Toronto Condo Seller Lost $210,000 - how to find distressed deals

[@robertovonschoettler]

I just want a place to live lmao, don't even know why am I watching this

[@jaro9890]

I just don't see how the immigration of mostly unskilled labour can affect the million-dollar condo market.

[@Doug-zl8nb]

They're busy stealing cars

[@keepitreato]

It won't. Plus 500k immigrants came ( not with money ) 400k Canadians (with money) left. Rents and prices will go down down down

[@danielcooper5698]

It's because you just don't understand that immigrants are the problem, always, period. Get it? What's wrong with you? You're just not patriotic enough... and need to be reeducated...

[@CityEstates]

Peak engagement graph inserted at 4:00 NOTED! Savant. Happy new year!

[@Precondo]

😂

[@haaaaaaaaaand]

The pain train. Thanks for what you do!

[@willemgrooters4958]

The price of a condo is determined by the amount of credit a borrower is willing to borrow.

[@willemgrooters4958]

I am curious why you think that the Toronto condo market is close to the bottom ?

[@gregfraser2763]

Good deal are indeed made in real estate and not found. Great deals are made by understanding the market and finding motivated sellers. Too many people forever search for deals that just are rarely advertised - unless its a fake bidding war price.

[@primeartifacts6467]

Still too expensive for a pair of shoe box. And interest rates are not going away anytime soon with this inflation. CPI is a cooked number

[@rjkrjk8344]

So what if interest rates drop means nothing. As of now the average family of 4 in Canada is paying $1500-2000 a month for groceries. The average family of four in 2023 Canada that earns $107k combined is paying 45% in taxes. That's income tax and sales tax on everything you buy for the year. It's over for so many. So many job losses and business are closing. Many fires across the province of new build homes. All hell is about to break loose. Good luck everyone. 😢

[@Tulsy_Grape]

Ok Doomer.

[@rjkrjk8344]

@@Tulsy_Grape Stay in Wonderland in Alice.

[@KH-cs7sj]

You need to check your numbers. 45% is the *individual marginal* tax rate for the tax bracket of 120k -150k. For a family of four, assuming two workers, the average tax rate is going to be much much lower. And if they make full use of RRSP contirbution room and other tax benefits, they almost pay next to nothing in tax.

[@humbledreamer88]

How can one maximize their RRSP when it is so expensive to live?

[@MYT1301]

what sources are you using to track construction costs (you mentioned forming coming down)?

[@Doug-zl8nb]

Yes it doesn't matter if the rates drop people are over their head

[@bryanpanacci9592]

The other large factor second to rates is the qualifying rate, if regulators keep at rate + 2%

[@WSBWallstreetBets]

Hey guys, I got a quick question: If I purchase a distressed assignment where the 20% is already paid off for say $600k Then, I apply for a mortgage, will the bank ask me to pay 20% down of the $600k? Or, will the agreement from the original buyer already have fulfilled that 20% and I can just get a mortgage?

[@Jp1904lt]

Depends on the lender, I would stay away from A banks as they will probably only give you an appraisal based on your PP. if you use alternative lenders that close pre con based on appraisal value at time of closing then you should be good + some. You can always re-fi to a A bank a few months after as thats when an A bank will do appraisal based on current market value. If you need help with this let me know.

[@Jp1904lt]

@RoddyRealEstateGTA schedule A banks will never loan pre con on appraised value. They go off PP. some B and private will lend on appraised value.

[@mj.ca818]

Are the HOA fees reasonable in GTA?

[@Lrxxx321]

For the most part, the GTA doesn't have this in the rear case that they do. You can opt out but I've never came across one However, if you move into a condo, it's a little different

[@sazzadbhuiyan3490]

Why should I buy now 🤔 Am I a nuts 😳

[@jobber1984]

Thanks for the content

[@EASTERBUNNY7772]

Hoppy New Year 2024 🎉 It will soon be Easter 🐰🐇

[@keepitreato]

Anyone who's bought preconstruction in the last 3 years is screwed. They've overpaid by 30% and had a 10 to 15% pullback. They are screwed

[@krissanno3261]

Solid Analysis

[@corneydasilva5831]

Good deal is to RETURN all those mortgages, get out of the deal in a rush. YOU have been scammed

[@STEVEN-GULLA]

Mr Jordon thx for all what you do, i bought a condo in Burlington in 2020 closing in 2026. what's the best way to get my money back? by the way the unit is 905 sqf i paid 805K thx in advance.

[@NotTooExtreme]

Get out of the deal asap with minimum loss. And learn a lesson. You bought it at the peak. I would never pay a condo 800k thinking that it will keep going up. Who will afford to buy it for 1.6 million a condo?

[@Jp1904lt]

Don’t listen to the idiot that replied he’s just jealous. You paid under 1k per sqft… avg cost to build a condo today is over 1k per sqft…. You can’t even build your unit today for the price you got it for. If the building isn’t already well under construction then I would be worried they will cancel the project if they sold at that price point. Being in Burlington the land price was probably much cheaper so it should be OK, none the less do not let that unit go.

[@cincin123]

Good analysis but you are overthinking it and applying rational thought - what is coming has already been baked in and there is nothing that can be done about it. 30% drop across the board from these levels in the next couple of years.

[@Jp1904lt]

😂

[@corneydasilva5831]

700% needs to drop, realtors been scamming for tooo long!!!

[@quantifiablyqorrect2905]

60% of mortgages havent seen a price hike yet.....its gonna take a few years to flush out people. No way they can afford 2-4k more a month in interest. Economic activity is low, debt high, lots of "refugees", most wont be able to afford and have to downsize

[@Precondo]

We’ll see. Heard the same about the deferral cliff, about wfh, about negative cash flow, etc etc

[@JaBlanche]

I've been paying $2K+ OG mortgage for a year now. Keep in mind that many people's incomes increased significantly during COVID. Mine almost doubled.

[@Kikz15]

"most wont be able to afford and have to downsize" ... There will be some home owners who won't be able to afford but to say "most" is a big over statement. Most home owners will be able to handle the increase in mortgage payment on renewal. These are the home owner occupied and they will find a way ie. cutting back on expenses, etc.

[@Yelllowchild7]

@@JaBlanchehow did your income double because of Covid?

[@FraYooo]

remote work allowed people in industries to take multiple remote jobs at multiple companies. For example, my buddy is in project management and took on 2 new contracts at the same time, doubling his salary from 110 to 220, and he still has extra time. Youd be surprised how much more time you have when you don't have to commute to work@@Yelllowchild7

[@FraYooo]

Many people also purchase precons for investment purposes, hoping that the market will follow a continuous upwards trend so they can sell upon project completion at market value, above their original price. This was especially true between 2015-2020 when Toronto market boomed (esp in 2017). People hope for 2017 and 2021 growth, assuming that with rising population, their investments will increase at least 25% every 3 years. This way, they don't need a mortgage and can play the waiting game. However, this is complicated by capital gains taxes and the volatility of the market post covid I think the demand is being overlooked because people are not understanding that there is a housing shortage for the mass immigration

[@keepitreato]

Haha moss park $1300 per foot resale common tell it as it is. And this is not true

[@andre97621]

Maybe ill be able to buy a place with 300k haha....

[@anton_234]

Not true

[@orbitxi]

still overvalued AF Id never buy in Toronto

[@corneydasilva5831]

Didn't loss 210k, it was ripped off by realtors in the first place. Prices overinflated, that now interest rates reflects the real issue : VALUELESS properties, simple.

[@nessuno4104]

Do not buy........untill.......2026

[@Elias-yx9gx]

What’s happening in 2026??

[@VanAlt2006]

Great videos Jordon! As someone that bought a precon in 2018 Im pretty happy how it turned out. Great insight and thanks for explaining the market. Makes me understand the market better. Would love to invest more in the next year or so. Thank you for the insights !

[@LillianFoster-c3f]

Solid Analysis