Is It Really Worth The Extra Rent? (Peel Region Real Estate Market Update)
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- เผยแพร่เมื่อ 23 ก.ย. 2024
- BOOK A CALL WITH SANTO: calendly.com/t...
In this episode we take a look at the current Brampton, Mississauga, Ajax, Whitby, Pickering Real Estate home prices and market trends for week ending Aug 28, 2024. We also discuss the problem with renting out your home to multiple people at a time. While the income might be higher than the average rate, the amount of wear on your home will be reflected in the price when you go to sell.
This video will focus specifically on Brampton, Mississauga, Ajax, Whitby, Pickering 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.
Brampton model 😂 how else do you pay million dollar mortgages. You have to stuff 20 students and collect $500 from each one.
500... I see 800-1200 advertised on Kijiji.
@@butwhytharumthat’s for a private room not 2 roommates
@@jsdhillon6134 "room 1 is 700 can fit 2 people" "room 2 is 900 can fit 3"
With the name dhillion I wouldn't be surprised if you're part of the problem importing your "cousins" to rent your leveraged property to pay for the gaudy mansions out in the county with the semi truck parking lot in the corner of the property...
Thanks for doing this. Investment properties ruin neighborhoods. The house behind mine is now student housing and in less than three months, looks like s***. No care for yard work and general cleaning. Investors don’t care, they want their money. Just destroys the vibe of neighborhoods.
We have been looking at houses in Brampton because the houses seem large and better value for money than the rest of the GTA. However when we started looking around May of this year... our realtor gave us all the scoop about the houses in Brampton. As soon as we'd pull up at a house, he would say "look at the lawn, hasn't been mowed in months" or "look at the number of cars, there must be multiple students living here" etc etc. And some of the houses felt more like roach motels than single family homes. One place we checked out had 4 bedrooms in the basement and each room had a portable burner, minifridge and a TV. Half the "tenants" were sleeping. We decided not to look at Brampton unfortunately. And as you said, almost every house was just rough around the edges, with bad paint patch jobs, rusting and dirty areas all over and just overall lacking TLC.
My neighborhood is all rental property,now and the tenants are least bothered. They don't mow their lawns. the front is all clutter. Driveways are full of cars and it's difficult to park our cars too because people park on the roads.
Same here! Really considering moving away from this as I cant stand it
Mississauga?
Are the 15 tenants all Indian? 😅 They rent it to 2 people but didn't expect to have 15 moved in I guess.
They knew .
Its slum lords
In terms of insurance - you need a special policy that covers rooming/boarding. These policies are not cheap. Back when I was still working in the industry, they would easily cost 3-4x the premium of a regular home. This was years ago, I can only imagine what it would cost now.
This policy would have reduced coverages, lots of "red tape" and extremely hard to get bound (approved) by non-domestic insurers. I would not consider the coverages ample for the amount of risk that is carried.
Turning a single home into a rooming house is illegal and violates bylaws and zoning and fire code regulations. Where are the by-law officers? Where is the Fire Marshall?
This sounds like another example of super lax enforcement permitting unscrupulous players to get away with murder (and it could be murder, or at least manslaughter, for the owner if a fire traps some poor tenants in a dangerous situation...I'm going to guess that the basement was not up to code as well).
To Santos: I have a question for you: does a realtor like yourself have a legal duty to report these outrageous violations to the authorities when you encounter them? Other than mentioning that your client wouldn't buy the house, your video does not say what action, if any, you or other agents take when you see these laws being flagrantly broken, so I'm curious. Do you just walk away? Is there a code of professional ethics in play here?
@@dangottlieb5383Report what? That they saw 15 mattresses?
I live in Brampton, and there’s a big issue with people over-renting homes. Many homeowners rent out their properties to help pay their mortgages. The problem starts when it’s time to renew the mortgage, and the bank’s new assessment doesn’t match the home’s value. If the bank refuses to renew, it creates financial trouble.
If you live in peel you know at least a few homes in the neighborhood like that
It’s you Santo should do the math first. If 800 per person per month and 15 people are there . That is 15 x 800 = 12000 per month. That is 144000 per year. In 5 years that is 720k what if he sold for 100k less compares to other, he still pretty good. You just look at the moment he sell the property but ignore his years of cash flow. You should know that as a realtor. Now is the extra rent worth it?
JC: good point. Also, we have to assume the tenants pay in cash and the owner does not declare any of this as taxable income. Therefore, the profit from crime is double what it appears.
Step 1. Purchase expensive house in Brampton. Step 2 Bring as many Indian students to live and pay for the new house. Step 3. Students apply for permanent Canadian residency . Step 4 Canada ends up with a flooding of immigrants and housing crisis. Step 5 sell house and walkout rich. Step 6 repeat
Peel is not worth it.
The people are boring and rude and just like the apartments they are worn down.
It’s Toronto but with zombies instead of exciting people.
DID YOU REPORT IT? i doubt it
Can he also report the car that was stolen from my friend's driveway?
I know a Chinese lady in brampton
Her name is lea and she has a house with about 12 people, extension cords everywhere , it's a cultural thing back in India and China nobody cares, so they come here and carry on the tradition!!!
Those who will buy a detached home have to sell their condo first. Only 2%-3% of condos are selling. Therefore detached home prices is linked with high degree to condo market. They are not separate. Even if investors want to buy detached home, they have to sell their condo first. Condo prices will go down considerably before detached home markets picks up. You can't build fourplex anywhere in Toronto and good luck having this approved so real estate investors are not jumping into this business adventure.
The insurance would be insane with so many boarders !! And in most cases non insureable
And those that risk not having the proper insurance the risk outlays any big profits. As if someone got injured or a fire 🔥 outch say no more !!
It’s the only way they can keep the house , 15 tenants
Definitely not worth it plus the aggravation of collecting the rent and so on.... I could never do that, nor live like that. Awful !
There’s Indian 50 year old men that came 10 15 years ago bought their houses in 2012 now rent the full house by room and don’t work anymore 🤣
Indians are great neighbours
Not at all
The reason is because the ex-tenant crying to hard and Karma has to do it job.
I came first I deserve 1$ for each like
2$ not bad for down payment