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real estate market

Discussion in 'Reality Check' started by HairyAss, Mar 3, 2022.

  1. HairyAss

    HairyAss
    [OP]
    Cheese on Toast

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    I would have just thrown this in a random thread if we had one - thought this was interesting - house listed for $700k in Lower Sackville, went for $1million.

    Lower Sackville.

    Jesus.

    image.png
     
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  2. Wayne

    1%er

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    I am going down in June to quick flip my parents house...hope the market stays hot.
     
  3. Nick84

    Well-Known Member

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    Quite the jump in 2 years!



    [​IMG]
     
  4. Wayne

    1%er

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    Dude bought a house down the road from me last year for $300k, sold it last month for $629k...put about $75k in upgrades in...but still a good flip
     
  5. David Puddy

    yeah, that's right

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    our neigbours 2000 sq ft house just went for 600k and they bought it for 199 8 years ago.
     
  6. 17

    17
    teenage dirtbag

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    I bought my last house for 179k in 2016, sold for just over 300k in 2021

    My current one was a bit over $400k in May 2021 when I closed and I could sell it tomorrow for at least $550, maybe 600.

    Anyone entering the market is getting fucked right now, and then you have the other side of the blade which is stupid expensive rent hikes for total shithole apartments.
     
    Last edited: Mar 3, 2022
  7. 17

    17
    teenage dirtbag

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    Also lower sackville is not middle sackville. Middle sackville has some pretty decent areas if you want to have some semblance of woods around you and still be decently close to the city.
     
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  8. Boots

    www.reality-check.ca

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    Pretty sure I could get a disgusting amount of dough for my place right now being lake front property. Figured things would have cooled down by now but they haven't.
     
  9. PirateSteve

    Moderator

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    We just bought in October and had to come in pretty heavy over asking price. We ended up with a little less house sq ft but more land and privacy, and better zoning for things we want to do (out buildings, animals etc). That's the only reason we did it and will be here forever now hopefully. Land is a finite resource and once it's gone it's gone.
     
  10. PirateSteve

    Moderator

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    This one is pretty wild though. When we started looking it was the previous time it was for sale and we thought it was too much for us, house size and dollars. If you don't have kids it's tough to find the right sized house. Don't need 5 bedroom and 3.5 baths or three levels to maintain. Crazy that they almost doubled their money in 1.5 yrs.
     
  11. Wayne

    1%er

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    I am currently finalizing my house renos to renew my mortgage and take some equity out. Bought it for $300k, owe $200k, everything in my street around the same size selling for $450-650k so hoping it appraises at the low end of that. My house has 5 bed/3 bath so it's bigger than some but not as "refreshed" as some.
     
  12. Boots

    www.reality-check.ca

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    Just under four years and I own my place outright. Seems crazy to finally have gotten so close. A 20 year loan is nuts lol
     
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  13. billybob

    The Schooner, the better.

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    My house has doubled in 6 years. I am selling april 1st with intentions of buying in a different market and being mortgage free. I am quite pumped for that.
     
  14. David Puddy

    yeah, that's right

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    mortgage free. thats the dream
     
  15. HairyAss

    HairyAss
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    Cheese on Toast

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    It's *a* dream - rates have been so low, I've opted for more investments over paying down the mortgage outright. It was tough moving to the States - we were almost mortgage free in Halifax and took on more debt here than I could fathom!
     
  16. RoryTate

    Buffer the streaming media unto me.

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    Car payment free and mortgage free over here for a few years now. All that money goes into RRSP/TFSA - I am still so far behind. It never ends.
     
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  17. Boots

    www.reality-check.ca

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    I've had my Element for 15 years. The thought of another car payment makes me feel icky. I need electric cars to advance another 10 years before I'm ready for a new car.
     
  18. Scott

    rawr

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    You're like perfect for electric.
     
  19. Boots

    www.reality-check.ca

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    That's why I want them to keep improving. I'd probably have it for 20 years so it better be good lol
     
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  20. Miss Shawty

    Well-Known Member

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    Ugh. There's a semi-detached on our street that went for 399. I think it was listed at about 299. They renovated the main level but defiantly not worth 400k. When we bought our house back in 2018 we only paid about 189. We wanted to move at the end of our 5 years.... it's not looking good :grumble:
     
  21. TheOldskoo

    Huzzah!

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    Yeah, I bought in 2017, similar enough scenario and I'd guess not too far away either. Wanted to turn out the equity in the home in 5-7 years but, there's just no way I'd be able to swing whatever people want for what I'd call a forever home. Like to know who has the income to actually support some of the massive prices being seen for some of the single family homes.
     
  22. Cheddar

    Red is the New Green

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    There are several channels that the money is available from. Companies are buying up some homes and condos to turn into rentals. Doing this effectively and intentionally makes home ownership out of reach for some and forces them into renting. Also you have people moving in from out of province who are both attracted to NS but also whose jobs adopt a WFH program during COVID that now allows them to work remotely. And finally there are people in Places like Toronto who have spent the past two years virtually stuck in their high rise condo and never want to be in that situation again. They can sell their condo for 1 million, and then they don’t care if their house in NS costs 500k or 600k as they still make a profit. We seen people down here who bought homes with no inspection only to find out it was full of Kitec plumbing and don’t even care. What’s another 10-20k when you’ve just made 300k off your old house? Those are some of the core reasons that the homes are being bought at inflated prices.
     
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  23. Wayne

    1%er

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    A huge percentage of home buyers in NB is Ontario buyers. 6 homes in my subdivision all went higher than I expected, all Ontario buyers.
     
  24. Miss Shawty

    Well-Known Member

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    When we went out looking we wanted a single dwelling home. We had our hearts set on a house on Gloria Ave in Lower Sackville, but we didn't get it. It most likely would of been our forever home. We don't like the area we are living in now, we have no privacy and it's so congested. We were hoping to move further out in Sackville by Dec 2023... but with the market the way that it is... I don't see that happening :(
     
  25. RoryTate

    Buffer the streaming media unto me.

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    I wanted a 4 season cottage on a lake to become our permanent home, even put in an offer on one last year as things were going nuts (it went $100k over asking, which was $100k over evaluation - it's only worse now of course). I am so priced out of the market it isn't funny.
     
  26. HairyAss

    HairyAss
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    Cheese on Toast

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    So glad we purchased our cottage in NS at the very beginning of the pandemic. It's "lake view" not "lakefront" but still... I'd be interested to know what it'd go for now. We've invested basically $0 in it so far.
     
  27. Kimvisible

    ♥ • ♠ ♣

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    I dont know how anyone is supposed to start? People are selling smaller homes, moving into more prominent ones, I am in the starter market-fighting people overpaying for site unseen from overseas, I can't even get an offer in.
     
  28. Miss Shawty

    Well-Known Member

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    At this rate, if homes keep selling for well over market value price we won't get into a single dwelling home for a very long time. :cry:
     
  29. LMAC

    _

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    Ottawa is nuts we had all the people coming from Toronto and Montreal. 3 years a go we paid 460 all upgrades in our new build now we could easily get over a million
     
  30. Goodson

    Active Member

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    i'm fortunate to be able to buy a nice house+property for 10k less than my annual salary

    shout out to living out in the woods
     
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  31. 17

    17
    teenage dirtbag

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    I’m interested to see what kind of house $20k buys up there
     
  32. Goodson

    Active Member

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    haha :finger:

    its definitely a starter home. 2500 sq ft, 3 bedroom, 1/2 acre, view of the river. small -- but well built!
     
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  33. Wayne

    1%er

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    Sounds like a forever home to me...cheap, water view, reasonable size, enough land. Sign me up.
     
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  34. Goodson

    Active Member

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    "starter" in the sense that i have no desire to retire here -- but will get the job done while i'm here, for sure.
     
  35. Grifter

    Bluh?

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    Sounds perfect!
     

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