My Investment is Not Appreciating, Can I Do Better with Another Property?
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- Опубликовано: 30 сен 2024
- Consumer question #1 from the new June session of our popular consumer Q/A segment, ‘The Situation’!
Urmi once again asks John to respond to the detailed questions you send in about the real estate decisions you are making as you navigate through the Toronto area housing market.
Watch Question #2: When Do I Bail Out on an Aging Condo That Needs Repairs?
Watch Question #3: Will a Co-Ownership Company Finally Get Me Onto the Property Ladder?
If you would like to send in your questions to be featured on a future episode, please email askjohn@movesmartly.com
If you have a more specific or particular real estate situation to discuss with John and his team at Realosophy Realty, connect with John at movesmartly.com/meetjohn
Connect with Us
John Pasalis, President and Broker, Realosophy Realty, Toronto | Email: askjohn@movesmartly.com | Twitter: @JohnPasalis
Urmi Desai, Editor, Move Smartly | Email: editor@movesmartly.com | X-Twitter: @MoveSmartly
About This Show
The Move Smartly show is co-hosted by Urmi Desai, Editor of Move Smartly, and John Pasalis, President and Broker of Realosophy Realty. MoveSmartly.com and its media channels on RUclips and various podcast platforms are powered by Realosophy Realty in Toronto, Canada.
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I lobve the way that the investor overpaid for a Canadian real estate investment and the first thought is to sell it and invest in more Canadian real estate. Not even a momentès consideration that perhaps Canadian real estate as an asset class is wildly overvalued after a 30 year run of decreasing interest rates and perhaps there might be other places to invest. Even if you are fixated on real estate there is a whole world of it to consider. In fact the world is made of real estate when you think of it.
This questions tells me and shows me people have no clue what they are doing and know where to buy.
Knowing where to buy is the key.
Cobourg prices have crashed at least 35% and will NEVER go back up again to those levels because hardly anyone is working from home permanently. There is no demand for condos in Cobourg when Toronto proper have thousands of condos sitting empty, which will sell at a discount.
The bitter truth is that the Cobourg investors, who overbid like crazy, must prepare to lose at least $150k
Yup
You can buy the same condo in pickering for $399k or less
Exactly thise places were way over priced and wont get back to those numbers for a very long time
Thats why always know what you are buying.
Always closest to the core as possible. Even if you pay more.
Exactly thise places were way over priced and wont get back to those numbers for a very long time
Thats why always know what you are buying.
Always closest to the core as possible. Even if you pay more.
Hahaha. News flash. Last time this happened it took 14 years to get back go even. Toss on inflation it took 17 years. For those who believe real estate only goes up....let me ask you. If that was the case why would there be anything else to invest in? If real estate was a "given". Bahaha.
Take the loss. Before the loss accelerates.
Buy and hold folks , buy and hold,
Really just stems down to what the goal of the parents are. Do they want that nest egg or do they want income… I would have just kept that money in your Rrsp and in a high yield dividend equity and retire off income through dividends. That way you have your money still in the bank and you can take it out if you want depending on how much tax you want to pay
They have an illiquid asset with high transaction fees. That asset is still providing a decent income. The only reason to sell this thing now, and pay the transaction fees, is if they have a nightmare tenant or the place requires major renovation. Dealing with either of those situations would be more expensive than paying the transaction fees to get out.
sounds like a lot of speculation here, man, these mom and pop investors are good at business!
Your content deeply resonates with viewers! _ "Self_belief fuels the fire within."
more blah blah blah
Should keep it, problem is everyone thinks market will go up 10% up every year. HOLD HODL. Refi and buy something else.
Did they buy for appreciation or cash flow from rent? Appreciation is long term game at least 7 to 10 years, If it is about cash flow, are they collecting rent or not?
How big is the GTA now? keeps on growing I guess it will encompass all of North America soon.
sad
They are losing even if they do not sell. They could have made at least 10% in the stock market with a good financial advisor.
Thanks John,what you’ve said makes so much sense!
Sell it and put the profit into bit coin for max gain❤
No Saretsky 👍👍👍👍
Agreed
Shed some light plz
In coburn- why ?
@11:20
They did buy into the wrong product. They bought in with 100% equity and they lost $100k.
They should have invested in stocks. (@11:45 - stocks are where the better returns will be.)
However, since they are obviously focused on buying and hold real estate, and are currently earning around 4% returns on this property, it's pretty obvious that keeping this property is better than selling and buying another one, which will just cost them more money.
The 2,5% increase for our investors/landlords is a joke. Wondering why they are selling? Where the tenants will go? To the hotels? We can't accommodate all the lower income tenants in hotels. You don't help the investors, it's the end of the game. For everyone. Nobody will borrow money. Less taxes. Less people to renovate their investments. Less jobs. More and more will sell and invest in GIC or other things, not in real estate. Long term thinking is the best.
Dont ever sell real estate