At 7:18, according to a stat in CBC's condo market video, most people (not some) actually seek out older condos because they're bigger. The main reason being that you can actually start a family in them. The average condo size over the years has consistently gone down, so newer condos aren't great for starting a family, but it's basically the only option young people have...
40 year old buildings vs. new buildings: if you walk into a 40 year old building and it doesn't smell, it looks in good condition, things work, amenities are open, its clean.... this is a building that has been managed by someone for 40 YEARS!! That tells you its loved and cared for. HOWEVER, how many BRAND NEW buildings do we walk into that haven't even been open more than 2 years and are ALREADY falling apart! That have inexperienced property managers. But it goes both ways... there are many old buildings that look like crap, and many amazing new buildings too... point is, don't rule out something because of its age. Look under the covers. I personally buy in the middle.
Regarding the patio set commenter: If buyers think the seller’s price is too high, they won’t buy it and will look at other sellers. And nowadays there are plenty of sellers on the real estate market. If you’re waiting and hoping for an uninformed buyer to pay above market price, good luck; you’ll be waiting a long time. If you don’t care how long it takes, then why is your house for sale?
If there are 399 patio sets all over the store; is anyone really gonna ignore them and find the 499 patio set that is almost exactly the same? Good luck with that! Delusional.
Sanhtu IS the problem. He/she wants a yes man or woman for an agent. Above all...a huge time waster and does NOT respect the professionalism that a good agent can offer. Meanwhile. they've missed the opportunity to attract serious buyers and will be more than happy to blame it on the realtor when the property doesn't sell.
The new saying goes, "rich people buy a new house to improve their standard of living, regular people choose not to buy a new house to also improve their standard of living"
If the price of a unit needs to be right for the market to be sold Then why would anyone ever pay for a more expensive real estate agent vs a cheaper one? It's not too difficult to compare what recent houses sold for Usually expensive agents will advertise they can sell your home. But anyone can at the right price.
You pay for what you get. I know agents that want only 4% but that is for putting a sign on your lawn only. I know agents who want 5 or 6% and advertises and do what ever it takes to sell your home.
14:25 Owning a house and paying taxes, utilities, repairs in addition to interest is costing like $10k, 15k, 20k more per year of ownership as compared to renting (depends on cost of house). Unless the value of the house is going up by that amount every year, it's a loss deal. You also get no returns on the down payment. Getting 300k-400k profit after 20 years is actually a negative real return because you already put in 300-400k extra over the 20 years.
People can hold out for the right price on both sides of the negotiation. At this stage, lets see who can hold out longer. I am a potential buyer who can hold out indefinitely.
everyone needs to remember - many buyers have refused to put offers on properties they thought were overpriced, only to still be homeless months later and then they see the property they could have had.... sold for asking price. THIS has been a reality in GTA RE for many years. Much fewer sellers are regretting letting their listing sit at a higher price for a few weeks.
@@KD-ds1lp thats my point. the original asking prices are too high, and even though its sold for "under asking" its still being sold for market value or even over market value. Non-distressed sellers are STILL in control even in this market. Its only the distressed sellers whos transactions are moving the numbers in the direction we are seeing. If sales dont happen, they dont feed the statistics. All we are left with is distressed sellers taking a loss on their undesirable properties. You should not judge where a market is on the most desperate people trying to get rid of their unattractive product. We are still DEEPLY in a sellers market, regardless of the numbers, is my point. Agents feel this when they talk to their non-distressed seller clients.
Unrealistic/unrealizable Prices into a softening(Demand) market become even more unrealistic/unrealizable over time as Listings(supply) increases. In my view only.... realtors need to dummy up and STOP accepting listings from owners that insist upon unrealistic/unrealizable prices ..... that is your JOB as a Real Estate Professional !
then they'll be out of a job.... because if you aren't acting in the best interest of your client aka the seller.... you definitely shouldn't be employed.
One of the objectives of a Seller (or a Buyer) consultation is to determine if the Seller’s plans are achievable my me. If I feel I cannot achieve the Seller’s expectations, then I do not take them on as a client. This is all decided prior to the client relationship.
@@GreenBeanGreenBean So is acting in the "best interest of their client" not to be forthright and honest in telling them that their price expectation is an unrealizable fantasy ? Sounds to me like your criterion to be 'employed' is to blow smoke up their arse and waste everyone's time including theirs NOT getting Paid ? "Commission" Sales remember....if it doesn't Sell nobody gets Paid ?
@@dirtlump most sellers are not serious, they are only there to see if they can get a high offer.... 75% plus of all listings are such. If the sellers price is far above market, the realtor won't be spending their time showing the place because they won't get any showings. What a realtors job definitely isn't is to lowball the price for a quick sale, which is actually what most realtors do..... which actually lowers the average price, not keeping the price high like you guys always say 'realtors keeping the price high'... uh no that's the opposite of what they do.
Till the special assessment bill comes around. But if they've been managed properly, definitely! No thin walls and floors too. I live in a condo converted fully to rentals, and unless you have kids jumping up and down, nobody hears nothing. I pump really loud music with a 12" sub and my neighbors never once complained. However, the 5 children above me were a nightmare until they got a bit older.
A lot of this weeks questions seemed to be of the "it depends" variety. Like rent vs buy, well maybe it makes more sense for YOU to rent but not ME. And older vs newer condos, well what makes sense for YOU, maybe its different for someone else. Or BUY NOW!, well maybe that makes sense for some but others can wait. Or how much is a renovation on the main floor, like no simple one answer fits all in most of these this wk.
Thanks for answering my question. I have one bathroom up stairs and am thinking of adding on a bedroom bathroom/family room main floor. Sounds like it will definitely make the house more sellable down the road. I guess the next step is to talk to the bank.
My comment asking about power lines and towers being too close to the house was never mentioned. Please, if you could discuss this very important topic next time it'll be very much appreciated:) How close is too close ? Does it affect child Leukaemia?
why would anyone take a risk that their realtor set a price just to get a quick sale to one of his friends and take a 2.5% commission on a low ball though.
@thespacesbetweenstudio3346 I'm going on the assumption that the sellers are not idiots. And if course, the realtor is not allowed to negotiate any lower without your say so. In both cases, the realtor is only your representative.
@@thespacesbetweenstudio3346 I'm saying the realtor knows what the best price the asset will sell for in today's market. The seller just has an unfounded price in his head that he/she wants.
I live on Vancouver Island, the real estate is starting to fall hard. Inventories are stacking up fast and very few sales. It’s bad don’t let anyone tell you different
@@GreenBeanGreenBean no immigration growth, recession, and dismal cad valuation at this time which may even out in future , 30-50 percent price decline is a decent estimate
I bought my place in 1998, even if it crashes, I am still making out like a bandit. Many others are sitting on nice cushions of equity too. If I was a realtor, I wouldn't care if prices are up or down, I just want activity and price discovery. Sellers psychology is still stuck in a 0 interest rate environment. Those days are gone, sellers have to adjust expectations if they are serious about selling. The ones that bought closer to the peak, are the ones most reluctant to drop their prices. So good luck to those sellers that are competing with someone that has a house already paid off and lots of equity. I keep hearing that it will be the distressed sellers that will bring prices down, it will be the complete opposite imo. It will be the people that aren't desperate, the ones that are sitting on a mountain of equity, those sellers will have much more reasonable expectations and they will be the ones to get activity going.
@@Casey-qm1nd You can't make money selling your home unless you intend to change markets or rent. By the time you pay taxes, lawyer fees, agent fees it will cost you more than you get to replace your home unless you are downgrading or moving out of the market area.
@offgridwanabe well that is the thing, look at how top heavy the demographics are here in Canada. There will be a lot of boomers cashing out and going into nursing homes, or downsizing like you mentioned.
@@offgridwanabe i just think that population growth will be slow for the years to come, but also look at the demographics. We will have the older generation downsizing or moving into nursing homes. The older generation is going to cash out at some point.
Prices will not go lower. Its a " U shaped" recovery ! Prices will skyrocket in the not too distant future ...good luck to cheap real estate in Toronto .
They are not building much right now so in about 5 years it could get really crazy. I think peoples greed will hold up most of the market, the incredibly small apartments are worthless and I would not be surprised if they crash to shocking lows. some of the small apartments are 400 Sq/ft I would not be shocked to see those drop into the low $200s as no one wants them to live in and it is hard to rent them.
At 7:18, according to a stat in CBC's condo market video, most people (not some) actually seek out older condos because they're bigger. The main reason being that you can actually start a family in them.
The average condo size over the years has consistently gone down, so newer condos aren't great for starting a family, but it's basically the only option young people have...
40 year old buildings vs. new buildings: if you walk into a 40 year old building and it doesn't smell, it looks in good condition, things work, amenities are open, its clean.... this is a building that has been managed by someone for 40 YEARS!! That tells you its loved and cared for. HOWEVER, how many BRAND NEW buildings do we walk into that haven't even been open more than 2 years and are ALREADY falling apart! That have inexperienced property managers. But it goes both ways... there are many old buildings that look like crap, and many amazing new buildings too... point is, don't rule out something because of its age. Look under the covers. I personally buy in the middle.
Regarding the patio set commenter: If buyers think the seller’s price is too high, they won’t buy it and will look at other sellers. And nowadays there are plenty of sellers on the real estate market. If you’re waiting and hoping for an uninformed buyer to pay above market price, good luck; you’ll be waiting a long time. If you don’t care how long it takes, then why is your house for sale?
They're hoping to hit the lotto 649
the vast majority of sellers on the market are not serious sellers.... just seeing if anyone hits the ask.
If there are 399 patio sets all over the store; is anyone really gonna ignore them and find the 499 patio set that is almost exactly the same?
Good luck with that! Delusional.
Do they have a Buyers Remorse Hotline?
Sanhtu IS the problem. He/she wants a yes man or woman for an agent. Above all...a huge time waster and does NOT respect the professionalism that a good agent can offer. Meanwhile. they've missed the opportunity to attract serious buyers and will be more than happy to blame it on the realtor when the property doesn't sell.
The new saying goes, "rich people buy a new house to improve their standard of living, regular people choose not to buy a new house to also improve their standard of living"
If the price of a unit needs to be right for the market to be sold
Then why would anyone ever pay for a more expensive real estate agent vs a cheaper one?
It's not too difficult to compare what recent houses sold for
Usually expensive agents will advertise they can sell your home. But anyone can at the right price.
You pay for what you get. I know agents that want only 4% but that is for putting a sign on your lawn only. I know agents who want 5 or 6% and advertises and do what ever it takes to sell your home.
Avoiding older condos relates to maintenance fees and deferred Capex coming into the equation
Santo & Daniel still pumping out good content. These two paisanos haven’t sold themselves out. D Trent gives you guys two thumbs up
Thanks D Trent!
14:25 Owning a house and paying taxes, utilities, repairs in addition to interest is costing like $10k, 15k, 20k more per year of ownership as compared to renting (depends on cost of house).
Unless the value of the house is going up by that amount every year, it's a loss deal.
You also get no returns on the down payment.
Getting 300k-400k profit after 20 years is actually a negative real return because you already put in 300-400k extra over the 20 years.
I see houses built in the 80's with no maintenance. Maybe a new roof from 20 years ago.... Maybe
Makes you wonder if a house really is an asset or just a liability.
People can hold out for the right price on both sides of the negotiation. At this stage, lets see who can hold out longer. I am a potential buyer who can hold out indefinitely.
eh when the market trends up you will be left behind like the people that could have bought 10 years ago but didn't.
What are you holding out for? I mean, what has to change for you to buy?
@@GreenBeanGreenBeanwe have 10 years for that now
House prices still to high
everyone needs to remember - many buyers have refused to put offers on properties they thought were overpriced, only to still be homeless months later and then they see the property they could have had.... sold for asking price. THIS has been a reality in GTA RE for many years. Much fewer sellers are regretting letting their listing sit at a higher price for a few weeks.
Lol - not true! Every house is being sold under asking. Look at original asking prices
@@KD-ds1lp thats my point. the original asking prices are too high, and even though its sold for "under asking" its still being sold for market value or even over market value. Non-distressed sellers are STILL in control even in this market. Its only the distressed sellers whos transactions are moving the numbers in the direction we are seeing. If sales dont happen, they dont feed the statistics. All we are left with is distressed sellers taking a loss on their undesirable properties. You should not judge where a market is on the most desperate people trying to get rid of their unattractive product. We are still DEEPLY in a sellers market, regardless of the numbers, is my point. Agents feel this when they talk to their non-distressed seller clients.
Unrealistic/unrealizable Prices into a softening(Demand) market become even more unrealistic/unrealizable over time as Listings(supply) increases.
In my view only....
realtors need to dummy up and STOP accepting listings from owners that insist upon unrealistic/unrealizable prices ..... that is your JOB as a Real Estate Professional !
then they'll be out of a job.... because if you aren't acting in the best interest of your client aka the seller.... you definitely shouldn't be employed.
One of the objectives of a Seller (or a Buyer) consultation is to determine if the Seller’s plans are achievable my me. If I feel I cannot achieve the Seller’s expectations, then I do not take them on as a client. This is all decided prior to the client relationship.
@@GreenBeanGreenBean
So is acting in the "best interest of their client" not to be forthright and honest in telling them that their price expectation is an unrealizable fantasy ?
Sounds to me like your criterion to be 'employed' is to blow smoke up their arse and waste everyone's time including theirs NOT getting Paid ?
"Commission" Sales remember....if it doesn't Sell nobody gets Paid ?
@@teamsessa Yep... and that's as it should be !
@@dirtlump most sellers are not serious, they are only there to see if they can get a high offer.... 75% plus of all listings are such.
If the sellers price is far above market, the realtor won't be spending their time showing the place because they won't get any showings.
What a realtors job definitely isn't is to lowball the price for a quick sale, which is actually what most realtors do..... which actually lowers the average price, not keeping the price high like you guys always say 'realtors keeping the price high'... uh no that's the opposite of what they do.
Sanhtu sounds like he bought at the peak and is now a bag holder. 😂😂😂
Tens of thousands of Sanhtu’s!!
Or a realtor lol
sorry to burst your bubble but i'm a real estate multimillionaire who just sold last month for almost a 300% return.
@@sanhtu77 prove it. 🤡🤡🤡
@@sanhtu77 Prove it 🤡🤡🤡
A 40 year condo was made in the 80's. 80's condos are the best value condos on the market.
Till the special assessment bill comes around. But if they've been managed properly, definitely!
No thin walls and floors too. I live in a condo converted fully to rentals, and unless you have kids jumping up and down, nobody hears nothing. I pump really loud music with a 12" sub and my neighbors never once complained.
However, the 5 children above me were a nightmare until they got a bit older.
A lot of this weeks questions seemed to be of the "it depends" variety. Like rent vs buy, well maybe it makes more sense for YOU to rent but not ME. And older vs newer condos, well what makes sense for YOU, maybe its different for someone else. Or BUY NOW!, well maybe that makes sense for some but others can wait. Or how much is a renovation on the main floor, like no simple one answer fits all in most of these this wk.
I didn’t notice that at the time but you’re right.
Thanks for answering my question. I have one bathroom up stairs and am thinking of adding on a bedroom bathroom/family room main floor. Sounds like it will definitely make the house more sellable down the road. I guess the next step is to talk to the bank.
My comment asking about power lines and towers being too close to the house was never mentioned. Please, if you could discuss this very important topic next time it'll be very much appreciated:) How close is too close ? Does it affect child Leukaemia?
💯 its impacts if your a doctor and care for child. But if your a realtor, it doesn't. Stay away from those if possible
Great content, thank you for putting in the effort.
My pleasure!
Thanks for sharing this!
Real estate is going to become a toxic asset if you’re playing the game of monopoly. Off to jail you go
If i was a realtor, i would offer 2 different options.
Seller sets the price= 5% commision.
Realtor sets the price= 2.5% commission.
why would anyone take a risk that their realtor set a price just to get a quick sale to one of his friends and take a 2.5% commission on a low ball though.
@thespacesbetweenstudio3346 I'm going on the assumption that the sellers are not idiots.
And if course, the realtor is not allowed to negotiate any lower without your say so.
In both cases, the realtor is only your representative.
@Stormshfter so why is there a discount if the realtor sets the price? You are just saying the seller sets the price anyway
@@thespacesbetweenstudio3346the seller would obviously have to agree to the price beforehand.
@@thespacesbetweenstudio3346
I'm saying the realtor knows what the best price the asset will sell for in today's market.
The seller just has an unfounded price in his head that he/she wants.
Why can't you say Master Bedroom? I have been a bit bewildered by this - what is with this rule change?
Master Bedroom. Master Bedroom. Master Bedroom. See? Nothing happened to m…
@@markb8360 😆😆
For a Live you should considered that there is 2 other real estate shows on Sunday morning
Of the 3 of them only 2 is worth while. Santo is one, and the other has a host that rhymes with barrel
Housing market it’s not same , I believe it’s going to get worse
Vancouver island ia nice if you like the rain 😂 and a $400 patio set must be a garbage set
I live on Vancouver Island, the real estate is starting to fall hard. Inventories are stacking up fast and very few sales. It’s bad don’t let anyone tell you different
How you doing DirtyBird?
Best comment
I expect 30-50 percent price declines in next 3 years
Good luck
more likely 30 to 50 percent increases.... incomes up and rates down and no new supply
@@GreenBeanGreenBean no immigration growth, recession, and dismal cad valuation at this time which may even out in future , 30-50 percent price decline is a decent estimate
@@simranjeetmatharoo3953 this, exactly 1989 now
Who makes money in a crash, must be the pushers of sales the real estate agent.
I bought my place in 1998, even if it crashes, I am still making out like a bandit. Many others are sitting on nice cushions of equity too. If I was a realtor, I wouldn't care if prices are up or down, I just want activity and price discovery. Sellers psychology is still stuck in a 0 interest rate environment. Those days are gone, sellers have to adjust expectations if they are serious about selling. The ones that bought closer to the peak, are the ones most reluctant to drop their prices. So good luck to those sellers that are competing with someone that has a house already paid off and lots of equity. I keep hearing that it will be the distressed sellers that will bring prices down, it will be the complete opposite imo. It will be the people that aren't desperate, the ones that are sitting on a mountain of equity, those sellers will have much more reasonable expectations and they will be the ones to get activity going.
@@Casey-qm1nd You can't make money selling your home unless you intend to change markets or rent. By the time you pay taxes, lawyer fees, agent fees it will cost you more than you get to replace your home unless you are downgrading or moving out of the market area.
@offgridwanabe well that is the thing, look at how top heavy the demographics are here in Canada. There will be a lot of boomers cashing out and going into nursing homes, or downsizing like you mentioned.
@@offgridwanabe i just think that population growth will be slow for the years to come, but also look at the demographics. We will have the older generation downsizing or moving into nursing homes. The older generation is going to cash out at some point.
I agree older condos are better . Mine is gorgeous and very well maintained . Just need to make sure your lawyer reviews the status certificate
The market is only going up in Canadian dollars 🤔 they’re going down when priced in USD, DOW, Gold, Silver etc 😉
Wrong
😂 💯
Prices will not go lower. Its a " U shaped" recovery ! Prices will skyrocket in the not too distant future ...good luck to cheap real estate in Toronto .
They are not building much right now so in about 5 years it could get really crazy. I think peoples greed will hold up most of the market, the incredibly small apartments are worthless and I would not be surprised if they crash to shocking lows. some of the small apartments are 400 Sq/ft I would not be shocked to see those drop into the low $200s as no one wants them to live in and it is hard to rent them.
Yeah it will