Some stores have "Going out of business" signs out all year long. It tricks shoppers into thinking they are getting a deal. Perhaps a similar strategy here?
Generally if it says distressed sale then there is no equity remaining in the asset. Taking less means the owners might as well F-off on their loan and live in the house for free for another 6 months until the courts provide the writ of possession.
@teamsessa I agree. But it's also fair to assume these 'distressed' sellers have damaged credit scores and or other outstanding delinquent debts, otherwise they wouldn't be in these dire situations. Are you seeing an uptick in Power of Sales?
How low will it go? The free money the historically low rates. Everyone thought the party couldn’t end. The bubble is ready to burst. Sadly for many who borrowed the max.
A relative of mine is getting divorced in the GTA. They will probably end up with around a 600k settlement. Would you buy now or wait to see what the market does. I personally think home values will fall over the next year as homeowners suffer from high interest rates.
Ontario and BC are the most popular locations to live. Easily half of the new immigrants (>450k) end up in Ontario (200k+ /year), they need to be producing close to a thousand homes a day to keep up with the requirements of this growth across the country. This immigration doesn't account for the 1 million+ uncounted npr (non-permanent residents) who are still here past their visa expiry date (vanish on paper for population head count) and more than likely working on getting their permanent residence. There may be a pull back as rates stay high but I doubt we will see anything like a 40-50% dip, anything less than 750k is very competitive (noticing this in southern ont). If you can spend 1 million, you'll be getting a house that was 1.2-1.3m at the previous highs. Easily 30% off, I don't see a 1 million dollar house coming down to 500k though unless they get up to like 12%+ interest rates. To answer your question, I'd buy with a 3 year fixed term mortgage, not as lengthy as a 5 if rates dip, but gives you enough time to see what's about to unfold.
Nice content Santo and team, I watch every video every week. Suggestion - I would love to see some additional videos on how to read listings,good listings, bad listings, weird listings, go through some neighbourhoods listings, how to check for schools /transits , different real estate websites etc etc, share some more knowledge of yours.
Distress properties but still not affordable ..looks like price will not go down too much .. if at least 30% -70 % crash needed for price to be affordable..
It's because the realtors are never working on the best interests of the seller. They are just trying to make a quick sale for their commission. Not even sure why people Bother with realtors in this market. Some sellers are too dumb to realize whats going on
If you really want the truth, ask a mortgage broker to use Purview to search the homes which are sale. The Purview data will divulge the debt/lender on the property and will tell you the real story.
First law of distress sales; If it is a fantastic deal, it will not be some regular Joe that will scoop the deal but your Real Estate agent or a Broker. What this guy is selling is BS.
Ok people it’s that time again. The Bank of Canada has let off the gas it’s time to buy. Buy, buy, buy. It’s time to buy. Let’s get out there and soak up the slack here. We need my man Tiff to come in here bad jack the rates some more so I need everyone to pull up their socks and buy anything you can. Buy buy buy.
Jeff, Lol your probably joking around If not just Leave friendly Canadians alone and just max out your personal heloc and spend on Bitcoin since it’s lower risk then the Toronto RE market You can also sales talk your immediate family and best friends to get into max debt on heloc and reap the default in next two years
@@jmela1370 if you haven’t maxed your Heloc by now what I’m the hell are you waiting for? Bitcoin looks like a hell of a better bet than a 1 bedder in DT Toronto. This is the plan. Think about buying that condo. Think about it again. Get the pre approval and deposit for that condo. Cancel the deal take the 60k and put it into Bitcoin. That’s about the cost to buy and sell a condo these days. Ride the wave.
Some stores have "Going out of business" signs out all year long. It tricks shoppers into thinking they are getting a deal. Perhaps a similar strategy here?
Perhaps you’re right.
Generally if it says distressed sale then there is no equity remaining in the asset. Taking less means the owners might as well F-off on their loan and live in the house for free for another 6 months until the courts provide the writ of possession.
Taking the course of action you’re suggesting has a lot more long term financial and legal implications than taking a loss and moving on.
@teamsessa I agree. But it's also fair to assume these 'distressed' sellers have damaged credit scores and or other outstanding delinquent debts, otherwise they wouldn't be in these dire situations.
Are you seeing an uptick in Power of Sales?
Yes, I see an uptick in POS but not so much…yet.
after the repossession in 6 mos move back into the property
How low will it go? The free money the historically low rates. Everyone thought the party couldn’t end. The bubble is ready to burst. Sadly for many who borrowed the max.
Why don't you include Oshawa for durham? Largest city in the region you're durham numbers are wrong
I agree. It would be nice to have Oshawa data.
A relative of mine is getting divorced in the GTA. They will probably end up with around a 600k settlement. Would you buy now or wait to see what the market does. I personally think home values will fall over the next year as homeowners suffer from high interest rates.
Ontario and BC are the most popular locations to live. Easily half of the new immigrants (>450k) end up in Ontario (200k+ /year), they need to be producing close to a thousand homes a day to keep up with the requirements of this growth across the country. This immigration doesn't account for the 1 million+ uncounted npr (non-permanent residents) who are still here past their visa expiry date (vanish on paper for population head count) and more than likely working on getting their permanent residence.
There may be a pull back as rates stay high but I doubt we will see anything like a 40-50% dip, anything less than 750k is very competitive (noticing this in southern ont). If you can spend 1 million, you'll be getting a house that was 1.2-1.3m at the previous highs. Easily 30% off, I don't see a 1 million dollar house coming down to 500k though unless they get up to like 12%+ interest rates.
To answer your question, I'd buy with a 3 year fixed term mortgage, not as lengthy as a 5 if rates dip, but gives you enough time to see what's about to unfold.
Can you do since 2018
I will soon.
Maybe its an indication the market is moving into buyer territory.
So whats new?? This is happening since March 2022 after the great peak.
It’s happening more now and will get worse in the foreseeable future.
What happened to the Indian immigrants?
Aren't they all buying in Brampton?
Not even the fraud mortgages are doable anymore.
They're trying to head back to me India 😮
Nice content Santo and team, I watch every video every week. Suggestion - I would love to see some additional videos on how to read listings,good listings, bad listings, weird listings, go through some neighbourhoods listings, how to check for schools /transits , different real estate websites etc etc, share some more knowledge of yours.
Wow, real estate "agents" would lose 5% shark commissions! Not acceptable
Distress properties but still not affordable ..looks like price will not go down too much .. if at least 30% -70 % crash needed for price to be affordable..
It's because the realtors are never working on the best interests of the seller. They are just trying to make a quick sale for their commission. Not even sure why people Bother with realtors in this market. Some sellers are too dumb to realize whats going on
The real distress sales are all about to drop. 😮
Why do you say that?
SO much for RE's looking backward and calling Nov 22 the market bottom lol Time to trade out the Range Rover for a Toyota !!!
4.8 moi in brampton WOW thats where the sharks are
Probably just a sales tactic. Ive seen many furniture stores having going out of business sales lasting ten years.
If you really want the truth, ask a mortgage broker to use Purview to search the homes which are sale. The Purview data will divulge the debt/lender on the property and will tell you the real story.
Give it 3 years and you'll be getting close to reality. Minimum 75 percent haircut and stock market as well. Toronto might be the worst and drop more
This is good. This is the demographic that supported all the policies that have lead to the current situation. It's called a "life lesson".
Buy what lol expensive money isn’t the time to buy
BlackRock will buy these up
Maxed out over leather at free money. Goodluck
I KNEW IT.
First law of distress sales; If it is a fantastic deal, it will not be some regular Joe that will scoop the deal but your Real Estate agent or a Broker. What this guy is selling is BS.
I think between Nov - March might be a good time to buy. There is definitely more pain ahead.
Wait till winter 25-26
Ok people it’s that time again. The Bank of Canada has let off the gas it’s time to buy. Buy, buy, buy. It’s time to buy. Let’s get out there and soak up the slack here. We need my man Tiff to come in here bad jack the rates some more so I need everyone to pull up their socks and buy anything you can.
Buy buy buy.
Jeff,
Lol your probably joking around
If not just Leave friendly Canadians alone and just max out your personal heloc and spend on Bitcoin since it’s lower risk then the Toronto RE market
You can also sales talk your immediate family and best friends to get into max debt on heloc and reap the default in next two years
@@jmela1370 if you haven’t maxed your Heloc by now what I’m the hell are you waiting for? Bitcoin looks like a hell of a better bet than a 1 bedder in DT Toronto. This is the plan.
Think about buying that condo.
Think about it again.
Get the pre approval and deposit for that condo. Cancel the deal take the 60k and put it into Bitcoin. That’s about the cost to buy and sell a condo these days. Ride the wave.
u must be a realtor or investor😅
When writing distress sale. I may create a bidding war; get a break even or even profits ...
The new Fomo driver
People should stay out of real estate right now,,, worse is coming as Europe is in recession, China slowing, Canada is slowing ,,,,