James
Senior Member
Just a question on the side, are there a lot of 500sqft condos in the downtown core currently valued at $350k which are yielding over $1,600/month in rent?
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Baby, we got a bubble!?
- Thread starter simuls
- Start date
RZ12
Active Member
Quite a lot actually in all parts of downtown. Parklawn prices are downtown prices now as well.
interested
Senior Member
'this report from Jamie Johnson of REMAX condos + may help:
Rental Commentary
January should be the slowest month of the year for rentals. But 450 one bedroom units and 175 two bedroom units were leased Downtown. The numbers were more than double the condo sales in the same market for January. The good news for tenants is that prices are softer at this time of year than in the summer. Studios are leasing for just under $1400 per month on average. The one bedroom market, without parking, starts at $1600. A parking spot is worth about $150 per month. The two bedroom market starts at $2000 per month without parking. The top end, two bedrooms plus den and parking will average $2800 per month. In the one bedroom market, 53% of units were rented without parking. For the two bedroom market, only 24% of the units were rented without parking. A better measure of the market at this time of year is that ‘days-on-market’ were in the 20+ range for all property types. In the summer, the number drops to the 8-15 day range!
TheKingEast
Senior Member
If the condo is in a high demand area, you will have people knocking your door down to rent it for top dollar. Especially if it's near UofT/Hospitals/etc. If I was looking for a rental property, I'd look at Bay and College. That area is extremely popular among students, doctors, young professionals and they pay top dollar.
Migos
Active Member
Shot of life for the spring market...
http://www.theglobeandmail.com/repo...te-to-kick-off-spring-season/article23492561/
Ratehub.ca is advertising 2.54% rates through a broker.
http://www.theglobeandmail.com/repo...te-to-kick-off-spring-season/article23492561/
Ratehub.ca is advertising 2.54% rates through a broker.
the lemur
Senior Member
I couldn't find a thread on UT specifically about property taxes, so I apologize if this isn't really the right place.
My question is: is it possible for a property to be listed on the tax rolls where the tenant is the same person as the owner? If so, why would someone do that?
My question is: is it possible for a property to be listed on the tax rolls where the tenant is the same person as the owner? If so, why would someone do that?
Condo George
Active Member
TORONTO
March 17, 2015 –Toronto Real Estate Board President Paul Etherington announced that Greater Toronto Area REALTORS® reported 3,838 sales through the TorontoMLS system during the first two weeks of March 2015. This result represented an 11.8 per cent increase compared to the same period in 2014. New listings were also up over the same period, but by a lesser annual rate of 8.4 percent. “Strong year-over-year growth in home sales continued during the first half of March for most home types in the GTA, both in the City of Toronto and the surrounding regions. This suggests that households continue to view the purchase of a home as a quality long-term investment. But for a lack of low-rise listings in some neighbourhoods, it is quite possible that the number of sales could have been higher,†said Mr. Etherington. The average selling price for transactions reported during the first two weeks of March was $620,106 – up by 10.6 per cent compared to the same period in 2014. Price growth was driven by low-rise home types, including detached and semi-detached houses and townhouses. “The fact that sales growth has continued to outpace listings growth suggests that there is pent-up demand in the marketplace, especially for singles, semis and townhouses. This is why we have experienced a sustained period of strong price growth for low-rise home types. So far in March, we have also experienced a greater share of high-end detached home sales compared to the same time frame in 2014. This has also influenced growth in the average selling price,†said Jason Mercer, TREB’s Director of Market Analysis.
March 17, 2015 –Toronto Real Estate Board President Paul Etherington announced that Greater Toronto Area REALTORS® reported 3,838 sales through the TorontoMLS system during the first two weeks of March 2015. This result represented an 11.8 per cent increase compared to the same period in 2014. New listings were also up over the same period, but by a lesser annual rate of 8.4 percent. “Strong year-over-year growth in home sales continued during the first half of March for most home types in the GTA, both in the City of Toronto and the surrounding regions. This suggests that households continue to view the purchase of a home as a quality long-term investment. But for a lack of low-rise listings in some neighbourhoods, it is quite possible that the number of sales could have been higher,†said Mr. Etherington. The average selling price for transactions reported during the first two weeks of March was $620,106 – up by 10.6 per cent compared to the same period in 2014. Price growth was driven by low-rise home types, including detached and semi-detached houses and townhouses. “The fact that sales growth has continued to outpace listings growth suggests that there is pent-up demand in the marketplace, especially for singles, semis and townhouses. This is why we have experienced a sustained period of strong price growth for low-rise home types. So far in March, we have also experienced a greater share of high-end detached home sales compared to the same time frame in 2014. This has also influenced growth in the average selling price,†said Jason Mercer, TREB’s Director of Market Analysis.
Migos
Active Member
http://www.theglobeandmail.com/repo...fed-hints-at-june-rate-hikes/article23520781/
Bye Bye $CDN.
We've already seen Canadian houses depreciate 20%+ due to the falling loonie. This announcement will likely spur further reductions. In a sense, the crash is already happening.
Bye Bye $CDN.
We've already seen Canadian houses depreciate 20%+ due to the falling loonie. This announcement will likely spur further reductions. In a sense, the crash is already happening.
slicecom
Active Member
To be fair they've been indicating future hikes for the better part of the last decade and it hasn't happened yet.
interested
Senior Member
In fairness Migos, every currency has pretty well fallen signficantly and even more than the C$ vis a vis the USD.
For someone looking for political stability, we are now 20% cheaper to buy for an American than we were 2 years ago.
Similarly, Canadians who bought in Florida and Arizona are seeing their investments go up now as the housing market improved and the USD got more valuable vis a vis the C$. That said, it is more expensive for Canadians to carry these US properties now. This assumes they are converting C$ to USD to do so.
TheKingEast
Senior Member
Has anyone ever seen a newer condo in "As is" condition?
I'm intrigued
http://www.realtor.ca/propertyDetails.aspx?PropertyId=15433862
I'm intrigued
http://www.realtor.ca/propertyDetails.aspx?PropertyId=15433862
Tenant from hell?
Flood damage?
Meth lab explosion?
Flood damage?
Meth lab explosion?
TOphotog
New Member
It's tenanted - need I say more? LOL
interested
Senior Member
It is not necessarily a problem though one should be careful. Likely there is some damage of some sort or the tenant is impossible.
It could however be that the person simply wishes his cash at this point.
If intrigued enough, go see it. If you are going to make an offer, get a home inspector and ask for disclosure(there is some form realtors know about what I am referring) though probably you won't get it.
Legal advise is usually not to fill those forms.
TheKingEast
Senior Member
Spoke to the agent. It is tenanted. Owner is not in the country. I'm guessing it is a mess because it is underpriced based on comps, no pics and as is for a 5 year old condo.
No plans on buying. Was just curious. It will go fast though.
No plans on buying. Was just curious. It will go fast though.