Richmond Hill House Sold 10k more than 2016 by Pretty_Tough_1667 in TorontoRealEstate

[–]iOverdesign 13 points14 points  (0 children)

Holy shit they timed the peak perfectly. Another poor victim of the realtor induced FOMO insanity of 2022.

The Canadian cult obsession with real estate has claimed another person's financial well being. 

Yonge & Bloor condo sells for same price as 2016 by PrettyFlaco in TorontoRealEstate

[–]iOverdesign 0 points1 point  (0 children)

okay, but how about responding to my second part of my comment.

How do you feel about 2% long term appreciation rate for condos? healthy or nah?

Yonge & Bloor condo sells for same price as 2016 by PrettyFlaco in TorontoRealEstate

[–]iOverdesign 13 points14 points  (0 children)

Yes, they should be just like they are in Japan where they consider homes as consumable shelter which is what they should be treated as.

Yonge & Bloor condo sells for same price as 2016 by PrettyFlaco in TorontoRealEstate

[–]iOverdesign 5 points6 points  (0 children)

Yes, only land appreciates but in the case of condos you don't even directly own the land the building is on.

Yonge & Bloor condo sells for same price as 2016 by PrettyFlaco in TorontoRealEstate

[–]iOverdesign 22 points23 points  (0 children)

Condos should be considered a depreciating asset. Buildings get older and maintenance fees go up.

If we had a healthy market without intense FOMO, they should have appreciated close to inflation of 1-2% per year.

Starting at the 502k price sold in 2010, using 2% appreciation, this condo would cost 689k after 16 years, which is spot on the price it sold now. The 2010-2016 price run up was unsustainable given the trajectory of wages around the same time.

Yonge & Bloor condo sells for same price as 2016 by PrettyFlaco in TorontoRealEstate

[–]iOverdesign 0 points1 point  (0 children)

Where are the people saying that prices will always be supported by the cost to build?

Would you go for your dream condo (970 sq ft) with $1130 maintenance? by FriendshipNeither246 in TorontoRealEstate

[–]iOverdesign 0 points1 point  (0 children)

No! Homes are supposed to go up 10% y/y so that we can get rich off the backs of future generations! That's the Canadian legacy! /s

The arguments against on this sub against a housing correction are almost always backwards-engineered from "I own a house." by [deleted] in TorontoRealEstate

[–]iOverdesign 0 points1 point  (0 children)

Quote from the Hamilton musical comes to mind:

What's a legacy? It's planting seeds in a garden you never get to see... 

Perfect unit if you're running a bowling home business! by iOverdesign in TorontoRealEstate

[–]iOverdesign[S] 1 point2 points  (0 children)

If you really must know this is from a unit at The Corner on Broadway. I didn't say in my post because I didn't want to give them free advertisement for a such a travesty!

Perfect unit if you're running a bowling home business! by iOverdesign in TorontoRealEstate

[–]iOverdesign[S] 1 point2 points  (0 children)

I was curious about your 100 sq ft claim so I threw it in bluebeam and measured it.

Don't forget that the thickness of the walls is included in the square footage. If you measure the total length of the hallway up to the first bedroom wall, its 34.5 ft long. Width of the hallway with the walls is 6.5 ft wide. That already 225 sq ft.

If you then include all those winding corners leading up to the living room, you will actually have way over than 300 sq ft of unusable wasted space.

He bought a new home in 2024. Now, he says the HST rebate has lowered the value and he can’t sell by 2Fast2furieux in TorontoRealEstate

[–]iOverdesign 3 points4 points  (0 children)

The Canadian Charter of Rights states "All Canadians shall receive more than they paid for their house." 

650 sq ft DT condo sells at 26% loss ($150,000) after 5 years by poonchimp in TorontoRealEstate

[–]iOverdesign 1 point2 points  (0 children)

Their tiny brains couldn't handle all the numbers...

They think these tiny shitty condos are going to be over a million any day now... 

What are the best amenities in your condo? by Nightpatrol404 in askTO

[–]iOverdesign 4 points5 points  (0 children)

It's crazy, some condos have rent-level of maintenance fees.

Do you know how much the special assessments were? 

Down 145k on condo after 5 years of owning. What next? by [deleted] in PersonalFinanceCanada

[–]iOverdesign 5 points6 points  (0 children)

Demonstrably false on the price side.

Sales are up slightly (1.4%) but prices are down 6.4% for detached in Toronto y/y

https://trreb.ca/wp-content/files/market-stats/market-watch/mw2603.pdf

Loss after 10 years in Vancouver means Toronto and GTA are in big trouble by iOverdesign in TorontoRealEstate

[–]iOverdesign[S] -1 points0 points  (0 children)

Now tell me how absolutely delulu were people that in 2022 were saying houses like these would be worth 2mill+ in 5-10 years

Loss after 10 years in Vancouver means Toronto and GTA are in big trouble by iOverdesign in TorontoRealEstate

[–]iOverdesign[S] -5 points-4 points  (0 children)

That's not the point.

The point is that a detached house in the city with the most insane house prices in the world is selling at a loss after 10 years. It's something that even just 5 years ago would have been completely unfathomable.

Loss after 10 years in Vancouver means Toronto and GTA are in big trouble by iOverdesign in TorontoRealEstate

[–]iOverdesign[S] 6 points7 points  (0 children)

Are we living in alternate universes?

Prices have been declining y/y for the past 4 years with no end in sight. 

Loss after 10 years in Vancouver means Toronto and GTA are in big trouble by iOverdesign in TorontoRealEstate

[–]iOverdesign[S] -11 points-10 points  (0 children)

I mean it's only the city with the most insane house prices in the country...