/biz/ - Business & Finance

>>11253839
Becuase you justed posted your new address on a Mongolian dick slapping forum and anons will send you random shit and fuck with you

Also the housing bubble is about to burst

>Give me one good reason

Canada.

Idk I got a big 4 bedroom house with a huge cottage 1/2 mango tree and other shit 5 minutes away from ft lauderdale beach

>>11253851
Pretty much this

>>11253859
florida is good for vacations; i would never live there. too many sketchy fuckers and niggers.

>>11253839
The building is unsafe. Look at the concrete ceiling. It's tilting downwards. The wet spots are indication of cracks.

>>11253880
Florida’s got a lot of nice places
Boca Raton is great

>>11253912
How do you be smart enough to know this stuff? I'd probably just trust it's fine then die in a minor tremor because my roof fell on me.

$498 monthly maintenance fees and a fucking property tax
50% tax on a salary to support such fees
Literally a full blown communism

>>11253839
350k is literally nothing. Who are you? Buy it faggot.

>>11253839
some redicilous rockstar bilboard on the left there blocking the nice view

>>11253839
>589 Sq Ft 1 Br
>Rooftop S/City View Pool-On Site in TORONTO, how many weeks can you use this?

349k sounds like a lot of money for 1 Br cuck box. Go for it OP. Have fun inviting over a woman to peg you.

>>11253945
Freedom isn't free. Check your privilege.

Rob ford is a definite plus for Ontario now, I’d like to be around in Toronto these days to witness maximum liberal butt hurt.

>>11254124

Eh... we will see on that. Ontario is messed though. I'll try not to complain to often about the conservatives being in.

>>11253839
good location, price is alright. strata fee is kind of high. i'd ask for the strata minutes to find out if there are any imminent repairs needed and what major repairs happened last.

>>11253839
Whites are basically a minority there.

Need a better reason?

>>11254137
https://www.realtor.ca/Residential/Single-Family/19944234/812--18-YONGE-ST-Toronto-Ontario-M5E1Z8-Waterfront-Communities-C1

thoughts?

studio but fucking prime location

might as well live in a shoe box. Developer here. We get the cheapest shit from chine and make your walls out of paper enjoy listening to your chad naighbour fucking new bitches every night, your pipes blowing up, toilets not flushing, and elevators braking weekly. Enjoy the street shitter of a security at the front desk and a view of other retards living same retarded life style as you.

>>11254165
studio? no.

>>11253839
One of these condo buildings is in ontario canada. The other is in the previous USSR. Spot the difference, that should answer all your questions.

>>11254205
your comparison is an oversimplification. OP is not just buying a unit in a building, he's buying a unit in a building in a LOCATION. you're not a brainlet that thinks people only buy property based on the actual property and not the location right?

>>11254240
>Toronto
>Muh location

Clearly you missed my fucking point

>>11254255
you're a retard, fuck off

>>11254255
and what's the point in comparing a building in Ontario with a building in the USSR?

>>11253839
Why the FUCK would anybody buy a condo in Toronto right as the bubble is popping

>>11254031
>>11254137
>price
isn't the price pretty good, it's less than $1k/square foot, which seems to be the going rate in downtown Toronto

>>11254168
then what should he get?

I too am looking to buy a condo in toronto. but everything seems so expensive

>>11253912
>>11253938
If it's a condo built in Toronto in the last 10 years it is basically garbage, watch this documentary for more information

https://www.cbc.ca/doczone/episodes/the-condo-game

>>11254168
This

See this documentary >>11254318 for more information, people buying condos in Toronto and a year later they are already falling apart

>>11254205
Developer here. Actually USSR buildings are pretty good they used bricks to build those things. Cant hear neighbors, super warm in winter high ceilings huge rooms. excelent pluming.

is that the one above the beer store

>>11254420
yeah

>>11254331
Developer here. Right on! Exactly what this chad says. I would go back a lot further than 10 years. Think 20. If you cant afford anything over 1-2mil or custom built house then you are fucked.

You want good condo? Palace Place or Palace Pier type of condo. Look it up buy it and stay wealthy.

Ceiling is leaky, poor foundation. And for this reason, im out

>>11253851
muh housing bubble

Its hard to believe in this if you are a zoomer (20yo) can someone elaborate

>>11254441
To clear that up. 1-2mil but nothing that was build in the last 20 years. Stay the fuck away from that. Unless you know exactly what went in to the building and where it came from.

>>11254441
are there any good current developers? Tridel?

w-what if you can't even afford a $500k condo? i'd have a 20% downpayment for a $500k place, but mortgage+condo fees+property tax will be 70% of my income

>>11253839
Because Toronto is a shithole. Why would anyone want to live downtown, much less pay such an unreasonable price

>>11254476
Its a sink hole. AKA they sell life style, you buy in, get rekt. I would go for older apartment buildings that have been renovated from ground up including piping. Maybe around high-park area. Or some of the older 2 story apartments near st.clair and young. "Good developers" lol. Unles you have $ to hire a private developer you will bask in the same shit as the 99% of Torontonians. Save your money and hope better times will come or a single 5.5 black swan earthquake levels entire city.

>>11254510
what about etobicoke?

https://www.realtor.ca/Residential/Single-Family/19954586/1711--625-THE-WEST-MALL-CRT-Toronto-Ontario-M9C4W9-Eringate-Centennial-West-Deane

>>11253839
Toronto is a cesspool. Condo's are a poor investment. Toronto is in a real estate bubble. Those glass condo's get hit with huge special assessment fee's because they break down.

>>11253839
>In Toronto

Honestly I think it looks kind of comfy. I doubt its a good investment but if you have the money from crypto and Toronto is where you want to live then cool. So many basement kids here have no idea...

FOUR HUNDRED
AND
NINETY
EIGHT
DOLLARS

MONTHLY
MAINTENANCE
FEES

HOLY FUCK THE KIKES ARE STEPPING THEIR GAME UP

>>11255701
And we just keep taking it kek

>>11253839
i mean why not it's near u of t you can rent it out to some rich chink

>>11253855
>free healthcare
>legalized weed
Honestly why the fuck not?

>>11255776
>free healthcare
>free
>provided by government
>free

>>11255791
It's okay, just half your tax dollars go to keeping 90 year olds alive.

>>11255776
>free
40% in taxes is not free

>legalized drugs
not important for me

>>11255730
hahaha we sure are. we're all just a bunch of cowards living on our own little island screaming at the other islands on how they should live.
We're scared to do something, best to just stick to ((their)) laws and rules so we wont have to go to jail or get into twouble teehee. Im a good goy! Maybe my STEM study will net me 100k a year, matter a fact, everybody who studies and works hard should be making 100k a year! Yeeeeeeeehhhhh

>>11255776
>dude weed lmao
Grow up and be man

>>11254331
>the guy at 31:50
what was his problem?

>Canadian cities have more niggers than most American cities

But muh weed

Good trade off, leafs

>>11255776
> Canada

>>11257048
i'm from Toronto and traveled to NYC. you are categorically false

downtown toronto and vancouver are full of chinese though

>>11253839
Its in Canada.

>Maintenance Fees
>$498.24 Monthly

>mom has been thinking about getting a condo when she's ~5 years from retirement
How do I talk her out of this stupid idea? I figured she'd have more sense after being fucking foreclosed during the 2008 housing crash.

MFW this would be literally double the price in any reasonable nice neighbourhood of London.

>>11257978

yeah but London is actually an important and interesting city.

Toronto is like a bigger Cleveland.

Wouldn't be surprised if it gets bid up past asking anyway

Worst photograph of an apartment ever?

>>11254031
Yep. I wouldnt buy a condo to live in unless it was at least 1.5K sqft & 10 foot+ ceilings and an open floorplan. Cant imagine living in a cuckbox.

>>11253839

We know where you are going to live OP.

>>11258567

Nope. Those days are OVER.

Two interest rate hikes before EOY, means people are not going to get qualified for these mortgages, they will have to pass a 7% stress test.

Prices are going down in the next 2 years.

housing bubble incoming in Tor/Van

>>11254205
The commie one looks comfier

>>11257827

That's actually relatively low. These fees average $700-800 monthly for Toronto cuckbox owners

>>11258792
except it's foreigners buying these places as investments. they don't even need the mortgage

>>11258945
Stupid gooks.

>>11254384
No man.
USSR apartments are made of concrete panels, connected by ferrous hooks.
Those hooks will reach it's lifetime and disintegrate from oxidation within 40 years.
They were not even projected for such long use.
Spoke with concrete manufacturer and two architects on that topic.
It's a scam. We are going to see a literal apartment crashes here in eastern europe.
Buy only brick apts.

>>11253839
Because you could buy a house for the same price anywhere else that isn't Toronto

>>11256739
Do you drink?
Then fuck off

>>11258792
Yeah Canada is fucked not sure how people can afford such expensive houses

I work in the trades in Edmonton which is like the cheapest large Canadian city and even buying just a basic ass 300k house it would take a little over half of my post-tax income just to pay the mortgage and insurance and utilities and property taxes and all that shit

>>11255701
Developer here. That is a start. They tend to go up to 800 and up depending on floor, area, and condo. It is a trap so stay the fuck away.

>>11259081
fuck off to pol

>>11259743
>I dont like your opinion, back to pol REEEEEE

>>11253839
It has a painting outside its balcony.

>>11253839
Because it's a condo

>>11258945

That's a meme.

Stupid Chinks and money launderers from Armenia and Iran are less than 10% of the demand.

>>11259691

Precisely, imagine the horror some of these housingcucks in Toronto will face when they have to re-new a $700K monster plywood mortgage at 2% higher.

>>11259958
What horror? Just extend the amortization period.

>>11258945
see
>>11259942

It's not foreign investors driving the prices up. It has been low interest prices and the ability for any moron to get a loan...coupled with speculation.

The foreign investors is all just FUD used by politicians..

>>11254255
What is your point? The bottom pic is obviously the Toronto condo.

>>11253839
In general buying condos in Toronto right now is a pretty bad idea for several reasons.

1. The entire building might be a pure investment vehicle, meaning it was slapped up quickly to attract investors to then flip, sometimes before the building is even finished.
2. Even if the building wasn't designed purely for people to flip, it's almost guaranteed that it was constructed using the cheapest materials possible, in the shortest period of time. Expect regular AC or heater breakdowns, an insufficient number of elevators which break down weekly anyway, etc.
3. If you buy a unit form someone who expected to flip it, then the fixtures will be the cheapest possible, and those are unimaginably bad.
4. The market is so overpriced that you're probably better off renting for the rest of your life because you might manage to even save money that way. Don't expect a crash, people have been waiting for one for over twenty years.
5. The "low" maintenance fees are a trap. Maintenance fees are subsidised by the developer for the first few years. Once that subsidy is gone expect to pay something like one thousand CAD per month.

>>11253880
Florida has pockets of amazing places but yes generally it is a sketch place but those pockets are fucking worth it.

Think high risk, high reward kind of setting. Plus the casinos in the state are a little bonus since i'm a degen gambler lol.

>>11258792
Here's hoping. I doubt it will happen. I still see houses going for way over asking.

>>11254441

>there are people who will pay over a million dollars for a cuck box in some crime infested shit hole of a city

>>11254255
ottawas better then torahna

>>11260117
I hear there's a big homeless problem in downtown Ottawa these days though. Also the city centre is quite small, so there's not much to do.

>>11253855
/thread

Because condos are FUCKING SHIT. Buying a condo is a bullet straight to the fucking temple. First of all theres about 27728828382 condos per square mile in Canada, so dont even consider selling that shit considering anyone can find a brand new one at cheap price, so nobody cares about your old condo even though its "renovated",no one gives a shit. Ive bought one in 2009 ,rented it for 4 years and in 2013 i couldnt sell it, i was able to sell it in 2017 loosing only 5k, which is heaven scenario when selling these absolute PIECES OF SHIT. And the guy i sold it to is already trying to sell it. Fuck these things

All

what is the proper amount of savings/salary, and proper first time home buyer mortgage loan % to buy say a 450k house.

I got about 80k saved up
making 60k at the moment

Toronto sucks ass, went there and the suburban sprawl was fucked, took at least 1 hour to drive anywhere, massive freeways and power lines everywhere, expensive as fuck, hyperliberal retards everywhere. It's basically a shitty cold Los Angeles with asians and pakis instead of mexicans

>>11260292
Yes, condos are a commodity scam made for speculators, not an made to be an actual home

>>11260355

Going in with less than 20% down makes no sense. The CHMC insurance will eat up your principle if you go in with less.

>>11260426
Why have i been hearing about first time home buyers getting super low loan rates.
low enough that you dont want to put anyhting down

>>11253855
Checked fpbp

>>11260447
They are going to get buttfucked when they renew their mortgage in 5 years

Canada is in a bad situation regarding this, in the American bubble interest rate were locked in for 30 years unless you got one of those NINJA meme loans that start with low interest rate then increase after a few years, in Canada EVERY loan is like that

>>11260478
Well I wouldn't sign a non fixed rate

so the whispers of very low first buyer rates is not true?

>>11253839
Interest rates going up in the US

>>11258792

I sure hope so friend

https://www.youtube.com/watch?v=JBcKAg4bDQo&feature=youtu.be&t=55

>>11260355
are you in Canada? is the 60k gross or net?

apparently most canadian banks are capping their mortgage at 4x gross income

on top of that, after mortgage+condo fees+realty taxes+utilities, on $60k gross you will probably be house poor

t. guy that makes $70k gross, have $100k+ saved, but still can't afford to move out of my parent's place in the GTA suburbs

>>11253917
based bocaboomer in this thread

>>11254627
My girlfriend lives in the area. West Mall/Rathburn is nigger infested scum area and she has to deal with hearing about shootings/stabbings on a weekly basis. The genius city planners thought it'd be great to shoehorn a bunch of nigger community housing right across the street from nice white single-family houses, meaning the nogs always come to her side and fuck shit up because muh diversity.

>>11259743
>>11259850
It's not even opinion but a fact.
It is you dumb fuck presenting fabulations about Soviet Union, when you actually know nothing. Communists didn't build blocks from bricks. Kys faggot larper

>>11254627

Etobicoke anon here.

Some fucking twink-ass developer-built condo townhouse is easily 600 to 800K here, even more once you get close to the lake. Traffic in South Etobicoke is getting really bad since they started erecting these grotesque high rise towers near Sherway and along Lakeshore. It's gonna get fucking brutal.

I'm happy renting at 1,300/month. Not participating in this race to be a goddamn cuck. Will be buying a nice place in Kitchener instead, where White people still exist.

>>11254627

>$900 maintenance

And that's before the board decides to dip into the fund to repair the damage from the last crackhouse fire in one of the units.

>>11262393
>I'm happy renting at 1,300/month
where do you rent at 1,300, in etobicoke? do you work in downtown toronto?

i want to move out from the suburbs but downtown (where i work) is too expensive for me. but if i lived in etobicoke, i'd still need to commute, and i don't know if that's worth moving out for

>>11262747

It's a CAPREIT lowrise which I've been at for 10 years, so they haven't done any renos or increased my rent beyond the minimums they are permitted for inflation.

I also work next door, literally 200 metres away on Evans Avenue, avoiding sitting in a metal rage cage on the QEW in traffic every day. I work a pretty crappy sales and IT support job for a business, but the money is OK (80 grand), but it's not like a career or prestigious, but allows me to save so much more and enjoy life more than the careercucks downtown making 120K and spending 3/4 of it on housing.