Baby, we got a bubble!?

[slickpete83]

Half-bedroom rentals are becoming a thing in Toronto as rent prices soar

There once was a time, believe it or not, when $750 a month could get you a decent place to live in downtown Toronto — with roommates, of course, m...

www.blogto.com

i wonder if we get to a point , where home owners start renting out their driveways to park RV homes to rent out lol...
💡💡 buy Broken RV with 2 small bedrooms, park it on your driveway and put it up for rent as a 2 bedroom unit

 

[jozl]

This is disgusting. This city is choking itself with runaway greed. Where are our legislators? Cities can collapse in just a few years. People need homes.

 

[000]

I'm in the process of selling my downtown investment condo. I only had 1 offer in 6 months, the real estate market has been terrible for liquidity lately.

I decided I.don't want the headache of managing a tenanted property anymore. People with mortgages are seeing costs skyrocket. Condo fee increases above inflation also hurt. Owners and renters are both feeling pain.

In the meantime there is rising homelessness and crime. IMO John Tory has totally lost control.

Hopefully my money can be more productive somewhere else.

 

[slickpete83]

This Toronto couple built a $550,000 laneway house as a place to retire. In the meantime, they’re renting it out for $3,200 a month​

This Toronto couple built a $550,000 laneway house as a place to retire. In the meantime, they're renting it out for $3,200 a month

They'll pocket the extra income until they're ready to move into the laneway house themselves

torontolife.com

ok this laneway housing thing is not really helping make things more affordable , dam boomers jk......lol....

 

[lenaitch]

This Toronto couple built a $550,000 laneway house as a place to retire. In the meantime, they’re renting it out for $3,200 a month​

This Toronto couple built a $550,000 laneway house as a place to retire. In the meantime, they're renting it out for $3,200 a month

They'll pocket the extra income until they're ready to move into the laneway house themselves

torontolife.com

ok this laneway housing thing is not really helping make things more affordable , dam boomers jk......lol....

Well, it's two houses where one was before. Although their financial situation isn't described in detail, it is assumed they have a significant debt to clear plus perhaps build for their retirement. Affordable housing, however that is defined, can't fall on individual private property owners.

 

[evandyk]

It can't hurt, but nobody actually thinks laneway housing is going to make a dent in Toronto's housing crisis. It's just a small measure to assuage the guilt of city councilors who won't actually do anything material.

 

[kEiThZ]

I'm in the process of selling my downtown investment condo. I only had 1 offer in 6 months, the real estate market has been terrible for liquidity lately.

I decided I.don't want the headache of managing a tenanted property anymore. People with mortgages are seeing costs skyrocket. Condo fee increases above inflation also hurt. Owners and renters are both feeling pain.

In the meantime there is rising homelessness and crime. IMO John Tory has totally lost control.

Hopefully my money can be more productive somewhere else.

That's the point of rate increases. I hope more investors make the same choice. And if they don't, they are going to get a very expensive education in how capital markets work. Everybody looks like a genius when capital is cheap.

 

[slickpete83]

wow what a layout, toilet in the hallway outside the unit lol.., but at least u get a sink and shower room, I'm sure the guys will get lazy and just go in shower sink room so they don't miss the sports game on tv 😂🤣

https://twitter.com/i/web/status/1610507872575578112

 

[Jonny5]

wow what a layout, toilet in the hallway outside the unit lol.., but at least u get a sink and shower room, I'm sure the guys will get lazy and just go in shower sink room so they don't miss the sports game on tv 😂🤣

https://twitter.com/i/web/status/1610507872575578112

A shared toilet is not actually some new or unusual thing. It's a very old idea, because of plumbing constraints, that still did persist until not long ago in many older buildings.
It's certainly interesting seeing it being a shock and surprise to some, especially in the era where Toronto is going all in on rooming houses for which shared toilets are just a basic accepted practice of how they work. The shower in unit is actually the luxury and which should be commented on, as it would usually also be in the shared toilet room. They probably couldn't get anything but pure waste water piping that far away form the center of the building.

But, sure, it's all the "central banks" fault...

?

 

[Undead]

But, sure, it's all the "central banks" fault...

He's referring to the central banks pumping way too much credit into the economy. This has exacerbated the issue of people being forced to rely on low quality housing.

Rooming houses always existed, yes. But when they become the norm for housing market entrants, we have a problem.

Of course, this doesn't detract from zoning, NIMBYs, regulations, trades labour and other issues.

 

[Deadpool X]

Looks like peak bubble right here:

https://www.cbc.ca/news/canada/toronto/ontario-homebuyers-struggle-close-1.6685427

If they have to live hand to mouth to buy a $2 million house then they should not have bought in the first place. They themselves are responsible for their situation. They could have settled for a $1 million house and saved the rest for emergency expenses.

 

[slickpete83]

^ or plan B(rampton) joking... , divide the basement into 12 rooms and rent it for $500/room to students= extra $6000/mnth to cover the cost
but yeah i agree ,guy could have just bought a 1 million detached home back in 2021, why would anyone need that square footage of a 2 million home for a small family

 

[slickpete83]

 

[Deadpool X]

That's a significant chunk of purchase price.

 

[Cryptopreneur]

Kinda off topic but never trust a developer will be as nice with you, as they are when you're purchasing a unit, after sale.. Awful experience. Quite shocked to be honest. I understand the markets are bad for developers as well, but being this large of a developer and not even communicating directly with me? Bold move... would make for a good news story though!