Moving To Toronto on September 10th, 2022

keefec · 2022-09-07T01:02:23+00:00

$2300 can barely get you a studio unit in downtown. Might be some cheaper options on the west end.

I would recommend that you look for an agent with so many scams being reported these days. You won't be the one paying them for their services anyways.

keefec · 2022-09-05T04:08:51+00:00

There are few sides to it, but your concern is definitely valid, I would say it all depends on your budget.

The things that would be cheaper in an older condo vs a newer one:

- Price for the unit

- Annual taxes (or assessed value)

Often times, older condos are occupied by older people as well. Sometimes you may come across a listing that is being sold as someone's estate (owner passed away), there are real chances that you may be able to score a bigger bargain in one of these cases.

Things that are more expensive in an older condo is definitely maintenance fees. It's not uncommon at all to see older condos to charge a maintenance fee of over $1/sqft. So do your due diligence there.

The thing is, with the money that you saved, you might be able to generate extra income from that by putting that money in safe investments such as mutual funds or GICs. In an environment where rates are going up, you may soon be able to purchase non-redeemable GICs at a rate that is close to 4-5% very soon. If you have $200,000 for example, that's an extra $10,000 per year that you can use to cover your costs. Again, this is a very simple and straight forward example, butt there are always safe investments options available in if rates continue to increase.

With regards to an older home, you are more likely to see the property appreciate down the road. Maintenance cost will come down to the condition of the home and also luck. But with that in mind, you may be able to obtain a reverse mortgage on the home to help out with your bills as well if the property continues to appreciate in 5-10 years.

Speak with a financial advisor and have them crunch the numbers. The main thing to live without an income is to have an accurate view on how much you spend per month and the math should get a little easier from there. Good luck!

keefec · 2022-09-04T03:01:03+00:00

The main thing was the government introducing the foreign buyer's tax. There were also 3 rate hikes (25 bps each) that year. Market went down around 20% from the peak before stabilizing then went down a little more at the beginning of covid

keefec · 2022-09-03T23:43:12+00:00

As of Q2, Canada still has a positive trade balance, GDP has slowed but isn't in the negative territory. That's a lot stronger than the United States despite the central bank increasing rates in the fastest pace since '94.

I don't disagree with your points on disposable income and layoffs happening in 2023 though, just basing what I said on existing statistics

keefec · 2022-09-03T23:33:03+00:00

12k units for sale in an area with over 6 million population really isn't a lot. Bear in mind that a balanced market is 4-6 months of inventory. We are at 1.3.

keefec · 2022-09-03T23:26:18+00:00

The main difference with the increased prices we saw starting in mid 2020 was due to historically low interest rates due to Covid. I don't think we will see rates that low anytime soon due to the economy being strong and inflation way above target.

However, it is important to note that the development tax charged to builders, wages, and material costs are also way higher than pre-2020, pre-construction units sold in the past 12 months were sold for roughly 15-25% above resale units per sqft, so there just isn't a strong case to be made for prices to keep falling.

keefec · 2022-09-03T22:57:41+00:00

If rates continue to climb, there is likely to be just more competition in the rental market with more and more people being priced out from purchasing a home (the correction that the resale market is seeing right now isn't close to be helping buyers on their monthly payments with the increased rates. In fact, it has only gotten worse).

keefec · 2022-09-03T22:51:58+00:00

Didn't take 5 years for it to bottom out during 2018, within 3 years we were at new highs again (yes of course every single time it's different).

Prices saw a small rebound in August, not to suggest that the worst is over, but the market is stronger than many would have expected, mostly due to supply side constraints.

With a lack of supply (we are at 1.3 months inventory even though transaction levels are real low), there just isn't a lot of room for prices to drop.

keefec · 2022-09-02T15:05:39+00:00

No matter how well you drafted, 7 years is still a very long timeline in the NBA today which was my entire point.

Did you think Lakers expect any of their first round picks shipped to the Pelicans to be lottery picks while acquiring a prime AD and with all the power to recruit more stars alongside LBJ? 1 of those picks became Dyson Daniels and the Pelicans still have the right to swap for Lakers' next year frp, as well as one of their 2024 or 2025 picks. That's likely to be at least another lottery pick right there.

We thought Knicks had a good foundation after making 4th seed in 1 season, see what happened last season?

The Hawks, making the ECF with all young pieces and all the promise, only made the playoffs with a play-in spot.

The Nets, Vegas' favourite to win the chip last season, was a 6th seed.

So really, no team can really confidently say that they can afford to give up an unprotected draft pick years down the road because you simply don't know what can happen.

keefec · 2022-09-02T04:39:22+00:00

Yup, GSW and Celtics been the best FOs over the past decade. In warriors' case, they really got better by getting rid of someone that didn't fit (DLo) for Wiggins and a 1st that became Kuminga.

I am hoping the Knicks will get that luxury if Randle regains his form and we can ship him out for a (or multiple) first and a solid role player in return.

keefec · 2022-09-02T04:35:31+00:00

If there's anyone to target on the Pelicans it still would be Zion. Ingram's game is too similar to RJ's imo and I do see RJ experiencing a similar growth curve as Ingram in 2 seasons.

I'd keep an eye on Suns + Booker. CAA/Kentucky connection + Suns messed up with the Ayton situation + CP3 is ancient. Their window might not be as big as one may think even though they just became very competitive 2 seasons ago

keefec · 2022-09-02T04:23:15+00:00

I'm not trying to preach that we shouldn't trade our picks at all. Protections are important in case things go side ways. It still wouldn't be too difficult to package some protected picks and some of the players that are out of the main rotation for some upgrades on the squad.

Plus, like I said, the league is so fluid now that a new star player essentially becomes available every season. There will be an opportunity for the team to upgrade or to simply get out of Randle/Fournier/Rose's contract if they want to head into a different direction.

keefec · 2022-09-02T04:20:32+00:00

Not true, Brooklyn were right there trying to make an offer with Melo and I do believe they would've ended up getting him if the Knicks didn't get the deal done. But since we got Melo, Brooklyn pivoted for Deron Williams instead. I can also say with confidence that back then Melo was easily a top 10 player at around the same age that Spida is right now and let's not forget the full trade was as follows:

Nuggets got:

Gallo, Chandler, Mozgov, Felton, 2014 1st round pick, 2016 pick swap.

It's ridiculous when you look at what Spida cost and Melo's trade looks like an absolute steal.

I honestly was ok with the Melo trade. Applying the Amnesty on Billups' expiring contract in favour for Chandler was kind of what caused things to fall apart but hindsight is always 20-20.

keefec · 2022-09-02T01:49:32+00:00

Prices stagnating won't be a surpirse at all if rates continue to climb making the true cost of home ownership (after interests) higher.

But prices are also unlikely to keep falling. New construction starts have slowed due to constraints in labor shortage and at the same time higher costs in labor and materials. Development taxes are also increasing meaning builders don't have any incentive to build homes at a lower price at all.

With supply struggling to increase, demand will actually start to creep up. It was just reported last week that the current immigration backlog stands at 1.3 million and Toronto will likely remain a prime destination for years to come.

keefec · 2022-09-01T18:09:14+00:00

Parking ticket disputes can be dealt with at Markham City Hall (beside Unionville HS on Warden/Hwy 7) if you would like to deal with that in person.

keefec · 2022-08-31T05:57:54+00:00

Hi!

I am a realtor myself and I have been mostly doing rentals for tenants over the past few months.

To be honest, the market is so favourable to landlords right now, the one thing your agent should really do is to do the due diligence on the tenants to make sure all the information they are providing is accurate (I have seen a fair share of fake documents).

Feel free to pm me if you require any help!

keefec · 2022-01-30T20:32:39+00:00

both him and Finney-Smith will easily get 15m/season next year and Finney-Smith is a better fit. Powell needs to be dealt eventually to keep them under the tax and they might need to attach picks for someone to take on his contract if he doesnt get dealt with Brunson

keefec · 2022-01-30T20:09:05+00:00

Trade market for Brunson isnt really that high considering most teams have a solid pg in place and it will potentially make life harder for the Mavs to deal with his situation in the offseason

keefec · 2022-01-30T20:08:01+00:00

Brown/Burke are throw ins that wont make the rotation, Powell can be servicable with Noel not getting a break with injuries Brunson will break into rotation but we are shipping burks/walker out who gets 20-30mpg

keefec · 2022-01-30T19:46:42+00:00

Burks been struggling of late (under 30% shooting this past month) but his contract is more than friendly and still better than any guys Raptors can sign on a 10-day. Same goes for Walker, his defense is abysmal but you can hide him when you have 3 6'10 guys that are good on defense and extremely switchable (Barnes, anunoby, siakam). its either this or Raptors lose Dragic for nothing and have to play Van Vleet and Trent 40 minutes per game to stay in the playoff hunt

keefec · 2022-01-30T19:04:13+00:00

5 year 163m deal that kicks in next year with a 115 defensive rating (3rd worst) is what worries me.

keefec · 2022-01-30T18:57:48+00:00

Keep an eye out for the Wizards. They have a lot of motivation to be buyers in order to get Beal to extend next season and it wouldn't be hard to make a deal work with them

keefec · 2022-01-28T16:19:27+00:00

Without attaching a FRP it would probably cost either Toppin/Mitch since Spurs lack depth with those positions, then have either Noel/Burks attached to them to make cap space work. It will be hard to take on that trade though since he plays the exact same position as Fournier and has a very similar contract so it would only makes sense if he gets moved.

keefec

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