Toronto Housing Market Thread

[scatterbrain]

This property pricing is bananas. I thought we could share how we cope with it.

My dilemma: Should I borrow 700k now to buy an entry-level detatched house in the burbs this year (milton, Mississauga, Brampton)? Or just rent for a few years and hope the market chills out? I'm worried if I don't get into the market pronto I will get priced out and never be landowning class.

But I also don't want to completely destroy my lifestyle by taking on some whacko monthly housing cost.

From what I've read, when Vancouver introduced their tax it didnt really impact 'normal people houses', but had a significant impact on multimillion dollar homes.

 

[clarksdb]

My parents have a house in Mississauga now worth around $1.3 Million thanks to the crazy prices. Mortgage is just about finished with around $20,000 remaining.

I was wondering if they should get a rental property in the hopes of flipping it and becoming "rich"? I mean can you really make $XXX,000 K in a few years? Which areas should I look at? Boonies like Niagara, Kitchener, or other area? Or still in the main burbs like Mississauga, Brampton, Milton, Pickering, Ajax?

 

[TRINI]

I might be naive but i think the property prices in Toronto proper are here to stay.

Toronto's like an island - there's limited land you can buy a house on.

The burbs' feel like a different story so i'm warier of prices out there.

 

[Chambertin]

My parents recently downsized, sold family home and bought a bungalow in North Etobicoke.

Recently married, we'd like to purchase a home, with a reasonable commute to downtown and large enough to have a family. Seems almost impossible to have both.

As long as interest rates remain low, and unemployment doesn't skyrocket, the prices are here to stay though the 30% annual increases probably won't last. Probably.

 

[NickInTO]

Just bought a 3-bedroom detached in Corso Italia at a decent price (relative to price for similar homes in the neighbourhood). Putting my townhouse near Queen-Dovercourt up for sale next week. I'm getting pretty nervous about it, it's my first time selling.

 

[Kappelan]

If you're not linked to Toronto - then suburbs is a good choice. Especially now when prices are lower and you even can put some conditions in your offer )

 

[sunstealth]

I can not believe how expensive houses are in toronto area or it's suburb, 700k is unreal for a entry evel home

in montreal north shore you get a really nice mid level house for 300K with a 10 000 square foot yard and a double bay garage

 

[Kappelan]

Now is actually a good time to buy something in Greater Toronto Area. In some areas prices dropped a bit.

 

[Ranjeev]

In the market ourselves and it seems like prices have come down and inventory is sitting for longer. I live in the GTA. We may just build our place.