It's all sending local house values soaring — pushing the average residential sale price of a home in Waterloo Region up more than $100,000, or about 30 per cent, in the last year. Many homes are selling in a matter of days, not weeks. Others are already sold before they're formally listed.
A housing market this hot is obviously great for sellers. But it's extremely frustrating for prospective buyers who are getting beat out of bidding wars.
"You get very stressed about it," said Kitchener's Dorothy McGeagh, whose daughter is trying to buy her first house. "As a first-time home-buyer, you don't stand a chance. And especially with bidding wars and these bully offers that come in."
In March, McGeagh spent two days lining up for the chance to buy a unit in a new condo development in Williamsburg. She waited in line all day on a Friday to get a lottery number allowing her to return the following day.
But when she finally got into the sales centre on Saturday, she found real estate agents had already claimed most of the units.
"There's very little actually available, and all the plum, choice units are all gone. The ones you'd actually want are all pre-sold to friends and relatives," McGeagh said. "You waste two days standing in line for nothing."
record low rental Yeild. Is this what makes these places so attractive ?
Yet another stupid statement from boom boom.
Property rental returns are completely different from economic rent. Rental returns are earned by the owner providing shelter in exchange for a hire fee, the owner needs to produce a house to get them from the tenant, unlike the "economic rent", which by definition can only be classified as such if it is produced with zero effort or cost.
Money for nothing or magic pudding if you like.
This is today's learning for you.
I told you that I would teach you a thing or two if you stuck around a bit kid.
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