Luxury waterfront property in Oakville !

There is always exceptions. But in general most people are want closer to the city. Its why the real estate values are lower in the suburbs now. They have gone up, but not as much as you get closer to a major city. The country is still somewhat like water front, in that there is lots of people who dream of having peaceful acreage and maybe some horses.

 

My wife and I downsized from a North Van house (3000 sq ft) to a Yaletown condo (1100 sq ft) twelve years ago when our daughter graduated from university. Years before North Van, we had owned house (2400 sq ft) on an acre property in Surrey. We have no regrets about downsizing - property or house - it is a lifestyle choice which allows us to "lock it and leave it" for travel and recreation. Neither of us ever enjoyed gardening or doing home maintenance. We also like that we can we walk most places, e.g, I was able to walk to my office (now retired). But condos (space, stratas) and downtown living (noise) are not for everyone. Interestingly, there seem to be many young families in the neighborhood - whether because of cost of single family homes in greater Vancouver or because the 30 - 40's couples like the lifestyle or both, isn't clear.

One downside of living downtown: not as quick or easy to get the Ferrari out for its regular exercise. Jon

 

Of course, it's always "location, location, location". Waterview/waterfront is priceless and limited supply. I think a well priced waterfront condo in Oakville / Burlington should hold good value....

My previous condo rant was directed towards condos in the middle of the suburbs, which don't do well.

Condos in the lower Etobicoke suburbs such as Park Lawn are doing well because of their proximity to downtown. Condos in Leslie / 401 / Yong / Eg area are doing well due to their location near subways/highways. Generally any condo in Toronto is doing fairly well these days. Just keep an eye on supply / sales.

I am abit more bullish on condos these days.. it seems its the only affordable house alternative. If land values/house values continue to outrise condos, then condos will really be the only owneable real estate in GTA soon. As Red said, Canada and GTA is a great place to live, there is always demand for some type of housing as long as we grow.

 

For BC I'm now very bearish on real estate and especially condos and townhomes. Especially in Vancouver. Houses are now in its priceless to sell now territory because I can't afford better.

I watch Tsawwassen very closely, Tsawwassen beach is actually the best water front in the lower mainland. I grew up in a house on that beach. Just in the last few weeks, houses prices in Tsawwassen have risen rapidly. Its now near impossible to find a house under $1million there, even in the lousy area's. Condos and townhomes, yes they are still low. But a house under a million is very rare.

Tsawwassen MLS® Listings & Real Estate for Sale | REW.ca

The number of listings has now increased as well. But most people sell their house because they want to downsize or upgrade. When most houses are over a million, what can the average person upgrade into not much. When prices get too high buyers start saying forget it and start seeing their house as priceless.

 

Yes, it the lower mainland around Van. About the same commute time as Oakville to Toronto but closer in distance. When the average house price in the suburbs from a major city become worth over a million. Its the sign of big trouble ahead. But the thing is the price move over a million for an average house, just happened in the last two weeks.

This 3weeks ago would have been $750k to $850k 515 Tralee Crescent, Delta, BC, House For Sale | REW.ca I actually dated a girl who's family lived in that house in the 80's. I also knew the family who lived in it before them. The second family the mother was a teachers aid and the father worked for a construction equipment rental/sales place. The first was an airline pilot. These are the type of people who buy these types of houses. Is a bank going to lend them over a million, no. Is someone with over a million to spend buy such a crappy house. No. Market is over here!

 

New rules went in place for down payments on houses over $500K today. That pretty much means new rules for everyone. Not sure where you'd find s house for less than $500K in the GTA.

 

Id say the GTA is still sustainable price wise. Vancouver and the lower mainland is now entering the danger zone. Typically less expensive area's, now seeing near $700k 3 bedroom townhomes out in Cloverdale and Langley. 1 bed small condos in Surrey are still cheap but 600 sq ft. and almost $200k now. When the entry level of the market becomes unaffordable, that's when the market falls apart. Now it won't fall apart over night, take a few months of higher prices for the non investor buyers to say well its not worth buying now. I'm looking for the bad areas of Surrey to reach a million. I'm also watching the number of new listings in Richmond, it will be the first area to fall in the lower mainland and the best sign the foreign "investors" are gone.

 

That's what scares me so much about the Vancouver real estate market. Correct me if I'm wrong, but the majority of these $1m + sales comprise of foreight Asian investors ?

All it takes is for another war, coup, currency collapse, border control etc.. for that money to disappear. And possibly the foreign owners liquidating their real estate. That would devastate the Vancouver market and prices. ie "an inflated bubble burst"

If I were a local Vancouverite, (regular Canadian citizen/owner) I would not want to be continuously bidding on these inflated prices. A lot of younger local buyers are overstretching themselves trying to get into the market. If a collapse happens, they would be destroyed, while the foreign owners would just write it off and leave.



In contrary, the Toronto market is made mostly of local owners, mixed with a few foreign investors as well. Prices are extremely high, but as long as there are good jobs, and solid growth the prices can maintain themselves. If there is a recession, interest rate hike this would cause Toronto prices to drop as well. ie "a fundamental bubble burst" But the historical basis for real estate value still exsists with the local owners.

 

I took a drive last summer from Oakville to Grimsby and was pretty shocked by what I observed. For example, people were lining up for a mile outside the Empire trailer in Stoney Creek to live beside a garbage dump with huge satellite towers 20 feet away for $400-$500k. 60% of the crowd looked like they didn't speak english. Seemed like west-end Brampton in the making.

My family and I moved to Canada in the early 90's. I'll never forget the day when we went to see our first home, a townhouse in Mississauga. The lady selling had bought during the previous bubble in the mid 80's for $240k and was having trouble moving it for $150K in the late 90's.

I tend to agree with being bullish on affordable housing. It's a BIG issue going forward and a number of Regions are currently drafting their affordable housing plans as there is a shortage.
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It's hard to get an accurate answer for who is propping up the Toronto market. Every agent has their own brand of kool-aid to sell.

From my observations, it seems as though a lot of young buyers are buying based on payments rather than price. That will inevitably come back to bite them.


Hearing about things like this scares me for our future.

Popular Chinese website selling Canadian property:
http://www.juwai.com

Toronto condo developers head directly to China to court buyers:
Toronto condo developers head directly to China to court buyers - The Globe and Mail

Tax Avoidance:
Foreign investors avoid taxes by buying real estate in*Canada - The Globe and Mail

 

Yes, Stoney Creek is the new Western frontier.... as Bowmanville and Whitby are the Eastern Frontier. Collingwood / Angus are the Northern frontier. Bedroom communities far away from any decent labour markets.

Stoney Creek is actually a fantastic option. You have a lot of employment opportunities Hamilton / Niagara / GTA regions which are within driving distance.

These are the only regions where you can buy a fancy new detached home on a decent lot for $400K

Although you would probably pay the same difference in gas money commuting 2 hours to work every day.

 

True, but as you said - what good is a nice lot and home if you're stuck in traffic and can't enjoy it. I have friends who live in Stoney Creek; they tell me the morning commute downtown is BRUTAL and they usually sugar coat things lol.

Personally, I love Ancaster. I could settle down there and be quite happy. Maybe in a few years once my work in the city dwindles down..

 

Yes, but its a real stretch to drive from Stoney Creek to downtown TO everyday !

There are tons of work opportunities in Niagara, Hamilton, Burlington, Oakville. Its unfortunate that everyone wants to drive to downtown TO everyday instead of getting work in their own backyard...

 

You still in Richmond Hill? Sounds like you are about to move out to the gold coast of Oakville! Ready to make a move ?

 

He's not going anywhere, the hardwood matches the staircase now

 

But there's no 'movin and shakin' going on in the Oak-Niagara stretch. lol

If you run your own biz or Consult, I totally get it. Otherwise, the downtown environment has appeal. Downtown Toronto changed it's boring persona in the last decade - no longer a work-and-retreat city like, say, Houston.

 

The rediculose property taxes is what keeps the prices down in Stoney Creek (Hamilton). We looked at a few homes out that way last year, some beauties, but I'm not paying 10k a year in property taxes to a city like Hamilton. The other home we looked at was 15k a year in taxes.

If the city lowered the taxes, Hamilton would explode in value overnight.

 

One nice thing about BC except the greedy interior, our property taxes are so far reasonable. Most of our farm land is in a trust and reserved for farming. You can't develop it. Since it can't be developed, you get a reduced property tax rate and lower assessed value. Most area's as they grow, land gets released from the trust. They've already released a big parcel in South Delta in 2013. Took the developer 30 years to get it out though.

Delta council approves controversial development for Tsawwassen's Southlands

When you have 217-hectare's under development of both multi and single housing in your town, does buying a $1.2million crappy house make sense? Or buying a $600K townhouse? Oh that 217 is just a corner sliver of the farm land available in South Delta. Richmond has even more. Our population hasn't increased that much in the past 8 years. The fact is real estate is not the stock market. Its not speculative, those that are speculating, don't understand real estate. The number of foreign buyers buying and leaving the property vacant, shows they are dumb money that expects a large return. Prices fall and the foreigners will be running for the exits.

If I was still in Ontario, Id be buying cheap 100 acre farms in Caledon, etc.

 

Too late for that... Caledon, Milton even Hamilton farms are going for $50,000 per acre

 

Its still at a 50% to 60% discount from the populated area's of the GTA. Most investor orientated over look farm land because it has very low return. Over the long term it has the best return. Houses, condo's, townhomes, etc. Always fluctuate. That's why in any market, the speculators always get killed. Farmland is cheap and always rises with inflation, housing doesn't.

 

Toronto isn't crazy like Vancouver. Now 35 minutes realistically with no traffic, two hours at rush hour from Vancouver, they are trying to sell 2bedroom 1ksqft. new condos for $560k! As pointed out earlier, there is a ton of vacant land in the area. The development is surrounded by it.

310-5011 Springs Boulevard, Delta, BC, Apt/Condo For Sale | REW.ca

Same agent, same building is asking $314k for a 500sqft 1 bedroom.

310-5011 Springs Boulevard, Delta, BC, Apt/Condo For Sale | REW.ca

Interesting side note, the listing agents family owns the BC master franchise rights to KFC and the White Spot restaurant chain.

Even more examples: 5110 Cedar Springs Drive, Delta, BC, House For Sale | REW.ca

Look at all the land that surrounds the last listing. That's not investment, that's stupidity on the part who ever buys one of these places.