i have 4 condos that are bleeding money. i have the ability to carry them but i am losing significant cashflow $7000 to give you an idea. should i sell now at these low prices or hold on for a maximum for 18 months? i can not carry it beyond 18 months
I would need to understand how much of your monthly mortgage payment is principal vs interest. If you want to talk more about it, you can schedule a call using the link in the description. Sorry to hear about your situation.
me too boss, but we are cranking up rents and coming close to covering costs now. We dropped over 20k on cash for keys so far, but rents are almost double now. Be glad you're not in BC where our fearless leaders are adding a flipping tax too, lol. Good luck
Idk man 7k x 18 months is a lot of opportunity cost especially with inflation and your capital costs, etc. What happens if you list in month 18 and they don't sell until month 20, or 22 etc. Cap gains on whatever appreciation there was. Realtor fees. Mortgage break fees. All that needs to be paid on sale too. Is it really 18 months carry? Is that worth it? Idk lots of risk
It’s cash on closing. It cannot be added to the mortgage. In Toronto you pay both municipal and provincial tax. It’s a sliding scale percentage based on the purchase price. The full breakdown on how it works would be a very long answer. The link below will take you to our website which you can put in a purchase price and see what the land transfer tax would be. If you’re a first time homebuyer, there is also a rebate. Here is the link: storeyteam.ca/mortgage-calculator/
@@TomStorey Could you expand on this for viewers, they will trust your opinion more than mine. I have been sidelined for 2.5 years now waiting for a crash and realizing it won't happen due to various factors I have tried mentioning here (see above), even tried getting Jon Flynn to explain and stop the comparison with the past that was VERY different and is misleading for sidelined buyers. Can't even get an opinion out of Mark Mitchell, who is a little more objective. All RUclipsrs are either intentionally not mentioning the new factors that play a key role in holding RE prices up, or they just want to create a sensation, get viewers to click. Sidelined buyers are up against: Wall Street = Tricon, Blackstone, who even use our CPP money to purchase homes we can't afford to lease back to us, wealthy immigrants (new influx of wealthy Chinese and of course others as well), severe lack of supply, mortgage value (below which a bank won't allow you to sell your house in distress), extended amortization periods, pardoned fees, BOC and the gov buying mortgage bonds to relieve pressure on banks, the high cost of labour and materials to actually build a home, never mind the cost of the land and hooking up the utilities... I have started looking and taking a different approach to house-hunting - trying to find something that makes sense in terms of value, sth that is priced to sell, not priced based on emotion and hype. There are plenty of SFH out there now in certain pockets, that have come down from the hype to prices that reflect the real value of the cost to build a house TODAY and not yesterday, of course, varying depending on quality and age. A GOOD agent, not a quack, will help clients find homes based on this and honestly tell you whether a place is overpriced, priced right and what your options are. If folks here want to be homeowners, they can start looking today with peace of mind and should stay away from the likes of Jon Flynn, who will keep them sidelined forever. Nobody will sell their home in a crisis, unless they have to, meaning only if they are in distress and can't make payments. In that case, they will be offered an extended amortization period to avert the crisis and IF that does not work, the house goes onto the market but is not permitted to sell below the mortgage value, which is much higher than people would like to accept since the Pandemic boom sent prices through the roof. Sidelined buyers NEED to UNDERSTAND and ACCEPT all of these headwinds and make a sound decision.
And I know sidelined buyers only want to hear that the market is going to crash, prices will come down, and take comfort in these doomsday videos and with other sidelined buyers adding their two cents. It is not a healthy approach, it feels like "misery loves company" on Jon Flynn or Mark Mitchell's channel and I personally feel it can be very misleading. The meltdown won't happen that Jon Flynn keeps showing everyone with his charts from yesteryear - back then you did NOT have the headwinds that I mention above. One other thing I realize is that I would much rather have my money in an asset like RE, should such a "crash" in fact happen, because if it does happen, banks will fail. If you want your channel to become popular, start bring the facts of NOW to sidelined buyers, not of yesterday. Thanks for reading.
home is where your story begins. Clever tag.
i have 4 condos that are bleeding money. i have the ability to carry them but i am losing significant cashflow $7000 to give you an idea. should i sell now at these low prices or hold on for a maximum for 18 months? i can not carry it beyond 18 months
I would need to understand how much of your monthly mortgage payment is principal vs interest. If you want to talk more about it, you can schedule a call using the link in the description. Sorry to hear about your situation.
@@TomStorey i just did
me too boss, but we are cranking up rents and coming close to covering costs now. We dropped over 20k on cash for keys so far, but rents are almost double now. Be glad you're not in BC where our fearless leaders are adding a flipping tax too, lol. Good luck
Idk man 7k x 18 months is a lot of opportunity cost especially with inflation and your capital costs, etc.
What happens if you list in month 18 and they don't sell until month 20, or 22 etc.
Cap gains on whatever appreciation there was. Realtor fees. Mortgage break fees. All that needs to be paid on sale too. Is it really 18 months carry? Is that worth it? Idk lots of risk
What percentage is the land transfer tax in Toronto of the purchase price? And is this cost added to the mortgage? Or is the seclosing cost?
It’s cash on closing. It cannot be added to the mortgage. In Toronto you pay both municipal and provincial tax. It’s a sliding scale percentage based on the purchase price. The full breakdown on how it works would be a very long answer. The link below will take you to our website which you can put in a purchase price and see what the land transfer tax would be. If you’re a first time homebuyer, there is also a rebate.
Here is the link: storeyteam.ca/mortgage-calculator/
Great information thank you
Thanks for watching!
Nice update 👍
🫡
When’s a good time to buy a detach bunglaow? I’m looking at the Royal York and just above englington area
If you’re financially ready and you feel like it’s the right time for you, then go for it. You can never time the market perfectly.
Next Tuesday, 6pm
5:45pm.
Better not be flipping it!! Oh, never mind, you're in Ontario@@SteveKarrasch
still waiting with Bill Ferguson are you?@@nunol1554
Maybe have the graphs on your phone ready anytime anybody asks you 🤓
That’s the plan!
wait, is there a good side?
Freehold is heating up. Good if you own.
@@TomStorey Could you expand on this for viewers, they will trust your opinion more than mine. I have been sidelined for 2.5 years now waiting for a crash and realizing it won't happen due to various factors I have tried mentioning here (see above), even tried getting Jon Flynn to explain and stop the comparison with the past that was VERY different and is misleading for sidelined buyers. Can't even get an opinion out of Mark Mitchell, who is a little more objective. All RUclipsrs are either intentionally not mentioning the new factors that play a key role in holding RE prices up, or they just want to create a sensation, get viewers to click. Sidelined buyers are up against: Wall Street = Tricon, Blackstone, who even use our CPP money to purchase homes we can't afford to lease back to us, wealthy immigrants (new influx of wealthy Chinese and of course others as well), severe lack of supply, mortgage value (below which a bank won't allow you to sell your house in distress), extended amortization periods, pardoned fees, BOC and the gov buying mortgage bonds to relieve pressure on banks, the high cost of labour and materials to actually build a home, never mind the cost of the land and hooking up the utilities...
I have started looking and taking a different approach to house-hunting - trying to find something that makes sense in terms of value, sth that is priced to sell, not priced based on emotion and hype. There are plenty of SFH out there now in certain pockets, that have come down from the hype to prices that reflect the real value of the cost to build a house TODAY and not yesterday, of course, varying depending on quality and age. A GOOD agent, not a quack, will help clients find homes based on this and honestly tell you whether a place is overpriced, priced right and what your options are. If folks here want to be homeowners, they can start looking today with peace of mind and should stay away from the likes of Jon Flynn, who will keep them sidelined forever. Nobody will sell their home in a crisis, unless they have to, meaning only if they are in distress and can't make payments. In that case, they will be offered an extended amortization period to avert the crisis and IF that does not work, the house goes onto the market but is not permitted to sell below the mortgage value, which is much higher than people would like to accept since the Pandemic boom sent prices through the roof. Sidelined buyers NEED to UNDERSTAND and ACCEPT all of these headwinds and make a sound decision.
And I know sidelined buyers only want to hear that the market is going to crash, prices will come down, and take comfort in these doomsday videos and with other sidelined buyers adding their two cents. It is not a healthy approach, it feels like "misery loves company" on Jon Flynn or Mark Mitchell's channel and I personally feel it can be very misleading. The meltdown won't happen that Jon Flynn keeps showing everyone with his charts from yesteryear - back then you did NOT have the headwinds that I mention above. One other thing I realize is that I would much rather have my money in an asset like RE, should such a "crash" in fact happen, because if it does happen, banks will fail.
If you want your channel to become popular, start bring the facts of NOW to sidelined buyers, not of yesterday. Thanks for reading.
Tom Storey - 12.2K subs
Steve Karrasch 11.8k subs
I just double-subscribed to my BC favourite, go Steve!
Update: Steve now has 11.9
“Comparison is the thief of joy”
The condo market is dead
It was end of last year. It's got a heartbeat now.