For those of you who don’t have the time to watch a 31-minute video, here are the questions covered, and the times at which they appear so you can skip ahead…
Question #1 from Condodweller @ 1m 13s
If you maintain an ongoing relationship with investors whose units you listed for lease, what are you advising them on how to handle tenants who are not going to pay rent? What recourse might they have if the tenant doesn’t pay and he/she just moves out at the end of the eviction moratorium?
Question #2 from Ed @ 4m 16s
Which G.I. Joe action figure would be most suited to destroy the Corona virus and why?
Question #2 from Jenn @ 5m 14s
My question is this: if you’re one of these buyers who makes an offer conditional on seeing the property, do you have to submit a deposit cheque? And I’d you don’t like what you see when you visit the property how hard is it to get out of the agreement?
Question #4 from Libertarian @ 7m 34s
What is your advice to someone who has been trying to sell the last few weeks but did not get any offers? I know that your advice is to re-list in a couple of months, but what if that option is off the table because they have already purchased their new home and now have a deadline to sell.
Do you take 10% off the amount they would have accepted a month ago?
It’s sad to me that they weren’t able to sell a few weeks ago when things were still crazy, so I’m guessing that they received bad advice from their agent at the time. But now the crucial thing to do is maximize selling price. How?
Question #5 from Francesca @ 12m 52s
Do you foresee people backing out of closing if they can’t sell their house if they bought already? Or if they can’t get the price they want when selling their house? I’m wondering if we will see more situations like in 2017 after the foreign buyer tax was implemented and buyers were backing out of deals and then sellers were suing buyers. Is this period going to be deja vu of the early 2017 buying frenzy and then the drop in sales and prices?
Question #6 from Daniel @ 16m 40s
David, do you get a sense that it’s a buyer’s market right now? Are sellers willing to accept market realities?
Question #7 from Hoob @ 18m 02s
My RE lawyer discussed with me recently that as an owner of a semi-detached, that is a PART LOT designation with the other half of the semi:
If I buy the other half of the house in my own name, in Toronto, the two PART LOTs apparently automatically merge into a single property and I would have to go through a full severing process to split them again to resell. So if I were to buy the other half, it would have to be at arms length (incorporated LLC, etc.)
Any thoughts on this? It came out of discussion of a clause in a mortgage refinance that precluded me from owning any adjacent properties due to the PART LOT designation of the mortgage property.
Question #8 from Dana @ 19m 35s
Why do agents get away with saying a property is in a specific ‘desirable’ school district when a quick search of the TDSB website can prove it’s not the case? For that matter, how many buyers truly consider the school ranking or reputation when they’re looking at specific properties?
Question #9 from Navyliz @ 21m 25s
Do you think condo fees will be reduced due to lack of access to amenities like gyms and common rooms or are condos spending this money on cleaning and hand sanitizer. My condo seems to be well ahead in this regard.
Question #10 from Wilson @ 22m 35s
What’s your view on closings for properties that have already sold? How have these been happening? Can the seller refuse to allow an in-person walkthrough? Have you been seen any virtual walkthroughs? How do buyers protect themselves?
Question #11 from Jimbo @ 24m 21s
What is the average house payment for your SFH buyers over the last 3 years Vs the monthly payment for a condo over the last year? I’m assuming you know the DP % of the purchase price. If you don’t know the average financing rate I think 3.15% would be a fair number.
How would this compare to a monthly for a SFH house purchased in 1989 for $300k at 12-18% interest. How did your father’s numbers stack up to this historical when you moved to the bigger house in Leaside, Vs someone moving there now?
When you take the historical numbers and put them into the Canadian inflation calculator and compare this new number to today’s payments, does this give you any insight into how the Toronto buyer has changed since the 80s Vs now or are you surprised by this result?
Question #12 from Leggatee @ 27m 30s
My wife and I are going through a divorce.
We share an investment condo and she is trying to get me to sign a listing agreement for May 1st.
Before COVID i would have been fine with that, excited even, the condo market was doing great.
I feel very uncomfortable commiting to a sale date that is 6 weeks away when things are changing every day, every hour.
She is threatening that she will just get her own agent to sell her half and I will have to get my own because she wants to go to market on May 1st. Is such an arrangement even possible and what does it entail?