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Unlivable House for $750k

Carjosse

Carjosse

Sit Nomine Digna
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Location
Montreal, QC
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I was reading the Globe and Mail and apparently this one real estate listing has everyone thinking it has to be a joke. But instead it is just that good'ol out of control GTA housing prices. They said it will take around $100,000 to $150,000 in renovations to make the home livable again as it cannot be torn down.

This lovely house:
Builders Delight Perched In The Highly Desired Neighbourhood Of Trinity Bellwoods! Attention Renovators & Builders! 9 Foot Ceilings. This 2 Storey Home Just Needs Tlc, Renovations And Remodeling To Become Your Dream Home! Just Steps To Queen Street, Trinity Bellwoods Park, Ttc, Subway, Shops And So Much More. Prime Location! Don't Miss This Opportunity!
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This can be all yours for a total investment of $850k-$900k!

If you needed to pick one listing to showcase how unaffordable the GTA is these days and the dying hopes of millennials this would be it.
 
It must have been a beautiful home at one point. Sad to see it like that, reduced to a comically intrinsic footnote of history.
 
Well, you know what they say. Location, location, location.
 
Rules 1-3 in Real Estate:

1. Location
2. Location
3. Location

If it's got those rules covered then maybe it's a steal.
 
After watching episodes of the Property Brothers I never understood why Canada has such high home costs. It is insane. How does the average person in Canada afford a home.
Bet the Property Brothers could fix that place right up.
 
mike2810 said:
After watching episodes of the Property Brothers I never understood why Canada has such high home costs. It is insane. How does the average person in Canada afford a home.
Bet the Property Brothers could fix that place right up.
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It's just Vancouver and Toronto, mostly. And the surrounding areas. It's that way because real estate is a free market- it's the buyers who set the prices.
And it's getting to be a problem, for sure. It's provoking government interference in the market.
 
Grand Mal said:
It's just Vancouver and Toronto, mostly. And the surrounding areas. It's that way because real estate is a free market- it's the buyers who set the prices.
And it's getting to be a problem, for sure. It's provoking government interference in the market.
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Real estate should be a free market. Whoever owns this building has assessed the value of the location, and expects that someone with the money will take him/her up on the sale of the property.

Either that, or the sales price will eventually go down until someone is willing to buy it.

That's how it works. Someone has something for sale and sets a price. Either someone will buy it, or the price will go down until someone does.

Nothing wrong with that process as far as I can see. :shrug:
 
Can none of you can see what that home could be, only what it is now? Those are real, old growth hard wood floors. It only needs a developer who can see the value of the home. What stays and what goes.
I've done such a rehab once. It was worthwhile. However it was a lot of work and I am nut sure I would ever do it again.
 
Captain Adverse said:
Real estate should be a free market. Whoever owns this building has assessed the value of the location, and expects that someone with the money will take him/her up on the sale of the property.

Either that, or the sales price will eventually go down until someone is willing to buy it.

That's how it works. Someone has something for sale and sets a price. Either someone will buy it, or the price will go down until someone does.

Nothing wrong with that process as far as I can see. :shrug:
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Well except for the it is all being paid for with massive amounts of debt. It is essentially the 2008 bubble except with people who have good credit ratings.
 
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Lutherf said:
Rules 1-3 in Real Estate:

1. Location
2. Location
3. Location

If it's got those rules covered then maybe it's a steal.
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Well it is within 250km (155mi) of downtown Toronto so technically yes.
 
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Grand Mal said:
It's just Vancouver and Toronto, mostly. And the surrounding areas. It's that way because real estate is a free market- it's the buyers who set the prices.
And it's getting to be a problem, for sure. It's provoking government interference in the market.
Click to expand...

It is not just Toronto and the GTA anymore it is now starting to extend well beyond the GTA now. My parent's house which is not within commuting distance of Toronto or the GTA by any means (more than 3 hours at rush hour) doubled in price in the last 3 years.
 
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Carjosse said:
Well except for the it is all being paid for with massive amounts of debt. It is essentially the 2008 bubble except with people who have good credit ratings.
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So? That debt is voluntarily acquired. I shed no tears for those who make such choices.

I have chosen to rent all my life, because pretending to "own" a house which is really owned by the bank for 20 - 30 years, meanwhile entailing all the home owner's insurance burdens, maintenance costs, and tax burdens never seemed a rational choice.

I pay rent, and then move if I don't like it anymore. Never had to deal with "bubble markets" and loans I couldn't afford in the first place. :coffeepap:
 
Captain Adverse said:
So? That debt is voluntarily acquired. I shed no tears for those who make such choices.

I have chosen to rent all my life, because pretending to "own" a house which is really owned by the bank for 20 - 30 years, meanwhile entailing all the home owner's insurance burdens, maintenance costs, and tax burdens never seemed a rational choice.

I pay rent, and then move if I don't like it anymore.
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Well the rents are not getting cheaper either with a one bedroom apartment going for $2500/month, if you can find one that is. Regardless it is not good in the long run for either the individuals involved or society as a whole. The government keeps introducing stricter and stricter requirements for mortgages but they only work for a couple months.
 
Carjosse said:
It is not just Toronto and the GTA anymore it is now starting to extend well beyond the GTA now. My parent's house which is not within commuting distance of Toronto or the GTA by any means (more than 3 hours at rush hour) doubled in price in the last 3 years.
Click to expand...

I know. It's run away like that in the Vancouver area, too. Prices in Gibson's Landing, a half-hour drive and an hour ferry from downtown are reflecting the bubble. People are commuting from Chilliwack, a couple hours out the valley. It's getting so people who work in the service industry are sharing rent in studio apartments.
I wonder if it's all not overinflated by speculators, like the stock market can get. I almost hope so. Elderly people can't afford to pay the taxes on the home they grew up in and inherited from their parents, on their pensions, with the values skyrocketed like they have.
 
Captain Adverse said:
So? That debt is voluntarily acquired. I shed no tears for those who make such choices.

I have chosen to rent all my life, because pretending to "own" a house which is really owned by the bank for 20 - 30 years, meanwhile entailing all the home owner's insurance burdens, maintenance costs, and tax burdens never seemed a rational choice.

I pay rent, and then move if I don't like it anymore. Never had to deal with "bubble markets" and loans I couldn't afford in the first place. :coffeepap:
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Well, as a renter you're paying someone else's mortgage for them, so it's a selfless thing you're doing. When we owned a rental house it was the mortgage payment, the insurance cost and the taxes that determined the rent we charged and we made our money on the increased value of the property. For a renter, that increased value is a burden, not a profit.
 
Grand Mal said:
I know. It's run away like that in the Vancouver area, too. Prices in Gibson's Landing, a half-hour drive and an hour ferry from downtown are reflecting the bubble. People are commuting from Chilliwack, a couple hours out the valley. It's getting so people who work in the service industry are sharing rent in studio apartments.
I wonder if it's all not overinflated by speculators, like the stock market can get. I almost hope so. Elderly people can't afford to pay the taxes on the home they grew up in and inherited from their parents, on their pensions, with the values skyrocketed like they have.
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Most retirees are selling their homes for a couple million and moving to newer homes farther away, they are fine.
 
Carjosse said:
Most retirees are selling their homes for a couple million and moving to newer homes farther away, they are fine.
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Yeah, they're fine.
I don't mean financially. It's home. The house and the neighbourhood. Where you grew up, where you raised your kids.
I know, it's not a big deal, it's just circumstances leaving small considerations behind.
 
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