#8119195 - 03/05/15 09:34 PM
Re: Average price of Toronto detached home shoots past $1 mil
[Re: JEFFOS]
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Risky Business
Provides a Great Work Environment. he/him
Post Master Supreme
Registered: 05/17/10
Posts: 44789
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It's not the average family that's buying these houses. It's not like someone that makes $69k can qualify for a mortgage on a house that expensive. The average family is buying the houses in Pickering, Ajax, or even farther areas away from the city. Or they're renting...
Don't tell this to Denis Si, his hate gland might explode.
No idea how the average family expects to afford this stuff.
It's not that hard if you enjoyed the upswing in the market.
My friends just bought a detached in R.Hill for $950k, they made 300k on their townhouse over the 8 years they owned it. Rolled all equity into that and their mortgage went up by 200k *only* compared to what they were paying for a townhome.
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#8119362 - 03/06/15 07:49 AM
Re: Average price of Toronto detached home shoots past $1 mil
[Re: Risky Business]
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Denis Si
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Registered: 04/11/01
Posts: 2798
Loc: T.O.
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It's not the average family that's buying these houses. It's not like someone that makes $69k can qualify for a mortgage on a house that expensive. The average family is buying the houses in Pickering, Ajax, or even farther areas away from the city. Or they're renting... Don't tell this to Denis Si, his hate gland might explode. No idea how the average family expects to afford this stuff. It's not that hard if you enjoyed the upswing in the market. My friends just bought a detached in R.Hill for $950k, they made 300k on their townhouse over the 8 years they owned it. Rolled all equity into that and their mortgage went up by 200k *only* compared to what they were paying for a townhome.
Why would my hate gland assplode? For me right now Ajax makes perfect sense. I work in Pickering, wife works in scrapboro. Do I think Durham region is ghetto? Fuck yes. Do I want to love in Rhill? Of course. But for now where else can I get 2600 2 car garage house for low 500?(600 now).
My next move will be a downgrade most likely into York region once my kid/kids to to school. For now I'm pretty happy
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#8119450 - 03/06/15 10:03 AM
Re: Average price of Toronto detached home shoots past $1 mil
[Re: SW20_MR2]
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Euphoricuck
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Registered: 11/05/03
Posts: 92703
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It's not the average family that's buying these houses. So who is buying?
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#8119811 - 03/06/15 11:42 AM
Re: Average price of Toronto detached home shoots past $1 mil
[Re: Euphoricuck]
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LNXGUY
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Registered: 08/06/00
Posts: 106840
Loc: Barrie, Ont,
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thats including realtor fees, taxes(land transfer etc),maintenance, renos etc? or is this fairy tale math that omits all of that? XD
When it comes to this subject, why are your panties in such a twist? The guy made some $$$ off his previous house and will make some off this one. Are you going to tell him that there's no $$$ to be made in real estate and that he should probably just rent?
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#8119846 - 03/06/15 11:55 AM
Re: Average price of Toronto detached home shoots past $1 mil
[Re: LNXGUY]
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Senor Eduardo_82
miataist
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Registered: 01/09/03
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#8119849 - 03/06/15 11:55 AM
Re: Average price of Toronto detached home shoots past $1 mil
[Re: Euphoricuck]
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c2k
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Registered: 05/21/00
Posts: 19289
Loc: Wiesloch-Walldorf, Germany
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It's a question that I asked him. Most don't include those costs and just compare value bought to value sold.
Sorry for asking questions on a discussion board.
Since we are asking questions and I have a question for you. Are you paying your mortgage or are you renting?
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#8119871 - 03/06/15 12:05 PM
Re: Average price of Toronto detached home shoots past $1 mil
[Re: Euphoricuck]
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c2k
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Loc: Wiesloch-Walldorf, Germany
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I live in rents basement for free.
#winningatlife
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#8120067 - 03/06/15 01:14 PM
Re: Average price of Toronto detached home shoots past $1 mil
[Re: Euphoricuck]
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4age
XD XD XD XD
Post Master Sr
Registered: 09/11/01
Posts: 3969
Loc: North York, Ontario, Canada
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thats including realtor fees, taxes(land transfer etc),maintenance, renos etc? or is this fairy tale math that omits all of that? XD
Yes, those items are included. Reno's were only done on the 1st home. The current home has no money put into it (ok wait, I lie...windows and roof. Pls subtract 7k from my earnings...which is less than 3% of what I end up making on the sale of the house XD).
So yes, money can be made on real estate. Will it be like this forever? Depends on your situation (ie: at what time you bought, and at what time you sold and how that corresponds to the current market).
Mind you, I am not talking about condos. Full disclosure: 1st home was a town house, 2nd home is a bungalow in north york.
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#8120211 - 03/06/15 02:04 PM
Re: Average price of Toronto detached home shoots past $1 mil
[Re: 4age]
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spd-dmn
Post Master
Registered: 11/24/04
Posts: 2271
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the one thing i don't get is that whatever new home you buy has also went up... so where is the net gain?
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#8120227 - 03/06/15 02:13 PM
Re: Average price of Toronto detached home shoots past $1 mil
[Re: 4age]
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Choco 'Nuck
Proud Member of BLM
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Registered: 07/10/01
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Loc: Somewhere out there
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You moving into Euphorics basement? Does he have a trainer setup already?
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#8120263 - 03/06/15 02:26 PM
Re: Average price of Toronto detached home shoots past $1 mil
[Re: Euphoricuck]
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SW20_MR2
Post Master Sr
Registered: 08/27/01
Posts: 5282
Loc: Markham, Ontario, Canada
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It's not the average family that's buying these houses. So who is buying?
Pick a house in one of the areas in that chart on page 1 of this thread. Go to MLS and look at the demographics for the area. The average household income for the neighbourhood will not be $69k.
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#8124064 - 03/10/15 09:07 AM
Re: Average price of Toronto detached home shoots past $1 mil
[Re: Euphoricuck]
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4age
XD XD XD XD
Post Master Sr
Registered: 09/11/01
Posts: 3969
Loc: North York, Ontario, Canada
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^and the risk of buying a house is having a tree fall on it
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#8124102 - 03/10/15 09:32 AM
Re: Average price of Toronto detached home shoots past $1 mil
[Re: Euphoricuck]
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LNXGUY
Post Master Supreme
Registered: 08/06/00
Posts: 106840
Loc: Barrie, Ont,
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I hate new developments that bulldoze everything.. No trees, no bushes, no nothing.
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-Bill The GN would OWN you, your children and your children's children. '09 E90 335 d
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#8124213 - 03/10/15 10:22 AM
Re: Average price of Toronto detached home shoots past $1 mil
[Re: LNXGUY]
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Euphoricuck
Post Master Supreme
Registered: 11/05/03
Posts: 92703
Loc: Canadistan
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I hate new developments that bulldoze everything.. No trees, no bushes, no nothing. agreed, It sucks
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#8124277 - 03/10/15 10:44 AM
Re: Average price of Toronto detached home shoots past $1 mil
[Re: SuPeR-MaRiO]
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Euphoricuck
Post Master Supreme
Registered: 11/05/03
Posts: 92703
Loc: Canadistan
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Of course it sucks, but you can't make an omelette without breaking some eggs. The now mature neighborhoods were once like that too. New developments typically plant a young tree on every property plus parks etc. tell us more how you were around in the 60's and 70's and know how they built hoods.
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#8124327 - 03/10/15 11:12 AM
Re: Average price of Toronto detached home shoots past $1 mil
[Re: Hatorade]
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LNXGUY
Post Master Supreme
Registered: 08/06/00
Posts: 106840
Loc: Barrie, Ont,
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Yup. I've got a toothpick of a tree the city planted lol. It will look great in 20 years!
Mine still looks like shit and it's been there a long time!
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-Bill The GN would OWN you, your children and your children's children. '09 E90 335 d
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#8124396 - 03/10/15 11:57 AM
Re: Average price of Toronto detached home shoots past $1 mil
[Re: LNXGUY]
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SW20_MR2
Post Master Sr
Registered: 08/27/01
Posts: 5282
Loc: Markham, Ontario, Canada
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New neighbourhoods will never look as good as the older ones. The houses are so close to the road. All you see are the ugly brick houses that all look the same. The trees will help as they grow, but not by much.
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