Housing market

[durandy]

Originally Posted by Duckyboy

You still have to be landlord with a basement suite... just a little less travel time: you still have to collect rent, perform repairs and make sure the unit is occupied. There are also (obviously) tax deductions involved with investments properties... otherwise NOBODY would be a landlord.

Also, how is it any easier evicting a crappy tenant from your basement as opposed to your investment property?

Unless I'm missing something, they seem to be quite similar (I've had and have both right now).

you can evict if you're making substantial renovations or plan to move in yourself or a family member. When it's a basement it's no problem to simply say you're taking it over yourself. Not as easy when it's a different place. I also feel the proximity brings more attentiveness - you know if the tenants are doing bad things, you're more available to do repairs. As for the tax deductions, I wasn't saying it wasn't available to investment properties, just that it's a bonus on top of the rental income. It might allow you to write off in part certain upgrades, ie new windows, pipes, electrical, that you might have to eat otherwise.

[thistleclub]

According to the Conference Board of Canada's most recent Metropolitan Housing Starts report, Hamilton reapedthe biggest year-over-year increase in housing starts in January, a jump of more than 200%.

[thistleclub]

From Thursday's Globe: Bidding $136,000 over asking wins a rundown Toronto semi initially priced at $479,000.

Is it any wonder people are crying uncle and heading for the 905?

[bornagainbiking]

Own vs rent?
Could This be the greatest example of propaganda, by the banks and the mulitude of stubborn individuals that won't admit logic.
I am a home owner and during the week, I work long hours and then come home to my part time job home ownership and projects.
I read a calculation once that said and had numbers that over the 25 yrs of your mortgage you pay roughly 3 times the price. So in Europe you buy a house and take out a life time mortgage. So why do we have to renegotiate every 6 months, 1,2,3,4 or 5 yrs. The banks do very well everybyear so just look and se that they are in it for themselves.
I realize everyone has a view of life and your circumstances. I see new couple buying $300,000 huge homes in Bimbrook and Brantford and driving almost a couple hrs a day. I know people that have a normal mortgage and a trailer/camp/cottage out of town at least an hour.
So kids are an important factor and need a home. But if you work all day and don't need a second job of maintenance maybe rent and for the price of taxes. At least $3000 for a very modest home. Rent and travel.
I know a couple who's kids were out and married, sold the house. Got a nicenscapious apartment downtown, close to everything. They rent now but with the saving on upkeep and other issues they travel to Europe twice a year and have done more in the last 5 yrs then ever.
Go to work and not shovel snow, mow the lawn, buy the gas, fix the mower and weed whacker. $$$$$$$$$$ the new kitchen, bath. Rec room. Home theatre. Pool etc etc. We isolate ourselves in our homes and don't share parks as our yards are sooooo big and surrounded by a 6 ft fence.
So if I could I would rent and have a summer place at a campground. Or just travel. We get sucked in by all the people with vested interest in home owner ship. Lawyer, realtors, city, and the BANKs a huge money making product.

[drpgq]

Originally Posted by thistleclub

From Thursday's Globe: Bidding $136,000 over asking wins a rundown Toronto semi initially priced at $479,000.

Is it any wonder people are crying uncle and heading for the 905?

Those Globe and National Post articles on houses are always enlightening, especially when they have data on what they sold for in the past.

Obviously part of the increase in housing prices in Toronto is increasing gridlock. Those houses are more valuable now in terms of time value. Even with a housing crash I don't see houses located along subway lines decreasing in value much.

[Berklon]

Originally Posted by thistleclub

From Thursday's Globe: Bidding $136,000 over asking wins a rundown Toronto semi initially priced at $479,000.

Is it any wonder people are crying uncle and heading for the 905?

That's what Hamilton doesn't need. Housing prices are already too high here, we don't need them to climb further - this city can't sustain it.

[Dr Awesomesauce]

Originally Posted by bornagainbiking

Own vs rent?
Could This be the greatest example of propaganda, by the banks and the mulitude of stubborn individuals that won't admit logic.
I am a home owner and during the week, I work long hours and then come home to my part time job home ownership and projects.
I read a calculation once that said and had numbers that over the 25 yrs of your mortgage you pay roughly 3 times the price. So in Europe you buy a house and take out a life time mortgage. So why do we have to renegotiate every 6 months, 1,2,3,4 or 5 yrs. The banks do very well everybyear so just look and se that they are in it for themselves.
I realize everyone has a view of life and your circumstances. I see new couple buying $300,000 huge homes in Bimbrook and Brantford and driving almost a couple hrs a day. I know people that have a normal mortgage and a trailer/camp/cottage out of town at least an hour.
So kids are an important factor and need a home. But if you work all day and don't need a second job of maintenance maybe rent and for the price of taxes. At least $3000 for a very modest home. Rent and travel.
I know a couple who's kids were out and married, sold the house. Got a nicenscapious apartment downtown, close to everything. They rent now but with the saving on upkeep and other issues they travel to Europe twice a year and have done more in the last 5 yrs then ever.
Go to work and not shovel snow, mow the lawn, buy the gas, fix the mower and weed whacker. $$$$$$$$$$ the new kitchen, bath. Rec room. Home theatre. Pool etc etc. We isolate ourselves in our homes and don't share parks as our yards are sooooo big and surrounded by a 6 ft fence.
So if I could I would rent and have a summer place at a campground. Or just travel. We get sucked in by all the people with vested interest in home owner ship. Lawyer, realtors, city, and the BANKs a huge money making product.

I think this is actually quite an interesting topic. I've never really bought into the whole idea of home ownership because of some of the reasons you mentioned.

That said, a few years ago I broke down and bought a place. Not because I thought it was a good financial move but because I wanted my own home with a yard etc. You know, that whole Canadian / American dream thing. I made that decision knowing full well the potential pitfalls and have worked very hard to minimize the amount of interest I pay on my mortgage, doubling-up as often as I can. I also put down about 35% on the house. If you can't do that, you've got to ask yourself whether it's the right move or not.

In the end, I would have been totally comfortable renting for the rest of my life and may return to that someday...we shall see.

New home owners need to be completely aware of how much money they'll actually be spending on their new home before jumping in. We're not terribly well educated on such topics however.

[Frankenrogers]

Exactly why my wife and I moved from Toronto back to Hamilton a year and a half ago. When I found myself looking at a small house for $440,000 that needed work (and I am not a handyman either) and thinking "maybe..." I finally gave my head a shake and convinced my wife to move. But I am lucky in that I actually like commuting on the GO Train and the "me time" that it gives me. Most people groan when they hear the hour and a half commute time (even though it took me 45 minutes when I lived on the subway line in Toronto).

And while I agree that the salaries/household income Hamilton wouldn't be able to support this but we have a long way to go. Toronto is pretty much maxed out with every neighbourhood now discovered which is why these prices are ridiculous. Hamilton has room to grow and then some. Kirkendall is shooting up to $300-400k but beyond that neighbourhood there are tonnes of options for similar homes. There is similar housing stock at more reasonable prices in St Clair or just east of Gage Park/Delta, or the strip in between King and Main is great too in areas like Proctor Blvd, Barnesdale etc.

Commercially too, every time I drive down Barton I see room to grow.

[SteelTown]

Recently sold our place to a GTA couple, got more than the asking price (bidding war) and now rent. Going to get a place by Lake Erie for the summer.

Really enjoying the new lifestyle.

[Dr Awesomesauce]

I've always wanted a little weekend place down on Lake Erie. I'm not so sure I'm in the right tax bracket for such things, however.

What's real estate like in the Port Colbourne-Dunnville-Port Dover area? I would imagine something on the beach might be a little pricey.

[thistleclub]

As long as Europe can hold it together, we'll be golden.

Dip In Construction Temporary: City Staff (Hamilton Spectator, Lisa Grace Marr, June 14, 2012)

The dip in the city’s May building permit figures is more like a deep breath before a burst of fresh air than a whimper.

Norm Schleehahn, with Hamilton’s economic development department, said a drop in the number and value of commercial and industrial permits in May is not much of a concern.

“We have quite a bit of development to come yet — over 600,000 square feet,” he said. “(Permits) will be getting exponentially bigger.”

In April, city staff predicted Hamilton to be on track to break the previous $1-billion record building boom set in 2010.

After the first quarter of this year, the value was $271 million, up $75 million compared to the first quarter of that record-setting year.

But in May, while residential growth remained strong — about the same as last year at $69 million — commercial permits were only $5.35 million compared to $7 million last May. Industrial permits dropped to $3.8 million compared to $5.8 million the same time last year.

Institutional permits (for hospitals, schools and government buildings) also slid from the previous month.

However, Schleehahn said total permits are still about $30 million more than this time in 2010, so he’s hopeful the numbers will rebound.

He pointed to several large projects, such as the Maple Leaf meat processing plant, Activation Labs and the McMaster Health Care Centre, as future propellers of construction figures.

“I think it’s a blip on the radar. There are several new projects that we’re hopeful about.”

He said Union Gas will soon be embarking on developing the last piece of vacant property on the South Service Road in Stoney Creek. It will be a LEED building on a redeveloped brownfield site.

“There is a lot of momentum out there. We’re hopeful this will continue.”

[Pearlstreet]

Originally Posted by SteelTown

We seriously need luxury rentals in Hamilton. There's virtually zero in Hamilton, only one I'm aware of is Chateau Royale.

I agree with this comment still today (as this was last year when this was said). I have a couple rentals within the downtown area of Hamilton, all of which have benefitted greatly after a reasonably priced renovation of about 12,000 dollars and the work being performed mainly by myself. For example, a duplex property near the corner of Victoria Ave N and Wilson St was grossing $1400 a month, but after removing the 'Leave it to Beaver' pink kitchen, reusing the cabinets, painting everything, replacing lighting, floors, doors, counter and backsplash etc it looks like a trendy / downtown property should look like. It now earns $2150 a mth gross! I bought this place, including a garage for $152,000 spring 2012.

I don't mind admitting this as I hope the area does improve and with it also my property value, but there really is a saturation of garbage rentals out there. You have little hope to get a decent income - stand out, get rid of your bed bugs , cut your lawns and paint it at least!

[Pearlstreet]

Originally Posted by Frankenrogers

And while I agree that the salaries/household income Hamilton wouldn't be able to support this but we have a long way to go. Toronto is pretty much maxed out with every neighbourhood now discovered which is why these prices are ridiculous. Hamilton has room to grow and then some. Kirkendall is shooting up to $300-400k but beyond that neighbourhood there are tonnes of options for similar homes. There is similar housing stock at more reasonable prices in St Clair or just east of Gage Park/Delta, or the strip in between King and Main is great too in areas like Proctor Blvd, Barnesdale etc.

Commercially too, every time I drive down Barton I see room to grow.

I couldn't agree more... The bubble scare will distroy Torontonians like any luxuries offered as those are what are sold first in tougher times, but Hamilton's lower prices and 'room to grow' effect will give us a softer landing here.

[Pearlstreet]

http://www.cbc.ca/hamilton/news/stor...-increase.html
Fantastic media - Thank you Hamilton CBC!

[Jon Dalton]

Originally Posted by flar

I would probably buy in certain areas of Hamilton. In Ottawa, I rent and have no immediate plans to buy. The problem in Ottawa is that a mortgage payment is roughly double the rent for an equivalent dwelling, which suggests that houses are overvalued at the moment.

Yikes!!

My house was offered for rent or for sale at the time I bought it. The mortgage payment is just over half what they were asking for rent.

[thistleclub]

Originally Posted by Pearlstreet

http://www.cbc.ca/hamilton/news/stor...-increase.html
Fantastic media - Thank you Hamilton CBC!

The Spec/CP covered this MPAC report as well.

FWIW, here’s the MPAC leaderboard for housing price growth, 2008-2012:

Timmins: 29%
York Region: 28%
Sault Ste Marie: 25%
Ottawa: 24%
Toronto: 23%
Halton-Peel Region: 22%
Sudbury 19%
Ontario: 17%
Kingston: 16%
Kitchener-Waterloo: 15%
Durham Region: 13%
Hamilton-Burlington: 10%
London: 7%
Barrie: 6%
Niagara Region: 4%

Not sure why Burlington appears twice. (It is, after all, part of Halton-Peel.)

And here’s the actual report.

[bigguy1231]

Originally Posted by thistleclub

The Spec/CP covered this MPAC report as well.

FWIW, here’s the MPAC leaderboard for housing price growth, 2008-2012:

Timmins: 29%
York Region: 28%
Sault Ste Marie: 25%
Ottawa: 24%
Toronto: 23%
Halton-Peel Region: 22%
Sudbury 19%
Ontario: 17%
Kingston: 16%
Kitchener-Waterloo: 15%
Durham Region: 13%
Hamilton-Burlington: 10%
London: 7%
Barrie: 6%
Niagara Region: 4%

Not sure why Burlington appears twice. (It is, after all, part of Halton-Peel.)

And here’s the actual report.

Burlington is part of the Hamilton CMA. They are not counted in the Halton Peel stats.

[Pearlstreet]

149 Young St. Hamilton (Corktown)

Does anyone have any information on this proposed development in Corktown?

Yet another proposal for development!

http://www.realtor.ca/propertyDetail...Key=-526697483

There are a series of very nice town home priced just under $300,000.

[matt602]

Originally Posted by Pearlstreet

149 Young St. Hamilton (Corktown)

Does anyone have any information on this proposed development in Corktown?

Yet another proposal for development!

http://www.realtor.ca/propertyDetail...Key=-526697483

There are a series of very nice town home priced just under $300,000.

There's a thread going in the downtown Hamilton forum for "The Corktowns".

http://forum.skyscraperpage.com/showthread.php?t=200296

[mattgrande]

Last week I noticed a new sign up on the lot at the Northwest corner of Young & Caroline Catherine. Low-rise condos, I believe, starting price in the mid two hundreds?

This is the third time I've seen a sign like this on that lot, so I'm not holding my breath.