My real estate investment (Not commercial)
| Poll:My real estate investment (Not commercial) | |||
| Choice | Stats | ||
| I own one property and glad that I took that decis | 81% (13) |    |
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| I own more than one property and glad that I took | 6% (1) | |
|
| I own(ed) one property and regret the decision | 13% (2) | |
|
| I own(ed) more than one property and regret the de | 0% (0) | |
|
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| Poll:My real estate investment (Not commercial) | |||
| Choice | Stats | ||
| I own one property and glad that I took that decis | 81% (13) | |
|
| I own more than one property and glad that I took | 6% (1) | |
|
| I own(ed) one property and regret the decision | 13% (2) | |
|
| I own(ed) more than one property and regret the de | 0% (0) | |
|
Posted on: 09-02-12 17:07:11
Quote:
Originally posted by Delhite
Quote:
Originally posted by bhootnath
Quote:
Originally posted by elmer fudd
How about building your own small house on a(relatively) large area of land? Even in Canada, land usually appreciates after every few years and built up structures usually depreciate over the course of time.
The small house may be designed in a manner it can be expanded in future without modifying the existing structure.
Which leads to my next question. Is it hard to find vacant land in urban areas where you build the house by yourself(your contractor)?
Totally agreed but Not sure how many first time home buyers would take that step.
Another way is to go for a detached older small house with big lot size.
Yeah, the next best thing if the price can be reigned in. Perhaps in the outskirts of urban areas? I have seen neighbourhoods in Oshawa(GTA) with the kind of homes you mention. I would not want to live there though. Crime ridden area.
Here in BC, the contractors' charges range from $150,000 upwards, depanding upon various unknown factors. So, if you factor in the land price as well as the construction, this could cost about $550,000 and more. I am talking about Metro Vancouver area.
It could be less in GTA. You can inquire the areas where the land is in abundance and relatively cheap within GTA, i.e. Caledon, Orangeville, etc.
If you find something, let me know too, as I am looking for an affordable semi-detached house in GTA as well 
.
Quote:
Originally posted by febpreet
Here in BC, the contractors' charges range from $150,000 upwards, depanding upon various unknown factors. So, if you factor in the land price as well as the construction, this could cost about $550,000 and more. I am talking about Metro Vancouver area.
It could be less in GTA. You can inquire the areas where the land is in abundance and relatively cheap within GTA, i.e. Caledon, Orangeville, etc.
If you find something, let me know too, as I am looking for an affordable semi-detached house in GTA as well
Palgrave-Bolton comes close to mind. But even these are reportedly overpriced.
Acre+(some closer to two acres) sized lots for around 800k-900k with farm house included. Maybe it is Good for two or three investors together.
That is the thing I think the criteria for getting the loan for land is different than that for mortgage..you have to shell out more at upfront..on top of it the construction and related costs...so having to pay that much money upfront may not be possible.
Quote:
Originally posted by san-hugo
Bhoot Sirr , pls add one important option to the vote
"I should buy but holding on amid market fear" or " I am the chicken of the market" or whatever decent words you want to use for them.
Lets see how many are standing on the other side of edge? in other words how successful doomsayers are ?
señor San-Hugo, good suggestion but too late, I think I do not have option to change the poll. May be next one, once this gets boring or once the naysayer enjoy claim victory on small correction of housing prices
even if it is 5 years down the line. Quote:
Originally posted by febpreet
If you find something, let me know too, as I am looking for an affordable semi-detached house in GTA as well
I will suggest you to go for detached house - even if you have to settle for a smaller one.
Building your own custom house won't cost you cheaper. You can search acre+ old house in the range of 400 to 600 k. in Caledon area.
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A Delhite in Toronto
Concern over Canadian bank exposure to overleveraged consumers
http://business.financialpost.com/2011/11/30/some-banks-more-exposed-than-others-to-overleveraged-consumers-moodys/
“Canadian household debt as a share of personal disposable income stood at a record 150.8% at the end of June this year.” said Mr. Beattie. “We are concerned that, while taking advantage of low interest rates, consumers are also taking on debt the may not be able to service when rates inevitably go up.”
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How do we have negative equity when price are higher?
When you are buyer then all data looks +positive trends and great time to buy. When you are a seller and crunch all the numbers ( commission, closing cost, mortgage penalties, mortgage interests, condos/townhouse fee, maintenance, upgrade) then it becomes a negative equity.
I can talk about at least Western Canada. I knew few families who have negative equity and can not get out even they want. Some of them have investment condo too and both are in negative equity and putting few hundred every month on top of the rent to cover investment mortgage+condo fee. There are tons of open house these days in Calgary. Real Estate board is changing their statistics algorithm in their favor.
How many new homeowners have fully loaded rrsp, resp, long term saving, 6 months rainy days funds, 20% down payment and your total debt serving is not more than 40% after tax salary. I may be too old fashion.
I heard there are some good realtors who take clients only who has 20% down payment. Just wondering how do they business if 90% first time buyers have 5%-10% down payment and it becomes negative equity from day one.
