Coronavirus impact on Real Estate 2
Please continue discussing here
Last edited by lolbeast on Nov 1st, 2020 9:02 am, edited 1 time in total.
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Nov 1st, 2020 9:34 am
In my opinion, doesnt matter how much you own. Selling something that just tanked 10-20% is definitely panic sellingRaC1550 wrote: ↑ I don't like the use of "panic" in the poll.
The answer depends on how much you already hold. If you own 5 downtown condos, selling 1 to diversify could be very reasonable without being a "panic" sell. What makes holding real estate as investment more difficult than stocks is that most people don't hold sufficient quantity to really be able to reduce or increase risk as the situation demands. If you hold just 1 investment condo, you can't easily sell 1/5th and diversify.
Nov 1st, 2020 9:49 am
Depends on the situation. It wouldn't be a panic sell if you analyzed the situation and determines that the asset is still overvalued even after a 20% drop based on changing circumstances. Those people who sold GE after the initial 20% drop certainly was correct. Not everything comes back up.
Nov 1st, 2020 11:03 am
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Nov 1st, 2020 5:12 pm
Resale condo market in the GTA sucks due to oversupply and lack of demand. Rental market for condos in the GTA sucks too , if your unit sits vacant for months on end and you are thousands of dollars cash flow negative each month I can see some investors panic selling. Without a tenant or piss poor monthly rent how long can some investors hold out before desperation kicks in to sell in a cold market. I have decreased my tenants rent in the core upon his request in April and I have a feeling when his lease is up in December he will ask for another reduction or bolt. I will probably agree as I have to stay competitive in this rental market and do not want to risk vacancy for multiple months. GTA condo owners who bought in 2018 or 2019 like myself have some tough years ahead of us but it is the risk we took as investors, take the bad with the good. Hope most can tough it out and come out successful on the other side of this pandemic.
Nov 1st, 2020 5:44 pm
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Nov 1st, 2020 7:55 pm
It was actually a very 'successful' thread - so many comments and discussion! Closing it for 1 comment was extreme.
Nov 1st, 2020 7:58 pm
I'm not sure why everyone is excited about it. It's just government's intent. Do these potential immigrants want to come? This is the question. Today's Canada is not the same as 20 years ago. It's extremely hard now to enter real estate market unless you have enough money from your home country. Don't forget potential tax increase in Canada because of COVID financial measures. Life in Canada is getting more expansive with the years. Canada can be still attractive but in my opinion not as much as in the past.superscoots wrote: ↑ Massive immigration incoming and is going to fill the glut of high rise condos in the downtown core.
Nov 1st, 2020 8:26 pm
It's true that western countries no longer hold the same kind of allure for people from "third world" countries like 20 years ago. However, Canada's desirability compared to other immigrant friendly countries have increased. I believe the overall net effect is more demand for immigration to Canada.Dzik99 wrote: ↑ I'm not sure why everyone is excited about it. It's just government's intent. Do these potential immigrants want to come? This is the question. Today's Canada is not the same as 20 years ago. It's extremely hard now to enter real estate market unless you have enough money from your home country. Don't forget potential tax increase in Canada because of COVID financial measures. Life in Canada is getting more expansive with the years. Canada can be still attractive but in my opinion not as much as in the past.
Nov 1st, 2020 9:21 pm
Do you know what happened? I'm confused myself.
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