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real estate prices in Canada sustainable?

real estate prices in Canada sustainable?

Old May 15th 2021, 10:05 am
  #466  
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Default Re: real estate prices in Canada sustainable?

Originally Posted by dbd33
I bring you spreadsheets, charts and diagrams, and you got gossip?
Hey, this is gossip land I did notice from my 10 second peruse of the said report that 2020 being a pandemic year may have contributed to lower turnover. In any case, in the absence of rent controls (or some other shock) rising property prices lead to rising rents.
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Old May 15th 2021, 10:05 am
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Default Re: real estate prices in Canada sustainable?

Originally Posted by Jerseygirl
More and more condo buildings in the GTA are not allowing AirBnB.
A good thing.
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Old May 15th 2021, 10:09 am
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Default Re: real estate prices in Canada sustainable?

Originally Posted by JamesM
Rent control in Toronto is good. I think it will help stabilize prices in the longer term.

With all the madness going on with real estate market or the housing market as it was called in Blighty the rent controls in Toronto have kept some sanity for me.

8 years in my unit and thankfully during that period my rent has gone up approximately 16%.
How much in property value has the unit gone up in 8 years ?
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Old May 15th 2021, 4:16 pm
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Default Re: real estate prices in Canada sustainable?

Originally Posted by Shard
How much in property value has the unit gone up in 8 years ?
Probably not as much as the landlord would hope.

She paid I believe 320,000 originally (it was a new build) that opened in 2013 when I moved in. And actually tried to sell in 2016 for 380,000 and got no offers.

At a guestimate I'd say $500,000ish but this building has had some seriously bad press in the last couple of years with a shooting and also sex trafficking scandal.

It's very much a buy-to-let unit in my opinion.

Her mortgage and management fees have started to go up but thankfully because of legislation she can only put the rent up what the City dictates now.
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Old May 15th 2021, 4:25 pm
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Default Re: real estate prices in Canada sustainable?

Originally Posted by JamesM
Probably not as much as the landlord would hope.

She paid I believe 320,000 originally (it was a new build) that opened in 2013 when I moved in. And actually tried to sell in 2016 for 380,000 and got no offers.

At a guestimate I'd say $500,000ish but this building has had some seriously bad press in the last couple of years with a shooting and also sex trafficking scandal.

It's very much a buy-to-let unit in my opinion.

Her mortgage and management fees have started to go up but thankfully because of legislation she can only put the rent up what the City dictates now.
Going by similar units in our building, our condo has increased in value by approx 35% in 9 years.

Last edited by Jerseygirl; May 15th 2021 at 5:41 pm.
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Old May 15th 2021, 4:28 pm
  #471  
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Default Re: real estate prices in Canada sustainable?

Originally Posted by JamesM
Probably not as much as the landlord would hope.

She paid I believe 320,000 originally (it was a new build) that opened in 2013 when I moved in. And actually tried to sell in 2016 for 380,000 and got no offers.

At a guestimate I'd say $500,000ish but this building has had some seriously bad press in the last couple of years with a shooting and also sex trafficking scandal.

It's very much a buy-to-let unit in my opinion.

Her mortgage and management fees have started to go up but thankfully because of legislation she can only put the rent up what the City dictates now.
Yes, not outlandish growth by Toronto standards. Management/strata fees and property tax often tip in favour of renting. Sounds like an 'interesting' building.
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Old May 15th 2021, 4:36 pm
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Default Re: real estate prices in Canada sustainable?

Originally Posted by Shard
Yes, not outlandish growth by Toronto standards. Management/strata fees and property tax often tip in favour of renting. Sounds like an 'interesting' building.
I believe I'm the most tenured resident here now. It's very transient. No idea who my neighbours are as they change every year.

Covid reduced occupancy a lot because the complex consists of two towers that are served by only 3 elevators each (one is 40 storeys the other about 25). With only two to an elevator allowed coming and going for some is a harrowing experience.

I'm fortunate to be on the sixth floor in what I'd describe as a podium that has access to both tower elevator sets and taking the stairs down also isn't too bad.

Last edited by JamesM; May 15th 2021 at 4:46 pm.
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Old May 15th 2021, 4:45 pm
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Default Re: real estate prices in Canada sustainable?

A unit in the building in Vancouver we used to live in. Will be interesting to see if they get asking price or not. It's not in the best of area but also not the absolute worst either.

https://www.realtor.ca/real-estate/2...reet-vancouver
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Old May 15th 2021, 4:55 pm
  #474  
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Default Re: real estate prices in Canada sustainable?

Originally Posted by JamesM
I believe I'm the most tenured resident here now. It's very transient. No idea who my neighbours are as they change every year.

Covid reduced occupancy a lot because the complex consists of two towers that are served by only 3 elevators each (one is 40 storeys the other about 25). With only two to an elevator allowed coming and going for some is a harrowing experience.

I'm fortunate to be on the sixth floor in what I'd describe as a podium that has access to both tower elevator sets and taking the stairs down also isn't too bad.
What about stairs up ?! Great fitness opportunity.
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Old May 15th 2021, 4:57 pm
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Default Re: real estate prices in Canada sustainable?

Originally Posted by Jsmth321
A unit in the building in Vancouver we used to live in. Will be interesting to see if they get asking price or not. It's not in the best of area but also not the absolute worst either.

https://www.realtor.ca/real-estate/2...reet-vancouver
600K for a 1B in East Hastings
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Old May 15th 2021, 5:19 pm
  #476  
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Default Re: real estate prices in Canada sustainable?

Originally Posted by Shard
600K for a 1B in East Hastings

2 bed is listed at 799,000

https://www.realtor.ca/real-estate/2...reet-vancouver
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Old May 15th 2021, 10:52 pm
  #477  
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Default Re: real estate prices in Canada sustainable?

We have hopefully found our long term (finger crossed) tenant for the apartment - we had a lot of dodgy messages, with a couple of people trying to negotiate on the rent to the point it was laughable (trying to get $500 off per month)!!!

despite the advert saying it was unfurnished and no balcony, we still got people asking those questions.

it’s def been an interesting experience!
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Old May 15th 2021, 11:20 pm
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Default Re: real estate prices in Canada sustainable?

Originally Posted by beckiwoo
We have hopefully found our long term (finger crossed) tenant for the apartment - we had a lot of dodgy messages, with a couple of people trying to negotiate on the rent to the point it was laughable (trying to get $500 off per month)!!!

despite the advert saying it was unfurnished and no balcony, we still got people asking those questions.

it’s def been an interesting experience!
Probably asking for so much off because the media keeps reporting how much rents have dropped, but eh from listings online, I haven't noticed much of a drop in rents, our old building is renting at a premium now, maybe higher end rentals 3,000+ kinds have dropped, but at the lower ends, don't see anything dropping much based on ads.

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Old May 16th 2021, 7:30 am
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Default Re: real estate prices in Canada sustainable?

Originally Posted by Jsmth321
The building looks good, and I guess it's close to downtown and Commercial. How much would a similar place be in Kelowna?
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Old May 16th 2021, 8:11 am
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Default Re: real estate prices in Canada sustainable?

Originally Posted by Shard
The building looks good, and I guess it's close to downtown and Commercial. How much would a similar place be in Kelowna?
It's an okay building but there are some quirks about it and the area. The trash dumpster is too small for the building, so can be tricky at times throwing trash out since pick up is only once per week, there is a mouse issue, there are always sketchy people hanging around, and it's pretty common to see people passed out in the alley from drugs, finding syringes and such, lots of sirens, but it is on a bus route with #14, #16, #20 and whatever they are calling the SFU express bus now, only takes about 10-12 minutes to get to downtown by car about 20 minutes by bus. At times the lobby gets broken into, and when Starbucks was open still (has since closed) some of the colorful characters would overdose, or otherwise cause issues in the bathroom, someone overdosed in that bathroom once as well, No Frills is across the street, its small store, and shoplifting there is a regular occurrence especially for meat, apparently a black market for meat on the DTES.

On and there is a chicken processing plant a block away, depending on the direction of the wind, the smell can get quite vile especially in the summer.

From 2017 to 2020 we lived there, the area continued to decline in quality, and seems to get worse by the year as DTES spread further out into Vancouver.


A few examples, I tried to get a couple of older + newer.

2004 2 bed/2bath 1,059sq feet, $387 strata fee + $1,749 annual property tax $399,000. Last sold in 2005 for 175,000.

2007 2bed/2bath 970 sqft, strata fees $678.22 per month + $2,165 annual property tax $522,000. Last sold in 2017 $441,000

Brand new 2 bed/bath $520,000. Strata $355 per month.

2019 1 bed/1bath 566sq feet $474,900


Cheapest condos. I have been told by realtors my wife has worked with to avoid 1990 builds due to leaky condo issue in that time, and I don't know if a 43-44 year old wood frame condo building would be a good investment or not if looking for a place to live for 20-40 more years.

1995 build $199,900

1978 build $205,000

1977 build $241,900

One can get old condos in Vancouver even for lower prices than new builds.

1956 build 299,900

1994 build $339,900

1967 build $359,000 (leasehold expires December 31, 2073.


On our income, when we talked to Vancity they said with 50,000 down max mortgage of $110,404 and max purchase price of $160,404

20,000 down payment max purchase price of $128,000 estimated.

We could never save 50,000, $20,000 even probably isn't doable, so I gave up on ever owning anything, I will just sit in BC Housing and hope they never boot us out.

Last edited by scrubbedexpat091; May 16th 2021 at 8:19 am.
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