Tom, I want to put your expertise to the test if I may especially because I know I'll get a no nonsense response and I think it would be great for viewers to see your breakdown process, so here's the challenge... MLS #W5771642 ...what are your thoughts on the market it's in, what's wrong with this property as the DOM continues to rise while being priced on the low side and what would be your strategy to get this place to move. Full disclosure this is not my property but it's in my area and while I'm a 2 storey and this is a bungalow (backsplit) I would say its comparable as bungalows are always a big draw especially for people downsizing. The property is a ~30' shorter than mine and I've got much more of a renovated home but still I would say comparable price wise given the activity I've seen in the last 6mths. I can't figure it out I though for sure it would have gone in the first week with much more expensive properties continuing to turn over but no...so what in your opinion...what is wrong with it?!? The only thing I can think of is size. Bolton has seen a huge boom in the building of multiple DC/warehouses and as a result a huge influx of unskilled workers required. My guess is the bigger, uglier homes on postage stamp lots are selling better for one reason, size and their ability to house multigenerational families while little gems like this just sit...that's it!
I like a challenge :) Disclosure: I am defiantly not an expert in the Bolton real estate market. If you’re looking for an expert there, Bill Parnaby would be the guy to talk to. If I’m JUST looking at the numbers, here are my thoughts (without knowing the streets/school districts or any other info about the neighbourhood) It appears to be well kept with great curb appeal but the interiors are dated and most buyers would want to do a full top to bottom renovation. Most buyers in todays market are looking for turnkey. There are 32 detached houses in Bolton right now and the average days on market is 34. 12 of those houses are priced at or below the listing price of this property, and most of them are larger with more updated interiors 25 detached houses have sold since September 1 in Bolton. For the most part the homes that are selling in the $1.1-1.2M range are larger 2 storey homes on larger lots.
@@TomStorey exactly where I was thinking. I'd say $1.2M is about right for the opposite side of the road where the lots are 50x150, are generally 2 storey homes and are as well in a good area in terms of schools, shopping, etc. We've seen some growth in new business (retail) along with a ton of SC/distribution which is BOOMING! bringing in a mass of jobs. Also, within walking distance (~1km) are four schools two public, two catholic and since they've extended the 427N to Major Mac getting here is a sinch. Thank you sincerely for your input and I appreciate the lead if I do indeed move forward with the sale. All the very best and take care Tom and as always thank you for the content.
@@TomStorey PS: I threw this exact same question, verbatim out to a few other "in the know/quality" agents (likely self proclaimed) here on YT and of them all YOU are the only one to not only come back with a response but also a very detailed and intelligent one in a market you self admittedly aren't that familiar in so 💯👏👌🔥...folks this is what a REAL agent looks like! Don't hire a "Yes Man" otherwise you might as well go FSBO and try selling it yourself. Find someone like Tom who will walk you through it, call out the risks, be there for the sh*t bits, push back and most of all...tell you straight up when you're wrong! In this market that's exactly what you need not your buddy's buddy, your cousin or some guy with 3M likes on YT...you need a proper RE AGENT! Great work Tom and thank you again for taking the time!
It is interesting content as you split between detached, semi and condos. I continue to be surprised that nobody focuses on price per square foot. To say average price is up or down remains less meaningful even for condos. If the average size in March was 750 square feet but fell to 700 square feet in September can you really say prices were down? Also average condo fees needs to be taken into account as you are also buying future condo fees that vary from property to property.
24% drop from the top in detached. yeah it's a crash already. there's no other way around it. outskirts of GTA are crashing even harder. some almost 40%.
thank you for your video - always learn something watching your videos. FUN FACT: my first mortgage in 1983 interest rate was 13.75, although my house cost $65K lol
Ultimately all houses over like 300k are unaffordable for average Canadians even at low interest rates, so things have been insane for over a decade now, and with inflation taxes, new taxes, food, gas, insurance all highest in world almost in every category. It's not looking hopeful.
Good info as always. One thing to add the opportunity in condos if youre an investor is that rents are so much higher. So even with prices the same and rates highe,r rentals will still carry better with the 30% increase
20% of renters aren't paying rent. eviction court backlogged by 8 months minimum rn. very risky time as an investor. especially if property value tanks at the same time.
dilapidated homes in gta built out of chip board, dry wall, and plastic siding are definitely worth millions, I'm so glad I took on lots of debt because one day someone will come along and pay 10 times more
Personally I think that OSFI should have activated the new HELOC RULES immediately when they announced them instead of the end of 2023 ...most homowners and investors are hanging on with the use on heloc debt that really dosent exist like it did months ago....take it away and you will see a cooling correction in proper proportion
@@jmela1370 I was looking for info on this. Can you please share a summary? I was aware about the new rules, but read somewhere that banks will be demanding payments on those HELOCS and not re-issuing them. Wondering how they will do this.
Markets are headed for a much bigger correction to a more balanced market of about 25-35% further downside. This is going to be a great opportunity for buyers, investors & portfolio builders.
January stats are from the end of the month, if you went back a month so Dec numbers (for Jan1 start), then condos at new year was 700k so they are still up almost 10% on the year. Affordable stuff still getting bought up
@@jaymar1615 nobody cares what you or I have to say when they are deciding on buying or selling property lmao....but especially you!!!!!....do you know what smells of desperation? Your spam posts on every real estate channel board. It's funny because affordability is only going to get worse, and only the top earners will be able to afford the scarce supply that is real estate.....guess that leaves you a permanent poor renter. Prices are down to match the increased financing costs but that does not mean it's cheaper....in fact the opposite.
@@alessandroc47 you sure love cherry picking useless stats ahahahahahahahahahahaha First of all GTA is leading in population growth (40%+ of immigrants land somewhere in GTA), Toronto itself slower because of large base numbers and being more expensive than the outskirts. Second of all, projects are being shelved left and right.....if it doesn't have shovels in the ground it literally will be hit with a 2-4 year delay minimum. Most current projects already had an extra year delay during pandemic if not 2. New supply is going to 0 fast.....you can look at construction workers who have been getting fired en mass (August had -40k jobs in residential construction in that month alone)
Tom, I want to put your expertise to the test if I may especially because I know I'll get a no nonsense response and I think it would be great for viewers to see your breakdown process, so here's the challenge...
MLS #W5771642
...what are your thoughts on the market it's in, what's wrong with this property as the DOM continues to rise while being priced on the low side and what would be your strategy to get this place to move.
Full disclosure this is not my property but it's in my area and while I'm a 2 storey and this is a bungalow (backsplit) I would say its comparable as bungalows are always a big draw especially for people downsizing. The property is a ~30' shorter than mine and I've got much more of a renovated home but still I would say comparable price wise given the activity I've seen in the last 6mths.
I can't figure it out I though for sure it would have gone in the first week with much more expensive properties continuing to turn over but no...so what in your opinion...what is wrong with it?!?
The only thing I can think of is size. Bolton has seen a huge boom in the building of multiple DC/warehouses and as a result a huge influx of unskilled workers required. My guess is the bigger, uglier homes on postage stamp lots are selling better for one reason, size and their ability to house multigenerational families while little gems like this just sit...that's it!
I like a challenge :) Disclosure: I am defiantly not an expert in the Bolton real estate market. If you’re looking for an expert there, Bill Parnaby would be the guy to talk to.
If I’m JUST looking at the numbers, here are my thoughts (without knowing the streets/school districts or any other info about the neighbourhood)
It appears to be well kept with great curb appeal but the interiors are dated and most buyers would want to do a full top to bottom renovation. Most buyers in todays market are looking for turnkey.
There are 32 detached houses in Bolton right now and the average days on market is 34. 12 of those houses are priced at or below the listing price of this property, and most of them are larger with more updated interiors
25 detached houses have sold since September 1 in Bolton. For the most part the homes that are selling in the $1.1-1.2M range are larger 2 storey homes on larger lots.
@@TomStorey exactly where I was thinking. I'd say $1.2M is about right for the opposite side of the road where the lots are 50x150, are generally 2 storey homes and are as well in a good area in terms of schools, shopping, etc. We've seen some growth in new business (retail) along with a ton of SC/distribution which is BOOMING! bringing in a mass of jobs. Also, within walking distance (~1km) are four schools two public, two catholic and since they've extended the 427N to Major Mac getting here is a sinch. Thank you sincerely for your input and I appreciate the lead if I do indeed move forward with the sale. All the very best and take care Tom and as always thank you for the content.
@@TomStorey PS: I threw this exact same question, verbatim out to a few other "in the know/quality" agents (likely self proclaimed) here on YT and of them all YOU are the only one to not only come back with a response but also a very detailed and intelligent one in a market you self admittedly aren't that familiar in so 💯👏👌🔥...folks this is what a REAL agent looks like! Don't hire a "Yes Man" otherwise you might as well go FSBO and try selling it yourself. Find someone like Tom who will walk you through it, call out the risks, be there for the sh*t bits, push back and most of all...tell you straight up when you're wrong! In this market that's exactly what you need not your buddy's buddy, your cousin or some guy with 3M likes on YT...you need a proper RE AGENT! Great work Tom and thank you again for taking the time!
It is interesting content as you split between detached, semi and condos. I continue to be surprised that nobody focuses on price per square foot. To say average price is up or down remains less meaningful even for condos. If the average size in March was 750 square feet but fell to 700 square feet in September can you really say prices were down? Also average condo fees needs to be taken into account as you are also buying future condo fees that vary from property to property.
24% drop from the top in detached. yeah it's a crash already. there's no other way around it. outskirts of GTA are crashing even harder. some almost 40%.
thank you for your video - always learn something watching your videos. FUN FACT: my first mortgage in 1983 interest rate was 13.75, although my house cost $65K lol
your last mortgage in 2023 might be the same! 😅
Prices in BC are plummeting while we are receiving multiple offers on many listings!
🤔
That is very interesting!!!
Fantastic update Tom. No one does it better then you!
Ultimately all houses over like 300k are unaffordable for average Canadians even at low interest rates, so things have been insane for over a decade now, and with inflation taxes, new taxes, food, gas, insurance all highest in world almost in every category. It's not looking hopeful.
Nice Pepsi! :)
Good info as always. One thing to add the opportunity in condos if youre an investor is that rents are so much higher. So even with prices the same and rates highe,r rentals will still carry better with the 30% increase
Yea good point. Rental market is 🔥 right now.
20% of renters aren't paying rent. eviction court backlogged by 8 months minimum rn. very risky time as an investor. especially if property value tanks at the same time.
Where is that stat from?
@@TomStorey that's the rental increase in c01 since January just shy of 30perc. I'm not sure what it is in all 416. I can email to you
Thanks Howard. My response was actually to Luke’s comment about people not paying rent, as that’s not something I’ve experienced much of.
dilapidated homes in gta built out of chip board, dry wall, and plastic siding are definitely worth millions, I'm so glad I took on lots of debt because one day someone will come along and pay 10 times more
Personally I think that OSFI should have activated the new HELOC RULES immediately when they announced them instead of the end of 2023 ...most homowners and investors are hanging on with the use on heloc debt that really dosent exist like it did months ago....take it away and you will see a cooling correction in proper proportion
The HELOC letters are starting to be sent out, but probably won’t make headlines in general Canadian media for another month or two.
@@jmela1370 I was looking for info on this. Can you please share a summary? I was aware about the new rules, but read somewhere that banks will be demanding payments on those HELOCS and not re-issuing them. Wondering how they will do this.
Will prices go up or down in 2023?
They will go up and down.
@@roseoverdose6451 🎢
Left and right
Down another 20-30 percents
Markets are headed for a much bigger correction to a more balanced market of about 25-35% further downside. This is going to be a great opportunity for buyers, investors & portfolio builders.
January stats are from the end of the month, if you went back a month so Dec numbers (for Jan1 start), then condos at new year was 700k so they are still up almost 10% on the year.
Affordable stuff still getting bought up
Great point.
Here we go again the green bean trying to force the market in a particular direction one post @ a time......desperation smells like green beans
If the @TheTomStoreyShow can't prop up the market, GreenBean44 will have to do it all alone.
@@jaymar1615 nobody cares what you or I have to say when they are deciding on buying or selling property lmao....but especially you!!!!!....do you know what smells of desperation? Your spam posts on every real estate channel board.
It's funny because affordability is only going to get worse, and only the top earners will be able to afford the scarce supply that is real estate.....guess that leaves you a permanent poor renter. Prices are down to match the increased financing costs but that does not mean it's cheaper....in fact the opposite.
@@alessandroc47 you sure love cherry picking useless stats ahahahahahahahahahahaha
First of all GTA is leading in population growth (40%+ of immigrants land somewhere in GTA), Toronto itself slower because of large base numbers and being more expensive than the outskirts.
Second of all, projects are being shelved left and right.....if it doesn't have shovels in the ground it literally will be hit with a 2-4 year delay minimum. Most current projects already had an extra year delay during pandemic if not 2.
New supply is going to 0 fast.....you can look at construction workers who have been getting fired en mass (August had -40k jobs in residential construction in that month alone)