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Less Fat Luke posted:And don't be like that family in Toronto who watched the other half of their duplex get demolished with no regard for things like walls. Holy poo poo. This is incredible and sad. I hope the people responsible got suplexed in court but unfortunately I can't find anything about how it all played out via google.
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Feb 24, 2021 01:34
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leftist heap posted:He seems ambivalent. I think he'd take it for a good price but he said otherwise he's happy to stay there forever. That's basically how I feel. If someone's gonna give me a shitload over assessment then it's hard not to take the money and run. Yeah it has to be enough to be an upgrade, especially in this market. You wouldn't want to end up just making a lateral move.
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Feb 24, 2021 01:35
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That story just left me 
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Feb 24, 2021 05:10
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Arcsquad12 posted:That story just left me Here this will cheer you up if you already own several investment properties in Vancouver or Toronto: https://ca.finance.yahoo.com/news/vancouver-and-toronto-in-top-5-most-unaffordable-for-homes-globally-203525296.html posted:Vancouver and Toronto in top 5 most unaffordable for homes globally Direct link to the report: https://urbanreforminstitute.org/wp-content/uploads/2021/02/Demographia-International-Housing-Affordability-2021.pdf
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Feb 24, 2021 12:39
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People dropping hundreds of thousands over asking without conditions == starting to see some excess exuberance
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Feb 24, 2021 18:23
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No you see it's not exuberance unless people are buying solely to speculate on future capital gains and that definitely hasn't been happening for the last decade, never mind that people are flipping houses mere months after they buy them right now.
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Feb 24, 2021 18:36
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I viewed a house in october that was an absolute dogshit flip. Strewn through the house were books... Art of the Deal was placed on the sidetable of the Primary Bedroom. Real Estate Investing For Dummies was on the sidetable of the second bedroom. The Secret was also somewhere in the house. The house has been sold three times over the last 10 months. First time for 280k second time for 530k, third time for 650k
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Feb 24, 2021 19:35
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quote:"When we see people starting to buy houses solely because they think that prices are going up, that is a warning sign to us,” um
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Feb 24, 2021 20:54
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https://www.youtube.com/watch?v=lKevSXL_104 - "Yaletown Park", 2004. (I went digging a bit because I was curious - July 2020 assessed value on unit 1201, 928 Homer St, a 727sqft 2br/2ba - 770k ... (2801, a bit higher up: 878k) MLS shows unit 1201 having sold for 430k in 2007, surely up significantly from the presales ... 735k in 2016, and 795k in Oct 2020.) Sassafras fucked around with this message at 22:34 on Feb 24, 2021 |
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Feb 24, 2021 21:48
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leftist heap posted:If someone's gonna give me a shitload over assessment then it's hard not to take the money and run. Do assessment values approximate market pricing where you are? In Toronto my SFH assessment when I bought it in 2016 was about 20% below the market, and it hasn't increased since.
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Feb 24, 2021 22:45
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Some very anecdotal stuff here but somebody buying Chilliwack has failed 5 times with accepted offers all in the high 700s and 800s with listing prices in the mid 600s. Every showing was basically all indo-canadian families looking to buy SFH that has renters and intend to continue to rent out the place until later when it will be subdivided. Add that to a sale that took place in under an hour to chinese buyers that bought 2 homes in the same block that I know of as well. Its not about them being another race as much as intentions with buying seems to be padding portfolios rather than living in a house.
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Feb 24, 2021 23:13
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Subjunctive posted:Do assessment values approximate market pricing where you are? In Toronto my SFH assessment when I bought it in 2016 was about 20% below the market, and it hasn't increased since. BC has a provincial crown corporation which decides assessed values across the board for every property in the province, annually - the "BC Assessment Authority". In general, they are weighted a little bit lower than market in order to keep the number of appeals down, but since everybody is taxed on mill rates across the board, this doesn't much matter. Agricultural properties (including huge mansions with "christmas tree farms", etc) have artificially low values, and now and then there's some arguments such as when industrial property assessments massively spiked after other large industrial properties get rezoned for residential development, but it's mostly decent enough. Consequently things like "no property taxes for churches, schools, etc" have fairly accurate numbers for what's being foregone. Vaguely related to recent discussion, there were some allegations that the July 1 2019 (released Jan 1, 2020) property values were artificially low for political reasons (ie, "look how well the BC SVT is working!") in what turned out to be an election year. They definitely undershot significantly... There are a couple previous occasions when real estate prices have fallen that other actions have been taken to keep down the volume of assessment appeals - for example, one recentish year (2010?) governments said "look, we'll use the lowest assessed value from Year A (July 2007 / Jan 1 2008?) and Year B (July 2008 / Jan 1 2009?) to set property taxes" because everybody knew prices were sharply lower by the time tax bills were coming. Sassafras fucked around with this message at 23:19 on Feb 24, 2021 |
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Feb 24, 2021 23:14
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You see, when we increase supply of new and better housing, the value of older housing stock goes down because it has physically deteriorated over time and isn't as good as the new stuff. That's when people move up. People from the older housing move into the newer properties, allowing for others to move into the older housing. Why yes, that is my head firmly up my own rear end, why do you ask?
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Feb 24, 2021 23:20
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I recently did a property assessment/selling price calculation for my Aunt who's a realtor in Vancouver. Who is trying to help my cousin find a house. Every single house sold for over assessed value with 1 selling exactly at assessed value for some reason. It averaged from a low of 10% over to a max of 35% over and these houses were in the millions so 10% over means a minimum of 100k over. Surprisingly not that much over listing price but still at least 3% listing price to selling price with most of them having a selling price 10% over list.
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Feb 24, 2021 23:53
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Subjunctive posted:Do assessment values approximate market pricing where you are? In Toronto my SFH assessment when I bought it in 2016 was about 20% below the market, and it hasn't increased since. I was mainly using it as a short hand for market price, although the two are pretty close right now for this place.
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Feb 24, 2021 23:55
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Less Fat Luke posted:https://twitter.com/blogTO/status/1363906425181855748 This could reach peak irony if it turns out that the building has a busted solar water heating system and management tells the tenants to leave buckets of water near south-facing windows in the interim.
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Feb 24, 2021 23:55
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eXXon posted:This could reach peak irony if it turns out that the building has a busted solar water heating system and management tells the tenants to leave buckets of water near south-facing windows in the interim. The building isn't called Eau de Soleil for nothing.
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Feb 24, 2021 23:56
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Chillyrabbit posted:with 1 selling exactly at assessed value for some reason.
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Feb 24, 2021 23:59
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Looking a house beside a prison and the Realtors saying I need to put 100k over ask. Realtors are loving snakes. Ban em.
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Feb 25, 2021 02:45
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Purgatory Glory posted:Some very anecdotal stuff here but somebody buying Chilliwack has failed 5 times with accepted offers all in the high 700s and 800s with listing prices in the mid 600s. Every showing was basically all families looking to buy SFH that has renters and intend to continue to rent out the place until later when it will be subdivided. Add that to a sale that took place in under an hour to buyers that bought 2 homes in the same block that I know of as well. Do you notice how you can actually make this entire post without mentioning race and it still makes perfect sense?
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Feb 25, 2021 02:47
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HookShot posted:Do you notice how you can actually make this entire post without mentioning race and it still makes perfect sense? Was it racist of me to mention Chinese and Indo Canadian buyers and their intentions? The indo Canadian who shared their intention were speaking for the others(rightly or wrongly) there saying this was a group effort. Not my words.
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Feb 25, 2021 03:29
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I'd like to table a motion to make it bannable to reference tech workers by their employer. Rather than say Amazon or Microsoft employees will keep real estate prices high, let us say there are gainfully employed persons who will keep real estate prices high.
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Feb 25, 2021 03:51
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Referencing people by their industry is horribly classist as well, we should best instead simply refer to everybody as "the middle class and those hoping to join it". As with Prince's symbol, this will be far more convenient to use as an acronym. TMCATHTJI Tim-catht-ji
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Feb 25, 2021 03:56
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You know what else is classist? Suggesting that the middle class is only created through real estate wealth. Abolish all real estate information.
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Feb 25, 2021 04:03
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sitchensis posted:You see, when we increase supply of new and better housing, the value of older housing stock goes down because it has physically deteriorated over time and isn't as good as the new stuff. That's when people move up. People from the older housing move into the newer properties, allowing for others to move into the older housing. Lest anyone think this is exaggerated: it's not, it's a neoliberal "theory" called filtering, and it was official policy of the City of Vancouver under the Vision/Robertson administration.
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Feb 25, 2021 04:57
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I don't think barely anyone ever "moves up" to newer (and more expensive) housing. In a jurisdiction like BC with rent control you're super heavily incentivized to never move because you'll save heaps of money by staying. There is a less moronic way to phrase the justification to build new and better housing though, which is to point out that if a jurisdiction doesn't build new and better housing, then anytime anyone moves out of existing affordable housing, that rent is gonna spike when the landlord rents it to some incoming tech bro that has just moved into the city. This is how rents in San Francisco got to be like $3000-4000 for a lovely apartment in a victorian house or whatever absurd number they're at now.
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Feb 25, 2021 05:52
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Is newer property better? There's 200 square feet more in a one or two bedroom from the 1970s or 80s than there is in a modern one. You tend to pay about the same for both of those, in the same neighbourhood.
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Feb 25, 2021 06:01
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Word of this thread has reached Canada's big wig economists! Expect a soft landing now. Any. Time... Bank of Canada warns buyers of 'early signs' of overheating in housing market Despite early signs of overheating in Canada's housing market, Bank of Canada Governor Tiff Macklem so far has no plans to raise interest rates until the economy and employment are back on track following the slump caused by COVID-19. Speaking remotely to the combined Calgary and Edmonton chambers of commerce on Tuesday, Canada's top central banker said that the economy would continue to need monetary stimulus, likely until 2023, even though there are already signs it could be distorting the residential real estate market. "In that low-for-long world, there are risks that housing could get carried away, so that is something we will be looking at very carefully," Macklem said in response to a question from a member of the remote audience. Some observers have already expressed worries that the Canadian housing market is rising at an unsustainable pace, leaving critics — including some in the real estate industry — nervous of a boom, followed by a devastating bust once interest rates finally start to rise. https://www.cbc.ca/news/business/bank-canada-overheating-housing-market-1.5925073
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Feb 25, 2021 06:22
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This news was already posted on no less this very page.
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Feb 25, 2021 07:52
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https://twitter.com/idragovic26/status/1364624134379098112?s=20
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Feb 25, 2021 15:17
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I somehow got on a condo realtor's spam list, and the hardcore push of "don't miss out" is astounding. The formatting is unfortunately missing (lots of bolding, italics, font sizes) which misses out on it's fun. I get these like every couple of days, so with sales pushes like this no wonder people are getting into realestate. It can never go down!Realtor spam posted:OK! Something crazy happened last night as we were receiving units for one of Toronto downtown's hottest new condo project - some condo unit prices were pushing $1,720 per square foot.
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Feb 25, 2021 15:26
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unknown posted:I somehow got on a condo realtor's spam list, and the hardcore push of "don't miss out" is astounding. The formatting is unfortunately missing (lots of bolding, italics, font sizes) which misses out on it's fun. I get these like every couple of days, so with sales pushes like this no wonder people are getting into realestate. It can never go down! I'll take 10!
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Feb 25, 2021 16:04
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These things get handed out all the time in Toronto with different details but same message. One of my friends in a townhouse assumed this meant someone was trying to quietly buy all the townhouses to make a condo but it seems more like a scam to me.
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Feb 25, 2021 16:19
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Same thing (with the same font and everything), has been distributed around the Montreal area for a long while as well.
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Feb 25, 2021 16:41
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Yeah the fake "hand written" look is especially galling. Some of them misrepresent themselves as "a family just looking to buy" or as representing a family. At least these guys were relatively honest about what they do. Edit: Actually here's John Pasalis with an anecdote: https://twitter.com/JohnPasalis/status/1364751033835126784?s=20 I get he's biased but ffs as bad as realtors can be they usually do try and get a decent selling price (though not always the best possible price; fast sale can be better than a big $$$ sale if you're a realtor). Cold on a Cob fucked around with this message at 17:06 on Feb 25, 2021 |
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Feb 25, 2021 16:45
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Did someone say tone deaf? The Star reports that the pandemic came at a great time for Millennials, allowing a surge in home ownership for 25-35 year olds. This is based on stats from some realtors, specifically that 25% of homeowners in that age group bought during the pandemic. No mention of what actual absolute home ownership rates are but hey, take what you can get. Also, this happened partly because of the lack of entertainment options forcing millennials to save instead of frittering away their savings on soy matcha latte avocado toasts, or something. (Yes, near-zero interest rates and a temporary drop in foreign/short term renters are also mentioned).
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Feb 25, 2021 18:20
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I got one of these in the rental house I was sharing with 3 other people and sent them an angry message
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Feb 25, 2021 18:20
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Boy detached home owners in Kitsilano sure don't want new housing near them. https://twitter.com/j_mcelroy/status/1364815140042932225?s=20 I can't imagine being a councillor and spending this much time sitting and listening to the same tired transparently nimby arguments. How has council not moved to only written commentary, if only to save their own sanity?
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Feb 25, 2021 20:18
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Femtosecond posted:Boy detached home owners in Kitsilano sure don't want new housing near them. The only thing Karens hate more than whatever you are doing wrong is you denying them the chance to tell you how wrong you are to your face.
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Feb 25, 2021 20:28
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It's always pretty funny how people like a neighbourhood and want to live there because of the precise character they're desperate to tear down just enough to move in themselves before going full NIMBY in turn.
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Feb 25, 2021 21:41
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