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House market is insane. Here in KW

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  • #46

    Re: House market is insane. Here in KW

    Originally posted by darrin1200 View Post

    I thought I remember reading somewhere, that you had to actually live in the house for more than a year.
    It's a bit more complicated than just "a period of time". CRA views it as "in the business", a kind of ambiguous phrase, but for example, if you live in a house for ten years, sell it, buy another, live in it for six months, sell it for a profit and then live in the next one for five years and have valid reasons for the switcheroo, then it's personal use, your primary residence and any gain won't be taxable. If you show a pattern of buying, living, fixing, selling every 2 or 3 or 4 years as your lifestyle, even if you have another full time job, then you're assumed to be "in the business" of buying and selling homes, and then the gain is business related and is taxable.

    That's my understanding of it.
    scooby074 and darrin1200 like this.

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    • #47

      Re: House market is insane. Here in KW

      anytime I heard of that seems people were telling me diff things. Id want to ask a high end accountant about that and nail down what is the reality now. Ill be affected by that at some point. Hate the concept of it but its a reality.

      Lets see if I pave my driveway, reshingle my roof and and my taxes might go up. We have more they get more. How about you need x amount to run, you dont squarnder masses of coin and waste it as often seems to be the case of history. I see it now as collect as much as they can then figure out what to do with it later. be interesting if there was a back to back list of fails on what is done with our coin. Long gun registry comes to mind instantly. and and I remember the old cabinet maker saying how is it even possible to lose money on a thing that should be making money but he came from the business world running one of the largest shops, Logic has to be used to stay afloat. If you think im cynical I had customers who used to come to me and buy stuff in March. When I said why they said if we dont spend and get it in our year end our budjet next year will be decreased. So you guy stuff you dont really need to keep budjets high. No business could run that way

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      • #48

        Re: House market is insane. Here in KW

        There was a time I went to the city for three shows, interior design show, construction Canada and one other. On each of those things people did insane off the map totally stupid things and I was only lucky enough my antiique reflexes were unusually quick. If i had dash cam I would have had some nice you tubes and likely had enough views that I could afford a piece of Festool. It really struck me how bad it had become there. Nother time I saw a delivery truck and car rub each other and both just kept driving.

        Ive never played them but i realized Driving at least some of the time there was just a video game. I had to go many times taking the old cabinet makers to major hospitals then rehab. Did fine, driving off hours was the best. leaving a hospital and coming out at 11:30 at night is different than 5:30 being trapped in downtown trying to get out. I used to have a window, customer says come this time, Id say sorry not part of the mess ill come in between this time say 10:00 and 3:00 remember leaving atlas machinery and had to get out by a certain time when I stared this and over the years that kept getting to a smaller and smaller window, escape before the insanity. When I go down in my old truck which is not current technology I have to drive different giving tons of space for what might happen and has, I realized we have to learn to interpret and think for others and what they might do, even if it makes no sense., two lanes going north you are in left lane, Lady in the right lane stops ahead a bit then makes a you turn in front of you. Really.

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        • #49

          Re: House market is insane. Here in KW

          We bought our 1st house in 1963, that was in Newmarket, ON. It cost us approximately twice my annual income. We bought our 2nd house in 1968, that set us back about 3 1/2 times my annual income, that was in east Scarborough, (Westhill) ON. We bought our last home in 1991, It cost us 5 times my annual income. that was also in east Scarborough. (East Guildwood area).
          Yes, house prices have gone up dramatically everywhere but particularly so in the GTA.
          Cheers!

          Tim

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          • #50

            Re: House market is insane. Here in KW

            Well with these prices, I guess I won't have to worry about being lonely, my kids will never be able to buy a house. There are 10 and 12, I better tell them to start saving for a down paymemt. Lol.

            Sent from my SM-G960W using Tapatalk

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            • #51

              Re: House market is insane. Here in KW

              We live in Brampton, Ontario, and would like to move out when we are both retired. That would be this August, 2021.

              Prices in Brampton have gone up. We have been here 16 years, and the comparison between what we might get to what we paid is amazing.

              However, it would seem that everyplace has gone up. Unless we want to settle for something less, or win a lottery, the chances of moving seem slim.

              Kind of depressing. Used to be going from Brampton to KW or further could get you a nicer place for a bit less. Now, no such luck.

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              • #52

                Re: House market is insane. Here in KW

                Sell that Brampton lottery ticket you have and come up here, get yourself a lakefront mansion.

                You just have to look beyond the typical muskoka areas.

                Try mckellar, just north of Parry sound.
                smallerstick likes this.

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                • #53

                  Re: House market is insane. Here in KW

                  Originally posted by big tim View Post
                  We bought our 1st house in 1963, that was in Newmarket, ON. It cost us approximately twice my annual income. We bought our 2nd house in 1968, that set us back about 3 1/2 times my annual income, that was in east Scarborough, (Westhill) ON. We bought our last home in 1991, It cost us 5 times my annual income. that was also in east Scarborough. (East Guildwood area).
                  Yes, house prices have gone up dramatically everywhere but particularly so in the GTA.
                  Cheers!

                  Tim
                  And, as your example illustrates, real wages have gone down.
                  Cheers
                  Randy

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                  • #54

                    Re: House market is insane. Here in KW

                    Check out this listing for some laughs...
                    https://www.realtor.ca/real-estate/2...lage-east-york
                    I grew up in that area and can only remember it as very blue collar working class. Now garages go for 3/4 of a million. I know it's the land value and very soon, somebody is going to build a very nice 3 level house on that driveway.

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                    • #55

                      Re: House market is insane. Here in KW

                      Originally posted by JustSomeGuy View Post
                      Check out this listing for some laughs...
                      https://www.realtor.ca/real-estate/2...lage-east-york
                      I grew up in that area and can only remember it as very blue collar working class. Now garages go for 3/4 of a million. I know it's the land value and very soon, somebody is going to build a very nice 3 level house on that driveway.
                      New land is not being made. Existing land is ever more tightly restricted as to use. It's a supply and demand price ....

                      EDIT :: I recall reading some years ago about a "sale" (not a listing) that was done in London UK for a tiny flat/apartment in the downtown ... $7M as I recall .... and all because it was one of few left that could be "owned" in 'that" downtown area.

                      Location, location, location ....
                      Last edited by John Bartley; 03-04-2021, 08:25 AM.

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                      • #56

                        Re: House market is insane. Here in KW

                        A mixed single family and semi detached development was turned down here this week. 1200 units.

                        From the standpoint of traffic management I can see how the proposal was a problem. City staff, and council took a different tack.

                        They made the bizarre argument that turning this proposal down was addressing concerns as to “housing affordability”. How keeping 1200 units of in demand, family friendly housing off the market improves affordability is beyond me. I guess my economics degree was the wrong economics.

                        I, increasingly wonder who on earth is in that building downtown.

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                        • #57

                          Re: House market is insane. Here in KW

                          It's nuts out here near Vancouver. steadily increasing since I was a kid. my house is worth about 80K, its 98 years old but the land is a million on the tax form and its only a 47 x 120 lot. I just keep picking away at the old house, fixing this and that mostly using free recycled materials and Ive pretty much rebuilt everything. I keep it looking like crap on the outside its still a challenge but Im glad I got in when I could and stuck it out even when it was a bit scary. I could see selling out and moving to the country , eating lots of peaches, sounds nice. i might never pay it off but at least it proved to be a good investment. all around me people are struggling to buy a pigeon hole apartment and judging by the number of cranes on the horizon Im safe because so many would love a real house. Im a lucky one but I could not buy in until 40 and there isn't anything left for new cars or fancy stuff.. It tripled but I bought it a second time after the divorce for 500K, still doubled after that. Id say to any younger person buy in but do it ina partnership with someone you trust and get a lawyer to make sure the deal is practical. buying in with a plan to fix it as much as possible and sell in 5 years is likely a better idea than a pigeon hole, those things can reach market saturation but they can't make more land in this city.
                          Last edited by stickman; 03-05-2021, 12:31 PM.

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