Posted on: 13-03-09 16:51:40
Door open 9am sharp. Saturday March 14th
Save upto 100K/condo...
http://www.liveatreflections.ca/
Most of the suites at Reflection were sold during pre-construction pre-sale phase of the project. Dur to recent correction of BC housing prices, many speculative investors had decided and walk away for their original 10% deposits.
(click on - download your pdf bid package)
Homes in Windsor, Ont., selling for less than new cars: real estate board
http://www.google.com/hostednews/canadianpress/article/ALeqM5gS5llsSfJCX-71wfe_s6sd28mwJA
http://ca.news.yahoo.com/s/capress/090324/national/windsor_home_prices
WINDSOR, Ont. — Real estate prices in Windsor-Essex are dropping lower than what it would cost to buy a new car.
Mark Imeson, president of the Windsor-Essex County Real Estate Board, says he has seen houses selling for just $25,000. He blames the low prices on the rising number of so-called power-of-sale properties, which have been taken back by the bank and turned over to the Canada Mortgage and Housing Corp. for sale.
Imeson says some houses are selling for what the lot alone is worth.
Quote:
Originally posted by sville
If I have to rent a home, I would look for following:
. Preferably, good public transit at walking distance.
. Groceries/shopping nearby.
. Not too big. If I can squeeze into 2 bed room, I will, and I won't go for the 3rd.
. Rent should be almost same as apartments(with comparable bed/bath size)
. Least bother about maintenance and utilities. (All by owner? Shared?)
. Obviously, should not to too old. (unless reflected in rent)
Detached, semi, rowhouse: doesn't really matter.
At the same time, bad economy is equally bad for everybody. Ppls move even for $50 saving on rent.
Good luck!
Good points. I have a few rental properties (various types) and I look for the following:
- Access to public transportation or proximity to GO Station
- Walking distance to many amenities (e.g. banks, grocery, pharmacies, schools...essentially anything you would use/visit about 1-2 times a week)
- Proximity to the 400 series highways for renters that have cars
- Look for areas where rent is more in demand (e.g. Etobicoke, Mississauga, Toronto...the more concentrated the areas are with people, the higher the demand for rent)
- Demographics are key...there are a lot of stats out there which show you right down to what neighbourhoods are attractive to people renting, and which background people you are likely to attract
A few other points:
- Utilities should be put in the renter's name, not yours just to control costs
- Fixed expenses for you will be mortgage, property tax, house insurance. Variables will be maintenance. Always factor in a vacancy percentage for empty unit(s) if it is not rented for a month as you get new tenants
- Property taxes are higher in the 905 regions (of course this is if it is a similar type home/condo).
- PROPERLY SCREEN ALL TENANTS (I wrote in Caps for a reason!)
- Avoid pets, smoking by tenants in home
- Ensure tenant lease states all terms in detail
- You can also request a security deposit
- There are tenants that know how to 'work' the system so be careful when choosing. Good tenants will save you a lot of time and headache. Bad ones will make your investment feel like a 2nd full time job
- If you are handy with tools/maintenance then that is a plus...will save you from hiring a contractor everytime a minor issue comes up
Do an income analysis breakdown of every potential property you see. If the numbers add up then go for it. If they don't step away and wait for the next one to come up. Do not rush into any decision as it is the biggest (or 2nd biggest) purchase of your life after your first home.
There is much more to think about as well (condition of home/condo, what upgrades have been done, fire/city building codes & regulations etc, etc). Make conscientious, well informed decisions, taking many factors into consideration before taking the plunge and you should be all set!
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Vimal Patel, Realtor
Homelife Royalcorp Real Estate Inc., Brokerage
Cell: 416-887-3745
Office: 905-856-6611
Fax: 905-856-6232
vimal.patel@gmail.com
http://www.vimalpatel.ca" rel="nofollow">LINK
Bullet proof logic for future buyers and it does not matter first, second or third home.
http://www.greaterfool.ca/
In Toronto, Vancouver, Calgary, Edmonton, Kelowna, Muskoka, Milton and scores of other places where millions of us live, house prices are still insane. The average family cannot afford the average home, even with the collapse in mortgage rates. So, it is a certainty that prices will continue to decline until the historic norm is restored. This will mean a serious loss of wealth for recent buyers, along with negative equity and heartache. Many people will wonder how they ever could have bought so much with so little thought at precisely the wrong time.
Endangered is the Canadian manufacturing sector. The steel works in Hamilton are closing. Mills from Newfoundland to northern BC are idle. Small factories employing a dozen or 200 in southern Ontario are shuttering daily. This is the inevitable consequence of no longer being a competitive country. But how can a guy work on the line and feed a family on less than $30 an hour – when houses in Oshawa or Brampton cost $400,000? Answer: he can’t. And neither can the company pay him. They fall together.
