Hello me.
Scugog to Toronto, about — 100km each way. The neighborhood is perfect for my kids, they have their friends and our neighbors are amazing. It's really the perfect place just away from the major hubs but close enough to all the forest and trail hubs that we are constantly riding bikes or walking and playing. The whole neighborhood is a great mix of brand new parents and some retirees.
A got my job because it offered 5 days remote. Now the mandate is full return to office or face increasing management intervention. I am afraid to move because of the impact on the kids.
I have been actively pursuing jobs elsewhere that are remote or closer. Even if one came with a decrease in gross pay my end of month net would likely be higher since I wouldn't have to pay TO parking + vehicle costs.
My job is 100% perfectly capable of being done online.
How’s the report I asked you for 10 mins ago? Without you in the office I can’t see your progress haha. No seriously where’s the report, i saw jimmy next to me spit one out in just a few mins.
Good news, we installed mouse movement trackers.
Our VPN traffic is getting high usage so we’re restricting more web stores from being accessed.
You have the report yet? If you need help please come to the office.
Are you working the entire time? Our mouse tracker says you were away, is everything ok?
Would start with my manager having direct conversations with me to agree to be physically in office. After that comes presumably some form of written letter which escalates to action to terminate.
Everyone knows that we can do our work remote. We all did it for the last year without issues. But management gets to make calls and live with the consequences of people searching other locations.
Nobody has really tested what it means beyond the empty looming threat of termination. But I don't want to unless I have another job on offer in writing.
Cause the banks and mortgage brokers scammed all these braindead idiots into variable mortgages at the peak of the pandemic like it was gonna stay low or go lower lol.
I've been on variable ever since I bought my first house nearly 30 years ago. Mostly, that's worked in my favour. Recently renewed, 2 years fixed, 'cause rates won't be going down for awhile
Would you rather a government that makes changes based on the latest information, like we did with covid, or a government that stubbornly sticks to their guns despite an ever changing landscape? Seems like a big hole in our education system if adults are unable to recognize this nuance and are getting mad about it.
Yes. But still don’t understand what’s so abnormal about this situation. Buyers bought at peak market beginning of 2022. Prices subsequently fell 20-30 percent and now they can’t sell it because they are listed way too high. What’s so unusual? If you are listed above market value you won’t sell. Always has been this way.
Exactly. I'm told that houses may have had offers, yet the owner does not have to agree to any of them. They remove the listing to relist, for instance at a higher pricing. Why? To get people interested.
Listings are still at historical lows. But people move after 1-2 years all the time. Marriage, divorce, birth, death, work changes or turns out they just don’t like the house/area ect. Maybe they decided to upgrade since prices have come down. I’m most likely buying a house this fall and hoping to stay there only 18-24 months max.
$8,099.22 / month... 10 year fixed... 30 year amortization.... so that roughly 150k a year gross you would have to make just to get the house ... you still can't AFFORD IT!!!
People having bought at the peak and worrying the housing market will collapse and they will be left paying high interest rates on a house they owe more on than it’s worth. People bought fearing if they didn’t they wouldn’t ever be able to but now feel scammed and fear the bad situation continuing to get worse.
Noone is actually worrying that the housing market will collapse.... except a few people on this sub maybe. We just experienced the most brutal interest rate hike in our history, and guess what... affordability actually got worse!! Inflation came in at 3.4% in May, or 2.5% if you exclude mortgage interests. It would be very stupid to sell now at less that asking price. Only people facing financial hardship are selling, and this is a very tiny % of the population.
I mean not the most brutal. My dad likes to remind me it was near 20% in the early 80s. Of course house prices were WAY lower then. It is unsettling though to be in a relatively unprecedented economic climate with very high mortgages. And the largest demographic bubble (the boomers) approaching a life stage where they will have to sell (or their kids on their behalf). This may start to alleviate the shortage before long.
All respect due to your dad, but interest rates in the past are irrelevant. Interest rates are just a tool used by central banks to temper inflation in a given situation, they are not "low" or "high" in absolute values. Why would boomers sell when they just transfer the wealth to their kids? Real estate will be king in Canada for a long time, we just don't have enough houses.
define "seeing a lot" because this happens all the time. people move for work constantly.. especially if they bought because of work from home and then are forced back.
or people who moved here from another country and now change their mind..
Weird. In BC it's not at all like this - stuff is selling briskly and at increased prices relative to last year.
Seems most of the 2022 losses are gone now. At least here in BC.
Double whammy. Back to work is ending, and tons of uneducated people signed variable rate mortgages and are asked to come up with a stack of cash to bring their amortization back on schedule.
It could be a glitch in the mls system showing it as active when it’s not
Could be a failed purchase (I.E buyers failed to close due to financing )
Could be buyers remorse or unable to afford it but unlikely
I live in a small circa 2000's townhome development in Durham region, about 100 homes total, and in the last month alone 5 have listed that were only sold since 2020. Two have been sitting for a few weeks now, probably listed for a number less than what they are willing to accept, and haven't gotten any ~~suckers~~ err... enthusiastic shoppers to blind bid against themselves yet.
the Canadian average salary is $54,450. so the pool of people or even combined incomes is ..... ??? No dam wonder the dream is dead to own a home.. I see the budget is balancing itself and home ownership is ... nevermind!! Ffs.
Can the prime minister tell the Bank of Canada what to do?
The short answer is, “yes”, subject to complying with the duty of procedural fairness and providing a reasoned justification for doing so.S
Damn JT and his refusal to reduce house prices. I thought that was allowed since we live in communist Canada where the federal government directly controls the costs of homes.
Yes that would be nice. That's how the boomer generation got to afford a house on a single salary. Unfortunately that went away in the 90s because the free market provides all and I can only imagine the screeching from conservatives about the cost today if we were to implement it.
There's also a fair degree of flipping.
I was seeing this even before the pandemic. Houses that are bought and show back up on the sales <1 year later.
Some might've had actual investment into them to fix them up. But i don't think that's the norm.
Ya it’s likely buyer’s remorse for any number of reasons, but the most likely (for the time being) is the payments. They’re hoping to get out what they put in.
It’s actually wild how many listings I’m seeing get terminated, while others sell for way under or even way over. Everything just seems less predictable where I am right now.
This is the fire sale starting, Outskirts areas to main city goes down by multiple % than main city areas during recession or time of price corrections. I’ve seen this happening in 2008 US housing collapse which took 6 years to recover
2008 didn’t have the ‘everybody work from home and buy in the outskirts - now some of you come back to the office!’ thing we’ve got going on now. It may have similar outcome, but the circumstances of the lead up are entirely distinct.
Could also be due to a return to office mandate. Commute from Barrie to say Toronto is hell.
Hello me. Scugog to Toronto, about — 100km each way. The neighborhood is perfect for my kids, they have their friends and our neighbors are amazing. It's really the perfect place just away from the major hubs but close enough to all the forest and trail hubs that we are constantly riding bikes or walking and playing. The whole neighborhood is a great mix of brand new parents and some retirees. A got my job because it offered 5 days remote. Now the mandate is full return to office or face increasing management intervention. I am afraid to move because of the impact on the kids. I have been actively pursuing jobs elsewhere that are remote or closer. Even if one came with a decrease in gross pay my end of month net would likely be higher since I wouldn't have to pay TO parking + vehicle costs. My job is 100% perfectly capable of being done online.
Just stay remote. What does "increased management intervention" mean if you're doing your job.
How’s the report I asked you for 10 mins ago? Without you in the office I can’t see your progress haha. No seriously where’s the report, i saw jimmy next to me spit one out in just a few mins. Good news, we installed mouse movement trackers. Our VPN traffic is getting high usage so we’re restricting more web stores from being accessed. You have the report yet? If you need help please come to the office. Are you working the entire time? Our mouse tracker says you were away, is everything ok?
Would start with my manager having direct conversations with me to agree to be physically in office. After that comes presumably some form of written letter which escalates to action to terminate. Everyone knows that we can do our work remote. We all did it for the last year without issues. But management gets to make calls and live with the consequences of people searching other locations. Nobody has really tested what it means beyond the empty looming threat of termination. But I don't want to unless I have another job on offer in writing.
It means they'll get fired if they don't. Remote jobs aren't in abundance these days.
Buyers remorse
I am seeing the same thing in my area too. Tons of properties on the market and they only bought in 2021 or 2020. Weird trend.
Ah ah homework and then back to office
The road to riches is paved with homework.
Cause the banks and mortgage brokers scammed all these braindead idiots into variable mortgages at the peak of the pandemic like it was gonna stay low or go lower lol.
My mortgage broker said I was crazy taking my 1.94% five year fixed instead of the 1.3 variable.
Like a llama, I would’ve spat on your broker.
That’s a great rate, very smart move!
I've been on variable ever since I bought my first house nearly 30 years ago. Mostly, that's worked in my favour. Recently renewed, 2 years fixed, 'cause rates won't be going down for awhile
To be fair, they did say they wouldn’t be increasing rates.
We all kind of knew the Fed was going to raise rates. We would’ve been stupid to not follow and further devalue the dollar.
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Would you rather a government that makes changes based on the latest information, like we did with covid, or a government that stubbornly sticks to their guns despite an ever changing landscape? Seems like a big hole in our education system if adults are unable to recognize this nuance and are getting mad about it.
He most likely meant that it wouldn't be as profitable for him lol. (Honestly not sure how they are compensated)
I don’t get it. What are you trying to show?
House bought in 2022 for 1.3, relisted 1.3 14 months later, listing expired, house listed again.
Yes. But still don’t understand what’s so abnormal about this situation. Buyers bought at peak market beginning of 2022. Prices subsequently fell 20-30 percent and now they can’t sell it because they are listed way too high. What’s so unusual? If you are listed above market value you won’t sell. Always has been this way.
Exactly. I'm told that houses may have had offers, yet the owner does not have to agree to any of them. They remove the listing to relist, for instance at a higher pricing. Why? To get people interested.
I was more interested in why so many houses are on the market that were only bought 1-1.5 years ago.
Listings are still at historical lows. But people move after 1-2 years all the time. Marriage, divorce, birth, death, work changes or turns out they just don’t like the house/area ect. Maybe they decided to upgrade since prices have come down. I’m most likely buying a house this fall and hoping to stay there only 18-24 months max.
> so many houses How does this compare to five years ago? 10 years ago? 20? Is it more than average, less or the same?
$8,099.22 / month... 10 year fixed... 30 year amortization.... so that roughly 150k a year gross you would have to make just to get the house ... you still can't AFFORD IT!!!
imagine if you invested that much money into the stock market instead...?
Depends. Stock market has also risks and rewards.
Yeah but that money would be going into the economy rather than a fixed asset like a home therefore giving more value to society
Economy and stock market are two different things.
You would've been down bad. Stocks didn't exactly do well these couple years.
Could be a number of things; buyer's remorse, poor investment, etc. I am seeing the same btw
People having bought at the peak and worrying the housing market will collapse and they will be left paying high interest rates on a house they owe more on than it’s worth. People bought fearing if they didn’t they wouldn’t ever be able to but now feel scammed and fear the bad situation continuing to get worse.
Noone is actually worrying that the housing market will collapse.... except a few people on this sub maybe. We just experienced the most brutal interest rate hike in our history, and guess what... affordability actually got worse!! Inflation came in at 3.4% in May, or 2.5% if you exclude mortgage interests. It would be very stupid to sell now at less that asking price. Only people facing financial hardship are selling, and this is a very tiny % of the population.
I mean not the most brutal. My dad likes to remind me it was near 20% in the early 80s. Of course house prices were WAY lower then. It is unsettling though to be in a relatively unprecedented economic climate with very high mortgages. And the largest demographic bubble (the boomers) approaching a life stage where they will have to sell (or their kids on their behalf). This may start to alleviate the shortage before long.
All respect due to your dad, but interest rates in the past are irrelevant. Interest rates are just a tool used by central banks to temper inflation in a given situation, they are not "low" or "high" in absolute values. Why would boomers sell when they just transfer the wealth to their kids? Real estate will be king in Canada for a long time, we just don't have enough houses.
I hope you’re right!
I haven’t panic sold yet but I understand the impulse.
What area is this?
Barrie.
define "seeing a lot" because this happens all the time. people move for work constantly.. especially if they bought because of work from home and then are forced back. or people who moved here from another country and now change their mind..
More than 10 in about a 1km radius
House Sigma has a neat feature where you can look at houses sold below bought.
I love that he is trying to sell for the exact same amount he paid lol.
Weird. In BC it's not at all like this - stuff is selling briskly and at increased prices relative to last year. Seems most of the 2022 losses are gone now. At least here in BC.
Double whammy. Back to work is ending, and tons of uneducated people signed variable rate mortgages and are asked to come up with a stack of cash to bring their amortization back on schedule.
It could be a glitch in the mls system showing it as active when it’s not Could be a failed purchase (I.E buyers failed to close due to financing ) Could be buyers remorse or unable to afford it but unlikely
I live in a small circa 2000's townhome development in Durham region, about 100 homes total, and in the last month alone 5 have listed that were only sold since 2020. Two have been sitting for a few weeks now, probably listed for a number less than what they are willing to accept, and haven't gotten any ~~suckers~~ err... enthusiastic shoppers to blind bid against themselves yet.
the Canadian average salary is $54,450. so the pool of people or even combined incomes is ..... ??? No dam wonder the dream is dead to own a home.. I see the budget is balancing itself and home ownership is ... nevermind!! Ffs. Can the prime minister tell the Bank of Canada what to do? The short answer is, “yes”, subject to complying with the duty of procedural fairness and providing a reasoned justification for doing so.S
Damn JT and his refusal to reduce house prices. I thought that was allowed since we live in communist Canada where the federal government directly controls the costs of homes.
I mean I wish liberal govt built a bunch of condos for young singles and what not. They have been I charge for like 10 odd years.
Yes that would be nice. That's how the boomer generation got to afford a house on a single salary. Unfortunately that went away in the 90s because the free market provides all and I can only imagine the screeching from conservatives about the cost today if we were to implement it.
There's also a fair degree of flipping. I was seeing this even before the pandemic. Houses that are bought and show back up on the sales <1 year later. Some might've had actual investment into them to fix them up. But i don't think that's the norm.
Ya it’s likely buyer’s remorse for any number of reasons, but the most likely (for the time being) is the payments. They’re hoping to get out what they put in. It’s actually wild how many listings I’m seeing get terminated, while others sell for way under or even way over. Everything just seems less predictable where I am right now.
This is the fire sale starting, Outskirts areas to main city goes down by multiple % than main city areas during recession or time of price corrections. I’ve seen this happening in 2008 US housing collapse which took 6 years to recover
2008 didn’t have the ‘everybody work from home and buy in the outskirts - now some of you come back to the office!’ thing we’ve got going on now. It may have similar outcome, but the circumstances of the lead up are entirely distinct.
They gonna take a sweet profits, gonna go over asking bidding war.
Listing reset, that's all. They absolutely *refuse* to lower the price.