Toronto Condo flipper losing $385,950

They probably made money in the boom. Easy come easy go.😂

I almost bought a $1.25M pre-construction property right before COVID, but skipped the sales center that day out of sheer laziness. Ended up grabbing a resale condo instead, sold it in 2022, and dodged a potential loss of hundreds of thousands. Used that cash to invest in U.S. tech stocks, which turned into a solid nest egg. Just sold my positions and now I’m sitting on enough to seriously consider early retirement.

Flipping is just smoke screen for housing speculation. Falling market proves the point, that gains are not work they do.

this guy is ONE big AD for ASSIGNMENTS.... move on....

You don't know greed until you live and/or work in a city like Toronto.

Smith Susan Wilson Sandra Harris Scott

It's hard to feel sorry for these flippers in a housing shortage.

Could those losses be planned as a way to launder money through Toronto? There are a lot of properties in the GTA are getting sold quickly after bought for 100k plus losses. It stinks.

There is a newish high-rise building in Vancouver called "the Butterfly" where you pay 1.5M for a one bedroom... the reason given by the realtors who are selling this units are "you buy and live with rich people"

Is there any sign of life😢

Investors looking to sell and those who flip have only made it more expensive to purchase a house or Condo, for those who need a home.

Good, didn’t make much on that deal did you.

Home ownership isn’t for everyone, stop letting realtors feeding the false narrative that home ownership is a must, especially in this current housing climate or interest rates.

You are absolutely right, I was able to pick up a condo recently at a hugely discounted price from when the investor took it, I even got them to furnish the place and add $10,000 cash to motivate me, to buy, lol. Mind you, I bought cash so the realtor was highly highly motivated to close the deal.

696 sq feet, two bed rooms! how is it possible to make two bedrooms in such a tiny space?

Expensive shoe boxes!

Downtown is a ghetto especially that area it’s worse then Jane and finch . Too many crazy people in downtown . Should cost 300k . How much are the condo fees .

Don't flip it, better of just living in it

Mass immigration is why the housing market is screwed.

People need to stop thinking/saying that 600K for a condo with less than 1000 sq ft is a good deal. That is insane! A 700 sq ft condo should be going for 150K to 200K MAX! 10-15 years ago, you could buy a house in Toronto for 300K. Have incomes quadrupled in 15 years? Has quality quadrupled in 15 years? If anything, people are making less now than 15 years ago.

The only reason that house prices went to a million bucks was because interest rates went from 9, 10% down to nearly 0. This made carrying a 1 million dollar mortgage easier to carry. But now that interests rates are heading back up, that will be impossible to carry. And I think eventually the interest rate will be hitting 15 to 20% in order to save the dollar - but we are probably still a few years away from that. Do the math - how much do you have to pay per month for a 500K mortgage if you have a 10% interest. Now do 15%. Now 20%. Very quickly people will realize that any condo over 100K is expensive, as is any house over 250K.

Anyone getting into the market now while prices are dropping, thinking they are getting a bargain is insane. Do the math on your mortgage if interest rates increase to 10-15% and then see what kind of a bargain you got. Eventually - those getting out now at the relatively small loss of 200 to 300K will be seen as geniuses. Just look at China. People making less than 1000 a month are owing millions on property that's gone bust. And that's in one of the most populated places on earth. Here in Canada, it's one of the most sparsely populated places. All the government has to do is ok new land for construction and prices will drop to less than a quarter of what they are now. It's an artificial market.

Meanwhile I live in Barrie, about 50 minutes north of Toronto and we have so many empty condo units but they are still building this 35 story eyesore by the lake. The downtown area is old and not really close to the highway so there is no way that many people live there and the first third of the building is parking garage.

Stop trying to profit on housing... YOU ARE THE PROBLEM.

Strata fees are at robbery levels.

Nice! 🤗

so it seems like the condogedon is here.... we all saw it coming... so many more condos to still be built and units to come on the market... prices will just go down down down over the coming years. Buyers, just wait it out... next few years will be worth the wait. 300K TO 400K LOSSES today... and it's not in the news or general talk... i was just at a party last night... all home owners, i. asked, are you aware of the declines in the market? large six figure losses and they all said, where? no clue.... interesting times ahead. To your channel, you are one of the rare ones putting our real deals, numbers and facts.... I appreciate the rare honest video in our crazy real estate world.

Fastest growing city Toronto with a student seeking job they don’t have money 💰

Smart money 💰 don’t invest in condominium and not ❌
in Toronto and not ❌ in Vancouver wrong ❌ investment

I have absolutely no clue what’s foolishness are going through peoples minds to pay that much for a condo. An acreage or estate home, sure but not for a 700sq ft condo. Like seriously??

LMAO! So condo flippers now expierence financial loss? YES!!!! You parasite exploiters now expierence the other end of screwing over people for profit. KARMA!!!

Condo flippers are losing money?

Cry me a river. 😂

Hilarious. Canadian real estate is the game of greater fool. If you were bullish at the right time, don't think you're a genius. I'm sure most were saying to buy these pieces of crap 2 years ago when the market could never go down...until it did. Party is over, at least for a while.

Is Vancouver going through a similar thing? I don't see any Vancouver properties listed on your site

I'm reading the comments and notice how everyone who wants to defend foreign investors always mentions how the number of foreign investors is low compared to domestic investors or buyers. Our housing market is like an auction. And if you've ever been to an auction, you would understand that it only takes 2 people, even in a room with 100, 200, 300 or more people to bid up the price to crazy levels.

where are all the rich indians? oh wait...

never in my life, have heard someone say "moss park is nice"

Thanks for the video, I appreciate the insights

Cant find any $1 listings so the mkts. must be doing well lol .. am waiting for -0.5% prime and banks to pay me to take a mortg. like in the EU some years back

535 sq ft is a studio! And adding a second bathroom cuts the usable space even further.

Wont be happy unless this amount touches a million CAD

Zero petty about corrupt flippers trying to cash up

We bought in 2007 from an investor at rates of 6-8%
1100 sqft corner suite great amenities 15 mins to downtown 25 mins to Oakville , subway access; paid off in 15 yrs , 100% equity now , I would not buy today but would rent instead, but what the f’ do I know 😮I’m Mortgage free small family of four& travel the world

Bid them down , way way down !

There is risk involved in flipping real estate . You can win big, and you can lose big . One cannot feel sorry for the losers .

Called business.. some investments pay well and some you lose on . Just wait till the money pours out as what is happening as i write this according to many business leaders on media..

So real estate prices don’t go straight up forever? Investors who didn’t realize this are going to go through some things. I have a hard time feeling sorry for them. Being naive has consequences.

Where is the housing crisis? Just buy a condo 😂

Overpaid and it's in a horrible location. That's not bad luck, that's not doing your research.

600k. Try 300k when the dust settles. The condo orgy is over and all these part time agents can go back to driving Uber

no one can afford this shit, and no one is getting paid enough to afford it. lol Toronto is a joke. All the Indians coming in cant afford it either.

Do I miss living in Toronto while currently residing on Vancouver Island? Ummmmm….no.