What's going on in the GTA Real Estate?


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febpreet   
Member since: Jan 07
Posts: 3252
Location:

Post ID: #PID Posted on: 09-04-18 19:07:13

Hey,

Just wanted to ask as I am curious. What's the current situation with the GTA Real Estate? The News mentions about the depleting sales in the detached SFH. Have you guys noticed any slump in prices as well, or is it minuscule? I was checking Realtor.ca and found quite a good number of homes in the $600-700k range, while there was none whatsoever last year during the same months. What's the situation on the ground?

Also, how is Guelph to buy an investment property. Not for flipping, but a long term rental and hold.

Thanks,



Delhite   
Member since: Nov 04
Posts: 938
Location: Brampton

Post ID: #PID Posted on: 11-04-18 11:02:19

In March this year, the number of home sales down 40% as compared to last year. The average home price in GTA also down 14% as compared to last year.

After a long time, I have seen a reduction of over 100k for inventory clearance by a builder at 410/Bovaird Drive but the original prices were too high, over 1.2m.

At least, there is no more multiple offers bid war. The new home builders have almost stopped and not bringing out any new inventory. They are trying to squeeze the inventory in hope to keep the market up or at least keep the prices at the same level.

Most of the development land in and/or around GTA is already taken up by the builders so they are just playing the game of reducing the inventory to keep the prices up - the old demand and supply rule. The resale home prices follow the new home prices. The banks have tightened up the mortgages but credit unions jumped in. The usual hot spring market is as cool as the current weather - no sign of even warming up.

I don't anticipate any increase in home prices for at least first half of this year. Better you should watch till the second half. The best time would be the end of this year - just my gut feeling.


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A Delhite in Toronto


Full House   
Member since: Oct 12
Posts: 2676
Location:

Post ID: #PID Posted on: 11-04-18 18:32:48

“The renewed decline in house prices in February suggests that the housing market is in a price correction,” as quoted by The Huffington Post. “Tougher mortgage rules and recent increases in interest rates have negatively impacted home sales and this will continue to depress prices.” .

It looks to me that there is an expectation of an income from the rental of a property, when one buys and then rents it out. When that factor is fixed, the other partners in this crime step in and take their share. I can explain the same in dollars and cents and in numbers to you with a few examples. The returns are greater, if you can find a lower priced home. You also know that they all vanished when the RE brokers opened their eyes. There is a slight lag in their brain functions. But sitting at a distance and doing the analysis, I arrive at the right picture to tell you all about it. It only comes with YEARS OF EXPERIENCE and analysis.

That said, what follows is now the new norm. The Banks want the lion's share. The Interest rates are UP. That took care of their share. The initial DEPOSITS are moving up and the disposable income automatically drops, which dictates that you scale down your expectations of buying a beautiful home and look for cheaper properties. The higher priced ones will become HIGH PRICED and gets side lined. So, the owners who are either retiring or bought as an investment, NOW want to sell them and get out. So, they do the best that they can do and move out of the picture.

It is redundant for me to tell you that the whole population being transient and NEW to this country and since has NO ROOTS and being a wandering population does not know where the next generation is going to settle down and so liquidate their positions at a certain time in their lives and enjoy their last days in their Native Country or in warm climates and let the next generation do what they feel that they should do. All of this is the WHOLE picture that I see at different locations here in Canada. Please bear in mind that the next generation is well educated and have their own abode to hang their hats too. The OLD Home stead and having a FARM and a BASE etc., was the old era and in the new cosmic age, I am seeing things emerging and every day I see new concepts appearing on the web sites and news services, and I find it is difficult to keep in touch with everything. All of this is happening right in front of me and the current generation calls it 'THE CHANGE'.

You and me are stuck between "A Rock and the Change", so to say.

Is this real estate scenery? No, this is the summation from the beginning to the end of an individuals entry and exit. The property part is just the middle of it, that which you are looking for.

Hope you enjoy reading it.

FH.

-----

Quote:
Originally posted by febpreet

Hey,

Just wanted to ask as I am curious. What's the current situation with the GTA Real Estate? The News mentions about the depleting sales in the detached SFH. Have you guys noticed any slump in prices as well, or is it minuscule? I was checking Realtor.ca and found quite a good number of homes in the $600-700k range, while there was none whatsoever last year during the same months. What's the situation on the ground?

Also, how is Guelph to buy an investment property. Not for flipping, but a long term rental and hold.

Thanks,


xxx

EDIT. : https://www.huffingtonpost.ca/2018/03/14/house-price-index-canada-february-2018_a_23385569/

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How Much Does It Cost to Build With Insulated Concrete Blocks?

If you’ve ever tried to nail down a hard answer on this subject, you’re probably already familiar with the broad range of estimates out there. To determine the cost to build with Insulated Concrete Forms and to make your search a little easier, we’ve taken a look at the major reports on ICF costs throughout USA and Canada and boiled them down to the basics.

One thing that makes cost comparisons difficult is the fact that ICF blocks costs are usually measured in square feet of wall area while wood frame costs are measured in square feet of floor area.

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So, How Much Does It Cost to Build With Insulated Concrete Forms? Depending on the study, you might see ICFs converted to relate to floor area, so it’s a good idea to keep track of what’s being measured to avoid any confusion.

Another thing to bear in mind is that different studies use different costs. Some give what the general contractor paid (referred to as builder’s costs or total house cost) while others give what the general contractor charges to install ICF blocks (referred to as sales price).

Let’s take a look at some numbers:

A Portland Cement Association technology brief drawing from work done by VanderWerf, Feige, Chammas, and Lemay (Insulating Concrete Forms for Residential Design and Construction, 1997) concluded ICF blocks cost builders about 4%-5% per square foot of floor area more than wood frame houses of the same design.

At the time of the study, the typical US and Canadian homes cost the builder about $80-$120 per square foot of floor area, so using ICFs added about a $1.00-5.00 premium to this figure.

This held true only for homes built by experienced contractors (who’ve built at least 4 to 5 houses).

Along similar lines, the NAHB Research Center’s Demonstration Homes Project also evaluated the use of ICFs in residential construction in 2007.

They experienced up to 10% increase in total house cost, adding about 7%-8% to the final price for the buyers. The NAHB’s Tool-Base report found that ICF Blocks increased builder’s cost by $20 per square foot of floor area compared to wood frame construction.

These days in Southern Ontario prices range from $16.00 to $18.00 per square foot of finished ICF wall.

quote1

The Bottom Line:

So where do all those studies leave us? The bottom line is this: ICFs usually cost more than wood frame. But by how much? It depends. There are so many potential influences on the price that it’s tough to nail down a solid estimate.

Here’s why: concrete, lumber and foam prices, ICF form prices, lumber prices, exterior finishes, design features, crew experience, labor markets, and engineering all influence the cost of the intended project.

Results from the NAHB Research Center’s Demonstration Homes Project showed that total costs for construction of ICF foundation walls can be less than that for poured walls.

An added cost of $15.00 – $20.00 per square foot of floor area seems to be in the middle of most of these ranges. But take that figure lightly; construction with ICFs can increase builder’s costs much less or more. It’s easy to see why there’s been so much debate on this issue.

All this being said ICFs do have significant cost savings opportunities. Because ICF construction is more energy efficient, HVAC systems can be downsized, and those savings offset part of the cost difference.

Using Stucco as your exterior finish will also reduce some of the expense of the base Styrofoam required for stucco installation is already set up.

FH.

http://buildersontario.com





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