On this week's Hamilton edition of The Golfi Real Estate Show, Rob Golfi and CHML host Rick Zamperin reflect on the one year anniversary of COVID-19 being declared a global pandemic, talk about why you should listen to the pros when it comes to multiple offers, a Toronto garage selling for over $700,000, and celebrating five years of the Hamilton edition Golfi Real Estate Show.
DON’T FORGET TO FOLLOW US FOR DAILY UPDATES AND SUBSCRIBE TO OUR YOUTUBE CHANNEL! :
Instagram: http://instagram.com/GolfiTeam
Facebook: https://www.facebook.com/RobGolfi
Twitter: http://twitter.com/RobGolfi
Website: http://robgolfi.com
-----
The Golfi Team RE/MAX serves Hamilton, Halton, Niagara, and surrounding regions (See List of Service Areas below). Check out the Golfi TV YouTube Channel Videos. You will find videos related to the Real Estate Industry including new home listings. You will find industry tips and fun community features as well. Call 905-575-7700 for all your Real Estate Needs!
Thank you for watching. Please like, comment, and subscribe! And remember, Golfi Gets It Sold!
On this week's Hamilton edition of The Golfi Real Estate Show, Rob Golfi and CHML host Rick Zamperin reflect on the one year anniversary of COVID-19 being declared a global pandemic, talk about why you should listen to the pros when it comes to multiple offers, a Toronto garage selling for over $700,000, and celebrating five years of the Hamilton edition Golfi Real Estate Show.
DON’T FORGET TO FOLLOW US FOR DAILY UPDATES AND SUBSCRIBE TO OUR YOUTUBE CHANNEL! :
Instagram: http://instagram.com/GolfiTeam
Facebook: https://www.facebook.com/RobGolfi
Twitter: http://twitter.com/RobGolfi
Website: http://robgolfi.com
-----
The Golfi Team RE/MAX serves Hamilton, Halton, Niagara, and surrounding regions (See List of Service Areas below). Check out the Golfi TV YouTube Channel Videos. You will find videos related to the Real Estate Industry including new home listings. You will find industry tips and fun community features as well. Call 905-575-7700 for all your Real Estate Needs!
Thank you for watching. Please like, comment, and subscribe! And remember, Golfi Gets It Sold!
good morning, Hamilton. It is Rob Golfi with the gulpy team. Welcome to the Golfi real estate show Hamilton edition with host Rick Zamprin . Good morning, Rob Golfi.com is the website you want to track down. If you are in the market to sell your home. That's Rob G O L F i.com. Take advantage of the still red hot housing market in Hamilton, Burlington and Niagara as well.
The GTA still re it's red hot all over the place and call Hamilton and Burlington's number one, Remax team and volume and unit sales, (905) 575-7700 . , we will, give you those digits throughout the program as usual. If you're on social media, Twitter, Facebook, Instagram, check out the Golfiteam.
There's listings, awesome videos, connect with the team as well through social media. If you have a question for the Golfi team, or you're thinking about a topic that you want us to talk about, send them an email. Questions@robGolfi.com is the email address again, that is questions@robGolfi.com. We do have a listener email from Frank in Ancaster , who is starting to become a regular contributor to the show, and we really appreciate it.
Cause he's got another interesting question. We'll get to that a little later on, on in the program, we'll talk about multiple offers in Y. In this case, Rob has a story of, why, this individual or individuals should have listened to the pros and also going to get to what is happening with the appointment center.
And I have a question, well, what the heck is the appointment center, but we'll, we'll get to that in a matter of seconds. First off the hop though, Thursday was the one-year anniversary of COVID 19 being declared a global pandemic. And Rob, I mean, everyone's world was flipped upside down and that was no different in the real estate market.
When you reflect over the last 12 months, what comes to mind? You know, I remember, I was with a friend of mine. We were walking, early in the morning and we usually do our morning walks and, he's in the, automotive industry, like, car dealerships and we both. We're scared. Like we both did not know what was going to happen, where it was going.
This is, this is an unknown, this is an unknown to all of us. We know this is nobody's experienced this in. And, and, and it was kind of a feeling that. It's an unsure feeling. And I could imagine people, in the middle East, you know, are escaping their countries and they're, they're leaving their home and stuff like that.
That's a lot worse. I mean, this, this here, what we're experiencing was bad, but it's not as bad as what people, when they're leaving their country because of, turmoil with the government. But, but, but yeah, I, I I'll never forget it. I'll I always bring it up. I remember, I remember that week when, we were just talking about it and I didn't know them.
No, I, I, I, everybody thought, you know, the world was gonna, you know, be shattered. I mean, this is where, you know, you worked so hard all your life, and then all of a sudden, all the hard work that you've put into whatever you were doing in business or whatever. It's just going to be shattered and, and, put down.
And it was a scary moment. Yeah, there was there's I think two rules of thought or at least two thought processes going on in people's minds was number one is yeah. The doom and gloom, you know, the world has ended as we know it. And, and I think that thought was correct. The other on the polar opposite was, yeah, it'll be a couple months and we'll be back to normal and it certainly has not been that.
What has been, has it been one or maybe two or a handful of things that have. Popped out because of the pandemic that has really been a plus for the real estate market. Well, you know, like everybody thought the real estate market was going to go the other way. And, and I, and I was worried about that too, because I mean, who knows, like nobody can predict.
Predict what the market's going to be like. And, so I thought, you know, there was going to be a downturn in the market. People aren't going to move and whatever closings happen, where happened prior to that were just going to happen. And I was a little worried and, but then, April, it was quiet.
And then things started picking up in Maine and then June, and then as a summer went along, it just started getting faster and ramp and it ramped up even more. And, by October, w we were hitting like major numbers, November, December was the peak of last year. And, January and February this year has just been incredible at the, it was even, they even surprised last year's numbers, and it's just.
And so far, it's continuing to go on and on speaking of numbers, we have a fancy graph in front of us and we'll try our best to project. You know, what it looks like and what it means to our listeners tuning in today to the Golfi real estate show Hamilton addition on 900 CHML. But this is basically a breakdown of your appointment center and year over year, March to March 20, 20 to 2021.
You guys have recorded. 95.1% increase in appointments. That is massive. It is massive. So last year there was no pandemic based on this, the March 1st of the March 6th week. And there was, you know, close to, 3000, what do you call it? Appointment. And this year, March 1st to the sixth, the result, 5,800 appointments.
So, so the buyers are out there. They, they are out there and I was reading an article that 20, I think 25% of the millennials. If I'm correct. I have to remember that I have purchased already twenty-five percent, but, it's showing you that, the market's just strong and in the graph on the bottom, it shows you look all far, it starts up way high and, for the appointments.
Yeah. So we're 95%, 95.1% above last year's numbers when it comes to appointments, for homes and it says up the top, it says, so for every listing that soul, it averaged 21.2 appointments on the index. So like some houses, you're getting a hundred appointments of some houses. You're getting 10 before it's sold, but the average appointment.
Her sold listing was 21.2. So does, does appointment necessarily mean a showing? Yes. Okay. So, appointments means it's a showing. So, so a house goes up for sale and, somebody, like an agent puts it up for sale and there's, 20 showings on it. So they'll require we'll record that. 20 showings. And then if there's a sale, happening, we'll say, okay, by the time of sale happened, there was 20 showings.
So that gets recorded and then it gets averaged out with all the other showings. Right? So the higher end ones will have less showings because there's not as many buyers in that. Price point. And so it'll average out for the lore and homes, but it averaged out to 21.2%, 21 showings, her listing sold. So not only was it the highest number of appointments in one week from March 1st to sixth, ever, with a 95%, spike 5,831 total appointments during that timeframe.
But Friday, March the fifth for, for whatever reason was the highest number of appointments. Ever in a single day, 1,454 appointments in one day, that's astronomic, rideable. It it's incredible. So, so that day, and sometimes it's good to go back and I can bring the average back and see if. Fridays are the biggest showing day.
So people, I mean, if they're coming from out of town, they're coming in on Friday, they probably leaving early for work and they want to get in there before anybody else can, because they know the weekends are busy for showings, but it looked like Friday was a busy even Thursday, had a pretty strong, pretty strong numbers on Thursday.
So it just, it, it shows you that, Thursday and Friday, and then obviously Saturday, It is a big day, for showings top five price ranges, in Hamilton, I guess this shouldn't be much of a surprise, but, from March 1st to the sixth, the hottest price range was five 50 to 600 K, but that's very much different than the previous week when it was 900 K.
To a million that's quite the change. Yeah, I know it. It's funny how that works out every week. Every week is different. That's why markets are different. So you can never, you can never like our market's changed week by week and you can't just go by and say, well, here's the market and it should be, it should be like this.
It's not like the old days, the old days, you know, you pretty well can gauge the market by quarter or every six months or whatever. But right now you. Markets change week by week, day by day. And, and you have to be on top of it. You have to know what's going on. And I remember there's times where markets do change, like one, one week to the next.
And it's like, what happened? Like what changed? Like, you know what I mean? Like it's not just a gradual, it's just like, like, like, a trend, you hit a transport truck and you just stop and, but it just changes just rapidly. And then these indicators are good to follow, especially how many appointments.
There have been how many, you know, showings and, and it gives you a good indicator of a week at the same week, the previous year and the past five years, it gives you an indication. Those, it gives you an indication when the best time is to sell your house in a normal market. And we are in the normal market, but we're in the pandemic market.
So we don't know. So things have to. You know, work itself out, back to the normal, market. I mean, a lot of people have times to look at houses right now. So because they're, you know, they're either working at home or they're not working. So, but, but yeah, we have, it's a great indicator to, to gauge and we have all that information.
The average price in Burlington right now is just over a million dollars. So it should be no surprise that the top five price ranges number one of the lists last weekend, the current week was one to $2 million. That's that's really the sweet spot in Burlington. Isn't it? Yeah, it is. It is. If you're looking in Burlington and you want something decent and you want to detach them, you've got to be looking it's over a million dollars that you gotta be looking for 1.5 million.
We'll still get you a nice home in Burlington, Easton, and enough, but you may have to put some rentals into it, but, definitely, Over a million is, is what you're going to have to look for in Burlington. If you want to move to Burlington and the top five price ranges and Niagara is a number one on the list of the last couple of weeks.
Now four 50 to 500 K. So some pretty good stats, from the appointment center of, the Golfi team. And, listen, if you want to make an appointments, you want to call the team, you should be. You know, secure in knowing that the Golfi team. Yeah, we're we're we're one year plus into the pandemic is conducting business super safely.
So you can be rest assured that you will be taken care of. In all regards, Rob Golfi.com is the website you wanna go to call Hamilton and Burlington's number one Remax team in volume and unit sales at (905) 575-7700. And check them out to the Golfiteam on Instagram, Facebook. And Twitter when we come back.
So story about multiple offers and we'll get to Frank's listener email coming up next here on the Golfi real estate show Hamilton edition on 900. CHML welcome back. This is the Golfi real estate show Hamilton addition on 900. CHML my name's Roxanne prin on the line. Once again, Rob Golfi sales representative with Remax is Guttman Realty.
The Golfi team call Hamilton and Burlington's number one, Remax team and volume and unit sales. That phone number is not Oh five. Five seven five 7,700 (905) 575-7700. online@robGolfi.com. That's Rob G O L F i.com. They're all over social media, whether it's Facebook, Twitter, Instagram, awesome videos.
Check out the latest listings again. Check out the Golfiteam on social media. If you have a question for the Golfiteam or pay, you want us to toss around a topic on a future program, send them an email questions. Rob Golfi.com. Again, that's questions@robGolfi.com. We do have a listener email from Frank.
Stay tuned for that. We'll get to that in a couple of minutes, but you have a story Rob about multiple offers and, Well, this person should have listened to the pros. Yes. So we ended up putting a house up for sale and I met, I met with a couple and we sat down, this was on the Hamilton mountain. We sat down and we figured the value of the property was 700,000.
Right. So, we discussed at listing at 700 or even six 50, so they didn't want to take the chance of going six 50 because they thought they were going to get, you know, lower offers. Like, you know what I mean? They weren't going to. Yeah. And, you know, cause they still did. They didn't know how the market was really.
So we ended up putting the house up for 700,000. We held offers for four days in the highest offer we got was 720. So we only got $20,000 more and they weren't satisfied with that number. So anyway, so we, we, we rejected the offer of seven 20. Can you imagine, you know, you're, you're a person putting an offer in seven 20.
Over asking and you tell a story. This is not the price that they want. They're looking for more. It's very upsetting for the, for the buyer. So anyway, we, we rejected that offer. We took the house off the market for a week and I said, okay, let's do it. Let's if you really want to do this, you gotta do it my way.
So took it off the market for a week. We put it back on the market for 650,000. Okay. So we dropped it 50,000. We held offers verbal five, six days. And, on the day of that, we had the offer. We had 12 offers. We almost have 13, one person backed out. So we had 12 offers. We sold it for $795,000. Yes. I think it was 140,000.
Different see, see the difference, rec how it can make a difference. So, and I said to them, let's do it my way. I know I can get you more money. And we did that and we got them $195,000. Incredible. That shows you the difference between experience and non-experience. That's the difference out there. When you're putting a house up for sale, you have to have the confidence and it, and it, sometimes people call us and they, and, and they, Hey, Rob, I want to give you, you know, we'd like an evaluation done on your house and we'll give them a price.
What we think of willing buyers willing to go with. Right? So they want our expertise, but they've got their inexperienced family member that is going to put the house up for sale. We don't know that until after basically we call them, Hey, listen. How come you didn't use as well. My cousin's a real estate agent and you know, so they were using us because they weren't sure about his expertise.
Right? The big mistake they make is they don't know the market that well. We give them a general idea what the price is, but if they're holding offers, they may experience a mistake like that. That they can leave money on the table. So people be very, very careful on, when you're putting your house up for sale.
I look at every single situation when the house is going up for sale, in my office here, when one of our agents goes out, we say, this is, this is, you know, what is the value now? Okay. Here's what we need to do. Here's the game plan. Here's the structure. Here's how we're going to organize it. Like, and that person that paid the seven 95 that I was telling you about, we made sure we got that deposit that day, that day, because we didn't want them to sleep overnight on that.
We didn't want them to wake up in the morning with a cold sweat. Say, what did I do the PI I can imagine. I can imagine the home sellers in this case originally listing for 700 K. You convincing them to drop to six 50 after taking it off the market for a week. They must've been sweating thinking, man, we just declined seven 20.
Now we're going to six 50. How are we going to get back to that? And it only went back to that. I'm ready to it absolutely rocketed past it, it, it, it rocketed past it. So it's now some people, the big mistake they make, realtors is they take it off the market and they relist it the day after. Big big, big mistake.
You need to, you almost need to have a clean, slate, just give it a good wipe and then, and then start fresh. There's new buyers coming into the marketplace all the time right now, if it's because of the frenzy, it, because I'll fast paced it as new buyers are coming into the markets steadily. So that's why I took it off.
I didn't want to put, you know, a canceled listing and then put it back up the next day. If people are gonna say what the heck happened with that listing? Why, why is it up now? Like, you know, So we wanted to give a clean slate and we did that. And that's how, that's how you do it. Like that's like, we, we, we, we took a second shot.
We originally, I really originally wanted the list of for six 50. That's what that my original, but they were too scared to do that. So, but then they all, Hey guys, this is all you're getting. I'm telling you that, you know, Now we went with a low below market value. And, and then we, had, I can't remember, we had 50 showings on that property and we have 12 offers and yeah, so it worked out well for the sellers.
They're very happy. And now they, they, they listened to everything. We say, how big of an impact was. Because the price was dropped. And we know that when people go on to, real estate websites, whether it's MLS or whatever the case is, and they're doing their search and they'll usually have that kind of price a window.
How big of a factor was it? Do you think that because it was under 700 K a lot of people may have been looking at that price point, you know, show me everything upwards of 699, and now they would have seen that house. They would have seen it. We did get some, some people mentioned that, well, how come you guys drop the price?
You, how did it? 700. And I just say, look, it just was the wrong at the time. And, we're just redoing it. That's all. And, so I mean, we tried it. And it, it didn't work at the 700. We put it at six 15. It works. So, does it, it does work. You just have to know the market well enough to know it works.
If we did it, if we did it the first time it would have been, it would've probably been Nate. It could have been maybe not as good. It could've been, maybe, maybe we would've got seven 70, maybe not seven 95. That's the difference. Every, like I said, every week is different, different buyers come every week, but that's the funny thing is.
If people can afford up to 700, obviously, and they're growing up, they're going pretty close to 800. So obviously they've been pre-approved for a lot more than what they, they were looking at. No. Wow. What a difference a week? Makes sense for sure. Yeah, 140,000. We just sold another one for 135,000 around the corner from there.
It just, it just incredible. We listed it again at six 50, a different one and actually, no, at six 50 we got 800. That was a bungalow. The other one was the one that, that I sold was a back split. And the other one that we sold another agent on my team and she sold it for 800,000 a bungalow. And we're just like, what's going on in there.
So, but anyways, it's just, that's just the way the market is a for sale sign, goes up on a lawn and it's happened on my street, into my, in my neighborhood. And, you know, we, we see them all the time. It gets people thinking about what is my home worth and how much did that home. Cell phone, what's it listed at?
What does that mean for my property? It really engages couples and families and neighbors talking about, you know, what, if I put my house up for sale, what could I get for it? Do you get a lot of those calls to say, Hey, you know, a house just down the street has a for sale sign. It's listed at this. Can you do an evaluation?
Does that for sale sign really conjure up a lot of that chatter. Sometimes it does. So for instance, like the house that's sold close to 800,000. So if another house on that street is similar to it and they call us. We will tell them, do not list the 800,000 because they're not going to get, they have to list maybe at 700,000 or, or six 85 to get the bank.
But now that the area is got, a comparable it'll drive that market up. So the next one will, and unless the market changes and stops, then, then that'll change. But now there's two houses in that neighborhood that the Golfiteam sold that sold. One for seven 95 and one for 800,000, it'll support that neighborhood.
Now it'll, it'll support it. So somebody can go in there and lift that seven or seven 50 and probably get 800 on their house, because we just bumped up that market in that neighborhood for, for those, for that area. Yeah, for sure. There's a new benchmark there to, to start off. All right, let's go to the listener email.
We have an email. From Frank and Ann caster, who's sent in a couple of questions and scenarios. So we really appreciate his input to, and again, if you're listening out there and you have a question, that you would like to, have addressed on the Golfi real estate show Hamilton addition here on 900, CHML send your question to questions.
At Rob Golfi.com. Again, that email address is questions@romGolfi.com. So Frank and Ann caster writes, hello gentlemen, what is the current base listing fee and Realty cost at final sale, including the land transfer cost plus any other applicable subsidiary amount to them. So, okay. So buying a home is likely going to be the largest purchase in your life.
So when you sell the real estate commission is likely. To be the biggest beat you'll ever pay in a lifetime. So, you know, what, what are commissions and who pays them? So a commission is a fee. You typically pay to a real estate agent to list the property, as well as the agent who represents the buyer.
But that commission. May or may not be split evenly between both agents. So it depends on what the agent or team is offering. Now it is negotiable, but you get what you pay for. It's just like any other service that, that you are, hiring. So for instance, you always hear that, the scenario, you know, you get what you pay for and when you're dealing with the biggest and most expensive, you know, investment, that you have.
You don't want to risk, but, but yeah, you can, there's so many different ways you can do it and it, and it just depends on, on how much activity you want in your house. Now, commissions are ranging from, you know, three and a half to 5%, 6%. It just depends on what they have to offer. The average agent that doesn't have too much to offer.
They may end up going up 4%. It just depends on what's involved. Now you don't pay unless it's sold, you do not pay any commission unless it's sold. So, so for instance, what we do is when we put a house up for sale, we'll stage it. We do the 3d tour, we do the videos and we do the photography. We do some virtual stage and we do everything.
We spent thousands on your house and it's no risk to you. It's my risk. I take the full risk as a, as. As the agent and, and because I want to get, there's two key factors there. I want to sell it, but I also want to sell it fast for top dollar. So now when I, when you're getting top dollar, obviously you're going to be very happy with that.
And then, and, and, and, and you'll have no problem paying whatever fee that we, structured it. So you just have to look at what. Agents have to offer. And, and we have departments for everything that we have for instance. The one thing you've gotta be careful is there's HSP on commission. So, so let's say a host is listed for, let's say a hundred thousand dollars.
The commission is 5%. Let's just say, so your, your commission is going to be $5,000 plus HST. So you always got to remember that people seem to forget sometimes there's. There's HST on all services, no matter what you're doing in life, no matter what you're buying those HST always remember that he also mentioned that.
Is there any land transfer, costs? There is no land transfer cost. Land transfer cost is only, and that's called land transfer tax. It's only on when you're purchasing a property. So when you're selling a property, there's the commission fee and plus the HST. And then the legal fee now legal fees usually work out from, they can work out from 800 to $1,500 plus disbursement.
So let's just say your legals, they're going to be close to $2,000 and that'll that, that should cover whatever. Your closing deal is depending what mortgages you have on the property, depending if there's any, anything on, on title that has to be discharged that needs these a little bit extra effort.
So you're looking at that for the legal fees, but. Again, no land transfer tax. Well, so Franco, great question and a great answer from Robin. Hopefully that answers all your questions. You can listen to our show online through Spotify, iTunes, Google podcasts, Stitcher, and many more. Just search for the Golfi real estate show in your favorite podcast platform and hit the follow button.
So you never miss an episode. And speaking of episodes, we're coming up on. Is it five years of the Golfi real estate show. Can you imagine that in a couple of weeks, time, five years time has flown by where are we in our fifth year? This, I think we're approaching year number six. So this is, this is the end of five years ago.
I don't know I'm bad at math, but I know we've been doing a lot faster aging, like, like, like dogs. Is it every seven years? It's one year. It's like, we're like a dog, you know, the, the age, you know, seven years every year. I can't believe that that's been going by quick. That's a, and listen, we we've talked about, so many different things on the show.
It's been a, it's been a blast and I know that, the next year is going to be as fun, if not more because, you know, as, as vaccines get into. People's arms and we get that herd immunity and we can hopefully knock on wood. We're turned to some swarm of a form of normalcy, will, be able to do, you know, different topics on the show and, and maybe be back in the studio.
How about that? Yeah, when we come back, we'll talk about, Canada and New Zealand. Both countries have very hot housing markets, but walling one has plans to cool things down. We'll tackle that when we come back here on the Golfi real estate show, Hamilton edition on 900 CHML. Welcome back. This is the Golfi real estate show Hamilton edition on 900.
CHML my name's Roxanne prin on the line. Once again from one Mark. Linda is Rob Golfi sales representative with Remax is Guttman Realty. The Golfi team. Find them online@robGolfi.com. The hottest listings in Hamilton and burlington@robgolfi.com co Hamilton, and Burlington's number one, Remax team and volume and unit sales at nine Oh five.
Five seven five 7,700. That's not Oh five five seven five seven seven zero zero. Facebook, Twitter, Instagram. Are you on those social media platforms while you will want to follow the Golfi team on social media? So Canada and New Zealand both have red hot housing markets. We certainly know that in Canada while New Zealand seems to be the same as well, but it appears that the government of New Zealand really wants to slam the brakes.
On their hot housing market and in trying to do so, they want to try to make it harder to get a mortgage. We have a comment from the deputy governor, Jeff Baskin, who said last month, quote, we are now concerned about the risk of sharp correction in the housing market poses for financial stability.
There is evidence of a speculative dynamic emerging with many buyers becoming highly. Leveraged. I should also mention that the bank of Canada, given TIFF Macklin, referenced this scenario, I think it was a couple of weeks ago saying basically that, you know, their main focus, the central bank's main focus in this country is getting the economy back on track after this pandemic, that's priority.
Number one. We know that earlier this week, the, overnight key lending rate from the bank of Canada was held as it has been at 0.2, 5%. So really Canada isn't considering slowing down the hot, hot housing market at all New Zealand is going. The other way, how do you think this is going to play out? I think New Zealand is going to go through some, some problems.
If they, if they interfere with what the market's doing, what they're going to do is they're going to they're, they're gonna try to slow down the market. They're saying that, the first time buyer has to come up with 20%. So they're going to knock out every first, every first time buyer out there, unless he's got a help from a family that has money.
So that's gonna, that's gonna hurt that now. Every investor. That wants to buy a house, maybe to flip or to just invest in and rent out. They have to come up with $40,000. Sorry, 40% of the down payment. Gotta be tough. They're they're making it, they're making a tough and, and what's it going to do? It is going to slow down the market rapidly.
But, but now they're interfering with like nature now that like at the Le let it, let it take its course. And I think they're worried because I think the banks are worried in New Zealand maybe because, people are leveraged. I mean, it's no one it's the same, no matter where you go around the world. Now, if it's hard to tell where the market's going to go, I don't think the market's going to do a Basque downswing anytime soon.
I think what happens, what happens when the market changes. And I remember this in 2017 quickly, it happened, in, in, April, the end of April, may. So it happened in, 2008 at the end of 2008, beginning of 2009. And also it happened in 1990 April. Now, all three different, different ways of happening now in 2017, things slowed down multiple offers.
Weren't happening. Things slowed down. There was a little bit of, of. A correction in the market, but not enough, not so that you, that you paid, you know, 25, 30%, too much. There'll be a little bit of correction. You're still safe. You're still sound. And, you know, just wait six months to a year. You're back on track and you're back going again now.
I don't. And. And that's what I think New Zealand is worried about, of, of a huge downturn. And they're going to create the downturn themselves. So they're basically controlling the, the, the economics of that country right now. What, they're, what they're planning on doing. I think it's a scary thing. I mean, we'll find out if they do it and I think they're implementing this, 1st of May, I think it says on here.
Yeah. First, 1st of May, they're implementing it we'll know right away. And then candida can watch them make the mistake or they may follow who knows. Yeah. And at the end of the day, I mean, they're, they're just going to put more pressure on the rental market because I mean, if you can't drum up 20% or, or, you know, even harder 40%, when that next kind of benchmark falls, I mean, you're going to be stuck in the rental market basically forever.
And that really stunts the housing market, at the end of the day. So, yeah, I'm not sure that is the way to go. I know Canada is focused on creating more affordable housing. There's a national program. In that respect. So I think that's probably the roots that New Zealand should go. You know, I, I think that, in, in terms of what the Canadian government is doing, making that affordable housing project, go, seems to be a bigger plus in, in my mind, someone in Toronto is selling their garage for $729,000.
We're going to paint that picture for you and give you more details. When we come back here on the golf, the real estate show Hamilton edition on 900 CHML. And one more go round here on the Golfi real estate show Hamilton addition on 900 CHML Rick print in studio, in his own studio at one. Mark Lind is Rob Golfi sale rep sales representative with Remax is Kurtman Realty.
The Golfi team. If you have a question for the Golfiteam or a topic idea, send them an email questions@robGolfi.com. That's questions@roGolfi.com. Call Hamilton and Burlington's number one Remax team in volume and unit sales. If you are selling your home. You want to take advantage of the red hot housing market right now?
(905) 575-7700 online@robGolfi.com and check out the Golfiteam on Twitter, Facebook, and Instagram as well. Interesting story. And they're usually out of Toronto when you're talking about small. Structures. And I'll say structure, because this is a structure. It's not really a home. There's a garage. On the Toronto housing market for it's listed for $729,000.
It is literally a garage and I'm not even sure a vehicle can fit in there. It's got a front door and a window it's between two homes. There's kind of a driveway. This is insane. Yes. And I think that, I think the property was 20 or 21 feet wide. I'm just looking forward 20 by a hundred hundred probably by height.
So, so real rigid they bought it. So the neighbor must have owned the property next door to it. And at one time they must have severed it. And on that, on that property, they severed, the, the garage was on that property. So. They said, Hey, this is a building lot, but basically somebody bought the garage or, or really they bought a building lot for $730,000.
I think it was $730,000. And, and it's incredible. So, and they're not going to get a big house on there. I mean, I don't even know if you could put a garage, a garage in a, with a house that has 20 feet wide. I mean, He's in the garage, 20 feet wide. It's definitely pretty close. It's going to be a very, very narrow, property.
It's going to be tight up against the other houses and there's not going to be much room cause you need, you need a little space between each house to like, like, so the city is that that house may only end up being 16 feet wide after they, like, they get approvals for building permits and everything like that.
Like it's a 20 foot wide property, but. You need, you need so many feet on each side of the property, again from your neighbor, you know? So that's going to be, that's going to be a big issue. So whoever bought it, maybe not, didn't really think it out through, quite, they showed up. Yeah. But 730,000.
We've got another story here. Rick, I did have, somebody did call me that they wanted to sell their garage and they bought, they bought a garage, I think two, two years ago. And it, the garage backed onto the alleyway and it was a separate dated property, had its own hydro meter. And, and it was a good, big sized garage.
So I got called and I looked at it and, I said, you don't want it. Like, it was almost good for me cause I, cause I could have used it for storage, for my, staging, furniture, right? Like we stage a lot of houses. Right. And it was a big garage in the alleyway. The one thing I found that like, I've never seen this before.
There's no comparables, you just put a price on it and you gotta figure it out. But the one thing I said to the gentlemen that, that had it, that, that was thinking about selling, it was, I said to him, I go, if anybody's looking for a garage like this, you're either driving a van. Or, or a truck and I, and you can't drive through here.
Like, I mean, one end of the alleyway it's too tight or truck or van to get through. So basically you've got to pull in and then you've got to back up and, and that's difficult. For anybody that's looking at buying a garage for storage, because be electrician, plumber, you know, anybody that wants to just keep your supplies and just go there.
So people never saw this before. I've never even knew that this existed in Hamilton, but there was a garage. That somebody wanted to sell. And if they do want, if, if somebody is looking for that, let me know, call me, I got, I know the guy, I can connect you with them because, but I, it's not for sale, but he does want to sell it.
And, if you look at it, Big, like you could fit probably five cars in this, in this shot. Wow. This a garage. So, I mean, if you've got something that you just want to park and, and, and, and, you know, like store stuff, this is a great, great little building. But if you're looking, if you've got a cute van and you can't drive through the alleyway, that's all there is to it less than a minute to go.
But two other things that stood out to me regarding the $729,000 garage in Toronto, which again is on a 20 by 100 foot lots, the property taxes are more than $2,600 and it was listed. In 2019 for $600,000. So it's jumped by $130,000 just in a couple of years. And it's a garage. Unbelievable. Rob, thanks for your time.
Once again, fantastic program. And thank you for listening to the Golfi real estate show Hamilton edition. We are back next Saturday at nine on 900. CHML.