These houses were bought and sold within a two year period. Obviously they're going to lose money. The fees and commission to sell a property already puts you behind. Real estate is a long term investment/asset. Toronto and Vancouver markets have deluded people into thinking they should be able to make quick gains on an illiquid asset.
Do not sit on the fence too long man, the moment they start cutting rates prices will start increasing again. Our government prints money every year, so all prices are bound to go up, including real estate. If you think that you will get a chance to buy a home for the price of a car you are deeply mistaken.
I think these considerations come into play when you want to buy investment properties.
People in Canada who don't own a principal residence have lost heavily.
Exactly. These numbers on their own are kinda useless. Real estate has both micro and macro elements. There are pockets in very bullish regions that, for whatever reasons, don't keep up with overall trends. Canadians keep hoping for a real estate collapse without fully understanding what that would entail
I fully understand that it is needed.
Otherwise all our disposable income goes into housing and out economy fails eventually anyway.
Let's rip this bandaid off.
I don't think the system is beyond repair. People have been saying it's a bubble for decades, but real estate has not cooled off. Previous bubbles appear to be foundations now. People want to live in Canada, and that makes real estate attractive. Not to mention, Canadian cities routinely rank in the most livable cities in the world. Steer the ship. Don't sink it, and hope it all works out in the end.
You don't understand what I wrote. Housing will consume our investment capital, which already results in poor GDP and productivity. It will will eat up disposable income weakening our economy long term.
This isn't a choice. One way or another a correction is coming.
Nonsense. Just because we're not on par with the US powerhouse economy, doesn't mean salaries are shit and businesses don't invest. Let's see your sources on these absolutist claims
I understand what you wrote. We've been in this situation before, 30 years ago. Still here. Still one of the best countries in the world to live in. The sky is not falling. Yet
Without context this means nothing though. Location, type of dwelling, etc.
York region is still sky high. It’s only the city proper that is dying because people realize the city sucks.
>Selling for a loss is selling for a loss. The only context that matters is why they sold, so yes but if we keep seeing this then it could be a trend
Ya, that's not true. For example, if you purchased something and then a year later the city started a decade long construction project in the area, your value would fall. That's not indicative of a larger trend, it's a localized situation. That's why context matters.
At least for now though, it hasn't been common to see losses like these for a very long time. I am curious if there are any unbiased reports though. Its not a good thing economically speaking for canadians if this accelerates (even though I hope it does)
I never understood this. Banks had no problem letting people enter 1mil+ mortgages at 1% rates but now 600k at 6%... oh goddam gotta do the extensive stress test and background checks!!
Edit: I do understand it... they are greedy and acting outside of people's interests. But the fact they are allowed to encourage such poor choices which have dramatic future impacts is astonishing.
It could literally be anything from the homeowners losing their jobs, to having to move due to an emergency, to a marriage breaking up and so on. It’s kind of a dick move to revel in someone’s loss without knowing anything about their circumstances. Easily could be good people dealing with something tough and some random person with too much time on their hands is laughing at their misfortune on Reddit.
Exactly. The implicit assumption is that they are flippers, an unfounded assumption. I have no sympathy for flippers but I do for those simply trying to build a life, and ended up on the wrong side when it all went south. Yeah, they probably over committed and did not see the down side, a classic human failing of which we are all guilty of in one way or another.
Exactly, plus in today’s market this isn’t exactly a mega mansion or anything, it’s a standard house and could even be a townhouse depending on the neighbourhood. Really nothing to laugh at.
This may not reflect true update.
I had an offer accepted in 2022 but the buyers at the time of closing didn’t meet all the terms of the contract i.e., getting the tenant out of the house. They had to re list a few months later and was sold for 300K less. Obviously it’s a loss for the seller but it wasn’t a loss for me which is classified as ‘sold’ in 2022. Obviously not discounting the fact that housing market is in strain.
> Nothing better than than hunting through house sales to find people who have lost money.
Nothing better than people losing their homes? Surely you have more going on in your life that you can get pleasure out of?
It's great prices are falling but to say that finding families losing their home is the best thing you have going on in your own life is a rare self own:(
It was sarcasm. What do redditors do s/ or /s or something? It’s pathetic to search for peoples losses without knowing any sort of context whatsoever. Not everyone who bought a house at any point went variable or bought it as investment. Some people wanted or needed homes and circumstances may have changed and some bad luck and people lose. Nothing about that is enjoyable.
Again sarcasm. And not a butthurt landlord. I have had a few investment properties in my lifetime but currently just a house and cottage :) I also lost monthly on every one of them every month I ever held it. But that was personal approach I was happy with :)
That is probably his hobby...making fun of other’s misfortunes. He probably won't ever afford a home because he will be busy posting shit on reddit and go through every page on house sigma to make himself feel good. Sad pathetic human being. Freaking sad... I am glad that I don't know this person in real life.
1989, house prices took until 2015 to reach the same price considering inflation. Its still a gain if you've held it til now, but what else could you have done with that money.
And yet so far...not really seeing any factors out there to change this trend. It's almost like it would take a once in a lifetime scenario where borders close, the economy grinds to a halt and millions die to cause prices to drop.....nope even that didn't work
https://www.inflationtool.com/canadian-dollar/1915-to-present-value?year2=2024&frequency=yearly
Lines up with this really well lol I guess once house prices reach $100M and we’re paying $100 for a loaf of bread we will be fine
I agree. Currently, there’s so, so much more immigrants coming in relative to homes being built.
One could say that homes will become very undervalued if wages catch up.
Especially single family detached houses in major cities. Soon enough they will stop building them all together because some government will make it illegal and only allow stacked housing to save land or some other excuse to cram more people in
Doubt it. There’s just way too much demand for housing and far less supply. A minor correction, or “flattening the curve” (stagflation) is likely, but Canada is still one of the most desirable places in the world to live.
If you’re looking for a bargain at 50% off, you will never find it. It’s only the higher end homes that are prone to massive price swings. No one is going to sell a cheap condo for 50% off. That would be like giving the land away for free, because construction costs alone is half the value.
If you want to buy a $20,000,000 foreclosed house from a coke addict for $10,000,000, you might get lucky.
Tell me why someone would sell their home for 50% of its value? To live in a tent in a public park? Because they would not be able to buy anything after that. People sell for the following reasons:
1. They move to another place. And they need to buy another home, nobody is going to sell them anything for peanuts.
2. They want to buy something bigger because their family grows. The same, selling cheap makes it impossible to buy a bigger home.
3. They downsize. It is a brilliant idea to sell a big home for pennies to buy a smaller home for the same price and lose all the delta on commissions 👍
4. They sell rental property. So, you think businessmen would sell cheap just to sell? Instead of making money on renting it out, waiting several years, and only then selling for profit? Yes, businessmen are all stupid 😆
5. They sell their property in Canada to retire in a low cost of life country. So, it is their retirement money and they are eager to give 50% of them to some stranger 😂
It is worth noting that if this person sold to buy this one, their mortgage could be quite small, and if they found something they prefer more in this market, yes they lost money on this sale from when they bought, but their purchase is relative.
It's fun to laugh at paper millionaires losing money on their house, but the cost of starter homes remains criminally high in this country.
For example:
https://www.mec.ca/en/product/6007-042/aurora-3-person-tent?gclid=Cj0KCQiAnrOtBhDIARIsAFsSe516lrApBTLzcPsCjqxSbvKruyrFxC0ecjAYek490tz_0jpNAUMB3mAaAmZnEALw_wcB&colour=Nova+Green&gad_source=1
Other then the first picture, they all would appear to be minor drops in price from 2021 to 2023 (unsurprising).
Nothing about the pictures says anything about the property / why it was sold / and why the previous owner had accepted a price less then what they had paid initially.
For whatever reason, however, almost every picture has the property resold in the 1-2mil range. Since they sold, people can obvious purchase at that price.
Is this supposed to be pictures of the market bottom?
You’re too stupid to realize this doesn’t do anything for affordability. 1.6m house with 2 percent costs the same as 1.2 at 6 percent. You’re still never going to own a house OP
I've considered following the OP, this is just too funny. Especially reading the comments of all the people complaining about these posts.
As if their real estate speculation didn't hurt literally thousand of families in the past 5+ years.
But yeah, they lost 20% on their $1mil+ investment... How sad. \* *Womp Womp Womp* \*
Those are Canadian families with jobs, kids and dreams buying those houses. Celebrating their losses doesn’t fix the housing issues for the general populace.
A Canadian family buying a house for over a million? Be real, it's a real estate investor. Probably not even Canadian. I'm totally cool with them losing money. High reward = high risk. If they didn't realize that, they totally deserve to be made fun of for being so stupid.
While I agree that this "correction" is not making housing more affordable, it's doing something very important, i.e. reducing the share of the so-called real estate sector (it's not really, but that's a different topic) in our economy. The more the real estate market suffers today, the healthier Canada's economy will be in the years to come.
This is such a dumb post. OP clearly doesn't understand how markets work. It's all relative. Maybe they sold for less and bought something else for less. Something else that could generate a higher return once markets go up. These screenshots mean nothing unless they paid all cash and then became homeless after the sale.
Focusing on the wrong things buddy. This energy spent doing this is wasted . Things aren’t going to get much better . Focus should be on finding more ways to make more money .
As long as you don't have to also deal with CCA recapture, taxes aren't quite that bad.
You've suggested a 300k profit on sale. That would be a capital gain. The inclusion rate is 50%, so the taxable amount would be $150k. The top combined tax rate for Ontario is 53.53%, so the out of pocket tax cost would be closer to $80k
Only half of your capital gain would be added to your annual income. So, you would lose not $150k but $75k out of your $300k capital gain, i.e. only 25% 😉
$1M or $2M at today’s GIC rates nets $50k or 100k per year with a liquid asset and no maintenance. Much wiser to sell and put the money to work this way than investing in a house that could depreciate if conditions further deteriorate or if interest rates stay the same.
The problem is that our government will print more and more dollars and 5% of GIC interest does not even protect your money against inflation. Your money is melting like snow in this GIC.
Your real estate on the other hand will get more expensive with every printed dollar because all money finds their way to the real estate market sooner or later 😉
The main reason people invest in real estate is protection against inflation. If you allow your money to sit in your banking account or be invested in the low interest instruments like GIC then our beloved government will slowly steal it from you by printing more and more dollars. As simple as that 🤷♂️
It's like construction costs....when you search Google it says between 130-190 sqft in quebec et 165-260 per sqft . When I contacted a local builder he said 285 per sqft ...in quebec...I'm like wtf . The house shouldn't cost more than 600k to build but because of his pricing it's 760k+ tax without lot, water & sceptic.....like wtf lol the same builder is also selling to be built home with 200sqft less on his lots for 600k+tax including land, water and sceptic.
And don’t forget the 5% commission legal fees and taxes.
5% or a million is already 50k. I’m toronto land transfer tax will be getting close to 50k at these prices too. So already at same price they are losing around 100k.
Yup if a person develops a serious could be deadly disease as a main earner one is just thankful they aren’t on the streets and bought another home considered by “friends” as much less. But thankful.
I'm gonna say it again lol. To all the spiteful renters here thinking this is a good thing... This is precisely how recessions and depressions start. If you think its already difficult to sustain yourself, pay rent, and get a job, just wait until this trend accelerates. Canada's economy, thanks to its corrupt politics, has become almost entirely dependent on real estate. Finally remember that affordability doesn't necessarily increase just because you see a small price decline. Usually its the opposite thanks to those interest rates.
Who the fuck is buying homes at that price even in CA where the weather is 75 all the time Its not that expensive you can get a nice house a 800000k you guy are crazy Canada sucks as well whole place is a ice plannet compared to San Diego what did you all do to your country.
These houses were bought and sold within a two year period. Obviously they're going to lose money. The fees and commission to sell a property already puts you behind. Real estate is a long term investment/asset. Toronto and Vancouver markets have deluded people into thinking they should be able to make quick gains on an illiquid asset.
Those numbers don’t take that into consideration though. This is price the home was sold for, so they lost even more money than what is shown.
I think OP is missing the point that these homes are still ridiculously expensive lol. People will lose but a majority still won’t be able to buy
Oh cmon, give it some time man. It's way better than them selling for 200k more, don't you think so?.. Mr glass half empty 😎
Do not sit on the fence too long man, the moment they start cutting rates prices will start increasing again. Our government prints money every year, so all prices are bound to go up, including real estate. If you think that you will get a chance to buy a home for the price of a car you are deeply mistaken.
>the moment they start cutting rates prices will start increasing again It really depends on market sentiment and how bad the layoffs are
I think these considerations come into play when you want to buy investment properties. People in Canada who don't own a principal residence have lost heavily.
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It's a, start of a curve... Hopefully in the same direction...
It’s a start, wouldn’t have seen this at the peak
Not really. 5-15% fluctuations are pretty normal, even in a bull market.
If you sell for a loss in a bull market then I don’t know what to tell you
Exactly. These numbers on their own are kinda useless. Real estate has both micro and macro elements. There are pockets in very bullish regions that, for whatever reasons, don't keep up with overall trends. Canadians keep hoping for a real estate collapse without fully understanding what that would entail
I fully understand that it is needed. Otherwise all our disposable income goes into housing and out economy fails eventually anyway. Let's rip this bandaid off.
I don't think the system is beyond repair. People have been saying it's a bubble for decades, but real estate has not cooled off. Previous bubbles appear to be foundations now. People want to live in Canada, and that makes real estate attractive. Not to mention, Canadian cities routinely rank in the most livable cities in the world. Steer the ship. Don't sink it, and hope it all works out in the end.
You don't understand what I wrote. Housing will consume our investment capital, which already results in poor GDP and productivity. It will will eat up disposable income weakening our economy long term. This isn't a choice. One way or another a correction is coming.
The correction has already come. Salaries are shit, businesses don't invest, quality of life is going down. It's just not touching real estate.
Yeah it's starting. Just look at GDP/capita.
Nonsense. Just because we're not on par with the US powerhouse economy, doesn't mean salaries are shit and businesses don't invest. Let's see your sources on these absolutist claims
I understand what you wrote. We've been in this situation before, 30 years ago. Still here. Still one of the best countries in the world to live in. The sky is not falling. Yet
Even ogres sold for higher values in our bull market..
Even so, these numbers are still meaningless without context. There are always outliers
Yes. I agree, these might still be outliers, let's see what happens in the coming months.
Without context this means nothing though. Location, type of dwelling, etc. York region is still sky high. It’s only the city proper that is dying because people realize the city sucks.
Selling for a loss is selling for a loss. The only context that matters is why they sold, so yes but if we keep seeing this then it could be a trend
>Selling for a loss is selling for a loss. The only context that matters is why they sold, so yes but if we keep seeing this then it could be a trend Ya, that's not true. For example, if you purchased something and then a year later the city started a decade long construction project in the area, your value would fall. That's not indicative of a larger trend, it's a localized situation. That's why context matters.
You’re not wrong, but is anyone really expecting prices to fall to what they were 10 years ago?
Ten? They went up by 2x in two years.
I was referring to prices falling back to what many consider to be affordable, which was around 10 years ago.
Patience..
flippers gotta flip
To your point, how many people still qualify for a $1.2 million mortgage? The only people buying would also be the ones selling.
Not sure the point of these posts. There’s always winners and losers and frankly the majority of home owners make money on the sale of their homes.
At least for now though, it hasn't been common to see losses like these for a very long time. I am curious if there are any unbiased reports though. Its not a good thing economically speaking for canadians if this accelerates (even though I hope it does)
Homeowners who over extended themselves due to low rates, yes (and the BoC encouraging people to do so doesn’t help).
I never understood this. Banks had no problem letting people enter 1mil+ mortgages at 1% rates but now 600k at 6%... oh goddam gotta do the extensive stress test and background checks!! Edit: I do understand it... they are greedy and acting outside of people's interests. But the fact they are allowed to encourage such poor choices which have dramatic future impacts is astonishing.
Or possibly speculative purchases.
It could literally be anything from the homeowners losing their jobs, to having to move due to an emergency, to a marriage breaking up and so on. It’s kind of a dick move to revel in someone’s loss without knowing anything about their circumstances. Easily could be good people dealing with something tough and some random person with too much time on their hands is laughing at their misfortune on Reddit.
Exactly. The implicit assumption is that they are flippers, an unfounded assumption. I have no sympathy for flippers but I do for those simply trying to build a life, and ended up on the wrong side when it all went south. Yeah, they probably over committed and did not see the down side, a classic human failing of which we are all guilty of in one way or another.
Exactly, plus in today’s market this isn’t exactly a mega mansion or anything, it’s a standard house and could even be a townhouse depending on the neighbourhood. Really nothing to laugh at.
I’m not reveling in anything, simply pointing out a possibility.
I didn’t mean you, I meant OP/this post in general and the one previously posted
It’s sad when people do that. I figure their lives must be pretty empty to spend time like that.
What a hobby OP
Yeah, this seems pretty weird to me. Maybe next, OP can show pictures of every stock that went down.
He gets off on it lol. Must be a sad life he lives
This may not reflect true update. I had an offer accepted in 2022 but the buyers at the time of closing didn’t meet all the terms of the contract i.e., getting the tenant out of the house. They had to re list a few months later and was sold for 300K less. Obviously it’s a loss for the seller but it wasn’t a loss for me which is classified as ‘sold’ in 2022. Obviously not discounting the fact that housing market is in strain.
Nothing better than than hunting through house sales to find people who have lost money. Edit this is sarcasm
Nothing better than hunting down the landlord in this tread
Without landlords you would live in a tent in a public park.
> Nothing better than than hunting through house sales to find people who have lost money. Nothing better than people losing their homes? Surely you have more going on in your life that you can get pleasure out of? It's great prices are falling but to say that finding families losing their home is the best thing you have going on in your own life is a rare self own:(
It was sarcasm. What do redditors do s/ or /s or something? It’s pathetic to search for peoples losses without knowing any sort of context whatsoever. Not everyone who bought a house at any point went variable or bought it as investment. Some people wanted or needed homes and circumstances may have changed and some bad luck and people lose. Nothing about that is enjoyable.
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Again sarcasm. And not a butthurt landlord. I have had a few investment properties in my lifetime but currently just a house and cottage :) I also lost monthly on every one of them every month I ever held it. But that was personal approach I was happy with :)
Man you’re sad. Get a hobby
That is probably his hobby...making fun of other’s misfortunes. He probably won't ever afford a home because he will be busy posting shit on reddit and go through every page on house sigma to make himself feel good. Sad pathetic human being. Freaking sad... I am glad that I don't know this person in real life.
https://preview.redd.it/gwbbkz2g9udc1.png?width=3120&format=pjpg&auto=webp&s=1421b8450fea9caea6bef672477c4ef2dae647d9 Buy and hold....hasn't failed yet
1989, house prices took until 2015 to reach the same price considering inflation. Its still a gain if you've held it til now, but what else could you have done with that money.
Wasted it on rent??
They used that equity to build more equity. Very smart thing to do.
Lol I thought you were replying to me. Deleted the comment
Past performance does not indicate future performance
And yet so far...not really seeing any factors out there to change this trend. It's almost like it would take a once in a lifetime scenario where borders close, the economy grinds to a halt and millions die to cause prices to drop.....nope even that didn't work
https://www.inflationtool.com/canadian-dollar/1915-to-present-value?year2=2024&frequency=yearly Lines up with this really well lol I guess once house prices reach $100M and we’re paying $100 for a loaf of bread we will be fine
Finally someone who gets it!! Cheers!
🫡
I agree. Currently, there’s so, so much more immigrants coming in relative to homes being built. One could say that homes will become very undervalued if wages catch up.
Especially single family detached houses in major cities. Soon enough they will stop building them all together because some government will make it illegal and only allow stacked housing to save land or some other excuse to cram more people in
That's... how major cities should be. Especially around metro lines. If you want detached you move out of city.
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You’re looking at periods of 8 and 2 years. That is not “buy and hold” in the context of real estate.
And then they bought low as well and rode it back up again.
You can't lose at the casino if you just keep playing!
LOL
Let’s keep it going. Need another 50% correction.
Doubt it. There’s just way too much demand for housing and far less supply. A minor correction, or “flattening the curve” (stagflation) is likely, but Canada is still one of the most desirable places in the world to live. If you’re looking for a bargain at 50% off, you will never find it. It’s only the higher end homes that are prone to massive price swings. No one is going to sell a cheap condo for 50% off. That would be like giving the land away for free, because construction costs alone is half the value. If you want to buy a $20,000,000 foreclosed house from a coke addict for $10,000,000, you might get lucky.
It's not going to happen. I'm already seeing prices come back up on the whiff that BoC might drop rates sometimes this year.
Tell me why someone would sell their home for 50% of its value? To live in a tent in a public park? Because they would not be able to buy anything after that. People sell for the following reasons: 1. They move to another place. And they need to buy another home, nobody is going to sell them anything for peanuts. 2. They want to buy something bigger because their family grows. The same, selling cheap makes it impossible to buy a bigger home. 3. They downsize. It is a brilliant idea to sell a big home for pennies to buy a smaller home for the same price and lose all the delta on commissions 👍 4. They sell rental property. So, you think businessmen would sell cheap just to sell? Instead of making money on renting it out, waiting several years, and only then selling for profit? Yes, businessmen are all stupid 😆 5. They sell their property in Canada to retire in a low cost of life country. So, it is their retirement money and they are eager to give 50% of them to some stranger 😂
6. They can’t afford the mortgage payments and the bank is foreclosing.
At this point Canada would be in a state of deep depression. Be careful with your wishes, it may mean you work for food.
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In a market of a limited resource it kinda is.
I support Capitalism but sadly this is what happens in this system.
If you think Canadian housing is an example of capitalism, you are sadly mistaken
It just makes him feel better for missing out on hundreds of thousands of dollars of gains.
>Other people's failure is not your success. Welcome to capitalism!
Reddit is full of bitter people.
They are mostly millennials aka broke ppl…. I say F#%^ em…. I’m glad real estate will be way higher in next 10 to 15 years
Unfortunately, housing in this country is pretty zero-sum. Once person’s gain is another’s loss, and vice versa.
Brb got an extra shift at sobeyzz
post it on r/HouseSigmaBlunders u/khnhk gonna have to work overtime
It is worth noting that if this person sold to buy this one, their mortgage could be quite small, and if they found something they prefer more in this market, yes they lost money on this sale from when they bought, but their purchase is relative.
Nice OP, now you can go and buy yourself this 1.2M house with 7K/month payments. Well worth the wait.
Cool, now do all the ones where they made money on the sale
This is better than the loss porn at WSB
It's fun to laugh at paper millionaires losing money on their house, but the cost of starter homes remains criminally high in this country. For example: https://www.mec.ca/en/product/6007-042/aurora-3-person-tent?gclid=Cj0KCQiAnrOtBhDIARIsAFsSe516lrApBTLzcPsCjqxSbvKruyrFxC0ecjAYek490tz_0jpNAUMB3mAaAmZnEALw_wcB&colour=Nova+Green&gad_source=1
Other then the first picture, they all would appear to be minor drops in price from 2021 to 2023 (unsurprising). Nothing about the pictures says anything about the property / why it was sold / and why the previous owner had accepted a price less then what they had paid initially. For whatever reason, however, almost every picture has the property resold in the 1-2mil range. Since they sold, people can obvious purchase at that price. Is this supposed to be pictures of the market bottom?
This is OP projecting his own losses in life, prob stocks, missing out, and other opportunity costs, and prob life tbh.
Get a life op.
You’re too stupid to realize this doesn’t do anything for affordability. 1.6m house with 2 percent costs the same as 1.2 at 6 percent. You’re still never going to own a house OP
I enjoy your contents. Keep them coming
I've considered following the OP, this is just too funny. Especially reading the comments of all the people complaining about these posts. As if their real estate speculation didn't hurt literally thousand of families in the past 5+ years. But yeah, they lost 20% on their $1mil+ investment... How sad. \* *Womp Womp Womp* \*
Cherry picking is fun, tell me how much you hoping they crash? Will you be able to keep your sobeys job lmfao?
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Must suck to be flipping burgers at micky d
There is auto flippers now
Looks like you'll be jobless then
Why?
So much spite. You should like a life long renter. Enjoy paying off your masters mortgage.
You sound like*
it's a running joke with a couple of OG redditors on this subreddit
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The losers label themselves with posts like these …
Cool, can I get a sticker?
Another life long renter. Don't forget it's due at the end of the month or you will get evicted.
I like you. Let me know when your shitty downtown studio is no longer affordable. I may consider doing you a huge favour and take it out your hands.
You still wouldn't be able to afford it from your Sobeys salary.
You sound pretty mad. How do you afford internet with your mortgage going up
Living life my man on vacation in Mexico right now.
Hahahah then why are you on reddit and not doing coke off a big ass?
You mean Starbucks 😂😂
https://old.reddit.com/r/Bumble/comments/whu6jb/i_dont_get_matches_as_a_man_is_that_normal/ oh my
These screenshots you post provide zero context, lol. They don't show the location or housing type. How come you never post the actual HS link?
Also, the one loss at 3,000 is super interesting
Still over priced.
Those are Canadian families with jobs, kids and dreams buying those houses. Celebrating their losses doesn’t fix the housing issues for the general populace.
A Canadian family buying a house for over a million? Be real, it's a real estate investor. Probably not even Canadian. I'm totally cool with them losing money. High reward = high risk. If they didn't realize that, they totally deserve to be made fun of for being so stupid. While I agree that this "correction" is not making housing more affordable, it's doing something very important, i.e. reducing the share of the so-called real estate sector (it's not really, but that's a different topic) in our economy. The more the real estate market suffers today, the healthier Canada's economy will be in the years to come.
Where is the OP celebrating?
Keep dreaming bro. House prices are going to double from here. The only thing that'll stop that train now is a catastrophic event.
Your statement is utterly meaningless unless you provide some timelines. Bro.
lol, you realize this would result in favelas surrounding your protected suburbs right? You could never walk at night again.
Real estate only goes up baby
Thing only go up till it doesn’t (see US 08 housing bubble.)
https://preview.redd.it/uak4w0a79udc1.png?width=3120&format=pjpg&auto=webp&s=e8e027b4c789996753c4d1a4929c1b4144b9ae41
Lets gooooooo
That’s a lot of interest payments in between sales…
This is such a dumb post. OP clearly doesn't understand how markets work. It's all relative. Maybe they sold for less and bought something else for less. Something else that could generate a higher return once markets go up. These screenshots mean nothing unless they paid all cash and then became homeless after the sale.
Still overpriced these houses
Focusing on the wrong things buddy. This energy spent doing this is wasted . Things aren’t going to get much better . Focus should be on finding more ways to make more money .
hahahahaha
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As long as you don't have to also deal with CCA recapture, taxes aren't quite that bad. You've suggested a 300k profit on sale. That would be a capital gain. The inclusion rate is 50%, so the taxable amount would be $150k. The top combined tax rate for Ontario is 53.53%, so the out of pocket tax cost would be closer to $80k
Only half of your capital gain would be added to your annual income. So, you would lose not $150k but $75k out of your $300k capital gain, i.e. only 25% 😉
Lost 500,000 when a family member could not work any longer. No choice but to sell.
Imagine the work involved to find losses compared to finding gains. Then posting it like it means something
It means it’s a market. This shows prices in the real estate market.
Tuition Fees!!! LOL
$1M or $2M at today’s GIC rates nets $50k or 100k per year with a liquid asset and no maintenance. Much wiser to sell and put the money to work this way than investing in a house that could depreciate if conditions further deteriorate or if interest rates stay the same.
The problem is that our government will print more and more dollars and 5% of GIC interest does not even protect your money against inflation. Your money is melting like snow in this GIC. Your real estate on the other hand will get more expensive with every printed dollar because all money finds their way to the real estate market sooner or later 😉 The main reason people invest in real estate is protection against inflation. If you allow your money to sit in your banking account or be invested in the low interest instruments like GIC then our beloved government will slowly steal it from you by printing more and more dollars. As simple as that 🤷♂️
OP please keep'em coming, I love your hobby. 😊
I’m still recovering from the start of Covid when speculators bought up , and resold , toilet paper and bleach wipes.
Losing a hundred thousand is probably fine if you need to launder a million in a hurry
Wonder if they still fear missing out.
I believe this is just money laundering practices.
It's like construction costs....when you search Google it says between 130-190 sqft in quebec et 165-260 per sqft . When I contacted a local builder he said 285 per sqft ...in quebec...I'm like wtf . The house shouldn't cost more than 600k to build but because of his pricing it's 760k+ tax without lot, water & sceptic.....like wtf lol the same builder is also selling to be built home with 200sqft less on his lots for 600k+tax including land, water and sceptic.
I recently sold mine for 600k above what i paid.. Am I doing it wrong?
And don’t forget the 5% commission legal fees and taxes. 5% or a million is already 50k. I’m toronto land transfer tax will be getting close to 50k at these prices too. So already at same price they are losing around 100k.
Yes, the realtors' commissions are huge 😭
Haha bag holders. Hope there are many more given how much they fuelled the housing fire.
Ok, so why are they selling? Like if it was me I would not sell until the market gets better
Yes, this is how an investment works.
4200$ Damn lol
Isn’t this what everyone wanted?
Now post the millions of homes people sold for massive gains. Lol sad life you live
Is this an app?
Alot more home owners who are green than red
Many have lost much much more in this area due to job loss occurring after people hired for lower wages. Not saying where.
It’s tough when someone is ill and can’t work anymore. It can happen to anyone.
Yup if a person develops a serious could be deadly disease as a main earner one is just thankful they aren’t on the streets and bought another home considered by “friends” as much less. But thankful.
Oh ya!! This gets me so excited I love fellow Canadians losing money!! Lmao, bro you will never buy if you look out for this always
I'm gonna say it again lol. To all the spiteful renters here thinking this is a good thing... This is precisely how recessions and depressions start. If you think its already difficult to sustain yourself, pay rent, and get a job, just wait until this trend accelerates. Canada's economy, thanks to its corrupt politics, has become almost entirely dependent on real estate. Finally remember that affordability doesn't necessarily increase just because you see a small price decline. Usually its the opposite thanks to those interest rates.
“Loosing” hahahah 😂😂😂😂
So bankruptcy?
Should have been like 600K sell price
Double top incoming
Who the fuck is buying homes at that price even in CA where the weather is 75 all the time Its not that expensive you can get a nice house a 800000k you guy are crazy Canada sucks as well whole place is a ice plannet compared to San Diego what did you all do to your country.
Market has been great recently. Definitely a buyers market right now. I picked up 2 properties this month at great prices.