Tax Principal Home Gains? + Condo Listing Surge to the Rescue? - Toronto & Vancouver Real Estate Now
Вставка
- Опубліковано 20 лип 2024
- It’s a world-spanning July episode of the Toronto-Vancouver real estate roundtable with John in Greece, Steve in Vancouver and Urmi in Toronto!
The weather is warm, but the biggest Canadian real estate markets remain anything but - John and Steve take us through the latest stats for Toronto and Vancouver and explain whether yet another new record high in condo listings and investors existing will finally result in more options and better prices for end-users. Also: as average gifts to home buyers from family now averages over $100,000 in Canada, is it finally time to talk about taxing gains on principal residences?
00:00 - Intro
01:47 - Vancouver Market Update
03:19 - Toronto Market Update
05:48 - Condo Investors Exiting, End-Users to Benefit?
11:17 - Current Rental Market Conditions & Anti-Landlord Moves?
29:55 - Average Family Gifts to New Buyers Now Over 100K in Canada
35:18 - Is it Time to Tax Gains on Principal Residences?
Contact Us
Follow Steve on X-Twitter @SteveSaretsky; Email at: steve@stevesaretsky.com
Follow John on X-Twitter @JohnPasalis; Email at: askjohn@movesmartly.com
Follow Urmi on X-Twitter @MoveSmartly; Email at: editor@movesmartly.com
About This Roundtable Series
Each month, Move Smartly.com editor, Urmi Desai, talks to John Pasalis, Housing Analyst, Broker and President of Realosophy Realty in Toronto, and Steve Saretsky, Housing Analyst and Realtor at the Oakwin Realty Group at Oakwin Realty in Vancouver about the latest data and on-the-ground insights in Canada's biggest residential RE markets. (Thanks to Jesse Bains, now at Linked In News, for kicking off this series at Yahoo Finance originally!)
About This Show
The Move Smartly show is co-hosted by Urmi Desai, Editor of Move Smartly, and John Pasalis, President and Broker of Realosophy Realty. MoveSmartly.com and its media channels on UA-cam and various podcast platforms are powered by Realosophy Realty in Toronto, Canada.
You can also listen to this episode on our MoveSmartly podcast here (new episodes drop Tuesdays): link.chtbl.com/movesmartly
If you enjoy our show and find it useful, please like, subscribe, share, review and comment on whatever platform you are watching or listening to us from - we appreciate your support!
Back in the day, when I purchased my first home to live-in; that was Vancouver in the early 1990s, first mortgages with rates of 8 to 9% and 9% to 10% were typical. People will have to accept the possibility that we won't ever return to 3%. If sellers must sell, home prices will have to decline, and lower evaluations will follow. Pretty sure I'm not alone in my chain of thoughts.
If anything, it'll get worse. Very soon, affordable housing will no longer be affordable. So anything anyone want to do, I will advise they do it now because the prices today will look like dips tomorrow. Until the Fed clamps down even further, I think we're going to see hysteria due to rampant inflation. You can't halfway rip the band-aid off.
Home prices will come down eventually, but for now; get your money (as much as you can) out of the housing market and get into the financial markets or gold. The new mortgage rates are crazy, add to that the recession and the fact that mortgage guidelines are getting more difficult. Home prices will need to fall by a minimum of 40% (more like 50%) before the market normalizes.If you are in cross roads or need sincere advise on the best moves to take now its best you seek an independent advisor who knows about the financial markets.
Yeah, sometimes the smoke hides the reality. Anyway, any chance you could recommend who your financial advisor is? I have to ride the tide, too.
Google Annette Marie Holt and do your own research. She has portfolio management down to a science
@@hasede-lg9hj Thank you for this tip. It was easy to find your coach. Did my due diligence on her before scheduling a phone call with her. She seems proficient considering her resume.
Ponzi scheme 101.
How about the govt focus on collecting taxes owed first.
If you're taxing principal residences, then can we claim mortgage interest? Can we claim interest paid from the day we purchased the house?
Leave homes alone.
Condo prices haven’t plummeted yet perhaps because investors haven’t had to remortgage at higher rates.
Ya but.
With inventory up every week it seems inevitable to start slipping down at a more rapid pace.
If everyone has their jobs and things stay as is it will drop but if jobs start to go, I think we will see blood in the condo market.
Depends how you define the word "plummet"....
I live close of montréal and I watch real estate around where I live.
If a condo is for sale. It usually takes no more than 2 weeks to be out of the market.
Hong Kong properties dropped 40%. Macau dropped 80% from its peak. This is what should happen when properties are over priced and the market corrects itself. Let the correction happen. What goes up should be able to come down.
Pretty sure Hong Kong was significantly more out of line than Canada. And if We scale it that way then we've already done that drop when properties fell after rates started hiking. I'm pretty sure prices were down 25% in real terms and 15 to 20% in nominal terms?
I expect they will drop further but only temporarily in the dip and even back out similar to where we are now. It's also definitely dependent on market segment as they said in the podcast
Post tax income...Canada is just as bad as hk.
700k condo will cost 4420 per month in mortgage and maintenance and tax will be 1000 = 5420.
After 3 years you'll still owe 656k in principal.
Plus you'll need 164k per year of income to buy that beater condo that's 700k
That 700k condo actually cost about 1.3m to 1.45m in pretax income and that's being conservative.
OS that way worse than hong kong? 100 percent worse.
Yvr and yyz is screwed in thr long run.
Shitshow 101.
Well done Canuck policy makers.
Be ready for a Japan style lost 2 to 3 decades....Hahaha 👍 👍
It won’t happen without intervention!!!
Exactly
Can’t wait until all the parents that have helped their children buy a property discover the deflation decline has put their own property and children’s decline below mortgage amount. It will be a gigantic sucking sound.
I still dont understand why Steve is plowing money into the Alberta real estate market.
They shouldn't only talk about real estate. The productivity of thr entire Canadian economy is going down thr tube....glad I never moved there....Hahaha
You’re watching too much media driven data. You do realize that the majority of Canada has tons of nature to explore, access to healthcare everywhere, the ability to move around where jobs are, unionized healthcare and government style jobs. For example I live in a small town 1hr 45 minutes from Toronto. PSW at LTC long term care facility pays 30$ an hour and nursing pays 45$ an hour. Combined income is around 5k a month working low hours and able to double that with extra shifts plus overtime. Trades pay 80-150$ an hour. Even a basic labourer gets paid 35$ an hour. Rent is 2000-3000$ a month for full houses, Or three bedroom style housing. Tons of waterfront to ride your bike on trails etc. not sure what more you want in life.
@@justinjones5281 I live a half hour outside Vancouver, there's no full houses here for that price or anywhere close by. Red seal Trades get around 40-50 p/h unless you're a self employed contractor,. Then you can make 80 and above. Also trying to get in to see a doctor is a disaster these days. They give you a phone "callback " 2 or 3 days after u ring to make an appointment. Housing, healthcare, crime and junkies are a big problem here, that's a fact,
Why not ? Since the governement is taxing everything now, might as well tax the fricken principal residence if sold under 5 years, that would prevent all the canadian speculators from investing and flipping their properties
Get stuffed
I'd like to hear your thoughts on possibly eliminating the GST on newly built primary homes. I live in Vancouver, and with recent zoning changes, it seems like older, larger homes are being replaced with duplexes and townhomes. These new homes are pricey, have lower square footage, and come with an additional 5% GST. If the government is serious about tackling the affordability crisis, wouldn't removing the GST be a good option?
The one outlier is wood framed stacked condos. You can get a 3 bedroom unit at 1200-1400 sqft for much cheaper then a townhome or semi. Those low/mid rise options I think are best for densification.
Just a gentle update: "The Toronto Condo Update
Condo inventory in Toronto has reached a record 10,688 units. Meanwhile, sales fell by 28% in June while this inventory rose by 16% and active listings shot up by 70%.
The people who are willing and able to look for a home right now can't live in a 1 bedroom condo with a max 600 square feet. This is the classification of the vast majority of the units available for sale right now. These units were solely built for investors to rent out because at the time it made economic sense for the developers, the investors and the city to collect their precious taxes. A money grab for all involved. No one ever thought about the end user that is currently in the market shopping for a livable condo right now.
Now that end users are calling the shots, hopefully developers will put all future efforts into building larger, more livable condos. "
The 4.5 months issue doesn't exist for resident investors/owners. That's the point - if there were far fewer non-resident investors millenials would be able to buy homes as easily as their parents.
"It's a strange, strange world", comments Steve. Strange because accommodation purchases are now driven by capital, not income. This aberration has occurred because of 15 years of interest rates being below inflation, leading to massive asset price inflation. However. Can central banks continue this distortion going forward? I suspect not as the levels of debt are no longer sustainable. Governments at all levels do not understand the implications of excess borrowing and hiring as they pass on these costs to the builders and other sectors of the economy.
We recently had our commercial land taxes in Delta BC increase 40 % in one year. Are we going to continue to operate in Delta? Will our customers around the world pay these overheads? Ultimately a business has to minimize costs and will relocate to a more tax favorable location. In the long run, our economy will correct for the excesses of the past, with asset values returning to normal earnings multiples.
Thanks John, Urmi and Steve for an excellent discussion.
IIRC the USA taxes capital gains on a principal residence over a certain amount, but don't they also allow writing off expenses (such as mortgage interest) on your principal residence?
Yes. In the US you can deduct your mortgage. Hence why in the US you don't pay off your house.
I own a 1-bedroom condo in the GTA. When I look at prices it feels as though a 2-bedroom units is a completely different market. Just one step up and the pricepoints are so far apart. There are just not enough supply outside of the 1-bedroom unit stock.
A major problem is the taxpayer is always forced to chase around developers looking for the most profit. Another aspect of not building for the end user is public infrastructure as subsidy for the developers building where it’s cheapest. People discussing this completely gloss over the value of developing at scale. Everything’s focused on developer profit and sales. A bit disingenuous of the market to claim to be there for families and the end user…all about profit and personal gain.
There is a big difference in sale price and the assessed value that you are taxed on. My assessed value is below 50% the value of the average sale price. So 1M selling home is close to 500k assessed for my city.
I'm amazed that nobody talks about the crazy charges that happen when somebody wants to move. This clearly must be having a huge impact on resales volume and prices. I mean you have to be desperate or a nuts to move. 5% to the city and province land transfer tax, 5% to the agents, add in legal fees and moving fees....in Toronto that could easily mean 150-250k for a semi detached.
So imagine if your resale price is getting slammed? Bye bye 400k-500k? Maybe more?
By the way, don't chase a market down. This market has not even come close to settling. It's just starting to roll over. Wages were left in the dust over a decade ago and things need a huge reset.
more likely banksters will get govt to reset the currency
and once again cheat the working class of the fruits of its labor.
(those who saved in fiat currency).
the claimed inflation rate of 2.9% is already a total lie
as inflation is 8 to 10% at least.
What amazes me in Canada is that Canadians blame everyone except the primary suspect of this mess: the government. "Tax this, tax that, blame only speculators...." Destructive building policies for decades, excessive immigration levels, and high building costs (around 33% just to build a basic structure). Even with these facts staring them in the face, Canadians still want to give more money and power to the government. I thought this was a better-educated country.
Your brain can't process big pictures. You need to do a lot more reading about economics. You are so far off the mark it is laughable.
History said that the allies won the war. I beg to differ. We have been sold a lie from day one. Unless there is a revolutionary take over of government this will just get worse and worse. I’m telling my son to just go after government jobs because they are the only ones that pay well and grow with the inflationary measures they instil. Imagine if all government jobs were destroyed and we start over from municipalities? Look up how much money gets spent on bullllllshit jobs
There isn’t one, but if there should be then it only makes sense that the associated cost should be taken into account……. Maybe retroactively??
The US may tax cap gains but A their tax rates are on average a lot lower and B they have mortgage interest deductibility. (Not a credit, full deduction)
they don't want to tax gains they want to tax equity. All this will do is make seniors downsize into the same houses that young people want to buy to avoid the tax.
Primary residence doesn't get taxed... Stop lying.
Wanted to use the banks money to buy your income property? Pay the price... If you had money to have a rental none of this would really matter.
@@butwhytharum they want to tax the primary residence, that's the point google generation squeeze site
@@butwhytharumit’s not taxed yet is the point of the video
Also, on the parental gift note. A lot of tjise are probably wink wink gifts that are actually loans expected to be paid back when possible. Many parents can't actually afford them to be true gifts.
How can John say the condo market is “flat” over the past few years when condos are now selling at 2018 prices?
No more tax increase. Let the real estate market go down. And increase incentives for other sectors. Canada went abnormally crazy about real estate. Cities with realtors on outdoors. Never seen that in any other country
People better get used to condos. Thats all I see everywhere in the GTA. Malls or plazas and parking lots, even old homes are being torn down for condos. This is crazy!! Hundreds of condo developments. I don’t want to live in the GTA within the next decade or so. Terrible
You can write off mortgage interest in the US, not here in Canada.
A 10% annual national property tax, negated by a 10% flat tax on income, would resolve 99% of the speculation issues we have today.
Interesting idea in principle but that's way too fucking harsh.
So a flat tax on all income??
Would it not be simpler to simply have a competent government that does not squander our money stupidly.
The problem we all have is that we have a very bad administration in charge of our country.
And they refuse to step down only because they want to have us pay them an exorbitant pension the rest of their lives .
Why are they forcing us to wait until 0ct 2025 ?
Their administration is not what the country wants anymore.
If I could write off my income tax in lieu of exemption of capital gains on my house, I'd do it...
Tax on principal?????😢how much we are paying on interest and mortgage and ridiculous insurance..Now again tax..😢😢😢😢😢
trades charge $100,000 to $170,000 just to demolish and excavate the lot for a single family build.
This was less than $20,000 just 12 years ago.
I arrived in Canada as a refugee in 2002. I completed nursing school in 2010 and worked in northern Canada until 2020. After finishing my master's degree, I relocated to the Greater Vancouver area. I purchased my first home in the Fraser Valley and made a downpayment of over $100,000. I accumulated that money through investments in the stock market. My interest in Tesla began in 2017 when I was researching electric vehicles versus internal combustion engine vehicles for my master's in public health. I consider myself fortunate to have purchased a home in Abby in 2020.
31:19
I'm a single female
Late 30s 😊
@@miaa7097 Sorry, too old.
Don't give the government more excuses to tax! We'll never see taxes go down somewhere else to balance things out.
I have been watching the market in Kitchener and I have noticed the low end housing market is picking up with prices increasing, but the more expensive houses not getting many offers. Are you seeing this in Toronto as well with 'starter' homes continuing to sell?
Starter homes are still performing relatively well in the Toronto area
@@john_pasalis Thank you John!
40:00 you can’t use policy to change this scenario.
LOL. Yeah, Go anywhere in the world (except some areas of USA) and look at real estate and you will see how ridiculously overpriced Canada is.
Again knowledge and dont know what you are talking about
Apples to apples
I guess you don’t know how much it cost living in HongKong, London, Singapore, Tokyo, Shanghai……
I've spent time in San Fran, New York, Chicago, and of course Van and Toronto.
I see why Vancouver is expensive, it's more comparable to San Fran.
New York is expensive because it has culture second to none, statue of liberty, central park.
But Toronto? Really?
It compares to Chicago at best. People who say it's a world class city have never travelled.
@@user-vi8ci2bi6b again people dont get it its not about being comparable to those cities.
Its all about Canada nowhere else to go
Where in the states you have options.
That is the issue
The Ontario LTB is the biggest piece of hot garbage I've ever seen. Took me almost 2 years to legally retake my unit and remove tenants who didn't want to move. Terrible!! JOHN IS 10000% CORRECT
Rents outside of the centre of the universe are not declining
Sales are slow because there are more people leaving downtown Toronto than are looking to move into the core. The things that made the downtown attractive no longer exist and the things that made downtown life a hassle have taken their place.
So if you tax principal residences.. do the mortgages, property taxes etc become tax deductible? That would help people qualify for financing
Where's the primary residence tax announcement?
@@butwhytharum the generation squeeze with who Trudeau had a secret meeting and neither want to disclose what they talked about
Paul Kershew got 250K for his study. Give me 250K and I will be fine with a home equity tax too.
I love the real estate mess. And now these guys own it
14:17 Those were criminally low interest rates. The people at the BoC should be charged for unlawful wealth distribution.
All three of you are smart but Urmi is the smartest. Period.
Canada has created a situation where property is priced at the very maximum people can afford.
Investors on the other hand get to ride the wave of rent as a destroyer of savings creation.
It is clearly a result of pathetic govt controls.
How easy would it be for you as a Cdn to buy a condo in Greece?
Does the govt there not protect its citizens from predatory investors
Still capital gain for investors very low start of 50 percent!!! It should not be 50 percent to start tax !!!! Did you start tax my income on 50 percent!!!! No
is John going to be a digital nomad
Working on it 😉
Steve , you are right Calgary market is very different . It can up and down a lot , that why we cannot have rent cap. The unemployment rate is 8.8% now based on statistic Canada . Ppl will eventually move out again if it is keep going up. Calgary does not have strong economy market. Oil price will drop eventually when the Donald trump is in power who will keep pumping oil supply. Oil price will drop a lot as oil companies has less costs to survive compared to to Canada . Even ppl says Calgary is in the right direction to diversify it la economy, but it is still long way to
Go, main business is still oil .
100% of capital gains on primary residences should be taxed. 100% of my savings & interest are subject to the regressive inflation tax & income tax. How is it fair that savers are subsidizing owners?
Do you own real estate?
Get a house
There is a politically acceptable solution to the economic catastrophe the government has created with the capital gains tax exemption on the primary residence. Allow existing homeowners to keep the exemption on their current primary residence but make capital gains on all future home purchases taxable as ordinary income. Then lower income taxes on all individual taxpayers by an equal amount. This will have a desirable side effect of lowering all home prices to an affordable level based on fundamentals (e.g. incomes) over time. It will also rebalance the economy encouraging investment in more productive sectors other than real estate and drawdown banks inflated mortgage books.
Where does inducted build and sell on? Land dude. lol you can’t use monetary policy to fix this. We have to dissolve our government and start over with hiring representatives to do actual research and analysis of municipalities. Slowly but surely productivity will catch up when our tax dollars go towards real things instead of wages and interest payment.
If they put capital gain tax on the primary residence that would bring housing markets in line with the condo market. House for everyone. There would be more than enough houses for everyone and 90% would be able to afford them in the next 5 years.
Get stuffed,are you a homeowners?
1% property tax with income tax offset
Condo prices will crash hard😂. Dont be a bagholder folks, dont buy!!!
All are fools and politicians are taking max advantage. COVID relief money is used to buy 5 to 10 condos or houses and they are all on rent now. Banks have approved mortgage on ten condos. There is no shortage of housing in Toronto.
You would see Boomers marching in the streets with pitchforks! LOL
The new canadian dream:
sell houses to each other and pretent to be rich refinancing every 2 years 😂😅😂😅😅😂 -
life story of canadian realtor 😅😂😅😂
It's the China leverage model.
I wonder how it's going over there with their build to rent model.
who was on xbox at the 30m mark?
700k condo will cost 4420 per month in mortgage and maintenance and tax will be 1000 = 5420.
After 3 years you'll still owe 656k in principal.
Plus you'll need 164k per year of income to buy that beater condo that's 700k
That 700k condo actually cost about 1.3m to 1.45m in pretax income and that's being conservative.
OS that way worse than hong kong? 100 percent worse.
Yvr and yyz is screwed in thr long run.
Shitshow 101.
Well done Canuck policy makers.
Be ready for a Japan style lost 2 to 3 decades....Hahaha 👍 👍 😂 😂 😂 p
Stop spreading propaganda that peoples primary residences are going to be taxed... The problem is people are selling the investment property that the parents and kids jointly own while the kids still live at home claiming the investment property is the childs primary residence.
Quit whining about not being able to sell anything the ad revenue should make up for lack of sales going on ;)
In Canada, everything revolves around supply and demand, with mortgage rates being the easiest way to control these factors. My clients and followers are well aware of this. Partnering with a knowledgeable Realtor who understands the dynamics of supply and demand in Ontario's real estate market is crucial for success. The global downturn following Putin's invasion of Ukraine illustrates the importance of understanding geopolitical economics and their impact on inflation, stagflation, and market fluctuations. If your real estate professional lacks this insight, you've chosen the wrong advisor. Ensure you work with true professionals; the best aren't the ones advertising on buses, billboards, and benches. THINK OUTSIDE THE BOX.
Correction: In the WORLD, everything revolves around supply and demand.
@@user-pp4ve6qo1b Exactly.
@@user-pp4ve6qo1byeah, and when you can control money supply, only the wealthiest are allowed to grow. We are at a state where all assets need to be ceased and re distributed among the citizens. Sounds harsh but all these measures will just make it harder and harder for everyday people to live. I’m an owner and see that eventually I’ll be incentivized to sell out eventually, or sacrifice my whole life for my children, just for them to sell out to survive
40:00. Exactly. You can’t use policy to change this scenario
@@justinjones5281 Yep. This is the easiest tool to control the Canadian economy. Come rain or come shine.
What rate cut? Canada Realestate market is a joke! Canada is unaffordable and over taxes- realestate agents/ builder / govt /investors just messed up this basic need for all Canadians.
Ppl like Steve are what’s wrong with Canada he doesn’t how these high housing prices. Have societal risk
When you are explaining , you’re losing!!
Rich investors will just pay off the mortgage if the interest rate is too high. It only affects the real owner who can't afford to pay for renewed mortgage
Steve , you know who to vote thus Oct? Not NDP, vote conservative , they will change everything, more make sense
When are Canadians going to figure out that the conservative party of canada are just more liberals? Mind you closer to the center. I wish we had a real conservative party in Canada, and not libs posing as cons
They'll just make borrowed money cheaper and we'll have a currency like the yen. It will be 100 million for a condo soon enough.
@@butwhytharum
Ppl vote for NDP who is more likely support criminal , easy in them ie taking drugs, like to have free hard drugs or like to have free benefits .
We are all hard working Canadian , so not vote for the NDP Communism party .
Canada is a underachieving country which has been driven into mediocrity. It is incredibly important to encourage other sectors on the economy - not least industry and professional services. The real estate ponzi market needs to go.
been saying that for years... Canada does not build anything
Terribly obnoxious, Real Estate Investors think they are masters of the universe thanks to out of control government controlling the market.........
You mealy mouthed response to the notion of taxing principle residence is totally disgusting no bloody way they should be allowed to do this
They shouldn't only talk about real estate. The productivity of thr entire Canadian economy is going down thr tube....glad I never moved there....Hahaha.
These guys don't really talk about the true deeper issues.
Have fun being poor Canadians....Hahaha
Gensqueeze seems to be on target
Gen z should've been having daily protest in all big Canadian cities
Just cut taxes and cut costs and Canada will be a great country.
talk talk talk from the three talking heads...no one else has all the answers all you people do is talk
These guys getting misty eyed about the good old days of twisting peoples arms into paying off mortgages on their behalf.
Gtfo of the housing market and lets get prices back into a situation where children can grow up in a home on the street and their parents don't have to be succesful business owners to do it.
Beutiful lady nice smile
Taxing principal resid capital gains would be a betrayal. Those in the same residence could easily have a $500k gain But taxing could prevent a downsizing and retirement future much less inheritance to their kids. Only in Canada ........ ps u can not compare the USA principal resid tax due to massive tax write offs ongoing, Not apples to apples ....
We absolutely need to tax the primary residence and reduce income tax.
The theory always sounds great,but we're dealing with reality here. The capital gains tax on the sale of principal homes vs income tax in Canada!
I don't think the minor reduction in your yearly payment of income taxes will even come close to off setting the pay out on capital gains tax!
Especially if you're selling two to three homes during the course of your life! Each of those sales getting hit with capital gains tax! Plus the value of these homes will be much higher than most people's income received during the working years!
what you will get is a home tax + increased income tax :) but yeah, go ahead vote for trudeau to find it out
Exactly!!! But the original owners they don’t want that at all !!!! They want to scam immigrants and their young generations so they can spend and spend!!!
It’s bad ,, I feel that I come here as a slave!!!! Working on high paid job ,,, pay tax then pay rent to someone who is not even working!!!!! I will definitely move when I get the passport!!! Bring other slaves !!!!!
We pay too much tax already, more taxes (specifically aimed at wealthy people) will just hurt our productivity problem even more. We need to attract wealth and investment to Canada, not the other way around. Look at what’s happening to California. We don’t want to do that.
Man this election can’t come fast enough.
Edit. America has so many advantages over cananda, they are able to tax primary residences because they aren’t squeezed everywhere else like we are. Almost everything is cheaper in America so people have way more spending power. Steve nailed it, getting rid of one of the last remaining tax shelters in Canada is a mistake.
A little dirty secret here: did you know a landlord can forcibly remove a tenant from their property by calling the police? It doesn't matter if the case is before the landlord and tenant board. The police can physically remove a tenant if you can prove that you're the property owner. I have seen this done twice. One of them had the tribunal case taped to the door, but the police still threw her stuff out and the landlord changed the key. I wouldn't advice this strategy if you want to sell the condo, but this has been done. The tenants usually don't have enough resources to sue the landlords afterwards.
100 000-150 000 eu won't buy you anything decent in Athens
Hey Ponzi Steve 👋 Just wanted to touch on how you doing? Are you selling any items like Watches or Jewelleries? I buy only cash and only from realtors. Oh yeah. 🫰
700k condo will cost 4420 per month in mortgage and maintenance and tax will be 1000 = 5420.
After 3 years you'll still owe 656k in principal.
Plus you'll need 164k per year of income to buy that beater condo that's 700k
That 700k condo actually cost about 1.3m to 1.45m in pretax income and that's being conservative.
OS that way worse than hong kong? 100 percent worse.
Yvr and yyz is screwed in thr long run.
Shitshow 101.
Well done Canuck policy makers.
Be ready for a Japan style lost 2 to 3 decades....Hahaha 👍 👍 😂 😂 😂❤