buying a house

Going to reply again. My wife and I didn't check out tons of builders, but we saw a few. We'd decided on the Durham region after selling our house in Scarborough.
I really liked that Tribute makes an effort to have some variety house-to-house. I liked that they had policies dictating how many of a given model could be close together, brick / shingle colour, mixing that up, etc. Who knows - maybe other builders do it too, and I have no delusions of not living in the 'burbs, but we like the look of our neighbourhood.
I will say one thing that made me nervous as hell was waiting for the official move-in date. I'm self-employed, and like to control things, so it was a tad uncomfortable having such a big date (given we had our existing home selling and needing a roof over our heads). We moved in the same day as what was on the purchase agreement signed many months prior.
Good luck with the process.

Select Ajacians invited to the house-warming?
 
Going to reply again. My wife and I didn't check out tons of builders, but we saw a few. We'd decided on the Durham region after selling our house in Scarborough.
I really liked that Tribute makes an effort to have some variety house-to-house. I liked that they had policies dictating how many of a given model could be close together, brick / shingle colour, mixing that up, etc. Who knows - maybe other builders do it too, and I have no delusions of not living in the 'burbs, but we like the look of our neighbourhood.
I will say one thing that made me nervous as hell was waiting for the official move-in date. I'm self-employed, and like to control things, so it was a tad uncomfortable having such a big date (given we had our existing home selling and needing a roof over our heads). We moved in the same day as what was on the purchase agreement signed many months prior.
Good luck with the process.

Select Ajacians invited to the house-warming?
Selected ajaxcians of course, not Scarborough that's where I draw the line ;-)

yea, I was lucky no one for the next 4 houses picked the same exterior I liked, that would have been a deal breaker.

thanks for the feedback, I feel better after hearing from people from the area.
 
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Nothing bad to say about tribute. The best thing is what you get for 600,000$+ in Toronto can get you a mansion in the east end.
Great value and can't be beat. Also looking at investing in real estate and the value is always increasing. Can't go wrong imo.

I dunno about that. Wouldn't be surprised if real estate in the GTA took a slight dip in the next 2-3 years as the interest rates start going up. I think most people would agree that real estate around the GTA is grossly overvalued as is. Look at the US also. Everyone thought the same thing and look what happened in Florida and all over the rest of the country.
 
I dunno about that. Wouldn't be surprised if real estate in the GTA took a slight dip in the next 2-3 years as the interest rates start going up. I think most people would agree that real estate around the GTA is grossly overvalued as is. Look at the US also. Everyone thought the same thing and look what happened in Florida and all over the rest of the country.

For the life of me I can't find the reference.....but read an article about how real estate really isn't that great of an investment. When you factor in costs of upkeep, taxes, etc.....you're not much better off. To me, it's more of a forced savings program.
 
For the life of me I can't find the reference.....but read an article about how real estate really isn't that great of an investment. When you factor in costs of upkeep, taxes, etc.....you're not much better off. To me, it's more of a forced savings program.
I'll tell you in a few years from now if it is an investment or not. I know someone that bought a condo downtown a year ago, it is now worth 60k more, she is selling it and it will sale easily according to other condos in the same building and how fast they went for that price. I would call that a good investment. She probably spent 5k more for the year from what she would by renting
 
I'll tell you in a few years from now if it is an investment or not. I know someone that bought a condo downtown a year ago, it is now worth 60k more, she is selling it and it will sale easily according to other condos in the same building and how fast they went for that price. I would call that a good investment. She probably spent 5k more for the year from what she would by renting
Yeah and now she has to buy somewhere else that also increased at the same inflated rate somewhere else, plus pay fees to to agents and lawyers. What do you really gain
 
Whether it's Tribute, Mattamy, Greenpark or anyone else, most of the framing is done by crews that will work for all or any developer. Remember, what people see and favor most is kitchen and bathroom finishes as everything else, structure, insulation levels (r values) , plumbing, electrical must be built to ontario or Canadian building codes which change periodically.

A new home in many cases may be far better than a used home as you make it your own and not have to clean up or repair someone else's mess. The downfall is landscaping can take years to get that mature lived in look.
 
You'll be real close to the 407! I checked out that community a few years back when I was buying my house. Was good quality but found Brooklin overall expensive. But if you like the area and the house you're getting you're likely to appreciate in value there slightly faster than the rest of durham.
 
East is better in some ways. Sure the Gardiner/QEW isn't there, but there's something to be said for not driving into the sun like those in the west end.
 
The key word is some.

Yes you can always rent and have the satisfaction that you are paying off someone else's mortgage for them.

the vast majority of people in North America that are home owners are probably wishing they were renting the last couple years.

Let's say $1500 a month to rent and $1500 for a mortgage. Now add the $300 a month in taxes that is flushed down the toilet, the fact that a large portion of the mortgage payment goes to interest, nevermind the downpayment tied up in the house, then I can see the logic of renting vs buying.
 
the vast majority of people in North America that are home owners are probably wishing they were renting the last couple years.

Let's say $1500 a month to rent and $1500 for a mortgage. Now add the $300 a month in taxes that is flushed down the toilet, the fact that a large portion of the mortgage payment goes to interest, nevermind the downpayment tied up in the house, then I can see the logic of renting vs buying.

North America....or Canada??

Big difference, James Kwak scenario is based on what is happening south of the border, you don't need to be a rocket scientist to figure out that buying bricks is not a wise investment down there right now.

Go ahead save that $300 a month.

My house= my castle, i don't have any cockroaches or have to breathe someone elses stink/smell.
 
I own my house but I definitely don't consider it a major investment.

Sure, it'll be nice when (if) I sell it in 10-20 years and cash out with a good chunk of change, but unless I plan to live in a box afterwards, I'll have to shove that money right back into another house. And by then all the other houses will have also appreciated and technically nothing will have changed.

The point about taxes and other expenses is very valid as well. Especially with condos where you also have to deal with $300+ maintenance fees, and other utilities.

If one has the right amount of discipline with their money, renting can be a better financial decision. My monthly expenses for the house itself (mortgage, tax) is almost $3000. I like this house, but I don't need it. I could live in an apartment or a townhouse for $1000-1300/mo inclusive and invest the other $1700 to realize a good return much sooner. And I'd have that money in the bank without having to sell my roof from over my head.

There are definitely pros and cons for both.
 
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We bought a house for $240k 6yrs ago. Sold it this year for $390k... Since it didn't hit $500k I guess that's a fail investment on our part.
 
the rent/own really depends on the lifestyle you want and can afford. Its really different for everybody.
My house for me is a major investment, its about a half million bucks. I could rent a similar place but its 3k a month, I like a secure 2car garage, big yard and parking for 4 cars outside. I couldn't put my 100lb dogs in a condo.
In time i will probably try condo life again, and be able i hope to put cash aside, but i could not get the lifestyle i have renting on my income.

A good friend rents a great house in the country, 4 car garage and a pool inside. His hydro bill is more than my takehome pay, and he has money leftover to invest. Its different for everybody.....
 
We bought a house for $240k 6yrs ago. Sold it this year for $390k... Since it didn't hit $500k I guess that's a fail investment on our part.

How much did you actually make after you tally up 72 months of interest and property taxes, land transfer tax, lawyer fees for buying and selling, and finally the realtor's commission?

I bet if you add those numbers up honestly they come up to more than you actually cashed out of the whole transaction. Assuming of course you mortgaged the house to begin with and didn't have 240k in cash up front ;)
 
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