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Old 03-13-2021, 11:33 AM   #21
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I think when I decide to sell one of my houses rather than do a list or ask price, I'll post a price 200 k less than assessment and say bidding starts at this. Not sure what else you can say is listed for 350 but refuse to take 355 for in an offer.

Seems like its better to intentionally sand bag the list price and eventually some will get carried away and overpay than ask what it was worth in the first place. Imagine going to a car dealership and offering 40 grand for a car listed at 35 and the dealer saying...no I was hoping for 42.
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Old 03-13-2021, 11:35 AM   #22
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Interest rates are low, and borrowing money is dirt cheap. It's not a mystery. The feds are printing money and actively encouraging the banks to give it to people.

I bought a detached in Vancouver about a month ago, so I'm biased, but I don't see this ending. The federal government is using this as a major form of economic stimulus. It's good to see that things are picking up outside of Vancouver/Toronto too though. Although some of the hype was just realtors changing their selling tactics, with far more listing under market to drum up interest. All of this above asking stuff is propaganda. The market is only projected to rise about 5%.

It's actually pretty extreme in Vancouver right now. We went to multiple showings where listings were purposely clearly at least $300k below market. Then you get a shocking headline like "house sells for $400k above asking!".
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Old 03-13-2021, 11:48 AM   #23
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Originally Posted by scotty2hotty View Post
Just listed my house today, in fact. In a Toronto suburb. Showings start Thursday. Fully expecting to get about $100K above asking. Thatís the kookiness of the market right now out here.

Iíll let you know ...


Edit: Sorry. Just realized you were asking about Calgary specifically
What neighborhood? I am curious.
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Old 03-13-2021, 11:55 AM   #24
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Part of it is pent up from the last year of Covid, mixed with the usual spring bump and lack of inventory. It’ll slow down a bit.
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Old 03-13-2021, 11:58 AM   #25
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Interest rates are low, and borrowing money is dirt cheap. It's not a mystery. The feds are printing money and actively encouraging the banks to give it to people.
What happens when interest rates rise?

Are enough people locking-in to prevent the cost increase?

I own a condo and have no intention of leaving downtown for the burbs so this market really doesnt affect me. But i have considered taking out a small mortgage on my place to fund some reno's.
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Old 03-13-2021, 12:05 PM   #26
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The market ebbs and flows - this is probably just natural fluctuations. When we moved several years ago we experienced the same thing as it was a buyers market. Over time this goes away and it becomes a sellers market. These are just minor corrections either way. Unless interest rates drastically move any time soon (which I don't think they will), things will stay somewhat stable in the long term.
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Old 03-13-2021, 12:20 PM   #27
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Very glad we bought our detached house last year. We got a great deal at 40k below asking, no chance of that happening now. I'm keeping track of listings in our neighborhood on realtor.ca just out of curiosity and similar houses are now being consistently listed 50-100k above what we paid. I had a condo in Chestermere that was too small already with a wife and 2 kids, then the pandemic just exasperated that. I had originally wanted to sell it right away just to be rid of it, but there just weren't any buyers at that time. That might turn out to be a blessing now, as I'm seeing listings in that building keep rising in price

EDIT: Question for those more knowledgeable. We have tenants in our condo that signed a 1-year lease in January, would I have any option to sell the place later this summer, or will I have to wait until the lease is up?
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Old 03-13-2021, 12:21 PM   #28
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What neighborhood? I am curious.
I should have been clearer. Not a neighborhood in Toronto.

Newmarket. A suburb community in the GTA.
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Old 03-13-2021, 12:30 PM   #29
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Homes in my neighbourhood are getting sold for 5-800k within weeks, and increasingly being torn down and replaced with 800k sidebysides.

I look at the housing market and I can’t help but feel lost. Are there really that many people willing to payout nearly a million dollars for a place to store their ####? Way over my head.
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Old 03-13-2021, 12:40 PM   #30
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Homes in my neighbourhood are getting sold for 5-800k within weeks, and increasingly being torn down and replaced with 800k sidebysides.

I look at the housing market and I canít help but feel lost. Are there really that many people willing to payout nearly a million dollars for a place to store their ####? Way over my head.
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Old 03-13-2021, 12:42 PM   #31
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Originally Posted by Hemi-Cuda View Post
Very glad we bought our detached house last year. We got a great deal at 40k below asking, no chance of that happening now. I'm keeping track of listings in our neighborhood on realtor.ca just out of curiosity and similar houses are now being consistently listed 50-100k above what we paid. I had a condo in Chestermere that was too small already with a wife and 2 kids, then the pandemic just exasperated that. I had originally wanted to sell it right away just to be rid of it, but there just weren't any buyers at that time. That might turn out to be a blessing now, as I'm seeing listings in that building keep rising in price

EDIT: Question for those more knowledgeable. We have tenants in our condo that signed a 1-year lease in January, would I have any option to sell the place later this summer, or will I have to wait until the lease is up?
You can sell it... but either the new owners would have to assume the lease, or find a way to negotiate with your tenants (e.g. giving them money, or paying for their move etc)
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Old 03-13-2021, 12:43 PM   #32
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What happens when interest rates rise?

Are enough people locking-in to prevent the cost increase?

I own a condo and have no intention of leaving downtown for the burbs so this market really doesnt affect me. But i have considered taking out a small mortgage on my place to fund some reno's.
There is fairly mainstream view that interest rates will rise. We locked in cheap on a renewal in 2019, but I am really thinking we won't get low 2% for a long time.

If the recovery takes off inflation will as well. Anecdotally you are seeing it on almost all material items, low inventory and high demand. Just tried to get my kid a bike, and inventory in early March is decemated. TV inventory was wiped out this winter. Prices can increase a lot and people will still line up to pay.

If your in a good spot to move, then great, but I am very leery in a few years you can see rates much higher than they are now. Which will cause some people who over leveraged problems on 5 year renewals.
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Old 03-13-2021, 01:19 PM   #33
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I'm interested in whether or not I have some room for a bit more financing now...
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Old 03-13-2021, 01:31 PM   #34
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I'm 37. No kids. My wife and I live in a 1200 square foot apartment that we pay $1800 a month for rent.

The thought of unloading a huge amount of cash and being tied to a monster mortgage on a property until retirement scares the hell out of me. I don't know how people do it. I understand that having kids changes everything, but man, I would have a hard time signing on the dotted line.
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Old 03-13-2021, 01:52 PM   #35
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I'm 37. No kids. My wife and I live in a 1200 square foot apartment that we pay $1800 a month for rent.

The thought of unloading a huge amount of cash and being tied to a monster mortgage on a property until retirement scares the hell out of me. I don't know how people do it. I understand that having kids changes everything, but man, I would have a hard time signing on the dotted line.
I can understand that. But I also would have a hard time renting for the next 10 years and having nothing to show for all that rent I paid out. So it can go both ways.
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Old 03-13-2021, 01:58 PM   #36
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Originally Posted by Cappy View Post
What happens when interest rates rise?

Are enough people locking-in to prevent the cost increase?

I own a condo and have no intention of leaving downtown for the burbs so this market really doesnt affect me. But i have considered taking out a small mortgage on my place to fund some reno's.
Interest rates will be low for a couple of years. During that time inflation will be driven up. The feds won't raise interest rates until the economy begins to heat up, which will be a few years from now. There could definitely be some trouble in five years when these mortgages are you and interest rates are higher. How exposed people are well depend on where the house is and how much it was leveraged.
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Old 03-13-2021, 02:02 PM   #37
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I can understand that. But I also would have a hard time renting for the next 10 years and having nothing to show for all that rent I paid out. So it can go both ways.
Unless you invest your additional capital in the markets as a renter, which can be an even better return than many housing markets in Canada subject to two caveats:

1. Having the discipline to continually invest (many people benefit from a mortgage being a "forced savings program". I have that discipline to invest every month, although I know many others do not.

2. Selling your principle residence results in no capital gains, which can be a big tax advantage vs investments being taxed after maxing out a TFSA not withstanding foreign dividend withholding tax.
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Old 03-13-2021, 02:05 PM   #38
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What happens when interest rates rise?

Are enough people locking-in to prevent the cost increase?

I own a condo and have no intention of leaving downtown for the burbs so this market really doesnt affect me. But i have considered taking out a small mortgage on my place to fund some reno's.
So many Canadians have 0 wiggle room if interest rates significantly rise. I think the Feds won't let it happen as it would cause the economy to melt down.
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Old 03-13-2021, 02:08 PM   #39
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I tried to sell a condo that I've had for 12 years, in August.
I ended up dropping the price about $25,000 from where I started, to the point that I would have come out with $0 after paying mortgage penalty/closing costs. I eventually just took it off the market completely. My realtor basically told me I would have had to drop another $10-15,000. Basically I would have been selling for $90,000 less than I bought.

Instead, I'm paying $600/month for someone else to live there. **** Calgary's real estate market.
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Old 03-13-2021, 02:31 PM   #40
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Those insurance premium spikes that have been driving condo fees up have really ####ed over the condo market.
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