Donna Bacher
@loveurhome
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Retired 40yr veteran Ontario Realtor, now roaming the pastures & hills of New Brunswick tending to her sheep!
Titusville, New Brunswick
Joined March 2009
Don't wanna be here?
Send us removal request.
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@anthonyfurey
I’m sorry, but this is the most terrifying covid policy I’ve seen. What’s the end game here? I’m a vaxxed senior and am sick to my stomach thinking we’re actually segregating a portion of our population and denying them services. Just what are we doing? How did we get here?
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The Canadian real estate market should never have been allowed to inflate by 60% over the past 2 years.
The BoC, GoC & OSFI knew this was happening and did absolutely nothing.
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In the 70s, when I was in my late teens & early 20's, Canada built things. We had factories for everything- appliances, glass, equipment, autos, textiles, clothing, soap, steel & much more. We built houses.
You could get into your University of choice with a 75% average.
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News flash: real estate normally does not appreciate 30% per annum, let alone for 2 years in a row.
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This is my last week with full access to MLS data- I officially retire as a licensed Ontario realtor on the 18th. What I can tell you is this- things are starting to look tough for many. Out of 140 listing cancellations, over 50% came back on as new listings with reduced prices
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Another news flash in the stupid RE decision department.
Who puts 500K down & signs on the line for a 1.5M mortgage to buy a 2M home and have to rent out the basement to complete strangers to make ends meet?
They could put that 500K down on a 1M property and actually enjoy life.
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Maybe once the BoC finishes its war against inflation, people will understand how quickly they can lose everything because they've been playing at the 1K blackjack table with a $10 budget. IMO, listings are going to really start building in Q1 2023.
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What I learned from the 80s & 90s market downturns.
1) Don't spend too much on credit
2) Have 6 months savings in the bank
3) Keep your marriage intact
4) Stay healthy, happy & employed
5) Make your "house" a "home"
Don't waste your time worrying about things you don't control
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Just had a conversation with a popular RE Lawyer- no residential deals closing til Feb 23. Has gone from 40 deals/month to 0. No deals for lawyers = no deals for agents. IMHO, ignore the SM media chatter. FIRE in Ontario is facing a very frosty winter & 2023.
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What happens if the interest rates we see today are the lowest we see for the next decade? What happens if the much anticipated "cut" never comes? 🤔
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And now we have Real Estate lawyers with their fingers deep in the cookie jar. IMHO, when the market slows, the skimming & kiting gets exposed.
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20 years ago, 1M dollars could buy you a beautiful new house in Hamilton on a 50' x 100' lot plus leave you with 600K to invest. Now 1M dollars buys you a 3 bedroom townhouse in a crowded subdivision.
What has happened to our money?🤔
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I had dinner with my son & his fiance last night in Halifax. They're selling their 1 bdrm condo in downtown Toronto & moving to Halifax. She's transferring into her central office & my son is a 3rd yr electrical apprentice with a couple jobs lined up.
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My heart is so broken tonight for Michelle
@REWoman
on the sudden loss of her husband Barry Makos. My deepest sympathies & prayers to the entire Makos family💔😢🙏
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@nasmadotali
Everything about this market over the past 2 years has been the worse that I've seen in my entire 39 year real estate career. Consumer behaviour, investor greed & agent mentality. All of it. People lost their frigg'n minds. Oh, I forgot the BoC, CMHC & OSFI- they did too.
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I've got the popcorn ready for Marketplace tonight. I hope these people get prosecuted to the fullest extent of the law. No more monetary penalties without jail time attached.
Complaints from within the industry never get this type of response from OREA, TRREB & RECO.
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@jasonjamesbnn
IMHO, it won't be over until
@theJagmeetSingh
is 100% certain that his party has cashed in on all the Liberal promises & can come out of an election as Official Opposition. I think we're getting close.
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I have a question for all the realtors out there.
If I sell a property for 1M dollars and earn 25K in commission, aside from having a real estate license & preparing/emailing an offer, what have I done to earn that money?
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Is Canada going to be able to keep immigration numbers up when housing in our major urban centres is so expensive and rising every day?
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I have a friend who is almost 80. She's very poor. After 38 years as a Realtor, she retired a year ago.
How can a Realtor be poor?
There are many poor Realtors. If you took away their partner's income, they'd be completely broke. It's a very expensive business to succeed in.
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I think that right about now Tenants should be asking prospective landlords for their Equifax report, employment letter & references. They could be renting from an absolute financial trainwreck.
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Can someone tell me why there hasn't been any Children's Tylenol, Advil or any of the generic alternatives on the shelves in Canada for months now? I think the "people are hoarding it" excuse has run its course.
@JustinTrudeau
@fordnation
@GovCanHealth
@PublicHealthON
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As strange as it might sound to some people, not everyone wants a house with a basement apartment. Just a nice rec room & some great storage space will do!
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There is a silver lining to the rising interest rate story.
Seniors who live on a fixed income, yet have savings in the bank are able to get a much higher return on their money than a year ago.
200K at 1% GIC= 2000/yr 166/mnth
200K at 4.5% GIC= 9000/yr 750/mnth
Big difference
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Why does the Canadian Real Estate industry allow people with criminal records to obtain and/or hold a real estate license? 🤔
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Don't put the blame on the people who took advantage of the market.
The blame rests solely on the shoulders of those who had the ability to stop it but chose not to.
We not only pay their salaries & pensions, but we'll also pay dearly for their incompetence & inaction.
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A 1239 sq ft semi-detached in Milton.
Title transferred May 17, 2022 for 1.025M
New owners put in a rear basement entrance & started building a basement apartment.
Power of Sale by MIC on Dec 9/22 for 899K: Offer date Dec 19- did not sell.
Reduced Jan 4/23 to 879K
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How is it that a country with such a large economy like Canada is able to function with a part-time Minister of Finance who aside from being MoF, has no education or training in anything remotely related to finance.
And we're to assume she's actually running Canada's finances?🤔
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Here's a single mom, with 2 school-aged kids learning from home in a hotel room and caring for 2 pre-schoolers! This isn't an exception- it's an everyday occurrence. It should be unacceptable to every Canadian. This should never be happening.
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I listed a detached house for rent today. 2500/month. My phone's been blowing up. The last call from an agent whose client was renovicted- single mom, employed, with a 3,4,6 & 10-year-old. They're currently in a hotel room. She'll take it sight unseen & 6 months up front.
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After watching condo developer Brad Lambs' video insisting that the BoC reduce the rate today, I'm a bit surprised that the BoC dared to hold their rate at 5%. Do they have any idea what that's going to do to condo pre-sales? 😂 Good news Brad- it looks like June might be a go.
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When did consumer sentiment around mortgages change? A few decades ago, it was all about being able to double up on your payments, make annual pre-payments against principal- anything to reduce the amortization & interest paid. At some point, we changed to borrowing forever.
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I really don't like the fact that the GoC, BoC, OSFI & CMHC all sat back & let the Covid Housing Craze happen. So, here we are today.
In 1992 a Barrie 3 bedroom 50's bungalow sold for 134K
In 2012, now a bit dated, it sold for 268K
In 2020, it's now renovated & listed for 689K
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I know people love the Trudeau Liberals. They say we would certainly be in worse shape with a Conservative government. I'm not loyal to any particular party or leader. For me, housing & the ability of families to thrive in their neighbourhoods is the most important thing.
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I wonder what things would look like today if the Federal Government had given billions of dollars to the Provinces to beef up their hospitals at the beginning of this pandemic, making sure we were all prepared, rather than just print billions that ended up inflating housing?🤔
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Does it really take CBC to expose these things? Come on. Everyone turns a blind eye- Brokerages, Realtors, Mortgage Brokers, Banks, Appraisers, private lenders, Lawyers. These are the parasites that cost everyone. Where there’s 1 rat, there’s 1000. They need to be prosecuted.
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And just like that, Canadian banks go from almost no mortgages with more than 30 yr amortization to 30% with more than 30 yrs. The bet seems to be that rates will come down, values back up & everyone can finance their way out of this mess.
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I'm old enough to remember when a Canadian dollar cost 1.10 US. 🤣Oh, those were the good old days!
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IMHO, a lot of the issues we have today- homelessness, skyrocketing rents, homeowners getting clobbered at mortgage renewal time, crammed living conditions etc- are all because the GoC, BoC, OSFI & CMHC did absolutely nothing for 2 years except watch RE prices go to the moon.
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Why were most residential mortgages amortized for 25-30 years to begin with? In an Appraisal Institute course I took years ago they gave us the answer. It's the life expectancy of a house with no deferred maintenance. Houses are deteriorating structures.
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Lots of chatter about home inspections & buyers either walking or wanting to renegotiate the price.
In many markets, it's been years since Buyers have had the ability to properly do their due diligence. Instead they were ushered thru houses in 15-30 minute time slots like cattle
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I seriously laugh when I read so many people excited about a recession and falling home prices.
A deep recession hits everyone unless you're mega-rich living in the top 1% of society & even they feel some pain.
Real deep recessions are not fun.
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Why did people pay 10K more than book value for a truck?
Why did builders start to tack future appreciation on their pre-construction prices?
Why did so many people leverage their homes to the max to buy rental properties?
Did Covid make the whole country go insane? 🤔
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Real estate lawyers' offices are not having a good time these days. Nightmares around every corner.
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IMO, higher interest rates aren't as much of the problem as the fact that people paid big prices because they were "buying a payment" & gave little thought to how much they were borrowing.
Yes, they were stress tested but they never anticipated having to pay 5 or 6% at renewal.
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@govttrader
Glyphosate - it's in almost every NA grain crop, but corn & soya are huge. High fructose corn syrup from heavily contaminated corn is extra toxic. Our body can't process it so the body stores the toxins created in fat. Factory livestock eats the same corn & soya. Eat organic
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IMHO, we are nowhere close to a meaningful RE correction. Sure, some of the COVID froth has burnt off and even though interest rates are much higher, people are blinded by such a strong recency bias, they continue to bite on the "list low" strategy.
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@CP24
🤣 World-class city in Canada that can't find the resources to hold its Canada Day celebrations. 🤣
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With immigration at a record high, how is it possible that we still have a massive nursing shortage? 🤔
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This is real life happening out in the field- today.
@TOAdamVaughan
@cafreeland
@JustinTrudeau
@AndreaHorwath
@erinotoole
Owners renovating the homes they've been renting out for years opting to sell and cash out in this superheated real estate market.
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I'm feeling for buyers right now. After a few months of watching the prices get shaved on a weekly basis, it's like being encouraged to go swimming after the sharks ate the last group.
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If you're a RE investor in Ontario, where it can take months to remove a tenant, what's your plan if your tenant stops paying their rent?
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Like Sellers, some Landlords are finding out that Tenants are getting more options every day. The dream of a 5% cap rate on a recent acquisition, is quickly turning into prayers for 3% & nightmares of even less. Winter is coming. Rental inventory is building.
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Ford gets accused of corruption & we want his head, plus the heads of anyone who might have benefited.
Trudeau gets accused of corruption & that's OK because we're pretty sure the other guy would be worse. 🤣
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3 years ago I didn't have a clue what was about to unfold.
2 years ago, I never expected real estate to go to the stratosphere.
1 year ago, I never imagined interest rates where they are today.
I've come to the realization that I'm not good at foreseeing the future. 🤣
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I am so totally sick of these ridiculous listing strategies. List it right, sell it and get on with life. Buyers have better things to do than play these games. Only 1 offer received, full price, no conditions and the seller takes the house off the market. My buyers are very sad
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Heads up before you beef up your offer in competition. 30% of the Hamilton area sales over the past week sold below list price. This was almost unheard of a month ago. Either agents are getting better at putting the correct price tag on, or buyers have stopped the frantic bids.
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After a couple months of practice, I’m now proficient at chopping wood and building the perfect 2 hour fire in 5 minutes. This will go on my resume. 😂
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The number of RECO complaints in concern to Realtors handing out lockbox codes to their buyer clients boggles my mind and the discipline decisions are only the ones that got caught. IMHO, it should be a 1-year suspension & 20K fine. Get rid of them. The public deserves better.
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Jacky Chan, President of BakerWest Real Estate in Vancouver. His company does 55 Million in transactions a day and with 300,000 passport holders from Hong Kong waiting to resume home buying in Vancouver, he can't see supply catching up to demand.
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Not one single politician wants to really address OC in Canada. Auto thefts, money laundering, development, construction & drugs- Canada is a playground for OC. They flood our streets with drugs & continuously launder dirty money through our institutions. We need serious change.
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It doesn't surprise me in the least that buyers have started to come out of hiding. They're looking at prices 100-150K less than they saw 6 months ago, while at the same time, looking at rents 1K/month more than a year ago. If rates go down, they'll be the winners.
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You'd think that Realtors would be aware that a lot of homes they show today have camera security. Recently an Ontario Realtor was fined $17,500.
He showed a house that was tenanted.
The tenant, in a rush to answer the door, dropped some change on the bedroom floor- less than $5
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I would be happy if RECO immediately sent a team of auditors in to review the transactions at the identified Brokerages.
If I was on the team, I would focus on 5 things.
1) All the transactions that had not closed.
2) All that had extensions within 2 weeks of original closing.
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The Feds opened the immigration floodgates without considering where everyone was going to live.
They realize now that there's a major housing problem & they promise to spend a lot of money to fix it.
Now it's budget time & taxes are expected to rise to pay for their mistake.😵💫
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A serious question to all the Realtor/Investors out there.
How can a Realtor always put the needs of their clients 1st when they're looking for the same thing? Seems to me that many are willing to scoop up investment opportunities that they should be selling to their clients? No?
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Over the past 2 years, we've seen a resurgence of the licensed flippers.
These agents are not interested in serving buyers & sellers, rather, they're constantly looking for deals for themselves. They earn full commission when they buy & save selling.
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The whole "list low- hold offers" method of selling homes is very inefficient. Today, a property that is well below market has garnered 85 offers & yet, none of them might meet the seller's expectations. That's a lot of wasted time & money.
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Breach of contract RE cases are going thru the courts quickly.
Feb 10/22- House listed for 1.299K Offers Feb 17/22
Feb 10/22 Buyers give a pre-emptive offer for 1.650K closing June 30/22
Sellers counter back at 1.725K closing May 31/22 & Buyer accepts. 50K deposit.
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Just saw this remark on a listing.
"Stop playing the guess the price game".
It's so true and it can't stop soon enough. It's been the biggest waste of everyone's time for the past 2 years. If you're an agent & have confidence in your listing, price it right. Just do your job.
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Real estate is an expensive business to work in. A Realtor puts gas in their car, spends countless hours showing houses, and now, they're staging houses for thousands, paying for $500. photo shoots, glossy brochures & spending every Sunday at Open Houses
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reached adulthood, there were plenty of apartments for us to rent. There were houses for people to buy.
My observation?
It takes half a century for bad idealistic Government policies to become apparent. We're paying the price of the Pierre Trudeau/Mulroney Governments today.
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Canadians don't get worked up about much. Over the 2 years of Covid, we've seen thousands evicted from rentals & others whose rents have skyrocketed beyond affordable levels. We have had thousands of people fighting over houses.
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A good-paying tenant might be shocked when they get a call from a Bank saying that the house they're renting has gone "power of sale" and they'll be listing it for sale.
What? How can that be? They've paid their rent but the owner didn't pay their mortgage?
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Do we really want to continue playing these stupid games? I would be surprised if these Buyers lives haven't been completely destroyed.
So for all the buyers out there looking to pay way over list or all the Agents encouraging it- stop & think. There are real life casualities.
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Welcome to Canada, where fortunes are lost & made in real estate.
In April 2017 a couple purchased a pre-sale in Brampton for 1.5M. Completion date November 2018. Deposits agreed at signing = 90K
The Buyers ran into problems with their mortgage approval & closing was delayed
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Some are wondering how in the heck houses are selling for way over list price again? Is the market taking off? Is it a supply issue? Demand? Multiple offers where cash is king.
And at the end of the day, who really sets the prices?
IMHO, it is the Banks.
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2023 is starting out as a listingpolooza.
In the entire ITSO area- that's most of Ontario except Toronto, for the 1st 3 days of January, the number of new residential resale listings is up 149% over Jan 1-3 2022. And, the 3rd day of 2023 isn't even done.
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@FinEconGlobal
When you're living in a 2M house & are depending on Joe Blow in the basement to be able to pay his jackupped rent so you can pay your mortgage, you're living a champagne life on a beer budget.
The best thing to do is sell & live a life somewhere between the beer & champagne.
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Why are so many economists coming out with these gloomy Canadian RE stories? Like seriously, don't they know what that yield curve is telling us? 🤣 They better consult with some award-winning Realtors to get a more thorough understanding! 🤣🤣🤣
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If you're a Realtor, you can buy 3 rental properties in Toronto a year for 1.5M each & earn commission of $112,500, give your brokerage 15% (16,875) netting out $95,625 T4a income. Then, write off your car & gas for another 10K. All while having a 6 figure full-time job elsewhere
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@ronmortgageguy
Since the last election, I've more or less given up. Homelessness, opioid addiction, money laundering, record home price increases-indebting whole generations, record immigration, record housing shortage, record bank profits, record deficit, record virtue signalling. We're broken
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The "Made in Canada" sticker was something everyone in the world respected.
If people weren't academically inclined there were plenty of good-paying factory jobs. Older people were able to retire with good-paying private-sector pensions. As the biggest generation in history
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I've joked for a very long time that the only thing you should really plan for is your funeral because that's 100% certain. Over the past month, I've had several colleagues pass away in their early 70's- still working. They were planning on living a lot longer. 😟
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As many move away from a "holding offers" strategy, there'll be more listings requesting "48 hr" irrevocable. As a buyer, you don't need to give that long. With everything being digital, most offers can be presented same day. Don't give them 48 hours to try to get another offer.
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Real estate sales booming in December IS NOT normal. Not unusual to hear of 30+ offers. 2020 is going out with a bang and that means 2021 is going to be on fire the minute the clock strikes 12:01. Will every 1st-time buyer in Hamilton have to have a 600K+ mortgage?
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So, my take is that I, along with all of the Boomers will be long gone by the time Canadians experience the real aftermath of the decisions of this current government.
Now I wonder what Canada will be like for my grandchildren. 🤔
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Today, there are already a lot of Listing Agents working hard to calm their Sellers down. No offers is bad- but a singleton doesn't make it much better. Only properties with serious multiples are either incredible locations or very underlisted. Things have definitely changed.
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I have never felt more hopeless for our future generations. This is not the Canadian life I envisioned for my grandchildren and by 2025, it's not going to be the life I envisioned for myself or my fellow Canadians.
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Exactly who can afford to work for minimum wage? IMHO unless they're high school students just looking for pocket change, the minimum wage in Canadian Provinces is abhorrent.
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This is so unacceptable. People actually think they're immigrating to Canada for a better life. When they get here we chew up their savings & push them into low-wage jobs because they don't have Canadian experience. What a bunch of hogwash.
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Now that the Liberals & NDP's have bought matching pillowcases for the bed, is that a sign that Canadian Real Estate is🚀🚀🚀for the foreseeable future- or at least until 2025?
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In Saskatoon of all places.
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Unless there's a buyer surge for the rest of July, sales numbers are going to really be a shocker, with most markets reporting record low sales #'s.
I'm curious how Banks will approach the loss of liquidity in their underwriting
@ronmortgageguy
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We've had a bit of a flip in the Canadian RE market.
In 8 months, Agent phone calls to sellers have changed:
"Good news! We have 35 offers!!" to
"yeah!! we've got a showing tomorrow!" to
"sorry, but they just canceled the showing" to
"I'm really OK if you cancel the listing"
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In just 5 days, I take on the role of 2021 Realtors Association of Hamilton Burlington President & I'm honoured to be the first woman in the 100-year history of our Board to fill the seat twice. (2015/2021) Looks like C19 is going to make it another exciting year of Zoom 😮
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There's always a lot of talk about so many people owning their homes outright. Mortgage rates might not impact them, but inflation sure does. A lot of people who own their homes are retired & on fixed incomes. They'd love to sell, but there's nowhere for them to go.
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Sorry RE folks- anyone who thinks this is just a little blip and RE will be back to normal in a month or two is misguided. A massive economic meltdown. growing pandemic and massive job loss cannot support a bull RE market. The flip from Seller to Buyers market will be swift
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We have a whole generation of young people who will never have the option of living in the home of their choice for the rest of their life. They'll never have the ability to pay off their mortgage. They will be at the mercy of landlords forever. How could this happen in Canada?
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