THESE Toronto Condos Are NOT Selling! 👀
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- Опубліковано 20 тра 2024
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Over-priced shoe boxes with ridiculous condos fees + unpredictable HOAs. People are realizing and choosing to pass.
We need the interest rates to stay high... the current environment is not sustainable.
Spoken like a true renter that will never purchase a home regardless of the cost. Gtfo here
@@Jp1904lt Wow really... I couldn't be a senior looking to earn more money on my savings account? To me you sound like one of those that couldn't make it on his own and got help from Mom and Pop..
Tenanted properties are much harder to sell. Basically impossible to sell if not month to month... You can sell your buyers mine! Ill gaurantee move out
It’s funny how the narrative changes like the weather in Toronto.
If the numbers change, the narrative will change.
two musts in owning RE, freehold and you must own the land
Alot of the price diff can be accounted for by renos done to owner occupied/vacant properties
I have a property in downtown Toronto and have been trying to sell since Feb 2024. Tenants left because we put it up for sale and we were already cash flow negative about 2k per month with the tenants in it. Now it’s vacant and losing 5k a month. Have relisted it multiple times even went 200k below asking. 3 months listing and expired. Went to a cash buying option. Listed 300k below. No bite. WHAT IS GOING ON? Is my condo cursed?
Hard to know without specifics, but if it’s priced right and marketed correctly, it should sell, even in a slow market.
I’m interested.
If the real estate market is going to repeat history, ie what happened in the late 80s and 90s, we aren't anywhere near a bottom for a correction. Real estate is a very sticky downward market and we are still 25% above the long term trend line and most corrections have over corrected by 10%. We are so far above wage appreciation because of longer term mortgages, we could easily see a price drop while the rates are dropping just like it did back in the 90s. It happened back then because of a stagflationary effect GDI rolling over quickly, that was created by the high int rates. It took 5 yrs to wash out. Also, if the gov't steps in and taxes investment properties like it's a business we could see a much longer grind down from here. HELOCs could be changed drastically. A political shift.
Condos are at the forefront of a much longer correction imo. I wouldn't touch one right now unless you get a very big discount.
I will wait until they are 95% discounted.
There is no resale value in condos.
Real estate agents bs potential profits from rental income and the resale value just to make a sale for attractive commissions offered by developers. Condos are out of pocket investments from the beginning, and investors will be lucky if they make a profit when they sell at the end.
I don’t think it qualifies as subsidizing renters when there is appreciation, even with cash flow negative. Maybe those who bought in the peak and are paying higher interest rates could as they’ll probably not get appreciation anytime soon
There’s been no appreciation over the last five years.
This is a socialist country. Subsidizing renters is a way of life.
Am I wrong. I thought tenanted properties are easier to buy, bcos u can use that rental income as part of the qualifying income?
Easier to buy, harder to sell
Will 1 bedroom condo hit a million mark in the next 5 years? Or will the market stagnate?
I don't think so. Maybe for a high-end pre-construction project, but not the resale market.
Right now half a million is the hope.
Young folk.....lol.....
Cashflow negative =/= losing money. Buying a gold coin is cashflow negative. So is putting money into your rrsp.
Most vacant units are a brand new building releasing 100 units at a time... new units will be sold for higher prices..... selling for higher is not because of no tenant
Why look at Toronto Condos when you can still buy a brand new 3 bedroom 3 bathroom townhomes for under 500k in Winnipeg, Calgary, Edmonton, Montreal and Quebec City? Tons of money left over for a nice SUV during the cold winters.
Jobs I guess
Well, Ive sold 25 of them in the last 6 months where we gave notice to the tenants so someone buying them...
Are the buyers planning to live in the units or rent these out?
@@Willowdale494 All live! Still a challenge