Real-estate market 'almost at a crisis situation'

[JoePa]

Well folks here is how you do it - https://www.youtube.com/watch?v=v8Pe_u_4q5M

[JBen]

Living the dream.

[last5oh_302]

Well I finally closed a deal on a house today! Yay! Spent more than I wanted but in this market I had to bite the bullet. I went for something a little more rural and these places don't seem to get the competition like subdivisions do but I'm happier having a little land with room to move anyway. The closing date is later than I'd like but what can you do. Another separation so he needs time to find a place for himself but will leave earlier if he finds a place earlier.

[JBen]

Grats and good news Rick. Putting it all behind you is one big part of it. In time the dust will settle and then you start the next leg of life. We are loving rural life, and while the job market is different and challenging, any kind of a commute, while its more Km, its often the same or less time. We had to stay in a BnB for 6 weeks between closings, we just made that part of the adventure and had fun with it.

6.x in 10 are separating getting divorced. Adds to the buying demand. In the past couple weeks there have been more reports and more tales of insanity in the press. Don't see it slowing any time soon. Glad your now out of it.

[last5oh_302]

Thanks JB, it's quite a relief.

[diverduck]

As I'm trying to purchase my first home here in Peterborough it's becoming super difficult. People are coming here from the GTA and over bidding on every house that comes up. The most I've seen here is $130,000 over the asking price so far. Locals here cant afford that and meet what they are offering. The average home here now is around the $400,000 range and rising.

Anywhere remotely near the GTA is like this now. People born and raised in Guelph can not afford to buy their first home in Guelph because of all of the people from the GTA buying houses. They used to head north and buy around my neighbourhood, but the prices have risen so much and the homes sell so fast now that the new home buyers can't afford to buy in my town, so they must go even further north still. Even smaller farm communities are having homes go to bidding wars and over asking. It's nuts!

[mosquito]

Well I finally closed a deal on a house today! Yay! Spent more than I wanted but in this market I had to bite the bullet. I went for something a little more rural and these places don't seem to get the competition like subdivisions do but I'm happier having a little land with room to move anyway. The closing date is later than I'd like but what can you do. Another separation so he needs time to find a place for himself but will leave earlier if he finds a place earlier.

Congrats, we put in an offer on an investment house at $50,000 over .... we were only $110,000 short ..... it went for $160,000 OVER asking price. I talked to the agent and she said there was one that was for $799,000 she saw and it went for $1.1M, it backed on a conservation area and had a huge lot. CRAZY!!!

[JBen]

This is just part of what makes me shake my head and what the GTA has become thanks to politicians, and what residents have done to themselves/others..Short sighted, self centred, chasing the greenback/dream....

Spent some time on MLS this morning, I didn't look any further south than Port Perry. Can't count how many modest homes ( 2,000sq with 3 beds), the types of places a young couple, with a growing family would look for, and then in turn vacate their "starter" home. I saw listed for prices starting close to $850,000 and some if they had a little property ( not acres, just more than 45x100 ft lot) well over a cool million. These places are well outside, not on or close to the Lakeshore Go line ( and a train into the city)......

Saw a few "starter" homes. The kinds of places anyone in the working class would be very happy to call home and to hang their hat.

Most would be like this one, just nuts. Nothing special, in fact might need a little "upgrading" in the kitchen and certainly the basement being finished...........And you know it's going for more than "ask". Maybe 50 more, maybe 150 more...
https://www.realtor.ca/Residential/S...1S8-Port-Perry

Not many years ago, "Port Perry" was the gateway to cottage country. Now its just another bedroom community, in a city that has shot itself in the foot, where those before allowed greed, the Jonses, and more to take over.

[trimmer21]

There WILL be a a "correction" and it will be a dandy whether we're ready for it,or not,worse than we saw in the mid to late 80's.

[Redsoilreaper]

In agreement to JBens statement of needing a redo in certain parts of a house and then going 50k plus over asking, when my wife and I were looking we went to an open house, asking price $550k . The place looked like three people went on a month long drunk and decided to renovate. Worst drywall I've ever seen, Kitchen cabinets were crooked, baseboard trim coming off the wall, water stains on the drywall near the windows, and the dirt of the place.....no thanks. Drove by Wed night sure enough SOLD sign. Even though it was described as updated it still needed a lot of work.