cdr108
Senior Member
LOL at all ...
what's the going rate there currently?
deduct 30% and then you might have fair value.
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- Thread starter simuls
- Start date
LOL at all ...
what's the going rate there currently?
deduct 30% and then you might have fair value.
f00kie
New Member
I think it's $1000+. I think units start at about 800 sq. ft. and they advertise $800k+. Don't know what it's selling for though. I work right next to it though... one can hope for $600/sq. ft., right?
Condo George
Active Member
Maple leaf square rental update for those who care to know.....
9 units for rent
$2400 to $7500
9 units for rent
$2400 to $7500
daveto
Active Member
I wonder, does anyone care to know?
And while we're at it, there are many more than 9 units for rent, and at lower prices
$2000 fully furnished
http://toronto.en.craigslist.ca/tor/sub/1972950225.html
$1800 fully furnished
http://toronto.en.craigslist.ca/tor/apa/1969550009.html
$2400 2 bdrm
http://toronto.en.craigslist.ca/tor/apa/1968549412.html
$1500 1bdrm + den
http://toronto.en.craigslist.ca/tor/apa/1964966444.html
etc, etc
And this realtor says that Maple Leaf Square prices are $1150/bachelor, $1250 1bedroom, $2000 2 bedrooms
http://toronto.en.craigslist.ca/tor/apa/1972962996.html
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CN Tower
Banned
+/- another 20 or so for rent at significantly lower prices by the rest of the market.
KA1
Senior Member
Top Business Stories -- from today's The Globe and Mail.
David Rosenberg sees rise in mortgage delinquencies
Published Monday, Sep. 27, 2010 2:22PM EDT
Last updated Monday, Sep. 27, 2010 3:02PM EDT
Rosenberg sees mortgage defaults
Economist David Rosenberg expects a "rising number" of Canadian homeowners won't be able to meet their mortgage payments as interest rates rise and real estate values sink. Canada's recovery from the recession has been fuelled by the boom in the housing sector, which is now slowing, but "that goose is no longer laying any golden eggs," the chief economist of Gluskin Sheff + Associates said today in a report, noting that housing starts, building permits and home prices have slipped.
"Housing cycles, both up and down, tend to go further than anyone thinks, as we saw occur in the United States, which is still suffering from a post-bubble hangover three years after the initial turndown," he said. "Even if this correction in housing is a fraction as harsh as was the case south of the border, the economy, and the financial markets, are likely in for a rude awakening in coming quarters as lower home prices cut into household wealth, confidence and spending plans."
While there are no published numbers or forecasts on delinquencies, Mr. Rosenberg added in an e-mail that a "rising number is inevitable."
David Rosenberg sees rise in mortgage delinquencies
Published Monday, Sep. 27, 2010 2:22PM EDT
Last updated Monday, Sep. 27, 2010 3:02PM EDT
Rosenberg sees mortgage defaults
Economist David Rosenberg expects a "rising number" of Canadian homeowners won't be able to meet their mortgage payments as interest rates rise and real estate values sink. Canada's recovery from the recession has been fuelled by the boom in the housing sector, which is now slowing, but "that goose is no longer laying any golden eggs," the chief economist of Gluskin Sheff + Associates said today in a report, noting that housing starts, building permits and home prices have slipped.
"Housing cycles, both up and down, tend to go further than anyone thinks, as we saw occur in the United States, which is still suffering from a post-bubble hangover three years after the initial turndown," he said. "Even if this correction in housing is a fraction as harsh as was the case south of the border, the economy, and the financial markets, are likely in for a rude awakening in coming quarters as lower home prices cut into household wealth, confidence and spending plans."
While there are no published numbers or forecasts on delinquencies, Mr. Rosenberg added in an e-mail that a "rising number is inevitable."
cdr108
Senior Member
^^^
sorry i can't find the article, but i read something that stated almost 3/4 million mortgages are struggling at the brink of default; and if rates were to rise 1% (100 bp) from our current historical lows, another 500,000 would be in the same situation.
-----------
on a similar note ...
http://www.dbrs.com/research/235316...adian-residential-mortgage-default-rates.html
Date of Release: 2010-09-17
DBRS Comments on Canadian Residential Mortgage Default Rates
DBRS has today commented on the quarterly default rates of residential mortgages in Canada and the United States as of June 30, 2010. The charts displaying these rates, which have been published as Appendix C in DBRS’s monthly Canadian Securitization Market Overview since April 2009, provide performance information on both prime and subprime residential mortgages. This analysis compares residential mortgage performance levels in Canada and the United States and will be released on a quarterly basis.
According to the Canadian Bankers Association, prime residential mortgages in Canada reported a default rate of 0.42% at the end of Q2 2010 (up from 0.29% for all of 2008 - added by poster for FYI - Number of Residential Mortgages in Arrears
Month Total Number of Mortgages Number of Mortgages in Arrears % of Arrears to Total Number of Mortgages
2008-01 3,811,089 10,100 0.27%
2008-02 3,809,140 10,376 0.27%
2008-03 3,822,749 10,438 0.27%
2008-04 3,830,155 10,068 0.26%
2008-05 3,842,289 10,250 0.27%
2008-06 3,852,207 10,319 0.27%
2008-07 3,864,025 10,420 0.27%
2008-08 3,871,038 10,866 0.28%
2008-09 3,893,801 11,265 0.29%
2008-10 3,898,269 11,459 0.29%
Source: Canadian Bankers Association
Note:Includes data from BMO (BMO), CIBC (CM), HSBC Bank Canada, National Bank of Canada, RBC Royal Bank (RY), Scotiabank (BNS), TD Canada Trust (TD) and Manulife Bank. Mortgage arrears means delinquencies of 3 months or more.),
similar to the level seen a decade ago. In comparison, U.S. prime mortgage default rates, including foreclosure, were slightly below 7% for the same period, based on the data provided by the Mortgage Bankers Association. U.S. prime mortgage defaults appeared to level off and moderate from the historical high. Nevertheless, they remained more than ten times higher than in Canada.
In Canada, default rates for subprime mortgages continued to increase, reaching 4.6% at the end of Q2 2010, based on the aggregate asset pools rated by DBRS. The increase in Canadian subprime mortgage defaults is mostly attributable to the declining asset pool, down by 60% over the last two years. U.S. subprime mortgage default rates, similar to the default rates seen among U.S. prime mortgages, also appeared to improve in 2010, coming off from the peak of over 30% at the end of 2009 to approximately 28% at the end of the second quarter. Subprime mortgage defaults in the United States are at least five times higher than in Canada.
In order to provide investors with timely and insightful analysis, DBRS monitors each rated class of all Canadian residential mortgage transactions on a monthly basis, focusing on the key performance metrics of default rate, prepayment rate, pool factor and cumulative losses.
Copies of the charts:
http://www.dbrs.com/research/235317
sorry i can't find the article, but i read something that stated almost 3/4 million mortgages are struggling at the brink of default; and if rates were to rise 1% (100 bp) from our current historical lows, another 500,000 would be in the same situation.
-----------
on a similar note ...
http://www.dbrs.com/research/235316...adian-residential-mortgage-default-rates.html
Date of Release: 2010-09-17
DBRS Comments on Canadian Residential Mortgage Default Rates
DBRS has today commented on the quarterly default rates of residential mortgages in Canada and the United States as of June 30, 2010. The charts displaying these rates, which have been published as Appendix C in DBRS’s monthly Canadian Securitization Market Overview since April 2009, provide performance information on both prime and subprime residential mortgages. This analysis compares residential mortgage performance levels in Canada and the United States and will be released on a quarterly basis.
According to the Canadian Bankers Association, prime residential mortgages in Canada reported a default rate of 0.42% at the end of Q2 2010 (up from 0.29% for all of 2008 - added by poster for FYI - Number of Residential Mortgages in Arrears
Month Total Number of Mortgages Number of Mortgages in Arrears % of Arrears to Total Number of Mortgages
2008-01 3,811,089 10,100 0.27%
2008-02 3,809,140 10,376 0.27%
2008-03 3,822,749 10,438 0.27%
2008-04 3,830,155 10,068 0.26%
2008-05 3,842,289 10,250 0.27%
2008-06 3,852,207 10,319 0.27%
2008-07 3,864,025 10,420 0.27%
2008-08 3,871,038 10,866 0.28%
2008-09 3,893,801 11,265 0.29%
2008-10 3,898,269 11,459 0.29%
Source: Canadian Bankers Association
Note:Includes data from BMO (BMO), CIBC (CM), HSBC Bank Canada, National Bank of Canada, RBC Royal Bank (RY), Scotiabank (BNS), TD Canada Trust (TD) and Manulife Bank. Mortgage arrears means delinquencies of 3 months or more.),
similar to the level seen a decade ago. In comparison, U.S. prime mortgage default rates, including foreclosure, were slightly below 7% for the same period, based on the data provided by the Mortgage Bankers Association. U.S. prime mortgage defaults appeared to level off and moderate from the historical high. Nevertheless, they remained more than ten times higher than in Canada.
In Canada, default rates for subprime mortgages continued to increase, reaching 4.6% at the end of Q2 2010, based on the aggregate asset pools rated by DBRS. The increase in Canadian subprime mortgage defaults is mostly attributable to the declining asset pool, down by 60% over the last two years. U.S. subprime mortgage default rates, similar to the default rates seen among U.S. prime mortgages, also appeared to improve in 2010, coming off from the peak of over 30% at the end of 2009 to approximately 28% at the end of the second quarter. Subprime mortgage defaults in the United States are at least five times higher than in Canada.
In order to provide investors with timely and insightful analysis, DBRS monitors each rated class of all Canadian residential mortgage transactions on a monthly basis, focusing on the key performance metrics of default rate, prepayment rate, pool factor and cumulative losses.
Copies of the charts:
http://www.dbrs.com/research/235317
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CN Tower
Banned
Rosenberg seems like a smart guy. He also seems sincere. The problem is he appears to rarely be correct about anything.
Where is the accountability in his statements?
Where is the accountability in his statements?
simuls
Senior Member
September is normally a huge month for rentals and my RE friend, whom I trust implicitly and has been very successful in the business for 35 years, informed me that they have never seen so many units for rent on the market - and that's just TREB units. It's slowing real fast people, real fast. The rental market is key to the resale - if people can't rent, they'll sell and that could be a big snowball.
I'm not really worried about mortgage defaults, delinquencies, etc. as it'll remain small. But as home value erodes, spending does too.
I also think it's important to remember that the stock market and the economy are two completely different things, so while the TSX and DOW are having a gangbuster month it has nothing to do with the economy which is seriously struggling.
I'm not really worried about mortgage defaults, delinquencies, etc. as it'll remain small. But as home value erodes, spending does too.
I also think it's important to remember that the stock market and the economy are two completely different things, so while the TSX and DOW are having a gangbuster month it has nothing to do with the economy which is seriously struggling.
Condo George
Active Member
Agreed there has been a ton of new for rent, but ask your RE friend about the enormous amount being leased, in C01 leased has outnumbered new listings since June
KA1
Senior Member
Here are 2 clips from an article and a news item from today's The Globe and Mail.
First, there is a clip from a column by Jeffrey Simpson:Next year, the stimulus will be over, but all Canadian governments will be saddled with large debts. As governments contract, there will be a fiscal drag on the economy, especially since private-sector growth is now likely to be lower in 2011 than had previously been thought.
More important, as the OECD just reported in its survey of the Canadian economy, it will likely grow from 2010 to 2017 at slightly more than half the rate from 1998 to 2008. The raw rates of growth are these: 1.6 per cent for 2010-1017, compared to 2.9 per cent for 1998-2008.
That yearly, average gap of 1.3 per cent might not seem like much, but year over year, the cumulative effect of the gap will be 10.3 per cent less growth overall by 2017. That slower growth will be a drag on jobs, the unemployment rate, government finances and regional disparities, since the slower growth will be most noticeable in the six easternmost provinces, with Quebec and Newfoundland suffering the most.
Add it up: slower growth in the years ahead, an aging population, unsustainable increases in health-care costs, a high currency, fiscal restraint, widening regional disparities, low productivity, a sputtering, debt-laden U.S. economy, the buildup of government and household debt during the recession, unemployment above 8 per cent, to mention a few challenges.
Now, here is a clip from a news item:
Purchases of new and resale cars and trucks by Canadian households are on a near-record pace, says the latest global auto report by Scotia Economics.
The bank said Wednesday it expects retail vehicle sales in Canada this year to climb to the second-highest annual level on record, just behind the peak in the late 2000s.
===
What happened to the decrease in the net worth of Canadian households and resulting downward spiral in RE prices and the resulting impact on the economy as outlined by Mr. Simpson above.
What kind of economic future we are facing? Would it be better that we bury our head in the pillow and hope that all will be well?
I fully expect Condo George to say that, regardless of doom and gloom reports, RE market in C1 is bursting at he seams. How about the other areas?
First, there is a clip from a column by Jeffrey Simpson:Next year, the stimulus will be over, but all Canadian governments will be saddled with large debts. As governments contract, there will be a fiscal drag on the economy, especially since private-sector growth is now likely to be lower in 2011 than had previously been thought.
More important, as the OECD just reported in its survey of the Canadian economy, it will likely grow from 2010 to 2017 at slightly more than half the rate from 1998 to 2008. The raw rates of growth are these: 1.6 per cent for 2010-1017, compared to 2.9 per cent for 1998-2008.
That yearly, average gap of 1.3 per cent might not seem like much, but year over year, the cumulative effect of the gap will be 10.3 per cent less growth overall by 2017. That slower growth will be a drag on jobs, the unemployment rate, government finances and regional disparities, since the slower growth will be most noticeable in the six easternmost provinces, with Quebec and Newfoundland suffering the most.
Add it up: slower growth in the years ahead, an aging population, unsustainable increases in health-care costs, a high currency, fiscal restraint, widening regional disparities, low productivity, a sputtering, debt-laden U.S. economy, the buildup of government and household debt during the recession, unemployment above 8 per cent, to mention a few challenges.
Now, here is a clip from a news item:
Purchases of new and resale cars and trucks by Canadian households are on a near-record pace, says the latest global auto report by Scotia Economics.
The bank said Wednesday it expects retail vehicle sales in Canada this year to climb to the second-highest annual level on record, just behind the peak in the late 2000s.
===
What happened to the decrease in the net worth of Canadian households and resulting downward spiral in RE prices and the resulting impact on the economy as outlined by Mr. Simpson above.
What kind of economic future we are facing? Would it be better that we bury our head in the pillow and hope that all will be well?
I fully expect Condo George to say that, regardless of doom and gloom reports, RE market in C1 is bursting at he seams. How about the other areas?
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Roy G Biv
Senior Member
I just sold my rental unit that I couldn't rent out.
cdr108
Senior Member
could you give us more details:
- how long was the unit vacant?
- how long did it take to sell?
- did the rent cover the mortgage/expenses (what was the mortgage)?
- why did you sell it if the rent covered your expenses?
