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Cold on a Cob posted:Lost another bidding war. This poo poo is exhausting. I could have won but it would be stupid to have bid anymore. Honestly I'd just give up for the next while The market is beyond insane right now
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# ? Mar 22, 2021 16:36 |
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# ? Jun 8, 2024 23:54 |
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Alctel posted:Honestly I'd just give up for the next while We're only still looking because we are facing eviction via N12 and we want to stop moving every few years. We start looking for a rental in a few weeks if we don't find something we can justify buying though.
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# ? Mar 22, 2021 16:43 |
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Mandibular Fiasco posted:the Conservatives won't get elected by the suburban middle class in Ontario whose votes count disproportionately.
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# ? Mar 22, 2021 19:15 |
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Really, it's all Chretien's fault: https://twitter.com/g_meslin/status/1373689001866067969
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# ? Mar 22, 2021 22:24 |
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Sassafras posted:Really, it's all Chretien's fault: It's more complex than that.
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# ? Mar 22, 2021 23:27 |
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Cold on a Cob posted:Doing my very best to not get FOMO through all this and stick to my budget. Market could keep going parabolic for a few years, it could crater, it could flatten out for a decade. No matter what happens we're in crazy times. I've stopped having regrets for not buying in 2017/2018 because who the hell could have seen this poo poo coming? It's funny cause I thought I was an idiot for buying in 2018 cause I was sure it was the peak and I overpaid like crazy especially for an older place. Turns out I was actually a financial genious.
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# ? Mar 22, 2021 23:51 |
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Touché.
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# ? Mar 23, 2021 00:10 |
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leftist heap posted:It's funny cause I thought I was an idiot for buying in 2018 cause I was sure it was the peak and I overpaid like crazy especially for an older place. Turns out I was actually a financial genious. In 2016 I was braced to see prices drop by hundreds of thousands of dollars in the hours following my subway-proximate Toronto SFH purchase, as predicted confidently by the goonerati.
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# ? Mar 23, 2021 00:42 |
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Everything's fine...https://dailyhive.com/vancouver/9677-king-george-boulevard-surrey-belvedere posted:All 275 condos in future tower in Surrey sold in under 72 hours
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# ? Mar 23, 2021 06:22 |
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rgocs posted:Everything's fine... A block and a half from skytrain, half a block from one of the biggest hospitals in the province? In a deadzone with no hotels and anything that does exist remotely near is probably a hooker dive? That location is probably the single best AirBNB opportunity around. Fallback position if AirBNB gets criminalized is "rent to hospital workers" but every unit in that thing is potentially a $200/night hotel room and sometimes family members of patients will be booking long stays. Assuming a little bit of downtime, 5000/mo revenue? What did the units sell for?
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# ? Mar 23, 2021 07:22 |
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Separately, re: who can afford this, someone on RFD came up with these charts - I guess 2018 income data's available now -- add what, 8k or so more for 2021 income to the highlighted rows on both charts? (Higher brackets in 2016 pulled some elective income into 2015) As those are after-tax numbers, probably the entire ninth decile can qualify for a 1m mortgage at 4.79 stress test, the rest of a big $ purchase just boils down to existing/contributed equity. Sassafras fucked around with this message at 08:44 on Mar 23, 2021 |
# ? Mar 23, 2021 07:52 |
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As telecommuters bolt to cottage country, Ontario vacation property prices are becoming ‘disconnected from reality’:quote:Real estate agent Treat Hull compares purchasing a property in Prince Edward County this spring to buying toilet paper last March — they are pandemic purchases that take commitment and patience.
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# ? Mar 23, 2021 17:32 |
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Less Fat Luke posted:As telecommuters bolt to cottage country, Ontario vacation property prices are becoming ‘disconnected from reality’: Can we please stop quoting Phil Soper for anything? Real estate shills going to shill. "Don't worry, it's streaky, but it all stabilizes before it keeps going up again." Meanwhile, our industrial base consists of 1-800 GOT JUNK and Kombucha breweries. Too much money chasing too little real estate with too little risk or stake in the game. What a disaster. When has anyone asked how our kids are going to be able to afford a place to live, let alone a vacation property? No one thinks about the future any more. It's FYGM all the way down and screw everyone else.
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# ? Mar 23, 2021 17:45 |
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Mandibular Fiasco posted:When has anyone asked how our kids are going to be able to afford a place to live, let alone a vacation property? No one thinks about the future any more. It's FYGM all the way down and screw everyone else. I've seen lots of Realtors™ and mortgage brokers yelling about this exact thing on twitter now. ie. https://twitter.com/ronmortgageguy/status/1374014173231857667?s=20 quote:John Pasalis, founder and president at Realosophy Realty, a Toronto-based brokerage firm, often hears from parents concerned about whether or not their children will be able to afford a home one day. It’s a mounting anxiety he felt isn’t properly addressed or acknowledged by governmental bodies. etc Cold on a Cob fucked around with this message at 17:51 on Mar 23, 2021 |
# ? Mar 23, 2021 17:49 |
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Cold on a Cob posted:I've seen lots of Realtors™ and mortgage brokers yelling about this exact thing on twitter now. At least those guys aren't completely useless. What I find baffling is that our governors are so firmly rooted in the 'everything's fine' camp that one wonders for their sanity. How is any of this fine, when we're in the middle of a massive pandemic with major economic effects being felt? Commoditization of housing is going to destroy us. We will get no growth or innovation when all we do of value is sell real estate to each other.
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# ? Mar 23, 2021 18:02 |
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Mandibular Fiasco posted:When has anyone asked how our kids are going to be able to afford a place to live, let alone a vacation property? No one thinks about the future any more. It's FYGM all the way down and screw everyone else. If you're worried about the future and want a plan that puts a home for your children within reach then I recommend making a large investment in real estate.
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# ? Mar 23, 2021 18:08 |
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Maybe realtors are starting to see that large institutional buyers of real estate and money launderers don’t need realtors
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# ? Mar 23, 2021 18:12 |
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I wonder if we’ll see a news story in the next couple of years that reveal that an absurdly large number of those names and faces you see on front lawn real estate signs are computer generated and don’t actually exist to keep the illusion going
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# ? Mar 23, 2021 18:14 |
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They need realtors, just not those realtors. i.e, ones that might actually report them to the CRA.
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# ? Mar 23, 2021 18:43 |
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This is all the fault of those "you're richer than you think" Scotiabank ads on HNIC.
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# ? Mar 23, 2021 19:12 |
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Ontario has like half the realtors in Canada. I'm sure they're all real except Sam McDadi, who is clearly an animated ventriloquist dummy. https://twitter.com/McDadi/status/1109167936600752128?s=20
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# ? Mar 23, 2021 19:43 |
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BonerKid fucked around with this message at 21:16 on Oct 29, 2022 |
# ? Mar 23, 2021 19:50 |
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At one point I calculated that were was a realtor in Toronto for every 106 people or something.
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# ? Mar 23, 2021 19:51 |
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You used to be able to put out antifreeze for the little fuckers but the bleeding hearts cried too much
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# ? Mar 23, 2021 19:52 |
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Noblesse Obliged posted:You used to be able to put out antifreeze for the little fuckers but the bleeding hearts cried too much ... to ward off realtors?
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# ? Mar 23, 2021 19:54 |
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Less Fat Luke posted:... to ward off realtors? It’s sweet. They lap it up. Only takes about 2% One for the buyer and one for the seller
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# ? Mar 23, 2021 19:55 |
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You’re a good person for not understanding what I’m talking about btw
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# ? Mar 23, 2021 19:56 |
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Yeah you have to use a non-lethal trap now and release them near the Real Estate Wealth Expo. Unless they're a flipper; then you release them in the nearest IKEA kitchen section. Either way don't release them in someone else's neighborhood, you monster.
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# ? Mar 23, 2021 20:01 |
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rgocs posted:Everything's fine... A friend lives very close to this presentation center. We joke about it a lot because it used to be the parking lot of an unkempt and shuttered Knight and Day restaurant where homeless people would shave using the windows as a mirror, and now it's a revolving door of teslas and range rovers!
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# ? Mar 23, 2021 23:12 |
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We declined that offer that came with the weird note and received a long email from their REA on behalf of their client outlining every flaw in our house, including our choice of paint, and ended with a “WHEN you come back to us our [lowball] offer will be significantly lower...” My partner sent an email telling them not to contact us again and we told our REA we didn’t want to read anything ever again. Our REA agent heard back from theirs and they were very apologetic... that the letter had been an email and hadn’t been hand written I can’t wait to not have buying/selling a house be part of my life. Prices are crazy and people are crazy.
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# ? Mar 24, 2021 09:26 |
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LOL at trying to neg someone's house to get them to sell it to you for less in THIS market. We looked at a nice condo yesterday that's just barely in our budget but it has a feature that drags the price up significantly and it's not a feature we give a poo poo about - a big terrace. So my investor brain is like "go for it that won't lose value unlike a nice reno" and my budget brain is like "do you wanna have to bid an extra 25k or more for something you'll almost never use?"
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# ? Mar 24, 2021 12:29 |
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Professor Shark posted:We declined that offer that came with the weird note and received a long email from their REA on behalf of their client outlining every flaw in our house, including our choice of paint, and ended with a “WHEN you come back to us our [lowball] offer will be significantly lower...” What in the actual gently caress
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# ? Mar 24, 2021 16:17 |
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Sassafras posted:A block and a half from skytrain, half a block from one of the biggest hospitals in the province? In a deadzone with no hotels and anything that does exist remotely near is probably a hooker dive? That location is probably the single best AirBNB opportunity around. Fallback position if AirBNB gets criminalized is "rent to hospital workers" but every unit in that thing is potentially a $200/night hotel room and sometimes family members of patients will be booking long stays. Hospital generally have either their own suites or cut deals with hotels for people for long stays, no one pays 200 bucks a night.
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# ? Mar 24, 2021 16:20 |
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sbaldrick posted:Hospital generally have either their own suites or cut deals with hotels for people for long stays, no one pays 200 bucks a night. What hospitals do you know in BC that have their own suites?
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# ? Mar 24, 2021 20:30 |
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Cross posting this because it probably belongs here anyway:Cold on a Cob posted:I've joked elsewhere that "I'm giving up on buying and forget this noise I'll rent forever" but shitposting aside it looking like that's our preference now. We just don't see ourselves staying in this city for more than the next decade and that throws the numbers far in favour of renting, especially in this insanely hot market with slightly less insane rental costs. We've already owned two properties and sold prematurely for lifestyle reasons as it is, so despite having been here for five years we're obviously kind of flighty.
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# ? Mar 26, 2021 01:54 |
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I believe your mortgage payment should be much lower for that amount, 460k with a 25 yr amortization. I believe you are $500 ish too high.
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# ? Mar 26, 2021 03:18 |
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Philman posted:I believe your mortgage payment should be much lower for that amount, 460k with a 25 yr amortization. I believe you are $500 ish too high. That's a stress test payment using 4.79%, for the GDS and TDS calculation. I'll fix the label. The value is correct: Cold on a Cob fucked around with this message at 03:24 on Mar 26, 2021 |
# ? Mar 26, 2021 03:21 |
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Oh youre calculating your mortgage payment with the stress test rate not an actual rate.
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# ? Mar 26, 2021 03:25 |
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Correct. I've corrected the label. This definitely isn't well suited to evaluate if a particular property is worth buying, there are a ton of missing inputs for that and if you go by what it spits out you aren't even going to consider buying in a major city because it will absolutely fail most of the popular indicators based on recommended values. Basically all it really proves (to me) is real estate investing in these cities is very strongly based on anticipated future returns so if you're buying to live in the place best to stay awhile. (None of this is a revelation but it was fun to put numbers to it) The spreadsheet I was using to actually evaluate a home for us had a lot more inputs both for financial and non-financial considerations and was more geared towards comparing the non-recoverable costs of renting vs owning, making sure the carrying cost was within our ideal and maximum budget, had the features we absolutely need in a home (no dogs allowed? hard pass), a place to evaluate the condition of the windows/floors/balcony/plumbing, etc. It wasn't geared towards or anticipating large future returns but more concerned with our immediate cash flow. Here are my non-financial criteria, for what it's worth: # Bedrooms # Bathrooms Floor of Building Underground Parking (Y/N) Ensuite Laundry (Y/N) Master BR min 10x10 (Y/N) Second BR min 8x8 (Y/N) Balcony (Y/N) Storage (Y/N) Loading Dock etc (Y/N) Nice View (Y/N) Greenspace for Ellie (Y/N) Private (Y/N) Quiet Building/Apartment (Y/N) Quiet Neighbourhood (Y/N) Walk to Amenities (Y/N) Easy Parking for Parents (Y/N) Drive Mins to Parents Transit Mins to Downtown Drive Mins to Work Dogs Allowed (Verified in Rules) (Y/N) Good Budget + Fee Schedule (Y/N) Acceptable Rules (Y/N) Lawyer Review of Status Cert (Y/N) Cold on a Cob fucked around with this message at 03:39 on Mar 26, 2021 |
# ? Mar 26, 2021 03:34 |
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# ? Jun 8, 2024 23:54 |
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I really don't think people are buying right now as investments. It's pure emotion.
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# ? Mar 26, 2021 12:08 |