How does this forum feel about Canada having federally subsidized housing

[saturno_v]

Originally Posted by Natnasci

Just looking at the property that Saturno linked. Not really familiar with the Miami real estate market, but the site shows that this $890,000 USD property was sold in April of 2019 for $440,000 USD, down from its $499,900 USD original asking price.

In Florida is not that uncommon, the housing market does swing fairly wildly sometimes...two good examples, the first, a house was bought new in 2007, at the height of the boom, for $545K, current asking price is, 16 years later.......$599K!! Meaning, in 16 years, assuming the owner sells for the current asking price (a big if), that house gained literally nothing, zero. There is nothing wrong with the house I personally visited, it needs the usual refresh.

Second example, a house built in 2005 and sold new for 556K, it resold in 2011, bottom of the crisis, for 330K. Put on the market at the end of 2022 for 998K, it finally sold last November for 827K. Even considering the renovation expenses, that house had a rate of appreciation from 2011 that makes Vancouver blush...and it sold for a 170K discount over asking price. I also know this house and there was nothing wrong with it.

It is a two way market and you can make insane money if you buy at the right time or, conversely, you could lose your shirt or, at minimum, have zero appreciation for years.

I did not find the link to the special assessment for that condo

Property taxes for Florida residents are lower, I do not know if Redfin posts the general tax rates for for resident of the state.

HOA rates in these waterfront properties are higher than usual because they include the flood insurance for the lower part of the building. At that floor, your condo would not get affected by a flood but your garage, the amenities center, etc... would be.

Yes, property taxes are generally lower in Canada compared to US states, nothing new here but our mortgages are tax deductible where in Canada they are not.

For what I saw, a similar condo in Vancouver would list for well over 1.5 mil so when you compare what your dollars get ($8-900K condo in Van are not remotely comparable to this property) that BC advantage in tax rates is significantly reduced.

Do not be surprised if that condo sells quite below asking price, even 80-100K is not out of the question.

Asking price in Florida is a suggestion, in Vancouver often it's a base to trigger bidding wars.

I did not assess exchange rates in this discussion since Canadians earn Canadian Dollars and Americans earn USD.

[Natnasci]

Originally Posted by saturno_v

In Florida is not that uncommon, the housing market does swing fairly wildly sometimes...two good examples, the first, a house was bought new in 2007, at the height of the boom, for $545K, current asking price is, 16 years later.......$599K!! Meaning, in 16 years, assuming the owner sells for the current asking price (a big if), that house gained literally nothing, zero. There is nothing wrong with the house I personally visited, it needs the usual refresh.

Second example, a house built in 2005 and sold new for 556K, it resold in 2011, bottom of the crisis, for 330K. Put on the market at the end of 2022 for 998K, it finally sold last November for 827K. Even considering the renovation expenses, that house had a rate of appreciation from 2011 that makes Vancouver blush...and it sold for a 170K discount over asking price. I also know this house and there was nothing wrong with it.

It is a two way market and you can make insane money if you buy at the right time or, conversely, you could lose your shirt or, at minimum, have zero appreciation for years.

I did not find the link to the special assessment for that condo

Property taxes for Florida residents are lower, I do not know if Redfin posts the general tax rates for for resident of the state.

HOA rates in these waterfront properties are higher than usual because they include the flood insurance for the lower part of the building. At that floor, your condo would not get affected by a flood but your garage, the amenities center, etc... would be.

Yes, property taxes are generally lower in Canada compared to US states, nothing new here but our mortgages are tax deductible where in Canada they are not.

For what I saw, a similar condo in Vancouver would list for well over 1.5 mil so when you compare what your dollars get ($8-900K condo in Van are not remotely comparable to this property) that BC advantage in tax rates is significantly reduced.

Do not be surprised if that condo sells quite below asking price, even 80-100K is not out of the question.

Asking price in Florida is a suggestion, in Vancouver often it's a base to trigger bidding wars.

I did not assess exchange rates in this discussion since Canadians earn Canadian Dollars and Americans earn USD.

Running out the door, but to the highlighted point. They hid it really well. Took me a bit to find it again,

It's under "Sale and tax history for 701 Brickell Key Blvd Unit LPH-11" Then scroll down to the paragraph under the thumbnails, and click " show more "

"

[pdw]

Here is an article I stumbled across where a law firm discusses private public cooperation being necessary to get us out of the housing crisis in Ontario. Ihink it’s right on the money. Red tape is being removed as it is, even if there’s more work to be done it hasn’t had an impact on housing starts. If we want to reach the 1.5 million homes by 2030 goal, the private sector will not deliver solely from red tape being clawed back. Dollars need to be invested to build homes regular families can afford, not just investors buying their 3rd, 10th or 50th home to rent out. Our banking system makes it impossible for working families.