Quote:
Originally Posted by supafamous
Put a bid of $1.6m on Monday for a 33x132 (4400sf) lot in Killarney that was $200k over assessed and the winning offer was $1.71m with no subject. Apparently they had multiple offers with no subjects (I had subject to finance since my ducks weren't in a row) for what is a teardown lot.
3 weeks earlier a lot that was 400sf bigger and a few mins from it sold for $1.6m, also a teardown.
Houses below $2m used to go for $150-200k above assessed and now are all going for $300k over or more in the past couple weeks.
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Killarney is my old stomping ground and my folks are still there. I'm just floored by what you're telling us here because $1.7M for a 33 x 132 "tear down" lot is mind blowing. Even at the height of the housing boom in what... 2017 - 2018?, I think older, but totally livable, houses with lot sizes bigger than that are also in the same $1.7M range.
Quote:
Originally Posted by GGnoRE
Another factor that is not being mentioned here is the immigration factor. Due to the pandemic, there is pent up demand for immigration from East and South-East Asian countries where relatively well-off middle and upper-class families will bring their wealth and buying power when they get here. Combine that with Canada's aggressive federal targets for immigration will put even higher pressure on local housing. The locals without high-paying jobs and without access to their parents' or grandparents' wealth are going to be the biggest 'losers' in this market. I truly feel for them.
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Personally, I would question the immigration factor because I am under the impression that the pandemic has slowed immigration to a trickle. I have friends in Hong Kong with Canadian passports who are trying to bring their families back to Canada, but because the spouse isn't Canadian, they need to go through with immigration. According to them, immigration processing has stopped for quite some time last year. I would be surprised if that only occurred in Hong Kong.