400 to $600 per month increase.
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Feb 6, 2021 21:09
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Cold on a Cob posted:Yeah we are considering looking for another rental. It’s just frustrating because rental prices have gone up ridiculous amounts too. Even with the recent drop in the GTA rents we will be looking at $400 to $600 per month increase. Yeah I know, but it's better than being stuck with a huge mortage for 25 years. Renting is flexible. I know that the buying process is also way more comfortable. When we switched from looking for a house to buy to looking for one to rent it was a nightmare. We got ghosted by innumerable landlords as soon as we said we had a 1 year old. We basically had to beg the landlord to not convert a single family home into a basement/main floor unit to find our current place. Whereas buying we could look at everything with just our realtor there and not have to deal with the sellers, renting from a landlord in a pandemic is a loving nightmare because they want to do everything before you even see the place. Like I'm not giving out all my loving financial information to a random turd on kijiji before I even know its not a scam. Get real.
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Feb 6, 2021 21:14
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R e: The issue that I was representing with my picture of the dome is the fact that in Halifax you can purchase basically unlimited liquor at any time of the day / night however you can't purchase a condom
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Feb 6, 2021 21:20
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RBC posted:Yeah I know, but it's better than being stuck with a huge mortage for 25 years. Renting is flexible. We had pretty much the opposite experience finding our current rental last May. Admittedly the market was different back then, with a different kind of response to COVID, but it still wasn't too hard. My partner was five months pregnant at the time, and both the place we got and the place we almost got were super excited about that. The almost-got place, the owner rented to another family, but the agent asked if he could keep our contact info in case anything else comes up. We're now renting a 6BR house in Vancouver for $3K/month, with one roommate (a good friend), and should be able to stay here for 5-10 years.
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Feb 6, 2021 23:17
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Well it depends on where you are. Where I am is the loving wild west of amateur landlord speculators renting to mostly students, by the room. We wanted to buy almost entirely because single family homes are all being rented to students for obscene amounts of money and a single family looking to rent a whole house is like bizarro world to them.
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Feb 7, 2021 02:23
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My partner really, really insists on en-suite laundry. This rules out a shitload of rental-only buildings so our choices are private speculator landlords, limiting ourselves to a pretty small pool of buildings, or buying ourselves. Plus if we move, I want to be able to actually settle in for a decade and not worry about another potential eviction. I'm really tired of moving and we'd hoped to stay where we are for at least 10 years. Edit: that said, the more I read posts like this, the less I want to buy into this madness, even if condo market is "balanced" compared to houses: https://twitter.com/BenRabidoux/status/1358104015666638850?s=20 Cold on a Cob fucked around with this message at 15:50 on Feb 7, 2021 |
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Feb 7, 2021 15:44
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Had a seller say they wouldn't let us do an inspection because "the house is fine." Ohhh! Sorry to offend. Ok, no problemo then here is my blank check for your undoubtedly perfect property.
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Feb 7, 2021 16:19
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I had that happen in a brand new one month old build; seller stone-walled because it had a (bullshit) Tarion warranty, we insisted and they finally caved. The inspection showed that the walls were already retaining water (like squishy bubbles you could push) and that it had already leaked into the basement walls. It then turned into a gigantic nightmare because they already had our deposit and they were trying to convince us they were fixing it and that we couldn't back out. In the end it worked out, got our money back and they did a fix by draining the walls and then sold it after 3 days of being listed again. I think once the new tenant moves in I'll mail the home inspection to them.
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Feb 7, 2021 17:26
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Yeah I will never buy a home without an inspection, even a condo, unless I'm planning to knock it down (and even then there are things you want to look for like asbestos). Home ownership is stressful enough without buying a complete lemon.
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Feb 7, 2021 17:39
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One of the craziest parts is that the builder did three homes in a row, all with the same problem and moved into one - imagine having to basically tear out and replace your loving exterior walls and fix the foundation in six months with the guy responsible living next door? LOL
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Feb 7, 2021 17:44
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Cold on a Cob posted:My partner really, really insists on en-suite laundry. This rules out a shitload of rental-only buildings so our choices are private speculator landlords, limiting ourselves to a pretty small pool of buildings, or buying ourselves. There's a borderline tear down here (2 hrs from tdot) that was up for 275 and sold for 450. People are being emotional idiots. It's not rational. I get it, I've moved 3 times in the past 2 years due to life changes. It sucks. 4 if you count living at a loving hospital in toronto for 4 months.
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Feb 7, 2021 18:43
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I'm seeing a lot of desperation/frustration from the posts here about the current market. The times suck right now for sure and I don't doubt that everyone has their own circumstances, but don't ever feel like you need to buy right now just because you're fed up, this is exactly how vested interests in real estate want you to think and feel about the situation. With all the emotions of the ongoing pandemic and houses seemingly impossible to afford anymore, now is probably the worst time emotionally to be making prudent long-term financial plans. It's good that people here are still sticking to their guns on extremely basic conditions like insisting on home inspection, please don't ever compromise on those just because things seem hopeless, it's very unlikely this frenzy or any frenzy will last forever.
qhat fucked around with this message at 06:51 on Feb 8, 2021 |
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Feb 8, 2021 06:48
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I mean sure and all, but for a variety of reasons im up to 10 moves in the same number of years counting intracity moves. I know looking at this loving poo poo its never going to cool down without blowing up, becauseleftist heap posted:We’re existing in a perpetual state of worst time to buy.
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Feb 8, 2021 13:16
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Cold on a Cob posted:Yeah I will never buy a home without an inspection, even a condo, unless I'm planning to knock it down (and even then there are things you want to look for like asbestos). Home ownership is stressful enough without buying a complete lemon. I am not sure it still applies, but back in the mid 1990's - Quebec had a law (perhaps in their consumer protection law or real estate law) that put the onus on the seller to do their due diligence in disclosing any and all "vis cachees" (hidden unknowns). The buyer could sue the seller after transfer of the property if it was discovered that deficiencies in the property were in place. Owners were the ones having their properties inspected prior to selling for this very reason. I recall a neighbor two houses down who discovered that the roof had some extensive leaking going on in the spring, sued and won in court against the previous owners. I do not know if the same protections still exist to this day - a friend just bought a home in Montreal South and paid to have their own inspector assess the property. Any Quebec goons can clarify?
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Feb 8, 2021 13:25
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It is common for sellers to have an inspection done before offers in the GTA. Not all the time but it happens. That being said the people putting offers without a financing condition is probably even worse unless they have the actual cash to pay in full on closing.
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Feb 8, 2021 13:35
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Guigui posted:I am not sure it still applies, but back in the mid 1990's - Quebec had a law (perhaps in their consumer protection law or real estate law) that put the onus on the seller to do their due diligence in disclosing any and all "vis cachees" (hidden unknowns). The buyer could sue the seller after transfer of the property if it was discovered that deficiencies in the property were in place. Owners were the ones having their properties inspected prior to selling for this very reason. I recall a neighbor two houses down who discovered that the roof had some extensive leaking going on in the spring, sued and won in court against the previous owners. Hidden Vice laws are very much still a thing. In practice, getting your money is more often than not a lengthy and costly legal battle that will invariably make you regret buying the property in the first place. It can get particularly messy if the defect was not known to the previous homeowner, which will cause a daisy-chain of lawsuits. And then you have to factor in the possibility that the previous owners might very well have left the country/died/be bankrupted by the time the hidden vice materializes itself, which is something that could happen after you sell the house to someone else and they end up suing you for it literally decades later. You definitely do not want to lean against this to rationalize away the need for an inspection. Edit: The lack of due-dil goes beyond inspections as well. For example, If you do your homework on the Mtl south shore, you quickly find out that many houses in the area had their foundations built on what turned out to be gravel contaminated with pyrite. Requiring negative pyrite test results before closing the sale on the agreed price has been a given for a long time, and I'd worry that a lot of people are in for some very unfortunate surprises. Aramis fucked around with this message at 15:55 on Feb 8, 2021 |
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Feb 8, 2021 14:57
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linoleum floors posted:It is common for sellers to have an inspection done before offers in the GTA. Not all the time but it happens. That being said the people putting offers without a financing condition is probably even worse unless they have the actual cash to pay in full on closing. Lol the first thing a realtor we talked to told us this year is to not have a financing condition when buying because we'd lose to other bids. I hate this country
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Feb 8, 2021 16:50
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I've been told that as well. Also, same. This poo poo ought to be required by law on all real estate transactions because we're clearly engaged in a race to the bottom where taking the high road will mean you never get to close a deal in some markets unless you offer significantly more than anyone else.
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Feb 8, 2021 16:51
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This thread is 8 years old, goddamn
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Feb 8, 2021 18:20
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RBC posted:Well it depends on where you are. Where I am is the loving wild west of amateur landlord speculators renting to mostly students, by the room. Yeah for sure. And there are definitely landlords in Greater Vancouver who subscribe to that philosophy. But in both cases I mentioned above, it seemed like the landlords had done the calculus that trying to keep a house filled with students and also not get it trashed in the process is a huge headache and not worth the extra money. Our landlords' long-term plan is that when they retire, they'll move into the laneway house out back, and move their then-adult kid(s) into the main house. So they care about it staying in good condition more than they care about min-maxing their profit. Given that, as a family with a young kid, we're pretty much their ideal tenants.
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Feb 8, 2021 19:25
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mila kunis posted:This thread is 8 years old, goddamn And bearish the entire time. Always bet against goons apparently.
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Feb 8, 2021 19:27
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mila kunis posted:This thread is 8 years old, goddamn Well look at that... Let's check in on some of the homes listed in the OP. namaste friends posted:So what does a million bucks get you in Vancouver? Now it's $2 million, a generous $125,000/year increase.  At least this time you get an entire 2nd story to the house for the extra $1.5 million 
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Feb 8, 2021 19:36
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Cold on a Cob posted:Yeah I will never buy a home without an inspection, even a condo, unless I'm planning to knock it down (and even then there are things you want to look for like asbestos). Home ownership is stressful enough without buying a complete lemon. Jesus christ this. Got saved and burned by this. Saved: found a house we really liked in Brampton. Realtor said to skip the inspection because of how fast houses were moving in the area but we were leery and decided to keep the offer conditional. Got the inspection, everything looked great, and then the inspector went up to the attic. Attic inspection took probably 40% of the total inspection time, after which the inspector showed us sheathing that was about 90% covered in black mold. They offered to split the cost of replacement with us, we told them to replace it themselves or drop the price $15k, ended up with us walking. We figure we made the right choice there, because we would have had no way of knowing how bad the rest of the place looked behind the drywall. Place was sold within two weeks regardless, the listing disclosed none of this. Burned: elected to skip the inspection on the place we're currently living because what could possibly be wrong with a newish stacked townhouse? Moved in and found out: - the laundry machine leaked, resulting in water damaged trim in the area - one of the large burners on the stove was dead - The dishwasher had been used as a goddamn sawhorse - or at least, that's the only sane explanation I can come up with for the two circular saw sized slices in the box that leaked like a motherfucker and ended up warping the kitchen laminate It is physically painful to pay the fee for each place you want to put an offer in on but goddamn it is worth it
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Feb 8, 2021 19:41
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I automatically assume if someone is selling that there is also a reason other than "want a bigger/better place", i.e they find something out that's expensive to fix and it's the final push they need to say fuckit let's bail. If I was able to find house for sale without any major issues, especially in Vancouver where builders apparently don't give a gently caress about anything, I would consider myself lucky. Not getting an inspection is just amateur and asking for trouble.
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Feb 8, 2021 19:47
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Honestly I feel there should be a public body which gives home inspections and you must have your home evaluated and the report published by it before being able to list it for sale. It really is completely unacceptable that people are being punished for taking even the most rudimentary steps for due diligence when purchasing a multi-million dollar asset.
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Feb 8, 2021 19:54
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ChickenWing posted:Burned: elected to skip the inspection on the place we're currently living because what could possibly be wrong with a newish stacked townhouse? Moved in and found out: What the gently caress? Did your realtor not include stipulations that all things transferring (Chatels) in the sale are required to be deemed in good working condition before takeover under threat of costs being covered by the seller? like isn't this exactly why you have a lawyer look over poo poo like this? so there's some sort of avenue to rectify this poo poo after the sale goes through?
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Feb 8, 2021 20:11
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qhat posted:Honestly I feel there should be a public body which gives home inspections and you must have your home evaluated and the report published by it before being able to list it for sale. It really is completely unacceptable that people are being punished for taking even the most rudimentary steps for due diligence when purchasing a multi-million dollar asset. That sounds like it would be mutually beneficial for all parties in real estate transactions and that's exactly why it'll never loving happen ever.
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Feb 8, 2021 20:13
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qhat posted:Honestly I feel there should be a public body which gives home inspections and you must have your home evaluated and the report published by it before being able to list it for sale. It really is completely unacceptable that people are being punished for taking even the most rudimentary steps for due diligence when purchasing a multi-million dollar asset. Completely agreed. Slotducks posted:What the gently caress? Did your realtor not include stipulations that all things transferring (Chatels) in the sale are required to be deemed in good working condition before takeover under threat of costs being covered by the seller? In my experience "as is" is pretty common in hot markets and honestly appliance problems are lowest on my list when it comes to getting an inspection.
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Feb 8, 2021 20:15
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