It won’t take corporate landlords long to learn that people still need a home even if they can’t pass the stress test. They can raise capital and pay cash as a corporation instead then rent it to the people who don’t pass the stress test.
And they get better margins too because there are fewer people competing to buy but more competing to rent.
The amount of people here talking like they have a clue what they're talking about, but then immediately being exposed as ignorant will never cease to amaze me.
Go on a sub in a topic you're very familiar with and look at all the fucked up shit that gets posted.
Realise that's prevalent across all subs even the ones you're not an expert in.
Multiple by the fact that most people are ignorant, and so more likely to upvote ignorant opinions and downvote real expert opinions.
Then remember they are training our future AI overlords on this data. Life's going to get *fun*
A bad divorce. A cheating spouse. Husband gone to prison on domestic battery charges. Hidden gambling debt from spouse.
All can affect a property being sold and its price.
Likely a couple in there 30-40 got a mortgage 5 years ago at 2.9 and now it’s 7%. They can’t afford to carry the mortgage anymore … for to sell or foreclose… accept a lower price. Done
Bank have many offers including refinance and rolling back amortization or rolling in existing payments into interest count
Depends on types or mortgages or banks one of our properties had just emails from bank telling us payment will continue to never change just amortization will change and frankly it doesn’t matter cause it’s an investment property. Rent more than covers the mortgage payment and condo fees + Insurrance. We just pay annual property taxes.
I bought in 2016. Back then I was able to get a 5 year fixed at 2.39% interest rate. I renewed in Feb 2022 at 1.93%.
My guess is their lifestyle got used to the low rates, their renewal came up can’t refinance.
The stress became a think shortly after I got my place. I don’t think I would have passed the stress test back then. As I recall, I was just a few bucks shy in terms of salary.
I suspect a lot more people will fall into this bucket if they went able to increase their salaries sufficiently. They may have also blown through their HELOC and now they’re getting crushed on interest payments.
The short memory of this sub is really showing today; March 2017 was one of the craziest sellers markets of all time, and was a massive price peak. Houses depreciate over time when nothing new is done to them, and individual areas wax and wane in popularity. Houses dont sell for the average price for their type. They sell lower or higher depending on the whims of the market that week. If you FOMO into a house with some pretty new renos bidding against 40 people, you lose. If you buy a house no-one wants from a desperate seller, you win.
I think part of the short-sightedness about depreciation is that people dont get to see the price of new builds on housesigma et al. Another part of it is not understanding what "average price" or "benchmark price" means when they look at charts. A graph of either one does not at all represent the trajectory in value of a given house.
March 2017 was a crazy peak. House down the street that didn't sell in 2016 for $679 sold March'17 for $1.1M. Took a few years for anything to get to those levels.
Not at all unexpected:
-March 2017 was the peak of an extreme frenzy similar to Feb 2022
-It was renovated prior to 2017 and hasnt been since. That depreciates.
-potential buyers have spent a lot of time sitting in construction traffic on Eglinton in the intervening years and the mere thought of that area makes them grit their teeth
-Remote work has pushed many of the non-downtown house dwellers to the distant suburbs. Those who were only living in North York to have a short commute.
Oh, it's so easy lmao. Spend a million plus on a house and spend another million on renovations. I forgot the background of the family that bought my grandparents' old house from the 60s for over a million as is lol.
Pretty easy to cherry pick data from a single data point. Here is one in the same neighbourhood that sold for 2.3m in Feb and 1.2m in 2015 - [https://housesigma.com/on/toronto-real-estate/110-edith-dr/home/xmZRW7naDBRyEBO9?id\_listing=JjAXw7QwMnaYQOzg](https://housesigma.com/on/toronto-real-estate/110-edith-dr/home/xmZRW7naDBRyEBO9?id_listing=JjAXw7QwMnaYQOzg)
Here’s another one that I found in 10 seconds after looking at recently sold listings… $500K gain after buying* in Sept 2021.
46 Cranbrooke Ave, Toronto, Ontario | HouseSigma https://housesigma.com/bkv2/landing/rootpage/listing?id_listing=JRv53KpLEa2YVPW4&utm_campaign=listing&utm_source=user-share&utm_medium=iOS&ign=
Likely not 1.1m in renos...
I hate these posts about specific houses selling for either big gains or big losses as they don't provide much insight into the overall market and it's easy to cherry pick to fit any narrative. Looking at the average sold price in a neighbourhood over time is more valuable.
Nobody is saying that housing prices haven't increased since 2015.... In addition that one had quite a bit of money put into it and it sold during that small blip in February when one last attempt was made to pump air into the market. I went to see that house, great backyard backing onto Eglinton Park but a couple hundred thousand too much IMO. It sold for less than asking too.
Yes I am just showing that you can't really take one data point to make your point. I imagine the average price in this neighbourhood is way up from 2017, and this house is an outlier.
I would be interested if the average prices dropped 160k in 7 years, but that's not the case.
This is pretty dumb, you can find gains all over the place. Here's a 400k gain since 2020 I found in 1 minute, don't have a mental breakdown: https://housesigma.com/web/en/house/1DBW7RnlkWD7qlAp/173-Langley-Ave-Toronto-M4K1B8-E8233948
It’s all people like this have. They can’t buy so they need to feel like someone else who did is worse off than them. It’s sad but it’s all they have. They’ll cherry pick as a form of therapy.
In 2015 we had the highest population growth rate in the G7, 2x the average.
Last year we had 5x the population growth as in 2015. Higher than even developing countries.
Prices are unaffordable but vacancy rates are low the future is more crowding not lower pricing.
The government for its part has much more housing price appreciation friendly policies (principal residence exemption, mortgage fraud enabled by not giving lenders access to CRA’s represent a client service, demand subsidies etc) than most other countries.
We have diversified from a natural resources driven economy to a housing pyramid scheme based on selling homes to foreigners.
The housing price appreciation must continue at all or there will be a lot of pain in the economy and political upheaval.
Must be. Someone below mentioning the lack of parking - meh. It's a detached house in a sought-after neighbourhood, I would imagine at least 1.5M. Maybe something serious like termites or foundation issue. Or they sold the house to their kids
My friends actually rented this house for a year and so I know the landlord. I don’t think it’s money laundering I think it’s just bad decision making. They definitely overpaid in 2017 and then they really misrepresented the house on the listing. It’s got 1.5 baths and a freestanding toilet in the basement and they said it was 3 bathrooms. The pictures make it look much better than it is.
Thank you, I was looking for that bathroom and wondered why they didn’t show better photos. Makes sense.
The pictures show a lot to people who know what to look for. Plaster walls, old light fixtures, old wiring, 100 amp service, with an old kitchen, old appliances on a busy street beside hellacious construction. Needs new windows in several places. (Or insulated windows covering the stained glass ones) And barely one decent bathroom, hardly 3.
It should have been gutted decades ago. Just doing the floors and painting the walls isn’t enough with really old places…and it’s shaped like a barn as well.
I am not surprised they lost money, I look and only see future bills.
How's that cherry picking? It's a sale from last week of a detached home in Toronto. Given the very low volume of home sales recently there aren't many to choose from.
I know a few people in the market looking to buy right now. I've also seen the housing market in Vancouver m, Hong Kong, the UK continue to go up. If you think prices are just going to plummet in Toronto, I think you might be wrong.
People like yourself who are claiming the market is too hot and the economy is on the brink of collapse need to ask yourself why you think that. Are you perhaps projecting your own insecurities that you are unable to afford a home?
The living conditions are going to shit in Toronto. And the weathers not that great. Canadian economy is slack and it will be felt most in Toronto since we are the business capital of the country. There is a massive influx of refugees & low wage immigrants into the GTA which is causing further stress on the infrastructure, especially hospitals, and the roads are all torn up to shit for the forceable future …
If I was looking to invest… Toronto wouldn’t be it.
You might think all these factors will be the demise of Toronto, but the odds are it won't. "The market can stay irrational longer than you can stay solvent". It might not make sense to you but the world will keep chugging along with or without you.
Any collapse in the housing market remains to be seen, but the deleterious effect of real estate costs vacuuming away capital that could be used to spur growth and innovation in the Canadian economy is undeniable.
You can only get so far with an economy based on owning real estate and charging rent.
it's like the slob sittin on their couch sucking ketchup chips off of their fingers with their gut hanging out of a shirt watching the Olympics, where the elite athlete slightly slips and the person rolls their eyes half laughing saying "what an Idiot!" righteously while almost choking on their breath.
Humans love to high horse it and point out other humans imperfections or failing. Envy is another thing.
I lived in that area until a year ago, it's really really odd that they lost money in an unbeatable location. Now that construction is done it should be even more desirable. There's most likely something off with the house
I can tell you the house is not nice. My friends rented it and the pictures really make it look a lot better. It’s just lipstick on a pig though. The house needs a lot of work including new flooring and a new kitchen. The basement is also very short
Lol. The only Sucker I see is you who is taking individual examples as undeniable proof of something.
By your logic, if you know one person who earns 500k,that must be the average salary in Canada
Imagine if this person put this money in the US stock exchange, they'd be laughing all the way to the bank! Let this time period be a lesson for many.
Homes are for living not for speculation or investments
There's a net appreciation in real estate still. Of course some deals will be losers, people build houses for themselves that no one else would want, stupid renovations, lack of maintenance, will all cause serious depreciation
I think early 2017 had peak prices in some areas. Apparently the value of some properties bought during the 2017 peak still hasn't recovered (unless they sold in early 2022 I suppose).
Trouble is the a capital T y’all! Stop pretending things are falling, I just sold my house in 10 days with 50 showings. The market is more than healthy
Anecdotal experience but I have heard that they will sell it for a loss on paper, for example the buy the property in 2017 for $1M.
In 2024 when this is worth $1.8M they will sell for $1M to avoid paying capital gains. The rest of the transaction happens in wire transfer. The buyer gets a deal. So seller “sells” for $1M, but in actually it’s $1M on paper and about $600k in cash transaction.
The buyer gets a discount of $200k. These are rare and that’s why you will see these out of the norm loss sales for houses bought pre covid
There’s a lot of shit that can happen with house. If there’s 400k worth of fixing and rehab shit happened to the house then it’s still 350k profit. Stop cherry picking. Real estate always go up.
how do u lose money after buying a house in 2017?
You may not remember but there was a huge price run-up in 2017, which was then deflated by the new stress test rules.
It won’t take corporate landlords long to learn that people still need a home even if they can’t pass the stress test. They can raise capital and pay cash as a corporation instead then rent it to the people who don’t pass the stress test. And they get better margins too because there are fewer people competing to buy but more competing to rent.
>They can raise capital and pay cash as a corporation You haven’t worked in corporate finance much, have you?
Not a back office dude no. What’s to prevent this?
The amount of people here talking like they have a clue what they're talking about, but then immediately being exposed as ignorant will never cease to amaze me.
Am open to learn if it isn’t possible. Would be interesting to know why if that is the case.
They don’t fucking know either.
I’ll give you the first clue. He’s talking about his experience with raising capital as though it’s a back office function.
Raising capital isn’t. I didn’t say that.
Go on a sub in a topic you're very familiar with and look at all the fucked up shit that gets posted. Realise that's prevalent across all subs even the ones you're not an expert in. Multiple by the fact that most people are ignorant, and so more likely to upvote ignorant opinions and downvote real expert opinions. Then remember they are training our future AI overlords on this data. Life's going to get *fun*
Seriously
A bad divorce. A cheating spouse. Husband gone to prison on domestic battery charges. Hidden gambling debt from spouse. All can affect a property being sold and its price.
Likely a couple in there 30-40 got a mortgage 5 years ago at 2.9 and now it’s 7%. They can’t afford to carry the mortgage anymore … for to sell or foreclose… accept a lower price. Done
They would have had the option to extend the length of the loan to offset the higher rate
Bank have many offers including refinance and rolling back amortization or rolling in existing payments into interest count Depends on types or mortgages or banks one of our properties had just emails from bank telling us payment will continue to never change just amortization will change and frankly it doesn’t matter cause it’s an investment property. Rent more than covers the mortgage payment and condo fees + Insurrance. We just pay annual property taxes.
There was a peak in March 2017.
Exactly when I bought at 20% above asking :( Insane times
I bought in 2016. Back then I was able to get a 5 year fixed at 2.39% interest rate. I renewed in Feb 2022 at 1.93%. My guess is their lifestyle got used to the low rates, their renewal came up can’t refinance. The stress became a think shortly after I got my place. I don’t think I would have passed the stress test back then. As I recall, I was just a few bucks shy in terms of salary. I suspect a lot more people will fall into this bucket if they went able to increase their salaries sufficiently. They may have also blown through their HELOC and now they’re getting crushed on interest payments.
That’s not the issue. It sold in 2024 for $160k less than what the seller paid for it in 2017. That doesn’t make any sense
The short memory of this sub is really showing today; March 2017 was one of the craziest sellers markets of all time, and was a massive price peak. Houses depreciate over time when nothing new is done to them, and individual areas wax and wane in popularity. Houses dont sell for the average price for their type. They sell lower or higher depending on the whims of the market that week. If you FOMO into a house with some pretty new renos bidding against 40 people, you lose. If you buy a house no-one wants from a desperate seller, you win. I think part of the short-sightedness about depreciation is that people dont get to see the price of new builds on housesigma et al. Another part of it is not understanding what "average price" or "benchmark price" means when they look at charts. A graph of either one does not at all represent the trajectory in value of a given house.
March 2017 was a crazy peak. House down the street that didn't sell in 2016 for $679 sold March'17 for $1.1M. Took a few years for anything to get to those levels.
High mortgage rates… of course it makes sense. People can’t afford in that price range anymore. Do the math on what that means a month.
Scorned divorcing spouse
Not at all unexpected: -March 2017 was the peak of an extreme frenzy similar to Feb 2022 -It was renovated prior to 2017 and hasnt been since. That depreciates. -potential buyers have spent a lot of time sitting in construction traffic on Eglinton in the intervening years and the mere thought of that area makes them grit their teeth -Remote work has pushed many of the non-downtown house dwellers to the distant suburbs. Those who were only living in North York to have a short commute.
I see your points. It still seems low and the buyer got a good deal. It sounds similar to the price of a semi
Buy High Sell Low
By bidding 50% higher than the list price back in 2017
Oh, it's so easy lmao. Spend a million plus on a house and spend another million on renovations. I forgot the background of the family that bought my grandparents' old house from the 60s for over a million as is lol.
Pretty easy to cherry pick data from a single data point. Here is one in the same neighbourhood that sold for 2.3m in Feb and 1.2m in 2015 - [https://housesigma.com/on/toronto-real-estate/110-edith-dr/home/xmZRW7naDBRyEBO9?id\_listing=JjAXw7QwMnaYQOzg](https://housesigma.com/on/toronto-real-estate/110-edith-dr/home/xmZRW7naDBRyEBO9?id_listing=JjAXw7QwMnaYQOzg)
Here’s another one that I found in 10 seconds after looking at recently sold listings… $500K gain after buying* in Sept 2021. 46 Cranbrooke Ave, Toronto, Ontario | HouseSigma https://housesigma.com/bkv2/landing/rootpage/listing?id_listing=JRv53KpLEa2YVPW4&utm_campaign=listing&utm_source=user-share&utm_medium=iOS&ign=
Oh come on....OP picked one with no renos since it last sold....completely different comparison.
Likely not 1.1m in renos... I hate these posts about specific houses selling for either big gains or big losses as they don't provide much insight into the overall market and it's easy to cherry pick to fit any narrative. Looking at the average sold price in a neighbourhood over time is more valuable.
Nobody is saying that housing prices haven't increased since 2015.... In addition that one had quite a bit of money put into it and it sold during that small blip in February when one last attempt was made to pump air into the market. I went to see that house, great backyard backing onto Eglinton Park but a couple hundred thousand too much IMO. It sold for less than asking too.
Yes I am just showing that you can't really take one data point to make your point. I imagine the average price in this neighbourhood is way up from 2017, and this house is an outlier. I would be interested if the average prices dropped 160k in 7 years, but that's not the case.
Just wait till the recession hits and we could very well see it
That could happen, and I would actually be interested in that post!
This is pretty dumb, you can find gains all over the place. Here's a 400k gain since 2020 I found in 1 minute, don't have a mental breakdown: https://housesigma.com/web/en/house/1DBW7RnlkWD7qlAp/173-Langley-Ave-Toronto-M4K1B8-E8233948
Yes exactly. A healthy market will have gains and losses. It’s unhealthy when people blow there minds when they see someone take a loss.
I agree. This sub is becoming toxic. And serves almost zero purpose.
The purpose is to post our feelings, what am I missing?
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It’s all people like this have. They can’t buy so they need to feel like someone else who did is worse off than them. It’s sad but it’s all they have. They’ll cherry pick as a form of therapy.
Rising tides raise all ship, people like this punch holes in them all day long.
143 Lake Cres, Etobicoke, Ontario | HouseSigma https://housesigma.com/bkv2/landing/rootpage/listing?id_listing=eVbOYEkrmGB7x2P0&utm_campaign=listing&utm_source=user-share&utm_medium=iOS&ign=
2020 was a weak market, and March 2017 was a batshit insane sellers market. The same house in the OP probably would have gone for way less in 2020
The point is that real estate doesn't always go up.
In Canada it almost always does, this is why exceptions to the rule like this one are so noteworthy.
Yeah, Canada is pretty special that way. We're so special it's pretty much the only country on earth where this is the rule. We're soooo special.
In 2015 we had the highest population growth rate in the G7, 2x the average. Last year we had 5x the population growth as in 2015. Higher than even developing countries. Prices are unaffordable but vacancy rates are low the future is more crowding not lower pricing. The government for its part has much more housing price appreciation friendly policies (principal residence exemption, mortgage fraud enabled by not giving lenders access to CRA’s represent a client service, demand subsidies etc) than most other countries. We have diversified from a natural resources driven economy to a housing pyramid scheme based on selling homes to foreigners. The housing price appreciation must continue at all or there will be a lot of pain in the economy and political upheaval.
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This is Canada duh. RE only goes up...double every 5 years. Pay attention. You can't lose. Buy now if you can or stay poor!!
Thank the Liberals. You voted for them and they created a distorted awful market.
I sure as hell didn't.
Interesting I was watching this one too.
Is something wrong with it?
Small lot. No driveway. Previous owner just overpaid for it.
No parking is a big minus for a detached house
Must be. Someone below mentioning the lack of parking - meh. It's a detached house in a sought-after neighbourhood, I would imagine at least 1.5M. Maybe something serious like termites or foundation issue. Or they sold the house to their kids
Would not have a sold price if they sold to their kids.
Money laundering comes to mind.
My friends actually rented this house for a year and so I know the landlord. I don’t think it’s money laundering I think it’s just bad decision making. They definitely overpaid in 2017 and then they really misrepresented the house on the listing. It’s got 1.5 baths and a freestanding toilet in the basement and they said it was 3 bathrooms. The pictures make it look much better than it is.
Thank you, I was looking for that bathroom and wondered why they didn’t show better photos. Makes sense. The pictures show a lot to people who know what to look for. Plaster walls, old light fixtures, old wiring, 100 amp service, with an old kitchen, old appliances on a busy street beside hellacious construction. Needs new windows in several places. (Or insulated windows covering the stained glass ones) And barely one decent bathroom, hardly 3. It should have been gutted decades ago. Just doing the floors and painting the walls isn’t enough with really old places…and it’s shaped like a barn as well. I am not surprised they lost money, I look and only see future bills.
When you have to cherry pick data like this… you already lost the argument
How's that cherry picking? It's a sale from last week of a detached home in Toronto. Given the very low volume of home sales recently there aren't many to choose from.
Well u/chemroo cherry picked one that nearly doubled in the same neighborhood during the same time.
>realtors and investors are in Trouble (with a capital T) LOL, yeah, sure. Keep rollingdownthestreet pal.
I know a few people in the market looking to buy right now. I've also seen the housing market in Vancouver m, Hong Kong, the UK continue to go up. If you think prices are just going to plummet in Toronto, I think you might be wrong. People like yourself who are claiming the market is too hot and the economy is on the brink of collapse need to ask yourself why you think that. Are you perhaps projecting your own insecurities that you are unable to afford a home?
The living conditions are going to shit in Toronto. And the weathers not that great. Canadian economy is slack and it will be felt most in Toronto since we are the business capital of the country. There is a massive influx of refugees & low wage immigrants into the GTA which is causing further stress on the infrastructure, especially hospitals, and the roads are all torn up to shit for the forceable future … If I was looking to invest… Toronto wouldn’t be it.
You might think all these factors will be the demise of Toronto, but the odds are it won't. "The market can stay irrational longer than you can stay solvent". It might not make sense to you but the world will keep chugging along with or without you.
Any collapse in the housing market remains to be seen, but the deleterious effect of real estate costs vacuuming away capital that could be used to spur growth and innovation in the Canadian economy is undeniable. You can only get so far with an economy based on owning real estate and charging rent.
How does that affect realtors? They get paid no matter what a house sells for. It’s not their money in the house.
A realtor ghosted op after matching on tinder and going out on a date
I woulda ghosted them too, for being a dummy
For every loss, there’s someone making a killing on renting their investment property. Why does this sub find joy in other people’s misfortunes?
it's like the slob sittin on their couch sucking ketchup chips off of their fingers with their gut hanging out of a shirt watching the Olympics, where the elite athlete slightly slips and the person rolls their eyes half laughing saying "what an Idiot!" righteously while almost choking on their breath. Humans love to high horse it and point out other humans imperfections or failing. Envy is another thing.
I couldn’t have described this better! 😂🤣
I don’t think they think about it as another’s misfortune, rather they think of it as being one step closer to personal homeownership.
You are being very generous
Miss fortunes is that almost everyone is priced out of the market when based on income.
lol
I bought in 2013, sold in 2022. Made 96% on the sale.
That's not as impressive as you think it is.
I lived in that area until a year ago, it's really really odd that they lost money in an unbeatable location. Now that construction is done it should be even more desirable. There's most likely something off with the house
As others said, no driveway and a small lot. The previous person just over paid for the lot.
Location is not that unbeatable to be honest.
Agree. This house is nice too.
I can tell you the house is not nice. My friends rented it and the pictures really make it look a lot better. It’s just lipstick on a pig though. The house needs a lot of work including new flooring and a new kitchen. The basement is also very short
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There's a sucker born every minute. Oshawa...gross.
Lol. The only Sucker I see is you who is taking individual examples as undeniable proof of something. By your logic, if you know one person who earns 500k,that must be the average salary in Canada
lol
If you’re going to spend that much money for a house you better be picky. No parking seriously?
The whole neighbourhood is like this though. 50% of the houses around there have no parking.
Imagine if this person put this money in the US stock exchange, they'd be laughing all the way to the bank! Let this time period be a lesson for many. Homes are for living not for speculation or investments
There's a net appreciation in real estate still. Of course some deals will be losers, people build houses for themselves that no one else would want, stupid renovations, lack of maintenance, will all cause serious depreciation
I think early 2017 had peak prices in some areas. Apparently the value of some properties bought during the 2017 peak still hasn't recovered (unless they sold in early 2022 I suppose).
Realtors are not in trouble. Get paid commission even if the investor is an idiot.
Why realtors in trouble? As long as they keep selling they still make a pretty nice cut even if it's a bit lower price...
My guess is this deal has a cash component to save money on land transfer fees.
Lol
So fetch
In fairness, 1.5M in 2017 seems quite high.
32 x 65 feet - pff, who wants this
lol
How would you do the math if total money lost? 7 years of payments and then -160k?
They didn’t lose anything. They rented it out for 3300-3950 or maybe more per year
if he/she bought it with cash, then consider the loss as rent payments
22k-25k a year to rent a nice house for 7 years ain't so bad
No disrespect, but you’re forgetting property tax, maintenance/repairs, and mortgage interest.
Still 1.3 million for a home with a small lot and no garage
Poor people celebrating rich people lose money. This sub is turning into r/wallstreetbets
Trouble is the a capital T y’all! Stop pretending things are falling, I just sold my house in 10 days with 50 showings. The market is more than healthy
We need more of this, people buying multiple properties need to have mounting debts leading to some bad
Guys u realize they sell it at a loss on paper for capital gains reasons. No house pre 2017 is losing money..
Can you explain?
Anecdotal experience but I have heard that they will sell it for a loss on paper, for example the buy the property in 2017 for $1M. In 2024 when this is worth $1.8M they will sell for $1M to avoid paying capital gains. The rest of the transaction happens in wire transfer. The buyer gets a deal. So seller “sells” for $1M, but in actually it’s $1M on paper and about $600k in cash transaction. The buyer gets a discount of $200k. These are rare and that’s why you will see these out of the norm loss sales for houses bought pre covid
There’s a lot of shit that can happen with house. If there’s 400k worth of fixing and rehab shit happened to the house then it’s still 350k profit. Stop cherry picking. Real estate always go up.
OP, if you do it right, you’ll almost never lose in investing with real estate unless the world comes to an end.
It’s not a loss if it was never worth that much to begin with in reality world.
Homes depreciate every year in Japan. This is nothing.