If You Don't Use It, Someone Else Will (GTA Condo Real Estate Market Update)
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- เผยแพร่เมื่อ 27 ก.ย. 2024
- BOOK A CALL WITH SANTO: calendly.com/t...
In this episode we take a look at the current GTA Condo Markets - Toronto, York Region & Peel Region for week ending June 12, 2024. We also discuss the headaches that come when an unused parking spot or locker gets claimed by a stranger.
This video will focus specifically on GTA Condo Markets - Toronto, York Region & Peel Region but be sure to SUBSCRIBE for more reports on other areas!
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Santo Sessa & Daniel Sessa
Re/Max Premier
(647)560-7778
santo@teamsessa.ca
*This video, nor any of the other videos on the Team Sessa Real Estate TH-cam channel, does not constitute legal or financial advice. This is strictly intended for educational and entertainment purposes only.
I hope your client has been paying the Vacant Home Tax on his condo that has been sitting empty for all this time 😉
Why? Why would you hope that?
He bought it with his money; he pays property taxes, common expenses and utilities...by what measure of envy would you want someone else punished by the government for not renting out his space to some deadbeat tenant? The government offloads its social housing responsibilities to small landlords and then, via the incompetent Landlord/Tenant Board, makes it impossible to evict a non-paying tenant in less than a year, and then punishes landlords for not exposing themselves to such risks. The tax oughta be illegal: forcing landlords under punishment of law to sign private unenforceable contracts, that's what our city has come to...
@@dangottlieb5383 Not sure if you saw the wink, but ok. The tax is there, regardless of how you feel about it. Simple as that.
@@dangottlieb5383 bingo. But tenants don't care. They are special snowflakes. They earned the right to live for free until housing prices come down to what they can afford. Pathetic.
Let me tell you a secret... Us landlords are not answering those truthfully all the time. It only exists to pander to renting voters.
@@vert911hence the wink… don’t people get sarcasm??
Squatter parking. A new one for Toronto😂
Surprised no one has parked a camper in a condo spot and rented it out yet.
against the condo rules. they will fine the owner of the spot.
@@vert911 I know. Just a little passive aggressive sarcasm:)
If you see it happen a lot as you say, it probably speaks about the fact that it is very common in Toronto to have vacant units with vacant parking and vacant lockers, which were bought by foreign investors that never step foot in there.
People tsking parking spot happens pretty frequently. Management does nothing. You have to call municipal parking enforcement to ticket the car, or if you want you can ask the city to tow the car but you are responsible for damages.
your client is a fool.
A lot of people are just rats, they watch and if they see an opening they move right in. He was foolish not to have kept an eye on his place, I agree with you there.
It happens all the time.
It’s theft plain and simple! These people are unscrupulous and entitled. Love this colour on you Santo!
Appreciate you. And I agree with your characterization of the unscrupulous people.
I am not arguing it should be given for free, but it’s immoral to have it empty, while many folks are struggling for parking space. Landlord can rent it out, but wrong to Hoard a scarce resource like parking space .
@@chineduogbonna6947 With current Canadian Laws its better to leave your secondary or tertiary home vacant and parking spot empty. Not worth a dime whether its renting or aibnbng
And in other news a condo in one of my rentals just sold for the highest price ever in the building 4 days ago.... and it was only at the midpoint of the building not the penthouse, and it was cookie cutter nothing special...... most people just don't know to read stats properly.... average price is the worst thing possible to use as a measurement..... because in low # sales environments it can swing wildly from a high or low priced sale or lack thereof. (and yes it is a recent precon building which is usually what all the haters hate on hah)
Santos should be using benchmark HPI and only that..... average price charts are a waste of time.
In the States, if you're not using your house, squatters will come and use it.
There's something very wrong here and in downtown condo area?? I know of people who live in condos and once in awhile there's foot patrol either by private security or condo board members who look after the parking lots. Each condo owner is immediately contacted about unknown registered parked vehilces in their spots. Guests parking have to be immediately registered including time of arrival and approx. of departure. Some condos have a max. time limit. Many years ago I was very lucky with a warning note, instead of a ticket?
The problem is the condo don’t have parking spot for visitors oh reasonable parking fee for people have more then 2 cars
Im waiting for 1 year of inventory listing to happen before buying a condo
Mr. Sessa is there a yearly price chart? - Matthew
tick tock , tick tock, tick tock , this house of cards is coming down as we speak ! prepare already !
No not at all calm down...
it's sad because you are wishing for something that's not coming. Ask yourself how condos are going up in price if there is a massive investor selloff in those areas.
This is going to be the bull trap on next rate cuts to get everyone in again, and possibly one more helicopter money cycle before the selection of polievre. All by design and set up
@@vert911 condo construction has come to a halt in mid-construction the builders are bankrupt ! i told yu wake up !
@@marctrottier8232 exactly. they ARE bankrupt. this means in 2-3 years, when no buildings are being completed, resale will skyrocket more than it ever did in the past.
Its a totally wrong information, from time to time my vacant condo parking especially new year nights some one would use someones transponder and get into double gated residents parking area parked at my spot. NOTHING TO DO WITH MANAGEMENT. Get your ownership papers ready call the parking enforcement show them you are the owner of the parking spot , and guess what car is gone TOWED, with additional parking ticket on the windshield. IN THE MIDDLE OF THE NIGHT THATS HOW EASY IT IS. Now its between him and tow company and the very first thing tow company would ask ownership of the parking where he was parked or pay a fortune. Toronto parking enforcement is split by 3 to 4 different towing companies by area and JP Towing is for the core and their storage is at Scarlet Rd and they are ready 24/7 its their business even before parking enforcement call them they already on their way ITS SUPER FAST AND EASY. Same with the lockers anything in the my vacant locker is mine and the dumpster is not far away. Every single condo in the Downtown core has the lockers lock and owner has the key there is absolutely no locker without the locks. I don't understand this episode at all, overall this dude is very knowledgeable but Downtown core is not everyones specialty I can clearly see he doesn't deal with downtown much
I deal with downtown quite a bit.
Please show us what C1 and, especially, C8 resale condos have been doing since January. I think your viewers need a wake up call. The golden areas will see uptick before the bronze areas. Keep an eye on the gold if you want to know where the average is heading.
Downtown is basically C1 and C8 combined. With an MOI of 8.6 it's not looking like gold.
@@Jo-mf2vu yet, prices in C1 and C8 are.... up? You talk about MOI like it matters if the inventory is crap. Just pretend there's no shoebox units and we are back in 2021 with 20% YOY gains. Heck, go look at the 1yr 20% gain in Beaches detached homes. Bears are so clueless.
The average and median prices are skewed higher because of only larger condos being bought. The small condos are just sitting with very few takers. Still I'm seeing most larger condos selling for under asking.
@@Jo-mf2vu sure. Whatever. Doesnt matter if the price keeps going up and the tiny units get delisted , which the majority will. Just because people don't bail out investors doesn't mean the world is ending.
@@Jo-mf2vu prices increasing with 9mo inventory is the definition of gold.
Let me guess, your clients find racoons in their unit because they forgot to lock the door for a year?
How did you know?
If Government introduces vacant parking space tax, we will all start screaming. Houses, parking slots are scarce resources, to be used not HOARDED.
Would you rather have the parking lot empty for 18 months? Putting an empty parking spot to use reduces crowing and judicious use of scarce resources.
I wonder if you'd say the same if it were YOUR owned space being squatted upon?
It’s an empty parking spot, simply parking a car 🚗 isn’t causing any damage. I will rather have it serve its purpose than staying empty.
Landlord charging extra (100-200cad)for parking spot from tenants that paying his mortgage and you really think they will give it for free to someone?😂
@chineduogbonna6947 wow. My advice to you, which you should always remember, you should never buy any other property than the one you live in because, if you do, bad people will EAT YOU ALIVE!
@@chineduogbonna6947 Wow. In that case, you should never buy an investment or rental property or cottage...bad people will EAT YOU ALIVE!
Shocking nope, but absolutely ridiculous how dumb and inconsiderate people are. Sadly no real consequences; going forward Condo Management should have in their rules to property owners consequences for these types of instances. Put a dollar value on it and I bet you will have less people taking advantage of someone else's property, payable to the Condo Owner along with service charge($5000) ( flat rate $1000) to condo management for having to locate the culprit, or face the penalty of new locks in their unit till paid in full. It's time to make it hurt the wallet!
Nothing to do with Condo Management this episode is misinformation, there are Wolves (Tow Truck companies contracted by Parking Enforcement ) looking for a lamb (wrongful parking people) 24/7 its a huge constant non-stop business and City loves it. ITS AS FAST AS BLINK OF AN EYE. Not worth taking someone parking space if you do its huge hassle.
@@KalimJha wow business I guess, who would have thought of this but I see your point, opportunity knocks and the wolves are out for a prowl and why cause it's simple.
@@MarkSoniaHartwick Think of it this way, a car was parked at my spot I called parking enforcement on one of the busiest night on planet earth New Years eve night (Downtown Toronto perhaps the busiest city on entire planet that night)
My vacant property but I knew from my experience take a round of my parking at midnight and guess what?? car at my spot?Called Parking Enforcement they put a ticket on his screen first (this money going to City and that's just a beginning) now the officer called Towing company, towing company that night would charge a fortune for towing and a fortune for the storage. Every second counts from this point on the more delay the guys do to get his car out of storage the more he has to pay for storage.
@@KalimJha point made! Thx
Just call bylaw!! When they arrive prove you own the spot with your agreement of purchase and sale . They will call the contract tow. Takes about an hour.
Do not involve property management!!!
In Toronto, all you had to do is call parking authority and show your ownership and they would just tow the car. There's no need to involve with management....
People are crooks in Toronto.
People didn't consider risk, now it's too late.
It happens all the time.
It’s a waste leaving a parking spot unused and empty for >12 months.
when that guy bought the condo apartment and he paid for the parking space too. So a random joe parks in there for free??? Hell NO
Well yeah...He got a year and a half worth of free parking, and the owner didn't even notice. The guy could easily have lied and said he was only there for a week or so, the owner would have been none the wiser. You can consider it theft, but theres a real argument to be made that it was a harmless crime considering how little it affected the owner.
I will flat the tire😂
Lol
Love it!