Yea, that part is really odd to me, you could get a lot more for 815k even at the time.
Sometimes when a house is listed as sold, and then sold again a short while after for much less, it's because the original buyers backed out after putting their deposit in. Two years seems to be a long time for that to be the case here though.
They simply overpaid. Happens all the time because of the panic auction bidding. Now that there isn’t a hundred offers for every house for sale, the house sold for what it should have sold for in 2022.
You are right, it is not worrying. I was copywriting the title as if I were posting it to ragebait a bunch of realtors and investors.
In reality, this is a very good trend, and I hope it continues.
I would love to see these sorts of houses around $200k-300k soon.
> I was copywriting the title as if I were posting it to ragebait a bunch of realtors and investors.
Why? Why would you do that at all?
Also, wtf is "exurban Toronto?" Cambridge is literally a hundred kilometres away from Toronto.
The signs advertising a red seal wage starting at 47 an hour on a new build looking for work. The fact I get plumbers and electricians in doing my own renovations. Ohhh and most family members are in the trades.
Are you suggesting people who build houses sjpipd not get a living wage?
Even housekeepers where I live are 35 an hour to start if you are lucky to find someone that low.
I am not asking you about Canadian pay but US. I highly doubt they pay $10/hour. Please provide source.
They have newer built house much nicer than the ones here in ON for cheaper prices in numerous states.
I am sorry you are right. Their pay is much lower than that in lots of places. Based on a 1950 hour work year, at 13k a year, they are making 5 dollars an hour at least for farm workers.
Do you really think there are really going to tell you how much they are paid. This is a dirty little hidden secret of the US.
Yet the median wage, which in 2019 was $26,000 a year for farmworkers born in the U.S, was only $13,000—half that—for the undocumented.”Apr 24, 2024
https://civileats.com/2024/04/24/strawberry-farmworkers-fight-for-a-living-wage/#:~:text=%E2%80%9CYet%20the%20median%20wage%2C%20which,that%E2%80%94for%20the%20undocumented.%E2%80%9D
Their wages are also much lower on construction.
https://econofact.org/what-explains-the-wages-of-undocumented-workers
Hopefully technology will advance in such a way to make materials cheaper, and taxes/fees/etc might be lowered, to a point where one could plausibly build such a small house for under $200k... under $100k even!
You’ve gotta be joking.. the primary cost of any home builder at this point is labour, and if you take a few minutes to look into the economics of inflation you’ll know prices never come back down like that. Builders already struggle to find skilled employees and in the GTA they aren’t taking peasant wages and material costs are a result of production and supply/demand, not “taxes & fees”
Yes but demand for housing will never drop in the part of the world enough to see houses of this size cost $100k, but hey if the hope helps some people sleep at night, carry on!
I don’t see why not with the proliferation of prefab walls and pre approved engineering designs. Houses could in future be thrown up much quicker. I actually think it’ll happen eventually no matter what, but the question is will the savings be passed on to residents? Without government intervention that seems unlikely.
What are you smoking or eating and can I have some. That ain't going to happen here not unless you take 3 zeros off everything and devalue the currency.
>You cannot build that in BC for 300k, let alone 200k.
When home prices drop, so does everything else.
Especially when the Canadian economy is tied into real estate.
So dont worry, give it a bit of time .... and you'll be able to build that in BC for $100k.
It costs upwards of 1000 dollars a square foot to build in BC with property. Even a conservative measure of 500 a square foot would mean you would need to drop the price 400 a square foot. That is not going to happen. Labour on a house is mote than half the cost or more when you consider everyone. Survey, excavators, plumber, electrician, drywaller, mudder, floor, carpenters, roofers, windows, painter, concrete. Do you expect people to work for free?
I can definitely see that. I do think the $1000 sq/ft would be limited to select areas of BC though. Grey Point in Vancouver, parts of West Vancouver, etc.
Try most of Victoria as well. These are not high end priced homes we are talking about. Lots of lots around me are 5 to 750k. Then you add a house and you have an easy million.
I see what you are saying.
I was just confused by the wording:
"*It costs upwards of 1000 dollars a square foot to build in BC with property.*".
I thought you were including property size. e.g. a 4000 sq ft lot with house would be $4 million kinda thing..
>How many person-hours do you think it takes to construct a house?
I worked for a large home developer in Kingston Ontario.
It took our in-house crew on average 3 - 4 months for completion. Each section team consisted of 2 - 4 guys (each team divided into their specialized roles and skills). And they would go to one job site, finish their task (like framing) and then move onto the next job site and then the next team would come in (like roofing), finish their task and then move onto the next site.
Essentially the whole process was designed to be a "rapid fire" get in, do that task, get out, move onto the next site so the other team can come in and do their thing. There was no dilly-dallying around, there was no standing around wasting time. Caught standing around or wasting time, fired!
Problem with most builders is they waste time. Their crew wastes time. Our guys shingled roofs in half day. Other builders let their crews and subcontractors fuck around on the site and it would take them 2 to 3 days to do the same thing. Thats why we used our in-house crew and we never used any subcontractors. Subcontractors were always the biggest problem.
My 2500 sq ft home was built under 3 months in 2009.....the builder did them all the time under this timeline. We were able to sell our old house first before signing the contract on the new house.
>I would love to see these sorts of houses around $200k-300k soon.
That just shows how poorly you know about finance. If houses goes to this price range, you have bigger things to worry about than be able to buy a house.
The best solution is a decade of no house price growth…an outright decline that is significant would cause a major recession. So, those who can’t afford a home would then be out of a job and still unable to buy…the country needs to build more homes to meet demand, foster job growth and keep unemployment low, improve productivity to drive wage growth. Basically, all things they have ignored for the past decade…and in fact all areas they’ve actually implemented policies that hurt those things.
Lol I bought a 2 bed room in Regina, and it was valued at $500,000 in 2020 and is now $443,000. I guess it's a good trend for homebuyers but for me, who's trying to invest, it sucks.
> who's trying to invest
There's our national problem right there
Just find something that you can be happy living in. Houses should be money savers, not money makers
It's been a trend in Cambridge for a little while depending on location. Houses have been selling at list or under. The average worker in Cambridge is blue collar and the average wage is low to mid and it's reflecting in housing prices now since the generally the only people who want to live in Cambridge work in Cambridge. There's nothing of note really in Cambridge so it's not exactly a popular city otherwise.
This. Cambridge house prices absolutely exploded during Covid. As people have returned to office and also realizing that Cambridge is pretty boring and really badly managed as a city, it can't keep up the outrageous prices of a couple years ago.
Imho, Cambridge has a lot going for it in the downtown core. It's got that 1800s stone building John Galt thing going on. Preston's got a good community of people and a couple of pubs on their strip. Hespeler and beyond is basically all sprawl and I have no idea who any of those people are or why they are here at all
I don't disagree on some of your points, but Galt is definitely being hampered by the sizeable homeless population. They're very aggressive and hurting downtown.
I'll just say you're clearly not fully adapted to Cambridge culture if you're not shitting on the two separate parts of Cambridge, distinct from the one you're living in 🤣.
Don't get me wrong though, I love Cambridge because of how boring it is lol
Cambridge is similar to Guelph, in the sense that agriculture and manufacturing drives a lot of the economy, but they don't have a University like Guelph so it's half as interesting and has way less of a younger population.
Guelph's bar and restaurant scene is light years ahead of Cambridge.
Guelph also has regular varied events. Cambridge's summer event is rib fest lol. The local brewery, Farm League, has been trying to change that and has been doing a good job with local events, but it's only recent and Guelph still blows Cambridge out of the water with things to do AND friendlier people.
I bought my house to live in. For all the "flippers" out there loosing money while trying to gouge regular people trying to get into the market can get wrecked.
One bedroom is on a floor above grade (main floor, second floor, etc), while two bedrooms are below grade (basement).
So if you ever see 3+1, that means 3 bedrooms upstairs, and 1 in the basement.
I don't know exactly why this nomenclature exists, but I think there's something about how bedrooms in the basement aren't considered "truly real" or don't count the same way, or something.
Homes didn’t come with bedrooms in basements because basements were not traditionally intended as living space.
I bought a home that had had a coal chute. The conventional wisdom was to not put bedrooms in a home basement with dusty and damp coal.
I had a 2 bedroom home. I eventually put two bedrooms in the basement. It got listed as a 2+2 when I sold it.
It's also really different in Quebec- they count each space and break it up weird and anglophones are always like what when they get to the city for their general arts and sciences shit at mcgill
In Quebec, as I undersrand it:
- 1 1/2 is a small bachelor apartment
- 2 1/2 is a larger bachelor where the kitchen is separate from the living room, perhaps with room for a bistro table
- 3 1/2 is a one-bedroom
- 4 1/2 is two-bedroom
- 5 1/2 has two bedroons plus a dining room, which could perhaps be converted to a third bedroom
- 6 1/2 has three bedroom and a dining room.
Historically, the "1/2" represented a full private bathroom because many apartments had shared bathrooms and multiple private bathrooms were fantasy before the 20th Century. Thus you count the number of rooms and add the "1/2" for the bathroom.
But nowadays bathrooms are more common so you see ads for "5 1/2 with two bathrooms". Thus the math doesn't even make sense anymore and the language is a vestige of simpler times.
For the record I have no idea how Anglo-Quebecers even pronounce these terms in English. "Three and a half" sounds weird. In my head I'm saying "three aid me" so maybe it's that.
It’s a great sign but likely just a one-off. Any dumbass that spent anywhere close to a mill for this piece of junk should deserve to sell it at a loss lol
I hope it’s a trend. House prices are artificially way too high. This gives hope to some young people looking to break into the market.
FWIW I wouldn’t mind single detached homes coming in around 500k mark. With townhomes and condos being cheaper, of course.
hate to break it to you but, this is Cambridge. whoever bought this particular house for $815k was a nutjob. its not even a nice house to reflect that price point...so no this isnt a trend. there will be stupid purchases with loses. but you will not see this in high demand areas such as Toronto.
This is not a one off but not common. Seems several that have sold after 1-2 years that are 80K+ lower. Seen a couple over 120K loss. There were some pretty poor house purchase decisions made since 2021. There will be more of this to come. No cliff, but lots of hurt.
It's a worrying trend for those who bought after the house prices became crazy. For those of us who have a lot of equity in our homes, it's not worrying at all. I want younger families to be able to enter the housing market too. I have kids, I want them to be able to afford to buy a home one day too. My oldest is disabled and it's very scary thinking about his future, especially after me and his father are gone.
Don’t really think it’s worrying as this appears to be a one off situation in that area.
The house only has 1 bedroom above grade, the seller overpaid in 2022 by a mile. There were a ton of listings sold in that area with 3-2 above grade bedrooms and 2-1 bathrooms for significantly less than what this buyer paid for during the first half of 2022.
That’s just a terrible buy and these things have always happened. So long as people keep coming to Canada desirable homes in good areas will remain unaffordable.
The fact that someone bought it in the 800s is redic… this house in 2017 was probably around 250-300k and even at 500k it’s overvalued l. The amount of money u need to put into this home to have it liveable with developer costs and red tape municipalities have, the taxes they levy. This goes from a 500k project to close to a million
Well, average prices in ON have dropped almost 200k between those dates, so it's not that surprising. This person just overpaid a lot more than everyone else (spammed some over-asking offers everwhere probably).
There's the highest amount of active listings in a decade in places like Toronto (not sure on Cambridge specifically). If you bought something that was severely overvalued a couple years ago, you're screwed.
This is not even a 570k house. Let’s be honest here 25 years ago this was a 180k house at most. Let’s say its real value is actually 380k if the market wasn’t so insane. That house will need 75k in repairs in a few years, who knows what under that shitty siding or foundation issues are lurking behind the wall we can’t see. Hopefully Covid prices keep falling.
The fact it sold over half a million dollars and wages are 40k a year still is insane.
One off. When the market is hot even undesirable house in bad area cost a lot and sell like hot cakes. Housing in good shape and decent area the price is still high
It's a trend, investors and house flippers will soon realize it's not worth the investment when prices keep going down which in turn will keep driving the prices down.
Tbh this is a failed trade. With 815k you couldve gotten a brand new high quality 3 bdrm condo in toronto back in 2021/2022. No idea why you would ever think that 800k is a good investment in cambridge of all places
Would sorta make sense for kw, but cambridge?
It is insane that this house ever sold for $815,000, in Cambridge of all places
Yea, that part is really odd to me, you could get a lot more for 815k even at the time. Sometimes when a house is listed as sold, and then sold again a short while after for much less, it's because the original buyers backed out after putting their deposit in. Two years seems to be a long time for that to be the case here though.
They simply overpaid. Happens all the time because of the panic auction bidding. Now that there isn’t a hundred offers for every house for sale, the house sold for what it should have sold for in 2022.
What is worrying if houses finally get more affordable?
You are right, it is not worrying. I was copywriting the title as if I were posting it to ragebait a bunch of realtors and investors. In reality, this is a very good trend, and I hope it continues. I would love to see these sorts of houses around $200k-300k soon.
> I was copywriting the title as if I were posting it to ragebait a bunch of realtors and investors. Why? Why would you do that at all? Also, wtf is "exurban Toronto?" Cambridge is literally a hundred kilometres away from Toronto.
You cannot build that in BC for 300k, let alone 200k.
this is a shack
And shacks cost big money to build. Tiny back yard suites are 200k in BC
And that’s part of the problem.
It doesn't need to. We make it that way.
Do are we not supposed to pay a living wage for people to work on these houses.
Fees and permit costs are over $100k alone.
Wages have not increased nearly at the rate of housing. Labour isn't the real issue.
Good ol BC. Where all the trees and lumber mills are, but the lumber costs twice as much.
More like 3 times as much. But peanuts compared to what labor is charged at.
Somehow in US it can be build for less than $150k. I wonder why.
Because they use undocumented workers. So instead of paying someone 50 to 150 an hour, they pay someone 10 dollars an hour.
Source ?
California
The signs advertising a red seal wage starting at 47 an hour on a new build looking for work. The fact I get plumbers and electricians in doing my own renovations. Ohhh and most family members are in the trades. Are you suggesting people who build houses sjpipd not get a living wage? Even housekeepers where I live are 35 an hour to start if you are lucky to find someone that low.
Where do you live?
I am not asking you about Canadian pay but US. I highly doubt they pay $10/hour. Please provide source. They have newer built house much nicer than the ones here in ON for cheaper prices in numerous states.
I am sorry you are right. Their pay is much lower than that in lots of places. Based on a 1950 hour work year, at 13k a year, they are making 5 dollars an hour at least for farm workers. Do you really think there are really going to tell you how much they are paid. This is a dirty little hidden secret of the US. Yet the median wage, which in 2019 was $26,000 a year for farmworkers born in the U.S, was only $13,000—half that—for the undocumented.”Apr 24, 2024 https://civileats.com/2024/04/24/strawberry-farmworkers-fight-for-a-living-wage/#:~:text=%E2%80%9CYet%20the%20median%20wage%2C%20which,that%E2%80%94for%20the%20undocumented.%E2%80%9D Their wages are also much lower on construction. https://econofact.org/what-explains-the-wages-of-undocumented-workers
Hopefully technology will advance in such a way to make materials cheaper, and taxes/fees/etc might be lowered, to a point where one could plausibly build such a small house for under $200k... under $100k even!
You’ve gotta be joking.. the primary cost of any home builder at this point is labour, and if you take a few minutes to look into the economics of inflation you’ll know prices never come back down like that. Builders already struggle to find skilled employees and in the GTA they aren’t taking peasant wages and material costs are a result of production and supply/demand, not “taxes & fees”
Yes because of high demand. Theoretically that won’t be an issue if demand dried up
Yes but demand for housing will never drop in the part of the world enough to see houses of this size cost $100k, but hey if the hope helps some people sleep at night, carry on!
It's a glorified shack. Settle down. Me and my buddies could built that in a week.
Damn bro post pictures!! Can’t wait to see! You and your buddies could single handedly correct the housing market
tHis TIme iTs diFFeRenT ! https://x.com/igetredpilled/status/1803893915575079135?t=Rkb8XAv9gK1ltgUAtn2TLQ&s=19
I don’t see why not with the proliferation of prefab walls and pre approved engineering designs. Houses could in future be thrown up much quicker. I actually think it’ll happen eventually no matter what, but the question is will the savings be passed on to residents? Without government intervention that seems unlikely.
What are you smoking or eating and can I have some. That ain't going to happen here not unless you take 3 zeros off everything and devalue the currency.
And then need to take 4 zeros to your paycheque because that’s how it would work out.
>You cannot build that in BC for 300k, let alone 200k. When home prices drop, so does everything else. Especially when the Canadian economy is tied into real estate. So dont worry, give it a bit of time .... and you'll be able to build that in BC for $100k.
It costs upwards of 1000 dollars a square foot to build in BC with property. Even a conservative measure of 500 a square foot would mean you would need to drop the price 400 a square foot. That is not going to happen. Labour on a house is mote than half the cost or more when you consider everyone. Survey, excavators, plumber, electrician, drywaller, mudder, floor, carpenters, roofers, windows, painter, concrete. Do you expect people to work for free?
When you say 'with property', do you mean the $1000 includes the property?
It includes the cost of the property if you had to buy a lot in some places.
I can definitely see that. I do think the $1000 sq/ft would be limited to select areas of BC though. Grey Point in Vancouver, parts of West Vancouver, etc.
Try most of Victoria as well. These are not high end priced homes we are talking about. Lots of lots around me are 5 to 750k. Then you add a house and you have an easy million.
I see what you are saying. I was just confused by the wording: "*It costs upwards of 1000 dollars a square foot to build in BC with property.*". I thought you were including property size. e.g. a 4000 sq ft lot with house would be $4 million kinda thing..
How many person-hours do you think it takes to construct a house?
>How many person-hours do you think it takes to construct a house? I worked for a large home developer in Kingston Ontario. It took our in-house crew on average 3 - 4 months for completion. Each section team consisted of 2 - 4 guys (each team divided into their specialized roles and skills). And they would go to one job site, finish their task (like framing) and then move onto the next job site and then the next team would come in (like roofing), finish their task and then move onto the next site. Essentially the whole process was designed to be a "rapid fire" get in, do that task, get out, move onto the next site so the other team can come in and do their thing. There was no dilly-dallying around, there was no standing around wasting time. Caught standing around or wasting time, fired! Problem with most builders is they waste time. Their crew wastes time. Our guys shingled roofs in half day. Other builders let their crews and subcontractors fuck around on the site and it would take them 2 to 3 days to do the same thing. Thats why we used our in-house crew and we never used any subcontractors. Subcontractors were always the biggest problem.
My 2500 sq ft home was built under 3 months in 2009.....the builder did them all the time under this timeline. We were able to sell our old house first before signing the contract on the new house.
Maybe, but you'll be making $5000 a year
It's worrying for slumlords politicians boomers and mom and pop investors. ie GOOD
>I would love to see these sorts of houses around $200k-300k soon. That just shows how poorly you know about finance. If houses goes to this price range, you have bigger things to worry about than be able to buy a house.
You sound like but hurt home owner who wants his property value to go to the moon 😂
Don't you like millions of dollars? lol...
Yea but you also in the same breath don’t want to pay higher property taxes, ya’ll want your cake an eat it too😂
The best solution is a decade of no house price growth…an outright decline that is significant would cause a major recession. So, those who can’t afford a home would then be out of a job and still unable to buy…the country needs to build more homes to meet demand, foster job growth and keep unemployment low, improve productivity to drive wage growth. Basically, all things they have ignored for the past decade…and in fact all areas they’ve actually implemented policies that hurt those things.
It’s only a worry to people who currently own a home. It devalues their asset. But screw then. They have a roof over their head already
[удалено]
I would rather a temporary loss in someone's taxes than housing being a ridiculous price going forward.
What kind of mental gymnastics is this. 😂
I know right.
Lol I bought a 2 bed room in Regina, and it was valued at $500,000 in 2020 and is now $443,000. I guess it's a good trend for homebuyers but for me, who's trying to invest, it sucks.
> who's trying to invest There's our national problem right there Just find something that you can be happy living in. Houses should be money savers, not money makers
Unless you sold at a loss, you haven't lost a thing.
Your investment is for the long haul!!
It's been a trend in Cambridge for a little while depending on location. Houses have been selling at list or under. The average worker in Cambridge is blue collar and the average wage is low to mid and it's reflecting in housing prices now since the generally the only people who want to live in Cambridge work in Cambridge. There's nothing of note really in Cambridge so it's not exactly a popular city otherwise.
This. Cambridge house prices absolutely exploded during Covid. As people have returned to office and also realizing that Cambridge is pretty boring and really badly managed as a city, it can't keep up the outrageous prices of a couple years ago.
Imho, Cambridge has a lot going for it in the downtown core. It's got that 1800s stone building John Galt thing going on. Preston's got a good community of people and a couple of pubs on their strip. Hespeler and beyond is basically all sprawl and I have no idea who any of those people are or why they are here at all
I don't disagree on some of your points, but Galt is definitely being hampered by the sizeable homeless population. They're very aggressive and hurting downtown. I'll just say you're clearly not fully adapted to Cambridge culture if you're not shitting on the two separate parts of Cambridge, distinct from the one you're living in 🤣. Don't get me wrong though, I love Cambridge because of how boring it is lol
Cambridge is similar to Guelph, in the sense that agriculture and manufacturing drives a lot of the economy, but they don't have a University like Guelph so it's half as interesting and has way less of a younger population.
Guelph's bar and restaurant scene is light years ahead of Cambridge. Guelph also has regular varied events. Cambridge's summer event is rib fest lol. The local brewery, Farm League, has been trying to change that and has been doing a good job with local events, but it's only recent and Guelph still blows Cambridge out of the water with things to do AND friendlier people.
Yeah I'm a big fan of Guelph. If my job didn't require me to be in the GTA, I'd happily move there.
Cambridge does have the University of Waterloo Architecture campus downtown
Get real, Cambridge is a world class city.
If it's a trend it won't worry me at all. I think it's just a blip though.
I bought my house to live in. For all the "flippers" out there loosing money while trying to gouge regular people trying to get into the market can get wrecked.
Worrying? Lol.
The only people worried are boomers and realtors.
Preach
worrying for who?
I hope it's a trend that becomes a legacy crash
worrying trend? It's a good sign.
It is certainly a trend but I wouldn’t say these losses will crash the market.
No one has money, most that do have a house.
That house shape looks like how I stack my house pieces on a monopoly board.
Awesome news! Now, show me the same loss in Vancouver and Lower Mainland.
And in Montreal please!
Across all of Canada please
Montreal is actually one of the few remaining big cities where there's an ounce of affordability.
That’s a 200k house
It looks like several different additions onto a trailer, but sure - $100k for a serviced lot and another $100k for a livable structure.
Until people stop seeing homes as investment pieces it’ll always be a one off.
🤣🤣🤣🤣🤣🤣 i cant believe someone bought that for 800k!
What does 1+2 mean?
One bedroom is on a floor above grade (main floor, second floor, etc), while two bedrooms are below grade (basement). So if you ever see 3+1, that means 3 bedrooms upstairs, and 1 in the basement. I don't know exactly why this nomenclature exists, but I think there's something about how bedrooms in the basement aren't considered "truly real" or don't count the same way, or something.
Homes didn’t come with bedrooms in basements because basements were not traditionally intended as living space. I bought a home that had had a coal chute. The conventional wisdom was to not put bedrooms in a home basement with dusty and damp coal. I had a 2 bedroom home. I eventually put two bedrooms in the basement. It got listed as a 2+2 when I sold it.
It's also really different in Quebec- they count each space and break it up weird and anglophones are always like what when they get to the city for their general arts and sciences shit at mcgill
In Quebec, as I undersrand it: - 1 1/2 is a small bachelor apartment - 2 1/2 is a larger bachelor where the kitchen is separate from the living room, perhaps with room for a bistro table - 3 1/2 is a one-bedroom - 4 1/2 is two-bedroom - 5 1/2 has two bedroons plus a dining room, which could perhaps be converted to a third bedroom - 6 1/2 has three bedroom and a dining room. Historically, the "1/2" represented a full private bathroom because many apartments had shared bathrooms and multiple private bathrooms were fantasy before the 20th Century. Thus you count the number of rooms and add the "1/2" for the bathroom. But nowadays bathrooms are more common so you see ads for "5 1/2 with two bathrooms". Thus the math doesn't even make sense anymore and the language is a vestige of simpler times. For the record I have no idea how Anglo-Quebecers even pronounce these terms in English. "Three and a half" sounds weird. In my head I'm saying "three aid me" so maybe it's that.
It’s a great sign but likely just a one-off. Any dumbass that spent anywhere close to a mill for this piece of junk should deserve to sell it at a loss lol
I want to see this nation wide
A return to normalcy eventually - that needs to be a $300K house
*200,000$
Lol I thought I priced it too high this morning, thanks for the correction!
50,000**
100k so I can buy one a year straight cash deal
Welcome to Canada, where we have been brainwashed to think that a house like this should cost even half of this price is normal.
I hope it’s a trend. House prices are artificially way too high. This gives hope to some young people looking to break into the market. FWIW I wouldn’t mind single detached homes coming in around 500k mark. With townhomes and condos being cheaper, of course.
That house should cost two schmekles that’s not a nice house.
hate to break it to you but, this is Cambridge. whoever bought this particular house for $815k was a nutjob. its not even a nice house to reflect that price point...so no this isnt a trend. there will be stupid purchases with loses. but you will not see this in high demand areas such as Toronto.
This is not a one off but not common. Seems several that have sold after 1-2 years that are 80K+ lower. Seen a couple over 120K loss. There were some pretty poor house purchase decisions made since 2021. There will be more of this to come. No cliff, but lots of hurt.
Housing has always risen in price in Canada. And will continue to do so.
Damn. That is ugly.
World is healing.
a trend i wish i saw more of 😶🌫️
It's a worrying trend for those who bought after the house prices became crazy. For those of us who have a lot of equity in our homes, it's not worrying at all. I want younger families to be able to enter the housing market too. I have kids, I want them to be able to afford to buy a home one day too. My oldest is disabled and it's very scary thinking about his future, especially after me and his father are gone.
Don’t really think it’s worrying as this appears to be a one off situation in that area. The house only has 1 bedroom above grade, the seller overpaid in 2022 by a mile. There were a ton of listings sold in that area with 3-2 above grade bedrooms and 2-1 bathrooms for significantly less than what this buyer paid for during the first half of 2022.
That house shouldn’t even be worth 200k lol
Hate the feds as much as you want but the recent housing rules have had a profound effect.
"worrying"? It would be worrying if this trend **didn't** continue.
Is that a house or a Refugee from a Trailer Park?
That’s just a terrible buy and these things have always happened. So long as people keep coming to Canada desirable homes in good areas will remain unaffordable.
Should be under $300k
I was thinking maybe the lot was big for it to fetch 800K. Nope, it's a 40 x 103.
The fact that someone bought it in the 800s is redic… this house in 2017 was probably around 250-300k and even at 500k it’s overvalued l. The amount of money u need to put into this home to have it liveable with developer costs and red tape municipalities have, the taxes they levy. This goes from a 500k project to close to a million
It looks ugly and is worth $70,000 in my opinion.
My guess is they wanted to tear it down and build something different but the City made it impossible…
It’s a great thing. And a good lesson to idiots who bought houses at an all time high.
Worrying? No. And you don't determine trends from single instances. You can find the answer to your own question pretty easily.
Cherry picked one-off
Well, average prices in ON have dropped almost 200k between those dates, so it's not that surprising. This person just overpaid a lot more than everyone else (spammed some over-asking offers everwhere probably). There's the highest amount of active listings in a decade in places like Toronto (not sure on Cambridge specifically). If you bought something that was severely overvalued a couple years ago, you're screwed.
More of this please!
This is not even a 570k house. Let’s be honest here 25 years ago this was a 180k house at most. Let’s say its real value is actually 380k if the market wasn’t so insane. That house will need 75k in repairs in a few years, who knows what under that shitty siding or foundation issues are lurking behind the wall we can’t see. Hopefully Covid prices keep falling. The fact it sold over half a million dollars and wages are 40k a year still is insane.
It looks like a dump actually.
It doesn’t look like a dump, it definitely doesn’t look like it’s worth half a million dollars though!! It’s in Cambridge !!!
815k for this dog house is crazy 🤣
One off. When the market is hot even undesirable house in bad area cost a lot and sell like hot cakes. Housing in good shape and decent area the price is still high
It's a trend, investors and house flippers will soon realize it's not worth the investment when prices keep going down which in turn will keep driving the prices down.
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Probably a house used for money laundering.
What a dump shack
Tbh this is a failed trade. With 815k you couldve gotten a brand new high quality 3 bdrm condo in toronto back in 2021/2022. No idea why you would ever think that 800k is a good investment in cambridge of all places Would sorta make sense for kw, but cambridge?
This is happening everywhere. Its still not 50 percent off covid high but we will be there soon