real estate prices in Canada sustainable?
#466
Re: real estate prices in Canada sustainable?
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.
#468
Re: real estate prices in Canada sustainable?
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%.
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%.
#469
Re: real estate prices in Canada sustainable?
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.
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.
#470
Re: real estate prices in Canada sustainable?
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.
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.
Last edited by Jerseygirl; May 15th 2021 at 5:41 pm.
#471
Re: real estate prices in Canada sustainable?
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.
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.
#472
Re: real estate prices in Canada sustainable?
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.
#473
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Joined: Jan 2006
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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
https://www.realtor.ca/real-estate/2...reet-vancouver
#474
Re: real estate prices in Canada sustainable?
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.
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.
#475
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
https://www.realtor.ca/real-estate/2...reet-vancouver
#476
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Joined: Jan 2006
Posts: 0
Re: real estate prices in Canada sustainable?
#477
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!
despite the advert saying it was unfurnished and no balcony, we still got people asking those questions.
it’s def been an interesting experience!
#478
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Joined: Jan 2006
Posts: 0
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!
despite the advert saying it was unfurnished and no balcony, we still got people asking those questions.
it’s def been an interesting experience!
#479
Re: real estate prices in Canada sustainable?
#480
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Joined: Jan 2006
Posts: 0
Re: real estate prices in Canada sustainable?
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.