Oh superstition is only part of it. We are also talking about buyers with millions of dollars in cash. They can afford pretty much anything. 9 times out of 10 the only way they will be satisfied is building it themselves. Not the nicest house for $6million, it is interesting how most 20year old houses here are marketed more for lot potential over the actual house. 5690 ANGUS Drive in Vancouver: Shaughnessy House for sale (Vancouver West) : MLS(r) # R2022342
Latest news from the local Oakville Beaver.... Oakville Town council passes rule to halt development on Glen Abbey Golf Club for a year
I have bought and sold 3 properties/homes in Oakville in the last 2.5 years My current home is in old Oakville, 1 block from the lake, I have agents asking if we would consider selling. The home has a double garage which is rare. I sold 2 homes in 2015, 2 blocks from the lake just past Drive it was on the market 4 weeks. I sold another home almost lake front to an Asian couple that don't even live in the home. All priced between 1.5 to 2. The market is still hot. Asian buyers still have real estate in mind.
Hmmm, I'm not sure how a previous owner can stipulate what can be done with the property once it's in the new owner's hands. I think it would only be possible if it's designated as a heritage home (and probably what spurred the creation of an entire neighborhood to be designated heritage). Not every property gets torn down. I don't have the link saved, but there was a nice '50s-era waterfront home on Bellevue Ave in West Van that sold for circa $9M to a local family who plan to keep the house as-is (only bring the services up to modern standards). Was for sale for a LONG time...
The homes are being used as money laundering channels, that is why they sit empty for years. Canada economy is falling apart at the seams and the real estate is inflated from foreign capital fleeing China.
Yeah, they can't enforce it but some sellers want assurance the house won't be torn down. Found an article similar. Agents going to the sellers and pitching that its local buyers who want to live in the house and wont tear down. Agents are even attaching letters from buyers to be more personnel with their bid. Barbara Yaffe: Realtors devising creative strategies to win bidding wars There has been a couple furnished new houses never lived in for sale in Vancouver. Saw one in West Van recently built in 2011, never lived in but came fully furnished. Its not just foreign money laundering. Chinese don't trust their government and want somewhere safe to flee to if need be.
The first wave started around 1990 with Hong Kong Chinese worried about the hand over. Now its mainly mainland Chinese who realize in China they don't really have any civil rights and with the Chinese downturn, they worry about stability. The government could confiscate or punish wealth tomorrow via high taxation. More are protecting their wealth offshore.
The losses they will face on Canadian stick and stucco homes will dwarf any domestic taxes due. Secondly, it's mostly communist party cronies who got rich quick looting the state owned enterprises who are leading the capital flght. You average Chinese businessman does not care about 'civil rights', whatever that even means these days.
No they worry about corrupt government stealing their wealth though. Even wealthy Canadians worry about the government coming after their wealth. Not all have offshore accounts to avoid taxes, some put money outside Canada, that they have paid taxes on. Under first idiot Trudeau (as in Pierre) wealthy Canadians fled in large numbers. Even the scumbag PM Martin kept his wealth offshore. I usually move south when liberals are in power, considering again.
Since this thread has gone off topic to RE in general, here is the latest January number for 2016. We are still very bullish for 2016 in the gta == TREB NEWS RELEASE ==
Oakville RE has stalled in the million+ market. Too many McMansions being built by pop up home builders. It scary how fast they go up, I walked through a couple of them, was not impressed with the construction quality at all. 15 year roofs, fiberboard flooring, one had an ikea kitchen being installed etc.. Older homes even in established areas (Chartwell for instance) have been on the market for ages. Drive down lakeshore, the for sale signs are everywhere.
There was a $2.6M house for sale here in Langley, B.C.'s exclusive enclave, "High Point" where every single floor board on the top floor made creaky noises! It was a brand new house, almost 7000 sq.ft.! Not just one room, but every room. I was astounded by that...
That's because they probably installed over OSB instead of plywood and used nails instead of screws to fasten the subfloor to the joists... I see it all the time.
I think you mean the 2M + market. I see that in around Richmond hill, Missisugua, etc ... Same house circulating at 2.5m just getting the refresh on mls. Those 5 inch plank fiberboard ( engineered ) flooring is in style because as it wears much better than real hardwood, amd doesn't dent like real hardwood. Personally, I prefer the real 4 inch or 3 1/4 real wood. At least in 20 yrs you can resand and restain, unlike the engineering flooring.
Stay away from Condo's in suburban areas... they do not do well. Easy to buy, and hard to sell. That's my signature line We've had a few of them... Woodbridge, Kleinburg they were long drawn out developments, and were tough for the builder to sell, and we did not do well on resale prices. Land is abundant in Vaughan, Oakville, Burlington etc.. the only demographic for condos are downsizers (older generation) who want smaller space and a few young families. Condos in the suburbs are typically for empty nesters... Young families commuting to a "bedroom community condo" doesn't hold up and the younger buyers don't stay in the condo very long. Of course land is king.. that's only what I invest in now. I haven't owned a condo since 2010. I would typically shy away from Oakville and Burlington for any condo- suburban- subdivision properties. Unless you can get a condo there for less than $300K, I would be interested. Unfortunately only $600K ++ are offerend in Oakville. Its a tough long sell for a $600 K condo compared to a $800K house with land in suburban areas. Although Oakville and Burlington have alot of older folks, (a lot of empty nesters) so the condo sale demographic is not so bad. Keep in mind that this demographic will disappear in 15 years so a lot of these "empty nester" condos will come on the market hurting prices. New developments north of Dundas will see 30,000 new homes in the next 5 years, so prices will be severly depressed in existing Oakville subdivisions. I only see Oakville and Burlington moving positive in the luxury type homes. (waterfront, estate homes etc.) There is a limited supply of 80 - 200 foot lots (typically estate homes) so these will continue to rise in price. 20,30,40,50,60 foot builder lots are endless.... stay away for now. And to reflect what TBaskowsky mentioned before.. there are a lot of these gargantuan estate homes being built up in recent years and have stalled... caution should be taken with these types as well. The best solution is a finely crafted, modest sized custom home on a good sized lot. Yes there a lot of them for sale currently as there is a huge supply of these types of luxury homes, but in the long run they are still a solid buy in Oakville.
Lots of good stuff in their starboy444 - I think the key to the condo market will be the view. These large homes are here to stay as they are built, and let's face it, Canada is becoming one of the best places in the world to live. We're else can you have a mosque, synagogue, or budh temple side by side in peace. The new generation already lives differently than the mid40s crowd, with home prices being 1M now for a bungalow and 700k for a semi all these outer areas will populate. I'm still bullish on condos with a view , especially the water because their is no way in hell can you get a view like that with a home in the city for under 5M. I seen the Ritz condos On mls and the CN tower view is incredible. Unique products and views will be the key. Unlike the condos of past when you stored your snow tires and bicycles on the balconies
Only problem is a new condo will go up in front of your water view and you end up looking right into your neighbors window. Unless you're in Harbor Square or one of the other older condos right on the edge.
Not these blu water ones in Oakville, that's what I liked about them over the others. Right on the water.
I'm not sure how well it will do. Yes, waterview is great but at what price? Looking at the mimico waterfront - Parklawn/Lakeshore area - gorgeous view in these buildings but I don't think they are selling for close to the asking prices.. @Starboy44 very good points, thanks.
I know a few real estate agents in and near Toronto. They say the empty nesters are selling their homes in the suburbs and then want to get as near to Toronto as they can afford. Most want to give up their cars, have no home maintenance, etc. If its walking distance to shops (groceries) and restaurants it sells. As traffic into the city Toronto and also Vancouver, the less professionals want to live in the suburbs. Lastly, young people want the action of the big city and be close to their school and entry level professional job, they don't want to commute either. In real estate the suburbs is now the least desirable location!
That is changing. We have friends who are Toronto condo dwellers. They were at my home a few times in the summer for a BBQ. Needless to say they are now shopping in Burlington for a home.
