Canada: Palace for Prince or a pauper

Here what $400K buys you in the real estate market across Canada

or this one …

Probably not this one.

Not kidding you … You can’t even get an apartment for $400K in most cities. Not in Canada.

Real estate is good as gold in the Great White North.

Don’t own a home? Sorry, you just gotta suck it up.

Got $700,000 to burn ?

$700,000 can have you living like a prince or a pauper

Canadian real estate is a funny thing. In Moncton, $700,000 will buy you a castle. Here’s what it will buy elsewhere.

Castle

Is there anything more mystifying than the cost of real estate across our great nation? Take Castle Manor (pictured here), a sprawling 19,000-sq-ft stronghold situated in Moncton, N.B. Recently listed at $699,000, this historic property’s sale has sparked national interest. Sure, the aging fortress may require some upgrades but as its agent boasts: “Amazing potential!”MoneySense scoured the rest of the country to see what other kinds of unique real estate deals potential homebuyers could purchase with a $700,000 budget.

vancouverVANCOUVER

$638,000

A shack: This “AS IS” property features boarded windows and“no access to house.” Some TLC needed.

TorontoTORONTO

$625,000

A vacant lot: Described as a “unique opportunity to build a new semi.” Sorry, architect not included with price.

MontrealQUEBEC

$670,000

Sheep Island: Located on the St. Lawrence River about 60 km from Montreal. Never worry about noisy neighbours.

Sources: MLS.ca, privateislandsonline.com

Comments

Post a Comment

Popular posts from this blog

Ontario: Fire Code refers to Building Code to determine building safety

Image
By Corruption Victim of City of Toronto It was comforting to hear the assuring statement by Toronto Fire Chief Matthew Pegg: – Officials say London inferno won’t happen in Toronto : Strict building codes and inspections should prevent similar infernos “Here in Ontario we are fortunate to have the comprehensive fire protection and fire safety measures that are contained in the building code ,” He further explains residential building in the province must be constructed with non-combustible construction (in accordance with the  Ontario Building Code ) ie. be built out of materials that don’t burn. Of particular interest here is the fact that the Fire Chief himself confirmed Fire Code refers to Building Code to determine building safety . In another word, building that contravened the building Code in fire safety also violated the Fire Code (under the Fire Protection and Prevention Act, 1997). Unfortunately, an inquiry with Toronto Fire Prevention revealed the responsible...
Read more

Nouveau Silk Road: From Middle Kingdom to The Great White North

Image
Jonathan Manthorpe  believes there is a direct line linking the explosive real estate bubbles in Toronto and Vancouver and how secure Chinese President Xi Jinping looks on his throne. How China’s Politics Messing Up  Canadian Real Estate Markets The evidence — the vast amount of money being spirited out of China by relatives, friends and cronies of the Red Aristocracy around Xi — suggests he’s set to tumble . Last year about $US1 trillion was spirited out of China by Communist Party leaders and their hangers-on, in defiance of currency regulations. Image Source They clearly do not feel the regime is secure and want their assets hidden away in stable overseas havens like Canada, the United States, Australia or Europe. Sounds like it’s not “London Bridge is falling down”, its “The Great Wall is tumbling down”?
Read more

Mirror, mirror on the wall, what lies ahead for Canada's real estate ?

Image
Story from  http://www.theglobeandmail.com/  … Aggressive development: Inside the building and selling of a Toronto condo tower A man who makes a living helping the country’s largest bank avoid risks is preparing to double down on a market that many people believe is on the verge of a nasty fall. Babak Habibzadeh, a 29-year-old risk manager with Royal Bank of Canada, lives with his parents and bought his first condo two years ago. He rents it out and has been delighted with the returns to date. So today he’s buying another – a one-bedroom-plus-den, 601-square-foot unit on the 18th floor of a yet-to-be constructed building in Toronto called Core Condos that is scheduled to open in 2017. He’s not yet sure if he will rent it out or live in it, but says it will be a sound investment either way. “Are you excited?” the saleswoman asks him as he plows through a stack of paper in the sales office, outlining the $360,000-plus deal. “In three years I will be,” he says. Toronto’s condo boom ...
Read more

Toronto’s bull market in real estate looks set for an extended run

Image
A rundown old house with a hodge podge of apartments in Roncesvalles Village drew crowds last week when it was listed with an asking price of $769,000. The property at 52 Harvard Ave. drew five competing bids and sold for $913,000. The owner purchased the house in 1988 for $135,000, he says. “It’s gone from pandemonium to just a heavy frenzy,” he says. Read more http://www.theglobeandmail.com/ Don’t not wish to join the Bull Run ? Sorry, you ain’t got no choice, because it takes … $430,000 to live in a former glue factory in the Junction Triangle Address:   371 Wallace Avenue , Suite 22 Neighbourhood:  Dovercourt-Wallace-Emerson-Junction Price:  $434,900 The Place:  A one-bedroom unit in Wallace Station Hard Lofts, a former glue factory that takes its name from a now-defunct railway station.
Read more

Uncle Jim may ask CMHC to dig more money out of your pocket

Image
Mortgage insurer CMHC primes market for announcement Canada Mortgage and Housing Corp., the Crown corporation that Finance Minister Jim Flaherty has been seeking to rein in, says it will be making an announcement later this week. Image Source The mortgage insurer, which appointed former investment banker Evan Siddall as its new chief executive officer at the start of the year, would not comment on the substance of the announcement. The Globe and Mail reported in December that there has been pressure on CMHC to raise its premiums, a move that could add to the cost of a home for some buyers. CMHC has not raised its premiums since the late 1990s, and actually lowered them between 2003 and 2005. Mortgage insurance is mandatory in Canada for buyers whose down payment is less than 20 per cent. The insurance covers the lender, or bank, in case the homeowner defaults. While premiums are technically paid by the lenders, the cost is passed along to borrowers. Premiums vary depending on the size ...
Read more

Average Detached Home Price In Toronto Is Now $ Multimillion

Image
To be exact, In Toronto’s housing market, ‘$2-million is the new $1-million’ The strength of the $2-million-plus market comes as Toronto home prices continue to soar. TREB said Wednesday the average sale price of a home across the Greater Toronto Area reached $585,204 in May, an 8.5% increase from a year ago. Image Source The strength of the $2-million-plus market comes as Toronto home prices continue to soar. TREB said Wednesday the average sale price of a home across the Greater Toronto Area reached $585,204 in May, an 8.5% increase from a year ago. Torontonians who can barely wrap their minds around a housing market where $1-million is the average price for a detached home might want to take notice of a new fast-approaching benchmark. Sotheby’s offers private jet, helicopter service to woo luxury homebuyers to Calgary Bank of CanadaProspective clients will be flown to Calgary by private jet from practically anywhere in the world and then taken on helicopter tour of multi-million-dol...
Read more

Canadian real estate is doomed with Cover-Up, Censorship and Clampdown on Free Speech

Image
We knew real state data is not available to the public –  Data Ruling Appeal by TREB. We knew the government has no clue on the flow of dirty money –  Tracking dirty money, show me the laundered money. We knew the City cover-ups as reported by The Star –  Secret report reveals fire response problems  (and many more coming to this site) Today, we heard someone has been charged by Toronto Police for exposing City’s scandals (details to follow …). We will save Civil Liberty for the next topic. The first question we have in mind is how will this impact  real estate in Canada? If you are one of the deep-pockets, will you park your money in a place where corruption is rampant? Guess the answer is pretty straight forward – NO. We know rich people like those from China moved their wealth abroad is because they don’t trust their corrupt regime. Similarly for deep-pockets from elsewhere, particularly those from the third world do it for the same reaso...
Read more

Real Estate: Canada is the G7 Big Brother

Image
Housing Prices in Real Terms: Canada vs the G7. Canada leads all. Overheated housing market will hold Canada back, report says Once a growth leader among big industrialized nations, Canada’s reign at or near the top may be coming to an end, says a new forecast from Capital Economics. The projection, issued Tuesday, calls for the economy to advance by 1.5 per cent, followed by an even softer 1.0 per cent in 2014, as the country’s over-built housing market moves from soft to crash landing. That would likely put Canada behind the U.S., Japan and possibly Germany — among the G7 countries — in terms of growth in at least one of the years. Capital Economics analyst David Madani, who wrote the report says, given the under-performance, he expects the Bank of Canada will keep interest rates at current super-low levels until late 2015. The new outlook runs directly contrary to how the Bank of Canada — and many private sector bank economists — view the economy and housing unfolding. Wh...
Read more

Condo flying again

Image
Condo developers start 2014 with record number of launches … And more are planned, with new project launches scheduled unusually late, into May, as builders see a surge of pent-up demand after the downturn of the last two years, especially for condos close to the Toronto core. Developers are so optimistic that confidence has returned to the condo market, they’ve launched sales of a record number of new units — more than 2,700 — in January and February alone. Those 2,721 new units are in eight projects, according to figures from research firm RealNet Canada, which will release March launch numbers later this month. That exceeds the 2,394 units in nine projects launched in January and February of 2011, the record year for condo sales. The total is also up significantly from the 1,261 unit sales launched in the first two months of 2012, and the 1,873 units that went to market in the same period of 2013. That’s when fears of a condo crash led to a dramatic slump in sales and flagging ...
Read more

Nonsense - Canadian Real Estate 10% Overvalued

Image
TD Bank, IMF say Canadian real estate 10% overvalued CBC.ca The International Monetary Fund agrees, estimating Canada’s real estate is 10 per cent too expensive, according to an assessment of the Canadian economy released today. Affordability is falling as prices rise, but TD expects price hikes to slow Many experts and economists, from the OECD to the IMF, agree the Canadian housing market is overvalued – the question is by how much. According to TD economist Diana Petramala, the figure is 10 per cent. The International Monetary Fund agrees, estimating Canada’s real estate is 10 per cent too expensive, according to an assessment of the Canadian economy released today. The truth is it’s either 90% overvalue or it’s still undervalue … It looks as if people think Canadian real estate is still a steal. That’s key … Demand, baby, it’s demand that matters, not what Joe can afford. So, what 10% ? Utter nonsense. Another nonsense … Toronto ...
Read more