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#9603522 - 07/08/19 12:06 PM And this is why first time home buyers are screwed.
Big Tasty Offline
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Registered: 02/10/02
Posts: 19600
Loc: Toronto
Yes, I know...no shit Sherlock, houses increase. But just water cooler talk, I find it interesting to see the historical progression in specific houses in some areas. Great for the sellers but 1st time buyers are SOL.

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#9603529 - 07/08/19 12:16 PM Re: And this is why first time home buyers are screwed. [Re: Big Tasty]
furball Offline
Post Master Sr


Registered: 09/24/03
Posts: 9483
Loc: Toronto, ON
Well ...

Are they really? Or is it that 'first time home buyers' nowadays have illusions at a much younger age than previous generations?

i.e. previous gens moved in with 1-2 generations, or much larger families, or further away, etc....

Nowadays, everyone wants their 'own place', downtown, multi-bedrooms, etc...

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#9603542 - 07/08/19 12:25 PM Re: And this is why first time home buyers are screwed. [Re: furball]
Big Tasty Offline
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Registered: 02/10/02
Posts: 19600
Loc: Toronto
My first townhouse in 2004 was a 3bdrm 2 bath with garage for $179k. Was manageable on a decent salary on my own. My second townhouse sold for double what I paid for it within the span of 10 years. 1st time buyers are saying now what we told our grand parents about price leaps.
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#9603574 - 07/08/19 12:59 PM Re: And this is why first time home buyers are screwed. [Re: Big Tasty]
Senor Eduardo_82 Offline
miataist
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Registered: 01/09/03
Posts: 38036
Loc: Ca�ada
It's ok, the bubble will burst any day now.
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#9604615 - 07/09/19 07:21 PM Re: And this is why first time home buyers are screwed. [Re: Senor Eduardo_82]
Lafora Offline
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Registered: 12/16/01
Posts: 4623

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#9604649 - 07/09/19 08:31 PM Re: And this is why first time home buyers are screwed. [Re: Lafora]
A2B-Lexus Offline
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Registered: 04/19/01
Posts: 45550
Loc: Raptors Land
Anything over $1M has dropped quite a bit.
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#9604693 - 07/09/19 10:06 PM Re: And this is why first time home buyers are screwed. [Re: A2B-Lexus]
Hatorade Offline
pheggit
Post Master Supreme


Registered: 11/05/99
Posts: 26894
Loc: Toronto, ON
 Originally Posted By: A2B-Lexus
Anything over $1M has dropped quite a bit.


Yup.
_________________________

'07 997.1 GT3
'08 E90 M3
'11 E90 d
'02 Rota Grid - 195-55-16FR (RIP)
'04 Volk GTC - 245-35-19F/275-35-19R (Sold to a farm boi)
I thought Spark was a robot from the old movie and I kind of remember seeing him telling some engineer showing the equation for a clear metal that the guy would event years later - porschetr

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#9604725 - 07/09/19 11:56 PM Re: And this is why first time home buyers are screwed. [Re: Hatorade]
The Postman Offline
A-List Member also The Man
Post Master Sr


Registered: 02/13/02
Posts: 4973
This reminds me, I have a few real estate sales/equity/will questions for you guys lol.
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#9607081 - 07/13/19 03:43 PM Re: And this is why first time home buyers are screwed. [Re: The Postman]
A2B-Lexus Offline
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Registered: 04/19/01
Posts: 45550
Loc: Raptors Land
The worst now is that people who put their house up thinking it is worth what it was 2 years ago. I put in a couple of market value offers for the area and they rather be wheeled out of their in a body bag than to sell for what market value is now.
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#9607139 - 07/13/19 06:53 PM Re: And this is why first time home buyers are screwed. [Re: A2B-Lexus]
LNXGUY Moderator Offline
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Registered: 08/06/00
Posts: 106841
Loc: Barrie, Ont,
 Originally Posted By: A2B-Lexus
The worst now is that people who put their house up thinking it is worth what it was 2 years ago. I put in a couple of market value offers for the area and they rather be wheeled out of their in a body bag than to sell for what market value is now.


Do they not bother to look at comps?
_________________________
-Bill
The GN would OWN you, your children and your children's children.
'09 E90 335d

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#9607310 - 07/14/19 10:09 AM Re: And this is why first time home buyers are screwed. [Re: LNXGUY]
A2B-Lexus Offline
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Registered: 04/19/01
Posts: 45550
Loc: Raptors Land
The ones I've looked at and put offers down on are houses that tend to be paid off where the owners got it preconstruction and isn't in a hurry. All tend to be set on a price they missed out on when the market was batshit crazy....some have been listed on and off for a year.
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#9607320 - 07/14/19 10:36 AM Re: And this is why first time home buyers are screwed. [Re: A2B-Lexus]
87ZCSi Offline
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Registered: 09/06/00
Posts: 7166
Loc: Portland and Toronto
Not good for sellers unless looking to downsize.
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#9607524 - 07/14/19 07:25 PM Re: And this is why first time home buyers are screwed. [Re: 87ZCSi]
A2B-Lexus Offline
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Registered: 04/19/01
Posts: 45550
Loc: Raptors Land
The time for sellers is 2 years ago for houses. Condos still seem to be hot.
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#9607583 - 07/14/19 09:15 PM Re: And this is why first time home buyers are screwed. [Re: A2B-Lexus]
furball Offline
Post Master Sr


Registered: 09/24/03
Posts: 9483
Loc: Toronto, ON
Homes in my area, that are pretty much cookie-cut replicas of mine, have dropped like a rock since the peak ... Still out of reach (and far as fuck) for a slice of heaven ...
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#9607607 - 07/14/19 10:03 PM Re: And this is why first time home buyers are screwed. [Re: furball]
A2B-Lexus Offline
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Registered: 04/19/01
Posts: 45550
Loc: Raptors Land
My place dropped about $100k from the peak....the area I am looking at dropped $300k. Getting into that area still almost triples my mortgage. Still have sticker shock at what 2 car garage house cost in Markham.
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#9607610 - 07/14/19 10:17 PM Re: And this is why first time home buyers are screwed. [Re: A2B-Lexus]
Hatorade Offline
pheggit
Post Master Supreme


Registered: 11/05/99
Posts: 26894
Loc: Toronto, ON
Certain areas have recovered back to almost peak pricing lol. My home is close to peak, but I guess I should thank the newly built $1.25M townhouses for that.

It’s a great time to upsize as the larger homes have dropped a lot, but majority of sellers are not in a rush (Markham). I’ve been showing buyers homes that use to cost upwards of $2M and now they just sit listed forever at $1.6-$1.8

Horrible time to downsize. These sellers are not in a rush to sell as majority of these larger homes are vacant, but all they need is that one buyer that’s willing to pay.
_________________________

'07 997.1 GT3
'08 E90 M3
'11 E90 d
'02 Rota Grid - 195-55-16FR (RIP)
'04 Volk GTC - 245-35-19F/275-35-19R (Sold to a farm boi)
I thought Spark was a robot from the old movie and I kind of remember seeing him telling some engineer showing the equation for a clear metal that the guy would event years later - porschetr

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#9607614 - 07/14/19 10:20 PM Re: And this is why first time home buyers are screwed. [Re: Hatorade]
A2B-Lexus Offline
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Registered: 04/19/01
Posts: 45550
Loc: Raptors Land
Yup......that's our experience so far. Crazy Rich Asians....I rather pay property tax, heat and keep paying to cut the lawn than to cut bait and cash in less.
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#9608352 - 07/16/19 08:18 AM Re: And this is why first time home buyers are screwed. [Re: A2B-Lexus]
Risky Business Offline
Provides a Great Work Environment. he/him
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Registered: 05/17/10
Posts: 44789
 Originally Posted By: A2B-Lexus
My place dropped about $100k from the peak....the area I am looking at dropped $300k. Getting into that area still almost triples my mortgage. Still have sticker shock at what 2 car garage house cost in Markham.


You going to unionville?

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#9608400 - 07/16/19 10:12 AM Re: And this is why first time home buyers are screwed. [Re: Risky Business]
Big Tasty Offline
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Registered: 02/10/02
Posts: 19600
Loc: Toronto
A 3+3 split level around the corner from me on same street just sold for 104% of asking. A house in the process of being built on the other side of the park from me is on the market for $1.93M (4+2 bdrm, 5 bth), think there is a sketchy situation on that though.
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#9608424 - 07/16/19 10:25 AM Re: And this is why first time home buyers are screwed. [Re: Big Tasty]
Screamin Type ARGH! Offline
High Value Poster
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Registered: 02/20/01
Posts: 47632
Loc: T.O. - Canaduh
just did some renos to my garage and whole driveway/front path, side and backyard stone/paths.

soooo, home should be worth 100k more now given GTA tard pricing
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"Ban low performance drivers, not high performance cars"

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#9608751 - 07/16/19 03:39 PM Re: And this is why first time home buyers are screwed. [Re: Screamin Type ARGH!]
Hatorade Offline
pheggit
Post Master Supreme


Registered: 11/05/99
Posts: 26894
Loc: Toronto, ON
^nope you increased your home by $500k LOLOLOL
_________________________

'07 997.1 GT3
'08 E90 M3
'11 E90 d
'02 Rota Grid - 195-55-16FR (RIP)
'04 Volk GTC - 245-35-19F/275-35-19R (Sold to a farm boi)
I thought Spark was a robot from the old movie and I kind of remember seeing him telling some engineer showing the equation for a clear metal that the guy would event years later - porschetr

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#9608896 - 07/16/19 08:03 PM Re: And this is why first time home buyers are screwed. [Re: Risky Business]
A2B-Lexus Offline
Post Master Supreme


Registered: 04/19/01
Posts: 45550
Loc: Raptors Land
 Originally Posted By: Risky Business
 Originally Posted By: A2B-Lexus
My place dropped about $100k from the peak....the area I am looking at dropped $300k. Getting into that area still almost triples my mortgage. Still have sticker shock at what 2 car garage house cost in Markham.


You going to unionville?


Closer to grandma care around kennedy and 16.

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#9608919 - 07/16/19 09:00 PM Re: And this is why first time home buyers are screwed. [Re: A2B-Lexus]
Hatorade Offline
pheggit
Post Master Supreme


Registered: 11/05/99
Posts: 26894
Loc: Toronto, ON
 Originally Posted By: A2B-Lexus
 Originally Posted By: Risky Business
 Originally Posted By: A2B-Lexus
My place dropped about $100k from the peak....the area I am looking at dropped $300k. Getting into that area still almost triples my mortgage. Still have sticker shock at what 2 car garage house cost in Markham.


You going to unionville?


Closer to grandma care around kennedy and 16.


Should be able to get a deal done. Unless the offers are too unrealistic XD
_________________________

'07 997.1 GT3
'08 E90 M3
'11 E90 d
'02 Rota Grid - 195-55-16FR (RIP)
'04 Volk GTC - 245-35-19F/275-35-19R (Sold to a farm boi)
I thought Spark was a robot from the old movie and I kind of remember seeing him telling some engineer showing the equation for a clear metal that the guy would event years later - porschetr

Top
#9609087 - 07/17/19 07:46 AM Re: And this is why first time home buyers are screwed. [Re: A2B-Lexus]
furball Offline
Post Master Sr


Registered: 09/24/03
Posts: 9483
Loc: Toronto, ON
Filial piety .... Who cut the onions up in hurrr...



 Originally Posted By: A2B-Lexus
Closer to grandma care around kennedy and 16.

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#9609125 - 07/17/19 08:53 AM Re: And this is why first time home buyers are screwed. [Re: A2B-Lexus]
Risky Business Offline
Provides a Great Work Environment. he/him
Post Master Supreme


Registered: 05/17/10
Posts: 44789
 Originally Posted By: A2B-Lexus
 Originally Posted By: Risky Business
 Originally Posted By: A2B-Lexus
My place dropped about $100k from the peak....the area I am looking at dropped $300k. Getting into that area still almost triples my mortgage. Still have sticker shock at what 2 car garage house cost in Markham.


You going to unionville?


Closer to grandma care around kennedy and 16.


Look at this 'upper unionville' nikra lol ;\)

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#9609173 - 07/17/19 10:10 AM Re: And this is why first time home buyers are screwed. [Re: Risky Business]
Hatorade Offline
pheggit
Post Master Supreme


Registered: 11/05/99
Posts: 26894
Loc: Toronto, ON
LOL

It's always great to be close to family. This I have learned over the years...
_________________________

'07 997.1 GT3
'08 E90 M3
'11 E90 d
'02 Rota Grid - 195-55-16FR (RIP)
'04 Volk GTC - 245-35-19F/275-35-19R (Sold to a farm boi)
I thought Spark was a robot from the old movie and I kind of remember seeing him telling some engineer showing the equation for a clear metal that the guy would event years later - porschetr

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#9609335 - 07/17/19 12:37 PM Re: And this is why first time home buyers are screwed. [Re: Hatorade]
Risky Business Offline
Provides a Great Work Environment. he/him
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Registered: 05/17/10
Posts: 44789
Yep, live one street over from cousins/uncles/etc. Not going anywhere, village life!
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#9609488 - 07/17/19 05:44 PM Re: And this is why first time home buyers are screwed. [Re: Risky Business]
Hatorade Offline
pheggit
Post Master Supreme


Registered: 11/05/99
Posts: 26894
Loc: Toronto, ON
 Originally Posted By: Risky Business
Yep, live one street over from cousins/uncles/etc. Not going anywhere, village life!


You are slowly turning yellow by staying in MarkHAM LOL
_________________________

'07 997.1 GT3
'08 E90 M3
'11 E90 d
'02 Rota Grid - 195-55-16FR (RIP)
'04 Volk GTC - 245-35-19F/275-35-19R (Sold to a farm boi)
I thought Spark was a robot from the old movie and I kind of remember seeing him telling some engineer showing the equation for a clear metal that the guy would event years later - porschetr

Top
#9609564 - 07/17/19 07:28 PM Re: And this is why first time home buyers are screwed. [Re: Hatorade]
Senor Eduardo_82 Offline
miataist
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Registered: 01/09/03
Posts: 38036
Loc: Ca�ada
https://www.instagram.com/p/B0BuPQFnUZa/?igshid=18lsn8w65h2qm
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#9609588 - 07/17/19 08:10 PM Re: And this is why first time home buyers are screwed. [Re: Senor Eduardo_82]
The Postman Offline
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Registered: 02/13/02
Posts: 4973
So my mom gives my bro $100k for a deposit for his house and co-signs for his mortgage. He works at Shoppers Drug Mart making slightly more then minimum wage and cant really afford the house he bought without her.

Now, when she eventually dies, am I entitled to her equity in his home since she has stake in part of it?

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#9609649 - 07/17/19 10:05 PM Re: And this is why first time home buyers are screwed. [Re: Hatorade]
A2B-Lexus Offline
Post Master Supreme


Registered: 04/19/01
Posts: 45550
Loc: Raptors Land
 Originally Posted By: Hatorade
 Originally Posted By: A2B-Lexus
 Originally Posted By: Risky Business
 Originally Posted By: A2B-Lexus
My place dropped about $100k from the peak....the area I am looking at dropped $300k. Getting into that area still almost triples my mortgage. Still have sticker shock at what 2 car garage house cost in Markham.


You going to unionville?


Closer to grandma care around kennedy and 16.


Should be able to get a deal done. Unless the offers are too unrealistic XD


List was $1.2....it has been empty for a year. We offer just that to go in for the kill. We get rejected. They delisted the house because they didn't get "their price".

Both me and my wife work DT so grandma can pick up and drop off while we live our go train lives.

Still a few houses in the market we can go into. Probably try for a fixer upper and do a reno top to bottom.

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#9609818 - 07/18/19 09:03 AM Re: And this is why first time home buyers are screwed. [Re: A2B-Lexus]
SuPeR-MaRiO Offline
Post Master Sr


Registered: 06/28/01
Posts: 6111
Loc: Toronto, Ontario
 Originally Posted By: A2B-Lexus
List was $1.2....it has been empty for a year. We offer just that to go in for the kill. We get rejected. They delisted the house because they didn't get "their price".

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#9609824 - 07/18/19 09:13 AM Re: And this is why first time home buyers are screwed. [Re: Hatorade]
Risky Business Offline
Provides a Great Work Environment. he/him
Post Master Supreme


Registered: 05/17/10
Posts: 44789
 Originally Posted By: Hatorade
 Originally Posted By: Risky Business
Yep, live one street over from cousins/uncles/etc. Not going anywhere, village life!


You are slowly turning yellow by staying in MarkHAM LOL


Full yellow, integrated af. Ni hao ma? Markham <3

I am eyeing a 1.24 acre property less than a km from me (they listed it for sale twice for an astronomical price, delisted both times now sitting off the market), but not sure i can swing the cash hit No upper uville here, although unionville proper does look appealing Love me some secluded lots.

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#9609828 - 07/18/19 09:15 AM Re: And this is why first time home buyers are screwed. [Re: The Postman]
Risky Business Offline
Provides a Great Work Environment. he/him
Post Master Supreme


Registered: 05/17/10
Posts: 44789
 Originally Posted By: The Postman
So my mom gives my bro $100k for a deposit for his house and co-signs for his mortgage. He works at Shoppers Drug Mart making slightly more then minimum wage and cant really afford the house he bought without her.

Now, when she eventually dies, am I entitled to her equity in his home since she has stake in part of it?


Is she on title? Depends, in arrangements like that above the lawyer usually does a 99%/1% split to minimize tax owed if he was to ever buy out his mother, but still gives co signer status. If it was 50/50 or nothing attesting to a split I am pretty sure it's assumed 50/50, so if you go ahead and dead your mother for half the equity in some turd home you MAY be eligible to 25% which is half of her ownership stake, other 25% goes to him.

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#9609871 - 07/18/19 10:04 AM Re: And this is why first time home buyers are screwed. [Re: Risky Business]
Hatorade Offline
pheggit
Post Master Supreme


Registered: 11/05/99
Posts: 26894
Loc: Toronto, ON
 Originally Posted By: Risky Business
 Originally Posted By: Hatorade
 Originally Posted By: Risky Business
Yep, live one street over from cousins/uncles/etc. Not going anywhere, village life!


You are slowly turning yellow by staying in MarkHAM LOL


Full yellow, integrated af. Ni hao ma? Markham <3

I am eyeing a 1.24 acre property less than a km from me (they listed it for sale twice for an astronomical price, delisted both times now sitting off the market), but not sure i can swing the cash hit No upper uville here, although unionville proper does look appealing Love me some secluded lots.


Yup lots of properties in the $1M plus aren't selling and a lot are vacant. The Sellers aren't in a rush and just let it sit till someone is willing to pay I guess LOL. Or some know it will take a while like my in-laws neighbour in Cachet. Took them a year to sell, started at $1.8M+ and ended up selling for $1.528M after a year LOLOLOL
_________________________

'07 997.1 GT3
'08 E90 M3
'11 E90 d
'02 Rota Grid - 195-55-16FR (RIP)
'04 Volk GTC - 245-35-19F/275-35-19R (Sold to a farm boi)
I thought Spark was a robot from the old movie and I kind of remember seeing him telling some engineer showing the equation for a clear metal that the guy would event years later - porschetr

Top
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