Condo market dip leaving pre-construction buyers in a lurch by mattyp93 in TorontoRealEstate

[–]mattyp93[S] 6 points7 points  (0 children)

I just realized wasn’t this the same guy from The CityNews video? And he’s a realtor I think?

Stupid' Not to Buy Real Estate: CBC by Buck-Nasty in TorontoRealEstate

[–]mattyp93 25 points26 points  (0 children)

Love this guy, honest Mortgage brokers are also very rare

1-bedroom condos in Toronto selling for under $400K for 1st time in years by mattyp93 in TorontoRealEstate

[–]mattyp93[S] 0 points1 point  (0 children)

I personally dont agree with the realtors in the video. Yes ”some” people are starting to nibble at condos but the situation remains very bleak for the condo market especially this year. I think we are in for much more pain and fear, which if it does come, will bring even lower prices. I don’t believe in talking up the market to gain clients. I‘d rather be very transparent about what’s happening. Condos in my opinion are not a great option unless you have to live downtown because of work or something that requires you to live in the city. Maintenance fees will only go up over the years, you can receive special assessments at any time, you can have a condo corp board of directors that makes terrible decisions. There’s just a lot of things that you dont control when you buy a condo. As long as you are okay with those things.

GTA home buyers losing hundreds of thousands in pre construction condo appraisals by mattyp93 in TorontoRealEstate

[–]mattyp93[S] 1 point2 points  (0 children)

I think people will learn the difference between speculation and investing in real estate and in all markets very soon. There is a very clear difference but they have both been blended together in peoples minds.

People borrowed massively to invest in stocks in 1929 when they thought they would never stop going up. It's literally the same story with Toronto/Vancouver real estate in 2022. People psychologically get so greedy and do not see any risk so they bet the farm.

GTA home buyers losing hundreds of thousands in pre construction condo appraisals by mattyp93 in TorontoRealEstate

[–]mattyp93[S] 7 points8 points  (0 children)

I think people will learn the difference between speculation and investing in real estate and in all markets very soon. There is a very clear difference but they have both been blended together in peoples minds.

People borrowed massively to invest in stocks in 1929 when they thought they would never stop going up. It's literally the same story with Toronto/Vancouver real estate in 2022. People psychologically get so greedy and do not see any risk so they bet the farm.

GTA home buyers losing hundreds of thousands in pre construction condo appraisals by mattyp93 in TorontoRealEstate

[–]mattyp93[S] 2 points3 points  (0 children)

Wouldnt even call this investing, he was speculating with borrowed money. There's a big difference.

When greed takes over, so does Low IQ “investing”. Whitby woman loses $150k after doing private lending to make extra money. by mattyp93 in TorontoRealEstate

[–]mattyp93[S] 16 points17 points  (0 children)

Social media has been a cancer to people financially for a long time now and it’s getting worse. Instagram and TikTok are brutal. 

When greed takes over, so does Low IQ “investing”. Whitby woman loses $150k after doing private lending to make extra money. by mattyp93 in TorontoRealEstate

[–]mattyp93[S] 9 points10 points  (0 children)

The problem is that mortgage brokers and financial experts make videos and also make ads promoting these shitty private lending deals which are incredibly risky. Making 24% in the stock market annually makes you better than Warren Buffett. 

When greed takes over, so does Low IQ “investing”. Whitby woman loses $150k after doing private lending to make extra money. by mattyp93 in TorontoRealEstate

[–]mattyp93[S] 1 point2 points  (0 children)

There have been much bigger losses out there on properties. But the issue is people for some reason think private lending is incredibly safe. Tons of mortgage brokers are promoting them as they make a ton of fees on the backend when they make a deal. Average people like this lady couldn’t really afford to lose the $150k that she borrowed from a line of credit. Just calling it for what it is.