Scott Ingram REALTOR®
@areacode416
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Data-driven former CPA, CA and current Toronto REALTOR® offering balanced views of the market — not an "only goes up" industry hype man
Toronto, Ontario, Canada
Joined June 2009
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I like this two-pronged approach, where the city of Montreal will also be able to fine the rental platform for non-compliance (up to $100k!).
#Airbnb
always drags their heels on illegal operators because its making 💲off of them. NOW they have incentive.
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Talked to condo renter today (building older than 2018).
Landlord: I'm going to increase rent by 15%
Tenant:. You can't do that, the max is 2.5%
L: Okay then I'll move in myself
T: Go for it
.
.
.
Landlord comes back to them with 2.5% increase. 🙄
Tenants - know your rights! ✊
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I'm hearing the City of Toronto did a big
#Airbnb
blitz.
Contact of mine had their listing blocked for December because they exceeded the 180 day maximum. Said it happened to a bunch of listings.
Nice to see the city actually enforcing these rules.
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Hahahahahaha. I've never seen a triple-stacked bunk bed before, but leave it to Airbnb.
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Met a newcomer to Canada yesterday. Living as one of 7 guys sharing a 2 bed 1 bath apartment near Fairview Mall.
I admire his dedication to the dream. He has a commerce degree, now working in fast food at the airport. Anyone with a lead for a bank CSR or teller job pls DM me.
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If the viewers of Hot Property are representative of how savvy the typical GTA real estate "investor" is, then good deity help us all.
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Freeland: "In today’s low-interest-rate environment, not only can we afford these investments in Canada’s future, it would be shortsighted of us not to make them."
I guess the fed gov't is lucky it isn't subject to the stress test.
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The examples I see that really hit home that real estate prices are stupid now is are the painfully average places in a subdivision in the middle of nowhere listed for close to $1 million. Look at the location here - it's a 23 minute drive to the heart of Kitchener. /1
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House listed last week holding offers. Unsuccessful so priced 200K higher and relisted with this wording:
"Are You *Sick* Of Bidding Wars? We Priced This Home *Properly* So You Can Avoid The Stress Of Offer Nights, And Submit Your Offer On Your Terms, When *You're* Ready."
🤣
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"For years, she and Isaac rented in the Annex, assuming they couldn’t afford to buy nearby."
Puh-lease. "Couldn't afford" yet had enough to cough up $1.6M to buy this place (in 2016!), hire a famous architect, and reno 4500 sqft with high-end finishes.
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I sometimes wonder why people put themselves out there like this. Guy with an investment condo he bought in 2021 is complaining how he's paying $1100/month more in interest ($775 is for the investment condo, only $435 is for his primary residence).
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I've been thinking about the Bank of Canada's "early signs" of overheating proclamation. If most consider the canary in the coal mine as an early sign, for the BoC it's more like 8 dead miners.
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Hell yes to the beautiful wood in the foyer and staircase of this house on Palmerston built in 1900. C5926161
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Mount Pleasant house had 3 offers last night. It is now listed as sold conditionally with condition being home inspection (even though the seller provided one).
Don't think that would've happened a few weeks ago.
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Condo Investor: "GIVE ME MORE!"
*COVID-19 strikes*
Condo Investor: "Oh 💩"
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You know there's some juicy stuff coming in the
@cbcmarketplace
tonight when TRREB tries to get out in front of it.
Also, some shots fired at RECO here by TRREB. 😮
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90
Remember that new build house on Mortimer that was split into 4 condo units? Here's an update on the activity since listed March 25.
1.6M 2nd/3rd floor - terminated, now 999K holding offers
1.3M garden suite - terminated
1M main/2nd - sold for 979K
499K bsmt - terminated
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Was watching a downtown Toronto condo listing. Sold for 13.6% higher than what they bought it for 4.5 years ago. Works out to a 2.9% CAGR.
So they're not all winning lottery tickets, is what I'm saying.
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When I got my driver's license they told us it was a privilege (we earned by passing test).
Want to fly? Go to a Leafs game? Eat in a resto? Enter a different country?
IMO these aren't RIGHTS. They're privileges granted if you get vaxxed and mask-up.✅You still have a choice.
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This is a 7-year old Milton condo building with carpeted bedrooms.
Bottom one 1223 sqft sold Dec 16 ($703 PSF)
Top one 1286 sqft sold Jan 25 ($817 PSF)
Are these buyers not worried about appraisals?? 🍌🍌
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Bro takes my chart, crops off my logo, and puts HIS own mug in the middle of MY chart to pump up his "Great time to buy!" and "Great time to sell!" email blast. There's a slice of
#ToRE
for you.🤣🤦🙄
(I'm not on bro's blast, a nice follower sent it to me.)
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Would make a lot more sense if
@Airbnb
would simply not post listings at buildings that do not permit short term rentals. They have the capability, but time and time again prioritize revenue maximization instead of being a responsible company. 1/2
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I'm sooo tired of the heavy list price discounts. I'm looking at a $500K one right now. House was listed at $1899K for 19 days, offers anytime. Now relisted at $1399K and holding offers.
When will this garbage stop?
#timewaster
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I used the same amount of natural gas this period as last year, but my
@Enbridge
bill went from $86.49 to $122.23. That's some kind of
#inflation
(41%)!
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Recently visited Buenos Aires 🇦🇷 - population about 3M, same as Toronto. But is only 202 km² vs. Toronto's 630 km².
So it's much denser. Scaroborough is 188 km² with a pop'n of 630K, for comparison.
Lots of mid-rise, not too much high-rise. Here people complain about... /1
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Here's a rental eviction story a friend of mine is letting me share, from the N12 notice (family member) to the recently concluded LTB hearing. So grab a ☕️, sit back 🪑, and read this 🧵 to see the outcome. /1
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Why is everyone so obsessed with comparing to peak (in real estate and stock prices)?
Auston Matthews scored 60 goals this season. If he scores 50 next year, or the year after, nobody says "he's down 17% from peak."
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Since CBC Marketplace likes investigating, I thought I'd do my own investigation on the house in the Real Estate "exposé" that aired last night, which centered around this house in Vaughan. Here's a bit more info for you in this 🧵/1
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This was listed as "one + den." This is the only possible candidate for the "den." Just because you can fit a small desk there, I guess. 🙄
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Maybe the investors aren't overlooking it - maybe they don't want to deal with 9 sets of tenants for a 3.67% cap rate when they can get 5% on a no-fuss GIC. 🤷♂️
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With that whole Rogers/Shaw thing, how could any legitimate competition bureau let our farcically comically oligopolistic telcos get any oligopier? I'm looking at you,
@CompBureau
👀
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Do we really need to keep building hundreds and hundreds of small condo units only suitable for single people (or a couple without much stuff, and with no family growth aspirations)?
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Anyway, power to my friend for actually going through with the hassles and holding this guy accountable. 💪
But until the LTB starts being WAY more punitive in the fines this is a great example of why we sadly see so many bad faith N12 & N13 evictions. 🙁 /16
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This is an actual MLS photo from a $2.5M listing - except the listing agent didn't black out the two faces. Oh, and because his cellphone photos are too low in resolution, they're only half the size they should be on the MLS. Way to earn that commission, buddy 👍
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When the home inspection takes you to Little India, you take advantage and get some paan. It's like an explosion of flavours in your mouth. 💥
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Listing: "This Unit Has It All! This Won't Last Long!"
Days on Market: 58
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66
Saw a pre-con price list asking for $1,098,000 for a 445 sqft one-bedroom in the Annex. That's $2,467 PSF.
Now, to be fair the smallest units have the highest PSF rates. Cheapest one on the list I saw was $1,835 PSF.
Parking will set you back another $165,000.
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Come for the fraud, stay for the
@ronmortgageguy
quotes (straight-shooting as usual).
If it seems too good to be true...
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@shawnmicallef
I've always thought that since they spent so much money on the tunnel to the airport, they should let people cross there. Then have a fenced off path that goes around the perimeter of the airport to Hanlan's Pt Beach and off you go. I'd go way more if I could be self-sufficient.
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From a CREA market snapshot. So in the past year, the average price across 🇨🇦 is up nearly $200K. Holy increase in wealth disparity, Batman. /1
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Condo rendering vs. actual.
Cabin at Queen & Dovercourt: "Modern Lodging in the Urban Landscape"
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Toronto Life interviewing 10 mom and pop landlords about how they're getting by with their tenants. How does a 29 year-old elevator mechanic own 6 properties?
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I generally think it's a shame when beautiful old wood (and glass) like in this house goes away. So I'm taking a moment to share the old photos of this Junction Area house pre-reno/flip.
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Person selling car: I'd like $15K for my car.
Buyer: Everything points to it being worth $13K.
Seller: But I need $15K to buy the new car I want.
Just dealt with this while representing a house buyer. Imagine selling a stock like "I need to get X to break even"? Irrelevant!🤷
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IMO underestimated contributor to rising prices and
#affordability
problems: renovator flippers.
Here's 115 Harrison, a 2-storey rowhouse in Trinity-Bellwoods when it sold for $1050K in Nov 2020. And now they've added a half-floor, call it a semi, and listed it for $3,439K.
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I decided to read the 80 page report from Ontario's Auditor General about Condos. In this thread I'll share what struck me as interesting... /1
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This might be my favourite "show it's classy by adding some San Pellegrino bottles" photo ever.
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Some countries use variable mortgages a lot more that Canada. And then there's the USA.
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TORONTO REAL ESTATE MARKET CRASHES!
Say the people 🙏 for a correction / crash get their way. I looked into just how far back in time a 10%, 20%, 30%, 40% and 50% price adjustment goes (for 416 detached and condo apts).
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Agent has house priced stupidly low (maybe 15-20% under market). Offer night didn't work just kept price low. Over 3 months now. I call to see what's up. He said the price was to "attract attention." Then complains about agents (that gave him attention) giving him low offers.
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Found $50 on the ground at the checkout at Loblaw's this afternoon. Checked with people in front of me and wasn't theirs. So, gave $10 to homeless guy just entering store on my way out and made $50 donation to
@DailyBreadTO
when I got home. Felt like good use of found money.🍞
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I like how the tray implies breakfast in bed - because your bed's pretty much in the kitchen anyway.
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Cananadian Real Estate Wealth magazine on one hand, Warren Buffett on the other.
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Here's to the Purolator guy that actually rang my doorbell and waited for me to answer, to personally hand me my new laptop. So many delivery people just seem to dump and run, without even ringing the bell or even knocking.
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It's ridiculous to me that TRREB allows agents to select what neighbourhood a listing is in instead of it being automatically generated by the address, because you get clowns like this. It's listed as C1 Waterfront when it's 2 hoods away in W1 South Parkdale.
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1
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$1424 per sqft for this 394 sqft pre-con 1-bdrm in Kitchener. Yes, Kitchener. The most extreme PSF prices are in the smallest units, but most of the others are around $1100-$1200.
I like that they tacked "dining" onto the kitchen due to the two stools. Actually decent layout.
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If we're going to go further into lockdowns, can we please base it on information beyond just case counts?
I'd like to see info from tracking where people are catching/transmitting. So if it's all at parties, for example, let's not close down retail shopping or movie theatres.
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Greenwood-Coxwell detached 3 bedroom 2 bathroom home was on the market for $1.5M for 15 days and didn't sell. So instead the owners leased it out... for $3,400 a month.
Wacky price to rent ratios these days.
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8
59
I don't get this "soaring gas prices" thing.
Assuming:
60L tank
50 cent increase
1 tank a week
50 weeks/yr
So $30 more per tank x 50 = $1500 a year.
For $125/mo people are going to pull up stakes and move?? Maybe renters, but how much will homeowners pay in transaction costs?
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I would buy some jam or a candle or take a ride share from someone's side hustle. But I wouldn't turn to someone's side hustle to make a million dollar purchase that I might be paying off for the next 25 years.
What's the prevailing sentiment on this?
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What would a 25% correction in Toronto look like? (I know there are would-be buyers and schadenfreude fans that are rooting for a big drop.)
Well, using HPI and depending on the housing type, you're going back about 14 or 15 months.
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What $777,990 buys you at this Yorkville pre-con project:
365 sqft junior 1 bdrm
(a studio but with a small space you could wall off for sleeping, e.g. the 8'7" x 6'7" (2.62m x 2.01m) space in below actual plans).
That's $2,131 PSF 💰
(Though does have 106 sqft balcony)
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Here's a new one for me: security camera footage used for a listing photo.
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Okay, I'm going to go off a little on one of those Globe & Mail "Done Deals."
1) First, like an Instagram feed, they're all curated, right? Like no agent is going to call up the Globe to tell them about a house that didn't make them look good. /1
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Friend told me "My landlord served me an N12 to move his mom in and then rented the place for $500 more." Was one day after friend mentioned cockroaches. Way to double-down on being an asshole, doing that during a pandemic. I hope he gets a $50K comeuppance from the LTB.
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3
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Live downtown straight flip example! Trinity Bellwoods. Bought end of Oct for $772K. Took possession end of Dec. Bought in corporation. Did zero work (only 4 outside pics - this is from old listing). Listed at $899K holding offers. Good test of market nuttiness so let's watch. 👀
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Toronto vs. Chicago real estate comparison thread...
Friend of mine lives in this building. He's in a 3 bdrm 2 bath and says it's worth about $375K now. For 1414 sqft! /1
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Another NIMBY petition. These should be tall since it is right on proposed transit. Exactly where tall towers should go. These decisions should be made with the long-term future of our city and the needs of the many in mind, not a few current residents.
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2
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Meanwhile, in New Zealand🇳🇿: "As of May, most buyers who plan to live in their home will be required to provide a down payment of 20%. Investors will need to put down 40%." (It also "banned most foreigners from buying in its housing market back in 2018.")
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I looked at the 30 Toronto houses that sold above list last week. This is mostly used at "entry-level" purchase prices.
30% were $1M or less
70% of the sales were for $1,250K or less
Median was $1,164K
3 of the sales were $2M-plus (Leaside, Windfields, S. Kingsway)
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5
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GTA-wide sold price as % of list price this year:
Jan 112.7%
Feb 116.0%
Mar 112.9%
Apr 107.0%
May 103.0%
Sure has dropped quickly.
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6
55
It's offer date on a $999K total fixer-upper (that even smells bad).
I told my client that there's not much flipper activity now given high borrowing costs and market uncertainty. Expected about 4 or 5 offers (was told there were ~40 showings).
There are currently1⃣3⃣ offers🤷
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2
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"Great Condo Alternative"
Says the 3777 sqft (2600 above grade) 2.5 storey semi priced at $4.2M.
Usually that phrase is used as code for "It's small but at least it's a house."
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4
51
I've noticed a recent ⬆️spike in terminations and re-listings, esp. in the 416 condo market. Some similarities to what was happening in detached in 2017. Find out why that's a big sign of weakness and how it messes up few
#realestate
stats. /1
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6
56
Saw 2 houses last week listed at $1699K and holding offers. They had 10 and 11 offers, and both went for between $2.1 and $2.2 million.
Really? Couldn't have done $1999K? Things are so messed up in this industry with how we waste everyone else's time (agents and buyers too).
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3
54
Condo hit the market today in C8 Moss Park. It's on its TENTH listing. Yes, 🔟. Started March 2020 (range: 9 to 119 DOM). Chasing the market down. Now priced $95K less than started with.
Seller is trying a new agent this time. Other one used all 9 lives. 🙀🙀🙀 🙀🙀🙀 🙀🙀🙀
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But it's WAY OUT in the country. It's 123 km from Union Station. Not that your life has to revolve around downtown Toronto, but my dad used to say "If I'm going to live out in the country, I don't want to live that close to anybody." This is the stuff that makes me smh. /3
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1
55
RBC Housing Affordability index for GTA is at same levels as late '80s before crash. "Measured as proportion of median pre-tax household income that would be required to service the cost of mortgage payments (principal and interest), property taxes, and utilities" /1
6
14
53
$2M+ house hit market Thurs. Saw on Saturday. Preparing an offer yesterday when someone else beat us to the punch competition changed our plan. Then third offer came in. Sellers got their asking.
👉Market is slow overall, but certainly not dead for right property, place, price.
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1
55
Can we PLEASE stop with the lazy $999K
#timewaster
listings? 🙏
Got three emails about two different properties today. I took a quick look at three online estimators and both properties averaged out in the $1.4M-$1.5M range. Total bullshit games.
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3
52
Strange choice. This house is all modern with some higher-end finishes and custom cabinetry and stuff, yet they put carpet on the stairs. I can't think of too many $3 million houses with beige carpeting. Why?
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While we're talking defunding the police, can we stop paying officers to be crossing guards? Can't we strip this function away from constables (3300 on Sunshine List last year) and have cheaper staff trained and dedicated to this, like parking enforcement?
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2
53
I met some Germans today and they'd just come from Algonquin Park. I asked them if they saw any animals, and they said "We saw a moose, a snake, and a roots." They thought that's what beavers were called in Canada.
@Algonquin_PP
@RootsCanada
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8
51
Condo listed at $499,900 for 18 days. Saw was listed for $599K last month so looked deeper. Turns out failed offer night on the 15th at $499,900 and just left the price there. Called and expectation is $550K. 🙄
Another
#timewaster
example.
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1
51
I'm pleased to announce that I will be releasing all of my March Toronto
#RealEstate
charts as
#NFTs
. 📈📉
4
0
51
It blows my mind that people like this aren't kicked out of the profession by
@RECOhelps
.
Like how many of these cheating dirtbags take an ethics course and a heavenly light shines upon them and they say, "Ohhhh! Now I get it - what I did was bad"? Should be shown the door.
11
7
49
Happy New Year, all! 🎉
My accountant nerd side wishes to remind self-employed people to record their vehicle's odometer reading. 🚘
5
2
49
For some the stupid SOLD OVER ASKING sign riders are apparently not enough. Shake. My. Head. 😔
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1
48
This RE market gets to me sometimes and I published a salty tweet yesterday, which on the whole I regretted. So, in the spirit of the upcoming Valentine's Day ❤️, between now and the 14th I will strive to only post positive ➕(or neutral) tweets. 🌞🍭🌈
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0
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Condo near Lake Shore Blvd was listed last Aug for $928K. Sat for 3 months.
Next listing at $889K sat for 3 months.
Was off the market for 4 months and just came back at $799K holding offers. Got 8 offers and sold for $931K.
Do some only like buying if in competition? 🤔🤷
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#scamalert
Just got off the phone with a very pleasant older lady that called me about a rental listing at 32 Borden she saw on Craigslist. Was $1300 a month and cat-friendly. But they wanted 1/2 month's rent just to view the place. She had her suspicions and called me. 🧵/1
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5
49
Another realtor exaggeration. This house is listed as 2.5 storeys. The half storey should be livable with rooms - and WINDOWS! Not a freaking attic.
Note there are no windows above the 2nd floor. Roll my goddamn eyes. 🙄
#REexaggeration
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1
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🥳New stat from TRREB - only 5 years after I started manually tracking Terminations on a weekly basis! Sellers have no need to terminate (and often re-list) if their place sells right away. But it's a good indicator of a turning market, which is why I started watching in 2017. /1
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3
46
Talked to mortgage pro today. They said they're still having a consistent flow of pre-approval applications. Sees buyers as taking a wait and see approach but still eager to get in the market. Buyers seeing the market changing and "want to be ready for the right opportunity."
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2
46
Pretty wild that the Bank of Canada had only done one rate increase of 50 bps (or more) this century, all the way back in May of 2000.
Now we've had 4 such increases this year - all in the last 6 and a half months.
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