The signs for rental or for sale appear more than ever before
The signs for rental or for sale properties within most cities in Canada, more particularly Ontario and Quebec, appear more than ever before.
On the other hand, you may see properties for rent with signs in place for quite a few years and across the street, you see another complex of construction appear like wild mushrooms.
The reason that you see this construction materialize is that the investor or investors had forecast boom in this country five (5) or more years ago.
Since the plans were submitted, permits were issued, investors locked in their savings into the projects and finally the buildings had to be constructed.
Therefore, after completion, the new complex would be another empty space, another sign for rent.
There are thousands of square feet available for rent and in some instances buildings have been empty for a few years now. So if you plan to open a new business, relocate the existing one, and you are looking for property it is advisable that you do not believe the realtor telling you that there are three or four other offers because this is not in existence.
The first thing you should do is to ask for one or two years rent free.
The possibility of this happening is almost a reality.
The availability of commercial properties is beyond imagination at this point.
The news of store closings appear everywhere - Walmart, Rona, Canadian Tire, Target, Mexx, Guess, Parasuco, Smart Set, Chapters/Indigo, Sears, Jacob, Grand and Toy, Staples, Sony, Costa Blanca, Holt Renfrew, Future Shop, Cleo Ricki's Bootlegger, P J Pets Stores,Goodwill, Sobeys, Tiger Direct, Blockbuster, Blacks, The Gap, Danier Leather, Le Chateau, Aeropostale.
The above are stores that some of you are familiar with. Imagine now how many thousands of independent stores have closed or plan to close. What is the solution to the problem?
Could this problem be corrected? Could any of you find the answer?
The market conditions dictate the final outcome.
There was an over-excitement at one point in the past that made this big mess.
Some big name stores were so huge that a 747 Jumbo Jet could land on their roofs.
So, should the realtor tell you that there are 3 more offers on hand, at that moment, look him right in his face and focus on his nose, you will observe that his nose grows out of proportion similiar to pinoccio, tell him you shove it you know where!
Of course, this is for industrial and commercial properties, and sooner or later another typhoon will be coming on to residential properties.
Someone stated that he bought a house for $325,000 a few years ago and recently the property was appraised at $1.2 million. He further stated that he had an offer on hand and wonders if he should take it or not "What should I do?".
According to many, there are properties in the United States, particularly the Miami, Fort Lauderdale, etc, areas where there is no snow to shovel and no heating expenses.
Three bedroom homes are between $60,000 to $70,000 U.S. and with the current U.S. exchange rate of 30 per cent that would make the purchase price about $80,000 to $85,000 Canadian.
In some instances, some repairs may be required.
The cost of a home is one issue, taxes are another. Our research on taxes in the above-mentioned areas shows that a 3 bedroom house, dining room, living room, kitchen, front and back yard is less than $1,000 and if someone is a permanent citizen, taxes are below $500 for the same property.
The exaggeration of house prices in the Canadian market is at its peak and the balloon will burst any time soon. In fact, the word burst is minimizing the situation, the proper word is EXPLODE.
The above write-up does not reflect the independent, smaller stores and organizations, or sole proprietor operators.
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