Barrie’s Condo Crisis: Nearly Half Of Properties Sitting Empty
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- čas přidán 21. 04. 2024
- Discover the shocking truth about Barrie's condo crisis in this eye-opening video. With nearly half of the listed properties sitting empty, the city is facing a serious vacancy issue. Stay tuned to learn more about why 48% of the condos in Barrie remain unoccupied and the impact this has on the real estate market. Don't miss out on this important discussion about the current state of housing in Barrie.
Are you looking to sell or buy Innisfil, Barrie , ESSA, Springwater Township real estate. Understanding the correlation between price and days on the market may be crucial to your success. In this video, we discuss how many property sellers in Barrie are now associating price with how long their property has been listed for sale. This allows them to price their property competitively and attract more potential buyers. Selling your home can be a daunting task, but with proper strategies and insights, you can achieve your goals with ease. Our team of experienced real estate agents is dedicated to helping you succeed in your real estate endeavours, whether you're buying a new home or selling your existing property. Our mission is to provide you with actionable tips and tricks that will help you navigate the complex Barrie real estate market confidently. Don't let your property sit on the market for months on end.
First, hire a professional real estate agent who knows the area well. They can help you price your home properly, market it effectively, and guide you through the negotiation and closing process.
Next, make sure your home is in the best possible condition. Declutter, clean, and repair any visible damage. Consider staging your home with furniture and décor that showcase its best features.
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Sitting empty because overpriced. Everyone was waiting for the spring market 'miracle'
Some are over priced
@@propertytwins I will bet "MOST" are overpriced.
@@halrichard1969 A LOT WITH HIGH FEE'S AND YES THERE ARE SOME OVERPRICED.
More like a second or 3rd home and they are done living there for some reason.
What's there to do in Barrie? With gas prices being what they are not many are commuting, and condos are geared toward young professionals likely commuting. If you can save some money on housing then you can spend more on fuel, but in this case the market is literally shooting itself in the foot.
Who's paying 500k to live in a box in barrie LoL
If it has low condo fees it sells ok
but yet the realtors are ok with it because this has been one big ponzi scheme for them.. money money money. lol wish people would wake up and do there own selling
@@propertytwinslol low today to sucker you in. Then raise those fees and you become trapped. Only lebrl suckers buy into this insanity.
Lots of stupid people, but the big drop is upon us, all the speculators are being driven out of the market!!
@@JohnAnderson-sq8lt Look at the tax implications.
Job insecurity, high interest rates and NO confidence in the government is all you need to cause this mess.
No confidence what so ever
NO, not the government..Canadians need to stand up to everything that's going on. This crap what's happening would've been over long ago, but Canadians just accept!
Died Suddenly!
@@shoshi06 we sure do except it.
now what if: The housing shortage doesn't in fact exist and was all created by politicians to ensure developers get as much money as possible for housing that isn't really needed. Consider that 15% of all immigrants leave Canada with-in ten years of arriving in Canada. That leaves a lot of vacant units sitting around.
20 years ago, I moved from Toronto to Bradford. Townhomes cost $70, 000, My first home was a brand new semi- detached that cost $126,000 in Bradford. The wages in my trade has not gone up to match the cost of homes today. I feel a big storm is coming our way!
They really went up big time during Covid. And look how many immigrants are coming in. There buying. I don’t see a storm. I see more demand coming once rates drop.
Guess what the immigrants coming in are more broke than the locals. They're coming to Canada looking for money. 😮
Most guys I know in trade unions are at home waiting for a call from union.
@propertytwins I guess they will have money once the cars they stole and sent back to the old country sell.
Go back 50 years and an actual average house in Toronto was only $30,000 that over doubled by 1979 to over $70,000 but townhouse or semi detached were so cheap under half. Most of this increase can be tracked back to greed and governments do not want it to go down because they have Tax Greed.
This is proving my theory over again. There is no housing shortage. The supply is taken up by speculators and when the tide goes out as Warren Buffet says, we will see who is naked. This will continue and supply will come to market without one house or condo being built.
You just never know. I also think condos are being impacted in the higher interest rate environment.
Absolutely no housing shortage. Just bad governments and greedy speculators. How can you financialize as basic human need. Goes to show how evil humans are
You are absolutely correct.
The bubble is due to MASSIVE amounts of speculation, fomo and low rates
@@mr.d4295 it was a few years ago. Not now.
I agree.
There is no housing shortage.
There's a shortage of affordable housing.
in 1971 purchased first 3 bed home with very Nice yard !! $15,500. Now trucks cost $70,000. and condos in Barrie with 1 bed cost 1/2 million dollars. Young people are screwed today. So very sad.
They are John. It’s very sad to see. They will struggle a long the way.
Empty homes, I love it. What happened to the supply crisis
When we see rates come down. The story will change. A lot of condo buildings are high in common fees And where rates are now. It’s an affordability issue.
We have an immigration crisis and a mortgage fraud crisis not a supply crisis...that's the truth
@@propertytwins the story will not change.
You should buy one and rent it out
It was always a lie. 5% is really nothing and they won't be coming down and it won't make a difference 😮
How is close to half a million for a condo even considered affordable to an average working family? And average rents over $2000 a month...that takes up most of a person's cheque. What ever happened to $500 a month for a 1 bedroom apartment and if you made extra money, you could upgrade to a nicer 1 bedroom. My income has not really changed since those days so why has real estate?
It’s about supply. Example in 2024 they plan 220000 housing starts this year. But the forecast is for 2030 we need over 3 million properties to meet demand. This is the reason why real estate is becoming unaffordable
But yet all these condos are empty so supply is not the cause, over priced and being over taxed by the government.
as a former property manager, I can tell you small landlords I have dealt with don't make much renting. Property tax, insurance, utilities, maintenance keeps going up every year. They're hoping the property appreciates in value over 10 years and sell
@@propertytwins That why the immigration tap needs to be shut off. It's rather simple. Every person crossing that border dilutes the services we as taxpayers get, and housing becomes 'one more place scarcer'.
@@minkorrh The problem is there was no planning in the governments part. And we’re not surprised with that.
People would rather leave empty due to LTB board issues.
100 PERCENT CORRECT
EXACTLY !
How long can they stay empty and pay the bills?
Most need the income to pay mortgage and expenses, they are dumping them on the market now!
Being a landlord in Ontario with all the bs isnt worth it unless youre making atleast 10% a year appreciation. Too much risk and bs, taxes etc...
Way too much risk right now.
I have no issues with my units, because I take care of my tenants and they take pride in their homes. We work together instead of being enemies.
Being a "landlord" is the easiest money.
Yep, glad a sold both my rentals about a year and a half ago.
@user-wt5bf4rw7e wait until you need to get them out or raise rents to accomodate the new interest rates... They become less friendly LOL
@@DiFinni Me too
It's okay that supply for renters is going down - people who deserve to buy properties will buy and so they will no longer take units available to renters. When these fools start getting rid of the temporary workers and students who should not be here, rents will go down.
Lots of demand right now.
Condos haven’t cash flowed in years. People banking on appreciation when they realize shits not going up double digit percentages a year anymore they’ll be out
Market is flat to last year’s numbers.
Some people didn't care if they cash flowed or not, they just want to get money out of their originating country and are using real estate as a piggy bank. Buy cash, rent out under the table or let it sit vacant. Gets even better if you are old and retired and just became a citizen. You buy real estate to hold your money and go "back home" . Show up every once in a while and collect OAS and GIS because you don't have (need) a job and hop into the Mercedes and go to McDonalds for a free senior's coffee.
I've worked in Richmond Hill and Markham exclusively for 18 years (for my day job which requires me to go in houses that alllows me to see more of what is going on) and I have been involved in real estate mortgages, JVs, construction and private equity as my investments. I'm not guessing with what I say. I have met the same folks at multiple addresses who talk freely about what they are doing. I have been to multiple addresses where someone is meeting me there because "the owner is not in the country."
IMHO the problem is people using real estate as a piggy bank and/or trying to profit off a capital gain. These are more common investors that don't know much and they are using dwellings meant to be purchased by a family or individuals, as rentals. I have entered a JV for rentals, but they were purpose built rentals. I personally don't upset the markets with what I do.
Now you've got homes that people can't afford to buy and homes people can't afford to sell, and homes people can't afford to keep.
People drop prices once low offers are made. Some reject. Others negotiate.
TRUE.
It's too bad that the real estate market is so skewed. We have empty inventory because people can't afford the properties that are available and investors can't make money in real estate right now with the high interest rates. Until the average person is doing better financially, there will be lots of empty units. It will take quite a price drop before the price of the units is in line with the salaries of most people.
The condo market is really feeling it. So many buildings have high common fees. I think this high vacancy is related to investors. They are getting out due to LTB issues. Feds just raised capital gains tax. The risk is to great.
Bottoms gonna fall out on these condos
@@lordalmightyjr BUILDINGS WITH HIGH FEE'S ARE STRUGGLING.
@@propertytwins I was in condo investments from overseas buyers in Toronto in the 00s....what happens is they just let their units go to hell then sell them at a steal when they are in such poor condition nobody is renting them anymore. They stop putting money in when none is coming out.
Was in Barrie for a full day in June. Too many homeless and sketchy people downtown there. Very disappointing.
It’s very disappointing to see that. It’s a problem here.
High intrest rates screws ALL, BIG and SMALL. I am paying $1000 a month on top of the rent to keep the heaping, steaming pile of shit condo afloat. 😢😭😭
Our state of affairs:
1- HIGH interest rates
2 - HIGH layoffs
3 - HIGH inflation
4 - HIGH Immigration
Saving the best for last.... Drum roll.....
5 - HIGH TAXES
Work hard save money, invest for retirement, then the government comes and takes it all.
God Bless
I KNOW ITS SUCH A SHAME. THEY TAKE IT ALL. USED TO DO 50 TO 60 DEALS A YEAR. NOW GIVE ME 12 A YEAR. THEY TAKE IT ALL.
The interest rates aren’t high! Historically they have ranged from 5-9%!! They were artificially low and caused the fake appreciation of assets. If $$ is free then it has no value!! So you use that useless paper to buy things if tangible value (land, house) as long as you can service that debt you will be better off in the long run! Even in a crash as that $$ becomes more valuable because you can buy more things with less of it !! This is the real cycle of $$. Unfortunately Governments have stepped in and disrupted this process. Learn the system don’t complain about not being smart enough to learn it.
High immigration is actually very helpful in the long term but also stimulates local economy in the short term as well.
High inflation is technically also good since it makes our exports cheaper to foreigners and stimulates local investments into developing goods and services. However, our income also need to rise, which is harder to achieve in a market driven economy.
I AGREE WITH YOU. SO SAD WE JUST WORK HARD AND GIVE IT AWAY TO GOV AND IT'S WASTED.
@@G11713 INCOMES SURE ARE NIT RISING
I don't know why this video came up for me in New Zealand - but it was fascinating at least
I’m shocked as well.
as a senior living here in Hanover Ont my next place is my car rent is Nut's
Rent is insane. And it keeps going up.
The Carrying cost and the price of the properties are so high, and not easy to get a quality tenant will cause this problem to get much worse.
It sure will !!!
The Lakeside Terrace condos have 50 rental listings on MLS, woa, thats nuts! Speculation much? I doubt any of those are even cash-flowing. Mostly 1 bedroom or plus den units. I bet alot of those show up for sale soon. Watch what happens to price discovery when 50 identical 1 bedroom units come online.
I noticed lots in that building as well. I showed in that building a few weeks ago. All units we viewed were vacant.
The Ontario Landlord and Tenant Board (LTB) hearing currently have a 7+ months wait time. As a result, if you have a failed tenant then be prepared to absorb at least 7+ months worth of unpaid rent plus three months for forced evictions. Depending on the rent that could be $11,000 of unsecured loan to someone with bad credit in addition to the amenities upkeep you are obligated to provide (heating, electricity, water) and the loss of interest on such equity. The Doug Ford government has really damaged the LTB to the deteriment of small landlords and tenants. The only beneficiaries are crooks and corporate investors who can organize correct insurance and batch scale their operations, gobbling up failing properties in the wake.
It’s broken and no plans to fix it. We need to look at BC and the East coast rules.
This is interesting, im wondering how bad it is here in kitchener as well. We see prices similar to Barrie yet the city is garbage when compared to barrie.
I've been looking to buy for the past 4 years, but have been priced out of the market. Im sitting on a healthy stack of cash right now, wondering if i should wait a little while longer before i buy.
I expect rates to drop in June. But it will be only 25 basis points. As we see more drops. I expect the market to pick up. Because it opens up affordability to qualify. The vacant units are a result of people moving into retirement homes and I believe most are vacant from investors selling. Any questions here is my cell 705-309-5300
Wait it out......
.. two ways it will go. # intrest rates at banks will drop. Or...
# housing market will lower their price...
The housing crisis has been over 20 years in the making.
It’s just getting started.
Trudeau accelerated it over the last 8 years. GTA kept him in power, reap what you sow.
60% of downtown Toronto condos are empty as well. Owners are in Shanghai.
I noticed a lot of ownership owned by foreign investors. I can tell by the names. I think the vacancy is caused by LTB. People are getting out
Can you provide your source?
Just because a name is not Canadian sounding does not mean they aren’t Canadian. That is an irresponsible supposition.
@@gh4534 Not following??
@@gh4534 The Toronto Real Estate Board.
Suggestion. In your intros, it would be good to have a sentence on where you are talking about. I finally figured out from one of the property listings that came up on the screen that you were talking about Barrie, Ont.
Your right. Thanks for the feedback.
On the data i have access to it shows in Barrie a drop of $350 from Jan to Mar on condo apartment rentals. $2450 to $2100. Looks to me like even with price drops tenants aren't going for it
I’m seeing about 2 months of supply on the rental market. Need to keep in mind most people don’t move until April. Looking at the rents they are still very high.
@@propertytwins Absolutely they are, especially compared to only a few years ago and compared to incomes. But I'm seeing a ceiling in rental prices, throughout the GTA rents have stagnated year over year. This is at the same time people cant afford mortgages and forced to rent. You would think that would have driven prices even higher. People have tapped out with the high cost of everything else, cant afford higher rents.
@@Jo-mf2vu GREAT COMMENTS. I THINK THE RENTERS REALLY HAVE NO CHOICE. I REALLY DON'T FOLLOW THE RENTAL MARKET VERY MUCH. I WAS VERY SURPRISED AT HOW THE RENT ARE TODAY. I'M ALSO SEEING A LOT OF PEOPLE GET OUT OF THE BUSINESS. DUE TO THE LTB. 50TO 75 RENTAL PROPERTIES COME OFF THE MARKET EVERY MONTH IN GTA. AND NOW I'M SEEING LOTS FOR SALE IN BARRIE. 28% OF THE LISTED PROPERTIES IN BARRIE ARE VACANT. SAFE TO SAY AT LEAST 20 PERCENT WERE RENTALS.
I THINK THAT COULD BE ACCURATE
S&D hasn't been the issue of prices running up at insane levels.
We are in a MASSIVE bubble driven by fomo low rates and MASSIVE amounts of speculation..
We are in a totally different market now. It was that way a few years ago
In Florida condos are taking a big hit because of insurance. How are the insurance rates for condos in Barrie?
Insurance rates are cheap. We don’t have weather like you folks. And the condo corp has insurance on the building. It’s worked into our common fees. I live in a condo. I have content insurance as well as liability
How much do you expect the new capital gains tax to affect these types of income properties?
I think there will be some investors get out of it. Especially if they’re close to that 250K. And I think it will prevent others from investing. The government is making things easier for the middle class.
So many Developers are going bankrupt too. Half built condos in a stand still mode. Why?
Look how much building costs have risen. I know some developers have put projects on hold.
Because Trudeau admires China's basic dictatorship!
People don’t buy small apartments to live in. They buy them to rent out.
Yes they do.
@@propertytwins In downtown Toronto the small condos are on the market a lot longer than larger ones.
Same as Toronto. Surprise, surprise....no one wants to live in an undersized box for too much money while being told what to do 24/7.
It’s the condo fees. A lot of these buildings are old and require investment.
Condo fees are a mortgages parasitic twin. With cheap build quality today they constantly add surprise repair bills that aren’t covered by the basic fees.
NEWER BUILDINGS ARE ALWAYS LOW AT FIRST. AS THE BUILDING AGES, THEY MOVE UP.
@@propertytwins yeah i see this often, its why i consider condos as a money pit, better to rent or live below your means. Fuck condos, seriously. Worst part is some condos are managed outside of the influence of the owners, meaning they can hire and contract whoever the fuck they want. So they can just hire their sister companies and charge you 10X the rate.
Peoples wages on average have not kept up to the actual cost of living. The COL the government talks does not take into account all actual living expenses. The bubble is going to burst. Everyone says it can not happen again where housing prices drop way down, yes it can !!!
I saw the big drop two years.
My old folks home is either Mexico Thailand Philippines or Vietnam🎉🎉🎉🎉🎉
Cheap living
I will watch your video. I do not believe there is a housing shortage, but this is a market speculation thing.
BASED ON THE NUMBERS IT IS. WE DON'T SEE IT RIGHT NOW. BUT WHEN DEMAND PICKS UP AS RATES DROP. THAT IS WHEN PEOPLW WILL UNDERSTAND IT.
900 a month? Fees? Ha ha ha
Some are
Does someone come in everyday and tidy up like a hotel?
but yet not one realtor will say the fees are to high. instead they encourage it lol.. cant make this stuff up lol
Barrie used to be a nice town. Now it's overdeveloped and overpopulated... and the 400 is a friggin nightmare. The only reason I went there was for the Red Lobster but now it's way too overpriced..
Barrie is expensive now.
Onterrible made me move outwest. As a former Barrie resident cost of living way too much.
Good move for you. I went to Banff in November. I didn’t want to come home ever. It’s on my radar to move out there in a few years.
Last I checked Barrie had the Highest unemployment rate in Ontario
Not a lot of high paying jobs. Big commuter town.
Where did you get the 48% number I spoke to a realtor who says that she doesn't know where that number comes from?
We counted the vacant listings. And divided it by the total active.
Condos are not for living in. They're built for speculating and Air BNBs. It's like an old joke - a man sells a crate of oranges to another, who in turn sells it to another and so on for a couple of months. One day the last buyer complained to the original vendor that the oranges were bad and made him ill. The original seller said "You idiot! Those oranges weren't for eating, they are for trading."
Oh they are sure for living in. Air BNB are safer to rent out. LTB is a mess.
greedy realtors started it all
We didn’t start anything. The market did this.
@@propertytwins Sure you did with these multiple offer situations. holding offers until a predetermined date, what happened to present the offer as soon as it is received? Even realtors speculating on properties, realtors are a big part of the problem!! My wife is a retired realtor and told me about all the garbage that went on and the many scum bags in the business.
@@richardrogers7479 Richard there are many scum bags in this business. I’m not one of them. The market is what is causing all the crazy bidding wars etc. The market lacks supply in certain ranges today and demand is there for it.
Flippers
It's musical chairs and these investors didn't get the chairs
Question ? How are condos selling in Victoria
I have no idea. Maybe someone will see your question from that area.
5 people live in one unit
@@archie_bunkerstaple dish they eat is curry let me guess
@@citizenm9590 exactly lol
Don’t rent or government rent controls.
More are taking don’t rent.
Wait until Canada loses it's AAA credit rating. Until then gold and silver just get out of the Canadian dollar and Canadian stocks. Not financial advise.
Look at the new budget spending.
You talk without reference to where these properties are located? Canada? america?
Canada.
Doesn't the capital gains increase only affect people with income over 250,000 ?
It’s the gain over $250K. And if your a holding real estate the last 6 to 8 years. The gains are they’re. And of course our Liberal government wants more from the middle class who continue to fund the system.
Fuel costs and some of the worst commuting traffic anywhere, your basically stuck landing somewhere in the north west end of Toronto and having to negotiated your way through the city to get to the downtown core and surrounding commercial manufacturing zones along with 100's of thousands other drivers. If you have a high paying job in Barrie then your doing much better then the ones commuting. Not much has changed in decades for travel from the north to the city. I got out of the rat race 10 years ago and retired to a small eastern ON. town and couldn't be happier.
Good for you. Well said
Misleading (click-bait) headline. I thought that almost half of all condos in Barrie were vacant but it is actually half of the condos for sale that are vacant. It is easier to sell a vacant unit than a tenant-occupied one so it should not be surprising that half of the condos for sale are vacant.
I WOULD ASSUME BEING A REAL ESTATE CHANNEL PEOPLE WOULD KNOW.
This proves the adage, if you have a pulse, you can be a real estate agent.
Maybe you should try it out.
@@propertytwins bill is a bit of a rude f*cker
How long can you hold out
Some folks think it’s best. I don’t.
@@propertytwins yep sooner or later the exit of these type of investments as the market gets more and more exposed. Policy is already changing and the attack on investors is already happening. The next ones to go are the politicians investment properties. Slow exit but a definite one
More like how long can you hold your breath!
@@PWingert1966 TRUE
Every person bought condo to flip. Now the game is over. Prices will fall by 40% at least. I am not surpassed. I am surprised that a real estate agent is.
They’re not dropping another 40%. But please give us a detailed breakout your analysis.
i volunteer at the Hope Center for homeless and addiction it's everyday event of psychosis and drug addiction and we asked for protection and more police presence ! it takes over an hour for a cop to come if we call for emerg
we are the only shelter for counselling and free food ! most addicts are wanting therapy shelter and food
And look how big the Barrie police budget is. Massive
Exactly who owns these properties? Is it foreigners?
A lot would be.
living on Vancouver Island, oceanside properties still selling!!!
I bet for big money as well.
I wanted to rent condo in either mississauga or burlington. Both were owned by chinese not in canada. They were living in china. A chinese broker represented them to close the deal.
THAT IS VERY VERY COMMON.
@@propertytwins true!
Ship the property’s to Australia we have a shortage of property I will bring my barge over 😁👍😉🏠🏠🏠
lol. I know some Sellers would be happy to
As a senior I need higher interest rates so that I can earn some half decent interest. I think the stock market and current real estate market are over priced and are too risky. I need interest rates to go up another 1-2% and then I will be happy. Thx
No countries are raising rates at this time.
@@propertytwins Oh well that's too bad for me. Again the the BOC is picking the winners (those with a lot of debt) and the loser (those with some money who want to invest in safe securities). I say let the free market work it's magic... too much debt is not good for anybody.
@@hawkmoon206 it has to be that’s way.
How can you afford to rent a condo if you're in construction when you're sitting at home waiting for a call from your union.
A one bedroom would cost close to 2K
Why don't they just lower rent? Surely better than sitting empty.
And if they're worried about capital gains tax increase, it means it already appreciated more than 250k, just sell and take the cash.
Avg date on market 25 to 30 days. Condos with high fees a lot longer. And really hard to sell. I’m in your camp about price. It has to be priced correctly.
Buy a bank stock - 5% to over 6% yield - no maintenance payments - dividend tax credit - sleep well at night… /
I do own a condo - I still live there (Richmond Hill) - 32 yrs…
Much easier to sell than having a dead beat tenant in the unit
A lot of these vacant properties were rental units for people. And now they are selling. A I feel the big reason is LTB is a mess.
Price discovery incoming
In some ranges possibly
You gotta really watch out gor condo fees, as if having an insane mortgage isn't enough !
Condos are not selling.
Greed is the cause!
It’s not all greed.
3broom condo is a million in Toronto. 😅
I see some in Barrie selling way over a million.
Taxes, fees, over priced ?
TAXES ARE OUT OF CONTROL.
never needed a realtor and never will.
What state or province is Barrie?
Ontario.
You're complaining about 1.73 cost of gas in Barrie? How about $2.19 in Langley, BC
I SAW THAT HIGH GAS PRICE ON TIK TOK VIDEO. I GUESS I SHOULD'NT COMPLAIN.
Barrie rental prices are stupid. I can rent in Toronto for the same prices😮
I KNOW THERE ARE CRAZY HIGH
It shows how dumb and desperate everything has become. All the smaller cities out in the boonies are still trying to ask for the same rent and house prices as Toronto. This is the final stage before things get really messy.
@@sugadre123 SOME SELLERS THINK IT' STILL A HOT MARKET. I ALSOO QUESTIONS THE EXPERIENCE OF THE AGENT AS WELL.
@@propertytwins I dont think this is about experience about agents. Its just pure unrestricted greed at this point. The regulators arent regulating so anything goes.
@@sugadre123 we wish we had Toronto home prices in Barrie
I thought listings had to state if the pictures were virtually staged. If not, just more of the RE racket in Canada.
I see it in the comments at times.
Which state and country are you talking about? You assume we know!
Barrie Ontario Canada
Paying condo fees in the trailer park that is Canda does not make sense
THEY ARE ACTUALLY HIGH IN PARKS
That’s great - can’t wait until 60% are vacant, then the real fun will begin as owners sell and bail out.
I hope we never see that.
@@propertytwins doesn't seem far off given current trends. I don't buy the idea that interest rates are too high - they are actually closer to historic norms than not. The near zero interest rates went on for far too long and allowed for wild pricing inflation. Its time to bring prices back to having more of a relationship to buyers incomes - that's the problem as I see it.
@@Thomas63r2 I GET IT AND AGREE THE RATES ARE HISTORIC TO THE NORMS. THE BIG ISSUE IS PROPERTIES HAVE SKY ROCKETED IN VALUE. MAKING IT HARD TO GET APPROVED AND OF COUSE OUR STRESS TEST.
@@propertytwins I know, prices need to come down - but that usually happens much slower than prices going up. My guess is that if prices are still holding with nearly half vacant - then downward movement must need a higher vacancy rate.
Wow when the market loobies the Government to limit new houses this is what you get .
KEEP IN MIND, AS I MENTION IN THE VIDEO. A LOT ARE INVESTOR PROPERTIES. MUCH EASIER TO SELL WHEN VACANT. SOME OLDER DEMOGRAPHIC MOVING INTO RETIREMENT HOMES OR ASSISTED LIVING.
Well WATH GO UP MOST GO DAN ! Rent very hi price so condo
Some are priced high
They want more and more
Who wants to live anywhere near downtown Barrie?
Downtown has its struggles.
guessing from the accents this is somewhere in Canada. Silly that they don't ID the area, not obvious
It is Canada
Gotta wonder with that many empty.
How many of them skated around the empty homes tax listing there children as the occupant.
I know in Barrie they don’t have a tax for vacant homes.
Oh ok.
Thought just about everywhere had that tax
@@user-vi8ci2bi6b NO
Condo fee's are ridiculous and the property management soak the hell out of the owners . This is why I would never buy one. All condo's should be run and managed by the owners as well as voted in by the owners yearly and money put in a trust fund . People who do not pay there share is also a concern and how to deal with them.
It’s really important that the management company runs an efficient operation. It’s a fair system it has a lot to do with the age of the building. As it ages it requires investments.
So much cheaper than Vancouver. I’m jealous of Torontonians getting such a bargain
Vancouver is so expensive
The rate is not going down the price will drop again
Rates will drop June or July.
Reminds me of ghost towns in China.
HARD MARKET IN HIGH PRICRS RANGES
No one can afford the rent, 😢
RENT IS OUT OF CONTROL AND RISING 2% A MONTH.
Like the morons who bought the Station Mall in Sault Ste. Marie, Ontario - the parking lot is huge so the new buyers want to build 4 condo buildings. We need low-income housing. The Station Mall has lost a lot of their tenants due to crime (shoplifting) or people being robbed, beaten, stabbed, or even killed within the area by homeless that are either just homeless but most being addicts as well. And Sault Ste. Marie doesn't need any more condos.
That’s a common thing in most cities in Ontario today.
@@propertytwins what stabbings, homeless and meth or over priced globo homo boxes with communist condo fees.
Safety deposit boxes in the sky. Some own hundreds of properties and most can't even afford one. I'm a born to lose renter for life.
John, I hope you’re not. I know it’s fucking hard out there. But times can change
@@propertytwins Not if you're autistic.
Should build them in a place that needs them
Barrie is anticipating a population of over 300,000 by 2051. Lots of condo developments on the go.
YES. TAKES YEARS TO GET A SHOVEL IN THE GROUND AND THE DEVELOPMENT FEES ARE OUT OF CONTROL
We neee hud homes, govt should buy and reserve homes for first time homebuyers at a reasonable price. 400, 500k is not affordable
That will not be happening.
Doesn’t help when you only have one investment property inhabited by a deadbeat who won’t pay rent for 10 months and your still waiting on the LTB overlord to decide they can be evicted. Never again, I’ll be selling as well and this is downtown Toronto on the lake
😊
Unbelievable. Feel bad for you. So many people like you have reached out to me. Sad that this is actually happening and nothing is being done.
There just scum.
Those must be the $300 a month senor living their advertering all over America
Not in Canada
If you are going to buy, don't buy a condo, they are well overpriced and the fees and taxes are crazy, let these speculators sit with them and go broke
Can’t say that just yet.
@@propertytwins sure you can, I have 3 bedroom bungalow that is only worth about $100 thousand more than a 3 bedroom condo? Condo prices are way out of wack, let all those speculators sit with them empty and pay the expenses and go broke, I am loving it!
"lets wait until things start picking up" hahahahha lets wait until investors start unloading, dumb buyers start panicking and selling and people start loosing properties because they can no longer pay mortgage. Great advice to wait
Market right now is stable is certain ranges. Rates are the biggest impact right now.
Lots of buyers from Gyna
Market is a little slow at the moment. We all know that will change once we start seeing rates drop.
And the tent cities grow larger !!!
Yeah Scott that’s the sad part.
That is due to that delusional and inept Trudope' policies.
Yes tent cities are growing
Condos are not the answer! Owning a condo is a time bomb!
Need to own in the right building.
@@propertytwins no such building exists!
@@johnlandry1393 THEY ARE OUT THERE.
@@propertytwins give me one just one condo worth investing in! You have a mortgage plus condo fees and usually some utility! Then they come and ask for money to fix something they never slotted for! Bin there done that no thx!
@@johnlandry1393 LOK AT LAK HOUSE IN BARRIE.
LOTS OF SELLERS ARE IN REAL STATE HONEYMOON LOL.
Some are
$400K-$500K for a Condo?.. plus $500 a month Fees
Yes, and that would be a newer buidling
@@propertytwins I've been paying a Mort for 10 years on 190.. down to 80K with prob 75k in interest alone.
Rates went from under 3.84% to 6% last year on resigning my next term.
Thank you BOC and Liberal Gov of Canada!
8 years to go, in a 20 year building. Edmonton.
Who can afford 1/2 Million Mort? ..
@@HiddenInPlainSight386 I KNOW, FEEL BAS FOR PEOPLE TODAY. A LOT OF FOLKS ARE STRUGGLING. GOVERNMENT COULD CARELESS
@@propertytwins deliberate sabotage,
"Own Nothing" Be happy, "Rent Everything" UBI/CBDC/Social Credit System AKA "BEAST" - "Sustainable Development" goals
2030-2050 Slave Class Hive
1 bedroom condo fees $385. 3 bedrooms probably $485. Thats why they're leaving.
A lot higher then that on older buildings.
If you can find a nice condo for those low fees, buy it
We are about to go threw The Great Reset aka War Housing is low priority........😍
It’s out of reach for so many
No one needs to own more than one place to live.
Why is that??
Sure so if no one can afford to buy them and an investor doesn’t, where do you think you can find a rental? No one’s creating more rental housing other than individual investors
@@MarieDuplessisYT RENTAL SUPPLY IS GETTING TIGHTER DUE TO THE FACT THAT PEOPLE ARE OCCUPYING THE PROPERTIES. IN GTA THEY ARE LOSING BETWEEN 50 AND 75 RENTAL PROPERTIES A MONTH.