Cosmo Kramer

The Waterloo market is definitely getting saturated for student rentals. Most of my investor clients are targeting homes that have a walkout or separate basement entrance so they can make a legal basement apartment and then rent two units. They are scare though and if one comes up you have to be aggressive to get it.

ronnie993tt

A couple of thoughts:
1. Surveys indicate that over 40% of purchases in central TO are funded by family. Moral here is, you better make lots of money if your kids don't pic a professional career and marry accordingly.
2. Maximizing the selling price of your house is not greed unless you are a Marxist. If you are, I'd like to buy your house.
3. As interest rates rise, prices will slow and probably soften.
4. Government intervention to restrict demand only makes the problem worse and shifts it on to other's shoulders. The problem is exacerbated by government land use policies and taxes which restrict supply. Thank you Ontario Green Belt Policy for making my house worth hundreds of thousands more than it would otherwise be worth.
5. Anyone who considers selling property without a strong bidding situation will let their house go for too little. How you get the bidders there doesn't matter. Should you decide to sell your house without an auction, I'd like to buy it.
6. Americans who don't like their new President are stuck with him because it is very difficult to immigrate unless a company or Canadian wife bring 'em in.

I started working here decades ago and thought prices were outraqeous then. A wise professional friend said if we can't afford them then who will?

911 Rod

My kids will be able to afford a house with their inheritance after I peg of.
Just saying .....

user 723923490

Also popular around McMaster University in Hamilton. Student rentals seem like a good idea to me because getting them out might be easier. Some of the stories you here about bad tenants are terrifying.
I have also heard there are now bidding wars going on in places like Orangeville (my old stomping ground).

LastMezger

Listed house for 25% under market...

993GT

IMHO, student rental areas are smart and safe investments for rentals...nobody wants their kid kicked out of their home....

NVRANUF

Better watch your back or your kids may start wishing for a premature demise just to to buy a house.
Just saying'...

ronnie993tt

Housing prices may be the least of your kids future money worries given the taxes that will be required to pay the interest on the crushing debt being incurred by Canadian governments.......

user 723923490

+1
Jim Flaherty's legacy is being squandered as we speak.

Adamant1971

Yep and it doesn't always work. My neighbor just sold his house, got a bullish offer prior to the first open house that expired at midnight before. He was worried since he had just purchased a house and his agent told him to take the deal. Only 6k over asking (which was low IMO).

He should have gone at least 30-50k over as the price was too low. But the agent convinced him that the market was slowing and he may not get any other offers before xmas. Ya right, I bet he was the one telling every tom dick and harry that the house had an offer. And on to the next.

This was a 4 bedroom detached in Burlington. No way that market is soft at all.

In the end not all agents are created equal. Like in any profession there are good and bad.

Imo000

Cost him more than that if you include the agent fees which was over $25K for sure for a few hours of work.

Adamant1971

In his case yes, but a good agent would have done much better and thus been worth the expense.

Imo000

Regardless, over $1000-2000/hr, or even more, of your hard earned money for the relatively little work they usually do is not justifiable in my oppinion. Why is it OK to take a percentage and not an hourly rate? How did this become OK and accaptabke by the public?

My comments are towards the realeste industry as a whole and not the individuals that work in it.

ggrace

Leslievile, here in Toronto.

user 723923490

FYI
my agent spent many, many hours on our deal. Is still putting in time digging up the survey etc. Good business deals work both ways. Business has always been about what the market will bear, anything else is socialism. If the authentic market value of real estate fees in Canada was lower, the market would have driven it lower by now. MinCom and the other cut rate realtors are not doing well. Free market rules.