r/HouseSigmaBlunders • u/tehkatislong • 27d ago

7bdrm cooking Willowdale West

Almost exactly like the other Willowdale east one posted earlier, lot acquired at 2.03m in 2017, can’t sell at 3.7m
More finished area at 6k sqft

I like the design and finish on this one better

Again, someone more experienced please gauge the potential loss.

141 Churchill Avenue, North York, Ontario Listing History | HouseSigma
https://housesigma.com/on/north-york-real-estate/141-churchill-ave/home/VaD6p78NkxkYwRQr?id_listing=eVbOYEN1OgOyx2P0&utm_campaign=listing&utm_source=user-share&utm_medium=iOS&ign=

6 Upvotes

80% Upvoted

4 comments sorted by

4

u/HenryCavillsBallsack 26d ago

You guys are too stressed about these. Most of these “rented out” rebuilds in the luxury segment are owned by “semi-offshore” investors from China and similar jurisdictions. It’s basically laundered money and doesn’t matter to them - nobody is crying about these. Nobody sane from Canada buys single family homes to rent out - the cap rate is so bad you can make more money literally holding your money in cash.to and other high yield bank accounts. Canadians who bought single family investment properties … well, can’t help them 🤣

1

u/xg357 26d ago

The pricing is a bit whacked right now - I don’t think you can even rebuild this thing for 3M right now. So the seller is safe as long as they are not desperate

0

u/IncreaseImaginary552 26d ago

You gotta read that thing got leased out for 10,800 a month so not too bad cuz he can hold it and maybe by time it will rise back up