Nova Scotia real estate has gone insane too, places selling for 20-40% over asking and with 15-30 offers. Rents way up, lumber way up, land way up, and such a shortage of supply, it will be a year or two + before anything can change. Big shortage of home builders, electricians, plumbers, and places listed have sold in as little as an hour.
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63 Parisienne sport coupe (The Big GTO), black, maroon interior, 409 4 speed; former owner of a 59 El Camino, 63 Corvette SWC, 62 Chev Bel Air SC. 1963- Pontiac top selling car in Canada
Mahone Bay, NS Still not old enough to need an automatic
Randy, smart people are buying Bitcoin? I think it will crash too and this run on real estate and the stock market has to have a correction. These are views old people have, are you old too Randy?
I remember the crash of 81, 91, and the tech bubble in about 2001, plus that stupid 2008-9 crash. Covid spending is masking things now but sooner or later we will be paying the piper. There is a very large crowd of people who never lived through a crash that was real, if it happens, it could be bigger than ever before.
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63 Parisienne sport coupe (The Big GTO), black, maroon interior, 409 4 speed; former owner of a 59 El Camino, 63 Corvette SWC, 62 Chev Bel Air SC. 1963- Pontiac top selling car in Canada
Mahone Bay, NS Still not old enough to need an automatic
the guy next door bought 6 years back for $500,000 and renovated this past year. just sold for $1.4 million. that said it would put us at 2 million. I paid $650,000 8 years ago and taxes were $7000. If they reevaluate us what the hell are the taxes gona be
That's the big issue- property taxes going up substantially. We have a lot of low income families and seniors in houses that are quite worried about a huge increase in property assessment.
Had a listing close to us a week ago, lasted 4 days, went 120G over asking price. was asking 850. so 970it went for. same size house and lot as mine.
really makes you think things over right now. But we have really nice neighbours so staying put. 9 acres parcel beside our work location just got listed,
highway access, back road access. 7.9 million. BC assessment is only 1 mil. They might be a little high, BUT somebody might buy and subdivide.
Here in BC we have a great option in that as seniors we don't have to pay our taxes. They charge us .45% on our owed balance and collect it when we sell our house. I invest my tax money with my financial advisor in a low to medium risk investment which I hope for 3-4%. It has been over achieving the last couple years but that will change shortly I think. It all started when seniors had homes in Vancouver or on the lake here in the Okanagan and suddenly their houses were worth 3-4-5 million and taxes were rising. Houses were paid for but people couldn't afford to stay. Great option in my mind. If I was ever to need some extra cash I'm in control of it otherwise my kid's will get a little less from my estate when the house sells as the tax man will need to be paid. Our property taxes are pretty cheap here I think. We were a little under $3500 for last year with the house being accessed at around $850,000 and worth around a million. Really doesn't matter what it's worth as you just need a place to live.
Here in BC we have a great option in that as seniors we don't have to pay our taxes. They charge us .45% on our owed balance and collect it when we sell our house. I invest my tax money with my financial advisor in a low to medium risk investment which I hope for 3-4%. It has been over achieving the last couple years but that will change shortly I think. It all started when seniors had homes in Vancouver or on the lake here in the Okanagan and suddenly their houses were worth 3-4-5 million and taxes were rising. Houses were paid for but people couldn't afford to stay. Great option in my mind. If I was ever to need some extra cash I'm in control of it otherwise my kid's will get a little less from my estate when the house sells as the tax man will need to be paid. Our property taxes are pretty cheap here I think. We were a little under $3500 for last year with the house being accessed at around $850,000 and worth around a million. Really doesn't matter what it's worth as you just need a place to live.
Was just going to mention that! I'm not there yet, but I keep telling my parents to defer. I don't need the money if it has to come out of the estate. They are fixed income and low income. Maybe I can talk them into it this year! Think I may have stated earlier...couldn't afford to buy my house in todays market!!! 220,000 twenty years ago..3200 sq' on 2 acres..prob a mill now. Nuts!!
-- Edited by hawkeye5766 on Tuesday 13th of April 2021 12:55:48 AM
Million dollars buys you a VERY nice house in Manitoba with a 1/2 million left over to retire and play with old cars! Sell it and buy a house down the street from Dano!
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1966 Strato Chief 2 door, 427 4 speed, 45,000 original miles
1966 Grande Parisienne, 396 1 of 23 factory air cars
Million dollars buys you a VERY nice house in Manitoba with a 1/2 million left over to retire and play with old cars! Sell it and buy a house down the street from Dano!
YA,,but I'm skinny and catch a chill easily. Would also need to retro fit the fleet with block heaters.......
Million dollars buys you a VERY nice house in Manitoba with a 1/2 million left over to retire and play with old cars! Sell it and buy a house down the street from Dano!
YA,,but I'm skinny and catch a chill easily. Would also need to retro fit the fleet with block heaters.......
Hyrdo and firewood relatively cheap, and I can get you a good deal on a warm coat........
Million dollars buys you a VERY nice house in Manitoba with a 1/2 million left over to retire and play with old cars! Sell it and buy a house down the street from Dano!
YA,,but I'm skinny and catch a chill easily. Would also need to retro fit the fleet with block heaters.......
Hyrdo and firewood relatively cheap, and I can get you a good deal on a warm coat........
Just may move eastward if I ever want to retire!! At 54 (still feel 24!) think I have 10 more years to go. 300,000g in the bank is only 30g a year for 10 years. I'm freedom 85 or 6'under...which ever comes first....
You'd be amazed how little you spend in retirement. At least that has been our experience. It's been 5 months now for me. And don't forget, if you have 300,000 in the bank, the first year you also get about $4500 interest from that.
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1966 Strato Chief 2 door, 427 4 speed, 45,000 original miles
1966 Grande Parisienne, 396 1 of 23 factory air cars
My son has no chance of owning his own home anywhere near where he wants to be. Our little 1200 sq ft bungalow is not worth a penny, but the land it sit's on is worth around CAN$1.5m even though it's only about 0.4 of an acre.
Move to PEI and you'll have a great house with lots of land for under 300k, many with ocean views.
It's funny that a few years ago that price was $200 grand.
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Prince Edward Island
'64 Parisienne CS "barn find" - last on the road in '86 ... Owner Protection Plan booklet, original paint, original near-mint aqua interior, original aqua GM floor mats, original 283, factory posi, and original rust.
Might as well add to the stories, this one for a cottage, our neighbours on Georgian Bay. 3 bedroom original build in 1970, a Viceroy style building full basement and garage. mossy and mouldy roof and deck, clean but old school Beaver Lumber panelling inside.
Listed $699,000 on Thursday, Sold yesterday with 22 offers, 3 over $1M for $1,076,000. This is a seasonal residence, a cottage in Simcoe County, Ontario.
I'm not there yet, but I keep telling my parents to defer. I don't need the money if it has to come out of the estate. They are fixed income and low income. Maybe I can talk them into it this year! Think I may have stated earlier...couldn't afford to buy my house in todays market!!! 220,000 twenty years ago..3200 sq' on 2 acres..prob a mill now. Nuts!!