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  #11321  
Old Posted May 29, 2020, 8:49 PM
Mister F Mister F is offline
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Originally Posted by p_xavier View Post
It's not a short term issue. Employers now see teleworking as a viable option. No need to stay in the city in a cramped condo anymore.
What people who say things like this fail to realize is that most people who live in small spaces in the central city are there because they want to be, not because they feel like they need to be. Lots of people do a reverse commute because they prefer an urban lifestyle. Don't underestimate the number of people who'd much rather be here than here, whether they have to commute downtown or not.
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  #11322  
Old Posted May 29, 2020, 9:15 PM
p_xavier p_xavier is offline
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Originally Posted by Mister F View Post
What people who say things like this fail to realize is that most people who live in small spaces in the central city are there because they want to be, not because they feel like they need to be. Lots of people do a reverse commute because they prefer an urban lifestyle. Don't underestimate the number of people who'd much rather be here than here, whether they have to commute downtown or not.
Stats in the link I posted said otherwise.

I got one visit done, 8 others planned. Got an offer for $10k over my asking price. It's a conditionnal offer though. I was a bit stressed since not much response in the previous two days but got many calls today. An agent told me that lots of her clients are from Hong Kong and want to move to Montréal.
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  #11323  
Old Posted May 30, 2020, 4:29 AM
Mister F Mister F is offline
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Originally Posted by p_xavier View Post
Stats in the link I posted said otherwise.

I got one visit done, 8 others planned. Got an offer for $10k over my asking price. It's a conditionnal offer though. I was a bit stressed since not much response in the previous two days but got many calls today. An agent told me that lots of her clients are from Hong Kong and want to move to Montréal.
Your stats are nothing more than an opinion poll conducted on behalf of a real estate company in the middle of the first worldwide pandemic in a century. 55% considering a larger home, hardly earth shattering results. To be taken with a heaping tablespoon of salt.

After 9-11 the media were proclaiming the death of the skyscraper and no doubt opinion polls would have backed up that view. What followed was the biggest skyscraper boom in history. People have short memories. Beware predictions of long term trends in the middle of a temporary emergency.
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  #11324  
Old Posted May 30, 2020, 4:39 AM
lio45 lio45 is online now
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Originally Posted by p_xavier View Post
Stats in the link I posted said otherwise.

I got one visit done, 8 others planned. Got an offer for $10k over my asking price. It's a conditionnal offer though. I was a bit stressed since not much response in the previous two days but got many calls today. An agent told me that lots of her clients are from Hong Kong and want to move to Montréal.
Somehow it doesn't feel as satisfying to rejoice about Billionaire Hong Kongers bidding Quebec real estate into the stratosphere when misher's not around to hear it.

(While I'm always glad to see my assets go up in value, my honest, impartial opinion on this is more nuanced than what one would guess from misher-level exchanges.)
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  #11325  
Old Posted Jun 1, 2020, 5:59 PM
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Acajack Acajack is offline
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Originally Posted by Mister F View Post
What people who say things like this fail to realize is that most people who live in small spaces in the central city are there because they want to be, not because they feel like they need to be. Lots of people do a reverse commute because they prefer an urban lifestyle. Don't underestimate the number of people who'd much rather be here than here, whether they have to commute downtown or not.
Except no one actually lives there in that second photo. It might not be your cup of tea, but most live here:
https://www.google.ca/maps/@43.83726...=en&authuser=0

Of course, in the environs of the first photo, most people live here, which is nice as well:
https://www.google.ca/maps/@43.65995...=en&authuser=0
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  #11326  
Old Posted Jun 1, 2020, 6:03 PM
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Originally Posted by Mister F View Post
What people who say things like this fail to realize is that most people who live in small spaces in the central city are there because they want to be, not because they feel like they need to be. Lots of people do a reverse commute because they prefer an urban lifestyle. Don't underestimate the number of people who'd much rather be here than here, whether they have to commute downtown or not.

That second shot (Pickering) belongs in the soul-sucking Canada thread.
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  #11327  
Old Posted Jun 1, 2020, 6:16 PM
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Originally Posted by MolsonExport View Post
That second shot (Pickering) belongs in the soul-sucking Canada thread.
And the sad thing is that area looks nicer than it used to. growing up I visited that mall about once a week, and that stretch of Kingston Road always used to be gravel shoulders and a single crappy sidewalk. At least now it has bus and bike lanes.
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  #11328  
Old Posted Jun 1, 2020, 6:28 PM
whatnext whatnext is offline
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Originally Posted by Mister F View Post
What people who say things like this fail to realize is that most people who live in small spaces in the central city are there because they want to be, not because they feel like they need to be. Lots of people do a reverse commute because they prefer an urban lifestyle. Don't underestimate the number of people who'd much rather be here than here, whether they have to commute downtown or not.
That was in the Before Times.

When every trip to take out the garbage becomes a potential infection point in the elevator, it becomes less appealing.
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  #11329  
Old Posted Jun 1, 2020, 7:30 PM
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So this story is largely about the realtor forced to sell due to Covid-19 having to pay TD $30k to break her mortgage, but it is a foretaste of what's to come. It is scary how overleveraged some people are. I really don't understand why anyone would buy now when deals are coming.

TD Bank charges $30,000 mortgage penalty to woman forced to sell home due to pandemic
Banks poised to profit from customers who must sell in coming months, mortgage expert says

Erica Johnson · CBC News · Posted: Jun 01, 2020

When the pandemic hit Ontario, Kristina Barybina's income as a real estate agent dried up and she knew the writing was on the wall — she'd have to sell her own house.

She also knew there'd be a penalty for getting out of her five-year mortgage with TD Bank early — she just wasn't expecting it to be almost $30,000.

"I thought my eyes were going to pop out," said Barybina. "It's insane."

A mortgage expert says people who have to sell their homes and have fixed-rate mortgages are being hit particularly hard right now, because of how financial institutions calculate penalties — and he's calling on the banks to have some leniency.

"When you lose your income from a financial crisis like we're facing now and you have to fork over tens of thousands more to your lender, it's heartbreaking," said mortgage planner Rob McLister, founder of RateSpy.com, a mortgage rate comparison website, and mortgage editor of rates.ca, an insurance comparison website....

....But by mid-March, she says, selling her house became a necessity, not a choice.

Almost overnight, the real estate agent based in East Gwillimbury — 50 kilometres north of Toronto — lost all her clients. "People are not listing," she said. "And nobody knows when the end of it is coming."

Compounding her problems, two tenants who had been renting rooms in her house moved home to be with their families. Income from a mortgage-helper Airbnb suite also dried up...


https://www.cbc.ca/news/business/mor...emic-1.5588741
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  #11330  
Old Posted Jun 1, 2020, 7:53 PM
Truenorth00 Truenorth00 is offline
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Originally Posted by whatnext View Post
So this story is largely about the realtor forced to sell due to Covid-19 having to pay TD $30k to break her mortgage, but it is a foretaste of what's to come. It is scary how overleveraged some people are. I really don't understand why anyone would buy now when deals are coming.
Less scary than hilarious. She's a realtor and got overleveraged and didn't apparently know the terms of the mortgage she signed. She ran to the CBC expecting sympathy against the big bad banks. Instead, I see mostly mocking of her ignorance and acknowledgement of her greed. Well earned.
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  #11331  
Old Posted Jun 1, 2020, 7:58 PM
milomilo milomilo is online now
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Originally Posted by Truenorth00 View Post
Less scary than hilarious. She's a realtor and got overleveraged and didn't apparently know the terms of the mortgage she signed. She ran to the CBC expecting sympathy against the big bad banks. Instead, I see mostly mocking of her ignorance and acknowledgement of her greed. Well earned.
I never had any respect for the profession of realtors and this type of thing just confirms it, they are an unproductive parasite on the free market. I would have thought many were smart enough to know the advice they were giving to overleverage was irresponsible and wouldn't be sensible for themselves, but unsurprisingly many believed their own bullshit.
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  #11332  
Old Posted Jun 1, 2020, 8:03 PM
Truenorth00 Truenorth00 is offline
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Originally Posted by whatnext View Post
That was in the Before Times.

When every trip to take out the garbage becomes a potential infection point in the elevator, it becomes less appealing.
Depends where you live. I live in a 6-storey building. 8 units per floor. Mostly take the stairs and I'm not extremely worried about infection by touching a contaminated elevator button. Maybe I'd feel different in a 20 storey building. But this feels just fine.
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  #11333  
Old Posted Jun 1, 2020, 8:17 PM
whatnext whatnext is offline
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Originally Posted by milomilo View Post
I never had any respect for the profession of realtors and this type of thing just confirms it, they are an unproductive parasite on the free market. I would have thought many were smart enough to know the advice they were giving to overleverage was irresponsible and wouldn't be sensible for themselves, but unsurprisingly many believed their own bullshit.
We have some realtors on SSP, and like every profession there are good and bad. I expect there are more people like this woman that you might think. Especially in expensive cities where people will rent a suite and try to AirBnB just to help cover mortgages required for overpriced homes.

Of course, some might say she shouldn't have bought a cheaper condo instead of a house in the first place but that ignores the inherent negatives of multifamily living.
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  #11334  
Old Posted Jun 1, 2020, 8:53 PM
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That story doesn't make much sense. Who has a primary residence where they rent out 3 bedrooms?
Seems more likely this was a failing investment property that she's been trying to get out of for several months, and was hoping the bank would giver her a financial break because of the pandemic.
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  #11335  
Old Posted Jun 1, 2020, 9:12 PM
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Originally Posted by theman23 View Post
That story doesn't make much sense. Who has a primary residence where they rent out 3 bedrooms?
Seems more likely this was a failing investment property that she's been trying to get out of for several months, and was hoping the bank would giver her a financial break because of the pandemic.
You are right it doesn't make sense but it doesn't surprise me that somebody would build a weird house of cards involving Airbnb and running a mini-rooming house to make payments on a house they couldn't otherwise afford.

I don't get the desire to take on a tenant so you can move out of a condo into a house. That sounds worse to me.
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  #11336  
Old Posted Jun 1, 2020, 9:46 PM
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It gives you exposure to the theoretical larger price appreciation of the house. Plus you build equity faster.
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  #11337  
Old Posted Jun 1, 2020, 9:55 PM
Mister F Mister F is offline
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Originally Posted by Acajack View Post
Except no one actually lives there in that second photo. It might not be your cup of tea, but most live here:
https://www.google.ca/maps/@43.83726...=en&authuser=0

Of course, in the environs of the first photo, most people live here, which is nice as well:
https://www.google.ca/maps/@43.65995...=en&authuser=0
Lots of people live in the second photo I linked to. There are multiple apartment buildings right in the shot. lol

I was just showing the contrast between the built form of an older, central neighbourhood and a suburban one, and chose to focus on a main street in each. The point is that a lot of people prefer the former whether they work in a downtown office or not. In any case, only looking at the residential side streets misses the point of urban living entirely.

Quote:
Originally Posted by MolsonExport View Post
That second shot (Pickering) belongs in the soul-sucking Canada thread.
It sure does! It may have bike lanes and sidewalks but the built environment is awful for cycling and walking.

Quote:
Originally Posted by whatnext View Post
That was in the Before Times.

When every trip to take out the garbage becomes a potential infection point in the elevator, it becomes less appealing.
Like I said before, I'd be wary of making long term predictions in the middle of a temporary crisis. Urban living will continue to thrive.

Quote:
Originally Posted by Truenorth00 View Post
Less scary than hilarious. She's a realtor and got overleveraged and didn't apparently know the terms of the mortgage she signed. She ran to the CBC expecting sympathy against the big bad banks. Instead, I see mostly mocking of her ignorance and acknowledgement of her greed. Well earned.
These go public type of stories are so cringeworthy. They're so formulaic and lazy. Find someone who's mad about some perceived injustice, make them out to be an innocent victim, take a picture of them looking sad next to a sign or with a bill in hand, and you've got yourself a riled up readership. Hooray for journalism!
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  #11338  
Old Posted Jun 1, 2020, 10:12 PM
kwoldtimer kwoldtimer is offline
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Originally Posted by whatnext View Post
We have some realtors on SSP, and like every profession there are good and bad. I expect there are more people like this woman that you might think. Especially in expensive cities where people will rent a suite and try to AirBnB just to help cover mortgages required for overpriced homes.

Of course, some might say she shouldn't have bought a cheaper condo instead of a house in the first place but that ignores the inherent negatives of multifamily living.
Not just any house. The photo accompanying the report shows a very large, fairly recent build.
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  #11339  
Old Posted Jun 1, 2020, 10:18 PM
lio45 lio45 is online now
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No sympathy here for that woman. That $30k penalty - if she wanted to keep her options open, all she had to do was to choose an open mortgage instead and pay a bit more interest, as I've done a few times already for various reasons - is what she agreed on in exchange for getting better terms elsewhere. Can't have it both ways.

The decision to sell or not is a decision she'll have to take factoring in that $30k penalty. If she doesn't want to pay it, she can just find a way to keep the house.

If she's so illiquid and out of options (rich friends and relatives, etc.) that one or two bad months and she already has to sell, then why the fuck did she accept to lock herself into that mortgage?

If I'm overextending, which I've sometimes been, then I make sure I keep my "let's pull the plug and retreat" options open in that case.

Buying something you're not sure you can afford is fine _if_ you know it's such a great deal that you could resell it for profit immediately if in the end it turns out you have to reverse the purchase.

I did that a few times - most notably, once, I snatched a building from an existing tenant who was about to buy it and really wanted it badly. I knew he'd buy it from me anytime in the future, so the fact that I really did have to stretch my cash reserves to the max (very uncomfortable for a little while) for that operation was justifiable.
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  #11340  
Old Posted Jun 1, 2020, 10:50 PM
Truenorth00 Truenorth00 is offline
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Read the story. It's pretty clear she intended to stay for just 12 months and flip the house. She said she listed in November and didn't get offers. Makes you wonder what are listed for. And now she's hoping the bank would let it slide because of the pandemic.
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