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Old 03-05-2024, 10:34 AM
 
1,259 posts, read 521,265 times
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Quote:
Originally Posted by hayleae1 View Post
CBC:
Affordable-housing buyers already owned homes.
B.C. Housing has sued 13 people, accusing them of lying to obtain below-market-price condos in Victoria

No surprise there. It's insane what's going on in Canada right now. Specially in BC. The Canadian dream is dead.
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Old 03-05-2024, 04:16 PM
 
3,950 posts, read 3,316,562 times
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Quote:
Originally Posted by cdnirene View Post
Yes Saturno, but can they or will they be able in future to get home insurance in Florida?

Can lawmakers save the collapsing Florida home insurance market?
Yes you can, do not get into a high flooding risk area. My home insurance in Tampa cost me the same as Seattle.
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Old 03-05-2024, 04:29 PM
 
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Quote:
Originally Posted by pdw View Post
I remember hearing Miami is in the most expensive real estate markets in the world, I believe rents around around the same as Toronto and Vancouver if not higher. I’m surprised it hasn’t spread to Tampa.
I know Florida is a big state but every town in Ontario basically from Chatham to Ottawa to Parry Sound is unaffordable now. Even rural areas, small houses get listed for $699k. What does Tampa do so differently you think that the housing crisis hasn’t spread there from Miami?
Even here, I do not know where you got your info about Miami being the most unaffordable market in the world....quite the contrary considering its international caliber and desirability. It is a bit more expensive compared to Tampa but good deals abound.

Again, a cursory look reveal quite plenty affordable properties.

Here is one, Miami proper, nice building low 400K, 1200 sq/ft, pretty new (built in 2006), really nice amenities (gym, pool, patio, etc...) no flood risk, reasonable HOA fees.

https://www.redfin.com/FL/Miami/6861.../home/43432530

Sure, if you want ritzy (high rise, water view, etc...) you pay ritzy prices.
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Old 03-05-2024, 04:42 PM
 
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Very ritzy area, really nice condo, 1270 sq/ft high rise with spectacular view, HOA a bit high ($1200) which covers your flooding risk for the lower part of the building. All the amenities in the book. Priced at $890K. In Vancouver this would easily command a 1.5 mil asking price but probably quite more...and Vancouver ain't Miami.

https://www.redfin.com/FL/Miami/701-.../home/43335604

Last edited by saturno_v; 03-05-2024 at 05:01 PM..
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Old 03-05-2024, 05:45 PM
pdw pdw started this thread
 
Location: Ontario, Canada
2,692 posts, read 3,109,820 times
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Quote:
Originally Posted by saturno_v View Post
Very ritzy area, really nice condo, 1270 sq/ft high rise with spectacular view, HOA a bit high ($1200) which covers your flooding risk for the lower part of the building. All the amenities in the book. Priced at $890K. In Vancouver this would easily command a 1.5 mil asking price but probably quite more...and Vancouver ain't Miami.

https://www.redfin.com/FL/Miami/701-.../home/43335604
This list puts Miami as #10 on most expensive cities in the world. Toronto doesn’t crack the top 20 anymore surprisingly, neither does Vancouver. Surprising, because I think both cities used to be in the top 5 but I guess things changed recently as the rest of the world has caught up.
https://qz.com/these-are-the-worlds-...023-1850556595

$890k USD in Canadian dollars is $1.2mil. That’s doable for a similar condo in Toronto, not sure about Vancouver. Still you’re right, Miami is a much nicer city.
There’s a website called that compares cost of living between cities. It says rent’s are 32% higher in Miami than Toronto, although you’re correct for some reason the selling prices per square metre are higher in Toronto. Not sure why that is.

Last edited by Yac; 03-13-2024 at 05:31 AM..
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Old 03-05-2024, 07:05 PM
 
3,950 posts, read 3,316,562 times
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Quote:
Originally Posted by pdw View Post
This list puts Miami as #10 on most expensive cities in the world. Toronto doesn’t crack the top 20 anymore surprisingly, neither does Vancouver. Surprising, because I think both cities used to be in the top 5 but I guess things changed recently as the rest of the world has caught up.
https://qz.com/these-are-the-worlds-...023-1850556595

$890k USD in Canadian dollars is $1.2mil. That’s doable for a similar condo in Toronto, not sure about Vancouver. Still you’re right, Miami is a much nicer city.
that compares cost of living between cities. It says rent’s are 32% higher in Miami than Toronto, although you’re correct for some reason the selling prices per square metre are higher in Toronto. Not sure why that is.

Comparing home prices across countries is tricky because of exchange rates, what I meant to say is that for Americans Miami is quite less expensive compared to what Toronto or Vancouver are for Canadians....we earn American dollars not Canadian dollars.

Numbeo is useful but not always accurate.

Miami in the top 10 in the world?? I do not know, it sounds a bit off...maybe if we do a raw number comparison across the countries not taking in consideration local incomes

I do not know for Toronto but Vancouver returns (in %) on rents have always been lousy considering how much capital you need to fork out to buy the property in the first place.

I took another cursory look at Miami on Redfin and simply sorted by prices from low to high

I found condos starting at 70K......seventythousands

Look at this....is not even located in a high flooding risk area

https://www.redfin.com/FL/North-Miam.../home/43006705

Last edited by Yac; 03-13-2024 at 05:31 AM..
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Old 03-05-2024, 07:33 PM
pdw pdw started this thread
 
Location: Ontario, Canada
2,692 posts, read 3,109,820 times
Reputation: 1842
Quote:
Originally Posted by saturno_v View Post
Comparing home prices across countries is tricky because of exchange rates, what I meant to say is that for Americans Miami is quite less expensive compared to what Toronto or Vancouver are for Canadians....we earn American dollars not Canadian dollars.


Miami in the top 10 in the world?? I do not know, it sounds a bit off...maybe if we do a raw number comparison across the countries not taking in consideration local incomes

I do not know for Toronto but Vancouver returns (in %) on rents have always been lousy considering how much capital you need to fork out to buy the property in the first place.

I took another cursory look at Miami on Redfin and simply sorted by prices from low to high

I found condos starting at 70K......seventythousands

Look at this....is not even located in a high flooding risk area

https://www.redfin.com/FL/North-Miam.../home/43006705
That’s a co-op but the pricing is pretty fair for what it is. Co-ops and lifeleases in the GTA are all over 300k and you have to consider that banks do not give mortgages for these, it’s either cash or high interest loans with minimum 40% down. 70k is what it should cost, but idiots in Ontario are selling trailers on leasehold lots that need to be replaced at 20 year intervals for 400k so sanity has left the building here. I really don’t know what the solution is unless we get an appetite as a country for funding massive construction in public housing. I think the banks and our financial system is ultimately to blame. The only investment more lucrative than real estate nowadays is crypto, and crypto doesn’t have all the financial loopholes to avoid paying capital gains taxes like real estate does. As a non homeowner I really don’t have much to offer besides the worlds smallest violin if people take a hit on their net worths if housing crashes. Yeah it would suck to pay more every month for your mortgage than new buyers but if you can afford it, you can afford it and right now 95% of people can’t at current market rates.
I don’t even care if I ever own a home, just do something so rents aren’t outpacing the rate of salaries going up. People working 40 hours a week with university degrees shouldn’t have to stress if they have to quit their job and move to another province if their landlord wants to sell.

Last edited by Yac; 03-13-2024 at 05:31 AM..
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Old 03-06-2024, 01:58 AM
 
Location: Alberta, Canada
3,632 posts, read 3,426,926 times
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Quote:
Originally Posted by saturno_v View Post
By the way, red neck Florida has a homestead law that protects your primary residence from creditors in a bankruptcy court.
Canadian provinces do too. Maybe not the whole worth of the residence, but in Alberta for example, you'll be allowed to keep at least $40K of the equity. Plus a reasonable car--maybe not a BMW or a Mercedes, but a Honda or a Chevy would be just fine. Perhaps not the same as Florida, but at least you won't be left absolutely broke and destitute if you declare bankruptcy. The idea is to leave you with enough tools to build back up, not to punish you.
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Old 03-06-2024, 12:41 PM
 
Location: Vancouver
18,504 posts, read 15,599,110 times
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Quote:
Originally Posted by pdw View Post
This list puts Miami as #10 on most expensive cities in the world. Toronto doesn’t crack the top 20 anymore surprisingly, neither does Vancouver. Surprising, because I think both cities used to be in the top 5 but I guess things changed recently as the rest of the world has caught up.
https://qz.com/these-are-the-worlds-...023-1850556595

$890k USD in Canadian dollars is $1.2mil. That’s doable for a similar condo in Toronto, not sure about Vancouver. Still you’re right, Miami is a much nicer city.
that compares cost of living between cities. It says rent’s are 32% higher in Miami than Toronto, although you’re correct for some reason the selling prices per square metre are higher in Toronto. Not sure why that is.
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.


Maybe Saturno can answer this, but what the heck happened to make the new asking price $450,000 USD more? Anecdotal, but knowing many who own here in Vancouver, myself included, our properties, and some of us have very desirable ones, haven't doubled in 5 years. It took 10 years for Vancouver to do that.

Plus you factor in that this condo according to the link provided states "There is a 2019 special assessment of $634.03/month currently in place." It doesn't say for how long. One would think that would lower the asking price not raise it, however I understand we don't have the whole story about this condo. So this $890,000 USD property may be a reduced price, plus the added insult of still having to pay an assessement.

Then you factor in the property taxes on a property. I know the taxes are based on assessments not asking price, but they are usually fairly close.

Property tax on a $890,000 USD property in Miami will be $660 USD per month or $7,921 USD per year.

So if you included all this, besides your mortgage home insurance etc, you will be paying $2,560 USD per month to cover those costs.

Special assessments, here in Vancouver are usually paid in full at the time the strata requests them. So the price will reflect that. In other worlds if there is a special assessment on a unit of $40,000, a buyer can see that and make sure the price is adjusted for that. As far as I know, I've never seen a monthly special assessment of considerable size here.
The stickler though is property taxes. Looking at what the property taxes in Vancouver on a $890,000 CAD property is.

Property tax on a $890,000 CAD property is $2,475 CAD per year or $206.25 CAD per month, although here property taxes are paid in two instalments. Plus if it's your primary residence in the Vancouver area, you get $570 CAD knocked off,( $875 if your are 65 or older) so your property taxes on a $890,000 CAD property a year will be $1,905 if you are under 65.

I realize this is just one condo, but my point is, just throwing out an asking price and showing something shiny doesn't tell the whole story and perhaps this example wasn't the best.

Last edited by Yac; 03-13-2024 at 05:31 AM..
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Old 03-06-2024, 01:48 PM
 
148 posts, read 116,581 times
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CBC:
Outrage follows revelations over affordable housing program abuse
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