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I totally agree with you Santo cause my wife and I are looking and viewed a sweet dream home. There's no pool, nor home threatre, etc. Just a pleasant newly built, with some expensive features. Problem is that we have to sell two vacant treed lots, in order to reach that already reduced asking price. Patience and hoping this fall, and into spring, that we will have sold both.

looks like money laundering

Anyone who can afford $3M can afford a few hundred thousands on upgrades, so I think a pre construction would be a better choice.

Only fools would spend $3M on a house (and then pay $30K/year just on property taxes (Ottawa) + other expenses) - no matter where it is, no matter how nice - very few exceptions apply.

The reason so many downtown condos are available is because builders built the wrong type of unit. There are too many 500sqft units available and a family of four or five can't have that. Had they built 3 bedroom 1000-1500sqft units it would be a different story.

“Greater Toronto Area (GTA) home sales were down on a yearover-year basis in August 2024. New listings were up slightly over the same period. While the region’s housing market remained well-supplied in August, average home prices only edged slightly lower compared to August 2023. GTA REALTORS® reported 4,975 home sales through TRREB’s MLS® System in August 2024 - down by 5.3 per cent compared to 5,251 sales reported in August 2023. New listings entered into the MLS® System amounted to 12,547 - up by 1.5 per cent year-over-year. On a seasonally adjusted basis, August sales edged up on a monthly basis compared to July, whereas new listings were down slightly compared to the previous month. The MLS® Home Price Index Composite benchmark was down by 4.6 per cent year-over-year in August 2024. The average selling price was down by a lesser 0.8 per cent compared to August 2023 to $1,074,425. The different annual rates of change between the MLS® HPI Composite and the average selling price were largely due to an increase in the share of detached home sales compared to last year, impacting the average price. On a seasonally adjusted basis, the average selling price edged lower compared to July.” #Toronto #Realtor #Realestate #CristianEnache

Pre conned 😂

So you close on it and rent it out. The tenant paid a damage deposit and the first month's rent . Then they stop paying rent. The Landlord/Tenant Board says they are backlogged and get back to you in a year. So no rent and you have to pay the monthly condo fees. The tenant says give me $30,000 and I will give you the keys and leave. Who needs the hassle of owning a condo.

Can you talk about solutions that builders have come up with?

Condos still need to drop another 20% until they peak anyones interest.

name this nice guy builder!

since when the builders are in charity business ? lol they don't care who to work with first time buyer or an investor.

For what it’s worth, not a single condo was sold in my downtown building for the past year, but in the past two weeks two units were sold at about 95% of asking.

Now this is how you write caption for the video. I used to skip your other video because I had no idea, based on caption, what you were talking about.

Great video.

Again, if you could, it would be really nice if you could tell us WHO the buyers are. Are they people that sold a property, and are buying another one? Or are they renters, that are finally buying their first home?

On the price comparison chart with last year, I would suggest to show where price went last year in September October so we know where we can expect price to go with seasonality

Can’t believe that report after report on condo sales you’re so wrong in extending Scarborough borderline all to way to eastern border showing Riverdale/East York/Beaches-what about North York and Leaside? You’ve been showing this totally wrong map for the longest time!!??? I know that you’re the west end agent but common,get those facts straight🙄

York and Peel are giving us a taste of what's in store for downtown once inventory and rates lower a bit more.

Folks!

Sounds like people shopping for things they can't afford. It baffles me that people buy up to their maximum limit, without taking into account the potential unexpected.

Interest rate cut means prices are crashing and further cuts possible only when further price crash happens.

lol you mortgage brokers and realtors are the ones who sell higher price with the "basement for rental income" now you say this.

I can tell you that the pressure on young people to buy a house is insane. This is why people get into trouble, trying to keep up with the expectations and seeing other people doing it but if you can't you can't.

The buyers are going in with low ball offer and the sellers are not willing to reduce the asking price. The market especially condos is terrible in the GTA. Look at all the active listings. Agents are leaving the industry in record numbers no sales=no commission.

As someone who closed 3mos before, I highly DO NOT recommend it I was a buyer in my transaction and the home was a result of a divorce. Those 3mos were hell because the wife+current BF (who wasn't in the title anyway) was either trying to ask for more money or wanted me to back out of the transaction 1-2mos is enough. That's 8 full weeks of finding financing. If you can't iron that out even in a month then forget it.

If you don't have the means to close without your job, then you are not in a position to buy a property. The guy seems pretty dumb !

This is what exactly happened in our family

Sounds like another great Canadian nightmare!!!

Great video as always! Thanks for sharing this valuable story!

The seller should have been sued for forcing to buyer to get into the mess…

sad story, but prices are just nuts totally unaffordable... we need a depression as bad as that experience will be, it will be the best for the nation... or at least a recession. we cannot continue this way... lowering interest rates will only delay the coming failures.

Good lessons for all of us.

How to pull out the permit if the seller has done the work with the building code?

reading these comments you almost forget that prices are 2 percent higher YOY.

I think the best approach would have been to say. Sue me. I bet the seller would become way more negotiable

Honestly what is the purpose of a 3 month closing period if the buyers can't back out due to unforseen circumstances (husband lost job)? If I was the seller I would have let the buyers off the hook but have them pay a penalty for those 5 months (the difference between what the buyers were going to pay and the price that other buyers are willing to pay 5 months later - cause prices are dropping these days). I don't think it was the buyers fault. You're saying they should have tried harder. I think the seller is to blame. Unfortunate they were so heartless.

Have been watching for awhile my friend. Just subscribed. Sorry I did not earlier. Thanks for all the info!

…the buyer(s) probably knew about his job security was in jeopardy…but, still moved ahead with the purchase. Really dumb move IMO.

wow that story is insane... why buy before selling in this market - and why get laid off? LOL

What a mess. You know what they say about good deeds but it’s hard to stand by and watch family suffer when you have means. I have an Uncle like this, kind of an unpredictable character; he’s as likely to throw a pint of Guinness in your face as he is to throw money at a situation help you out. He’s been burned by a few family members in the past. I’ll tell you how this ends- they don’t pay. Stay well Santo!!

How much would the buyer have paid if they were sued? What are the typical determining factors in the amount you pay out if you're sued?

Hearing all these stories , one has to wonder why house prices are not coming down.

No lowballers , I know what i have

I guess the advice from last week fell on deaf ears, theres lots of just rent it out people in the comments.

The uncle and aunt....are getting "Antsy"....pure gold and very Pun-ny. :p

Knowledge is power! Thank you for sharing your stories and scenarios along with common sense and wise advice!

Do not Lend money and ABSOLUTELY do not co-sign a Loan of any type. Give the money with no expectation of it being returned. If you can't do this, then you have no business doing either of the above two scenarios.

Its called rent it out and wait till end of 2025 to resell it.

I guess they didn’t have a financing clause. Most buyers would be in a jam if one or more of the purchasers lost their jobs. They could’ve done a bridge loan until the husband found a new job.