I wonder how long this insanity will last....

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Mongrel said:
That doesn't mean Apprenticeship pay is a bad deal - it's a damn sight better than the minimum wage a lot of people make. I'm only really saying "Look, it's not as easy as 'Go back to school for trades and be rich!'" as some people were saying.
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What? I thought if you want it bad enough you'll make it happen? I knew I was reading bs somewhere. Anyone who thinks that has had some lucky break or something handed to them along the way. I live in a town where half a million is a cheap average house. The norm is more like 6-800 k. I want it bad enough but I don't make 6 digits or have folks to give me a down payment. A mortgage for something like that is unattainable for a single person with an average income in this fantastic province we live in. I don't care who argues.
 
Bruin said:
Our houses in Brooklyn went up 15% in a year?
how does one find out what they actually sold for?
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Introduce yourself to the neighbor when they move in and eventually the conversation comes up :)
 
Or ask a realtor. Their database access shows the prices of previously listed properties. I know because we asked about one that sold awhile ago. Though I cannot now remember if the price he retrieved was the original list price or the selling price.
 
ZX600 said:
Not if I follow your advice and rent! no? then in a few years I would have wasted the 90k in rent and have nothing to show for.
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ZX600 said:
Introduce yourself to the neighbor when they move in and eventually the conversation comes up :)
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Did you do the math of how much you'd have ****** away on property taxes? inspections? cmhc? how about the interest you paid? im guessing close to 20k alone in interest, but hey no one will ever mention that when they're telling you how much they made out with...

There is no talking to people who are not willing to listen and who will simply ignore everything you've said and simply exaggerate to try and make their point.

IF you actually read my posts you'd realize there was a lot of money wasted on your end, more then you will ever admit to, thats human nature.
If you buy a house you're gonna defend your choice, if you rent you will defend yours. Very few people are actually able to look at something without bias.


And if at the end of it all you made you on top congratulations, you got lucky. Many people in life get lucky just by following the herd and doing whatever the flavor of the month is. But a lot of people also get burned this way.

And for everyone who made a killing, someone else is going to have to get burned.
 
Roomie said:
What? I thought if you want it bad enough you'll make it happen? I knew I was reading bs somewhere. Anyone who thinks that has had some lucky break or something handed to them along the way. I live in a town where half a million is a cheap average house. The norm is more like 6-800 k. I want it bad enough but I don't make 6 digits or have folks to give me a down payment. A mortgage for something like that is unattainable for a single person with an average income in this fantastic province we live in. I don't care who argues.
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Buy the fancy house and live in the basement, rent out the rest. There is always a way... You just gotta be willing to take a risk.
 
mmmnaked said:
Buy the fancy house and live in the basement, rent out the rest. There is always a way... You just gotta be willing to take a risk.
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That works, but then again most places this is illegal. Doesn't stop people from doing it but what happens if your house goes down in a ball of flames and you didnt mention this minor detail to your insurance company? ;)
 
Roomie said:
What? I thought if you want it bad enough you'll make it happen? I knew I was reading bs somewhere. Anyone who thinks that has had some lucky break or something handed to them along the way. I live in a town where half a million is a cheap average house. The norm is more like 6-800 k. I want it bad enough but I don't make 6 digits or have folks to give me a down payment. A mortgage for something like that is unattainable for a single person with an average income in this fantastic province we live in. I don't care who argues.
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You missed out, should have bought when it was zero down and 40 years!! :lmao:
 
mmmnaked said:
Buy the fancy house and live in the basement, rent out the rest. There is always a way... You just gotta be willing to take a risk.
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For how long? Nothing like "Oh I own this house but I'm the basement dweller because I really can't afford it".
 
Paul1000RR said:
There is no talking to people who are not willing to listen and who will simply ignore everything you've said and simply exaggerate to try and make their point.

.
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Right back at you Paul - I already mentioned that we almost pulled the trigger, do you think the wife and I would have been that close if I hadn't consider everything?

Anyways, each one makes their own decisions, I know that after a lifetime of renting I always left those places without a penny, I know if I leave this house, it would have been a good investment, today at least, don't know tomorrow.

Why would I exaggerate? I could have said 60 to make it more credible if i was making **** up, at the end something you should know, I really don't give a rats *** what people in here think :). It has been a long time since i tried to make a point or win an argument, GTAM is just for ***** and giggles, very few topics do i really get serious with, Real State is not one of them.

You guys go on with this "is a 600 a good beginners bike" type of argument
 
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Roomie said:
For how long? Nothing like "Oh I own this house but I'm the basement dweller because I really can't afford it".
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Some folks need to plan every contingency, others go with the flow ;)

Perhaps you'll get better work, better rates, lottery... Who knows. Maybe you'll die the day after signing the mortgage. Choose which risks to take. There IS a way into home ownership... you just can't be completely risk averse.
 
Paul1000RR said:
That works, but then again most places this is illegal. Doesn't stop people from doing it but what happens if your house goes down in a ball of flames and you didnt mention this minor detail to your insurance company? ;)
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Maybe you die in the fire.

Maybe you die on your bike.


Who cares. Do what you want, live where you want. Its nice living in a good house... I enjoy it. But like I said its a roof over my head not an investment short term. Its a cheap place to live when its paid off.
 
The real insanity isn't Toronto, it's Vancouver. In Vancouver, crap little boxes from the 1960s sell for 1.5 million.
 
mmmnaked said:
Some folks need to plan every contingency, others go with the flow ;)

Perhaps you'll get better work, better rates, lottery... Who knows. Maybe you'll die the day after signing the mortgage. Choose which risks to take. There IS a way into home ownership... you just can't be completely risk averse.
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I'm not saying home ownership isn't possible. It's very possible. Just not where I live nor anywhere that the average house is 500 or more grand on a single persons income. If I left here and went somewhere like Shelburne where the streets roll up at dark then I could easily afford it. An example is the house I grew up in. My folks sold it 16 years ago for 680k. Two years ago my friends boss bought it for 965k. That's outrageous and the only thing driving those kinds of prices here are the city folks who have discovered the area. Why pay half a mil for a shoe box in Toronto when you can come here and have a huge home and property for the same money. Now I don't know anyone in the small town I grew up in because no one can afford it anymore and those that owned homes sold when it was good and left.
 
Paid more than 500k for mine on a single income and I'm no baller... didn't spend every day analyzing how I'd pay for it. Basement could rent for 900/mo if I wanted it. Have since gotten married etc etc and things is just fine. I've voluntarily increased my principal payments several times now and if she's paid off in 10 years I'm a happy camper. I'll still be young, and I'll live in a sweet house for $600/mo. THATS why you buy sooner rather than later.

And you know what, if it all tumbles down and my 680k house goes back to being a 350k house, I don't give a damn... I'm still in it.
 
SeaBreez said:
When my wife and I attempted entering the Toronto housing market in 1991, the bank rejected our first offer on a town house in Scarborough. So we cut back on non essentials and saved, since there wasn't an option to increase our salaries. After saving $10,000.00 for the next down payment (CMHC insured), we found we could only afford crappy houses near Rail Road tracks, or with 5 foot tall basements. So back to saving. Each $10,000.00 we saved opened up the opportunity for a slightly better house, or nicer location...but nothing we really wanted to live in. (I will admit I worked many long hours) So back to saving even more. We managed to put 33% down on our first house. I lovingly renovated every room and we began raising our two boys in the 1957, 1000 sq. ft. side split, with fenced yard, walk to school and ravine....Life was good, so I thought. One day my wife said..."we are moving". Crap I thought, the mortgage is almost paid off. So back to the bank.... this time I figured... buy the biggest house the we could afford, and that we did. Not only was the house much bigger, better location and near better schools, but we bought it not only as a home to raise our family but as a "Pension Plan" as others have stated. The boys will be done college by 2016 and once they leave the nest and begin their own journeys through life, we will begin planning our retirement... The moral of the story... no one says you "can't" but yourself. Looking back, we felt the same crunch as some of you feel today, but we did it, just like our parents did and our children will. Good luck to all, damn, I love real estate....Ca ching!
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Whats gonna happen when all these people want to cash in on the pension at roughly the same time?
 
ZX600 said:
Right back at you Paul - I already mentioned that we almost pulled the trigger, do you think the wife and I would have been that close if I hadn't consider everything?

Anyways, each one makes their own decisions, I know that after a lifetime of renting I always left those places without a penny, I know if I leave this house, it would have been a good investment, today at least, don't know tomorrow.

Why would I exaggerate? I could have said 60 to make it more credible if i was making **** up, at the end something you should know, I really don't give a rats *** what people in here think :). It has been a long time since i tried to make a point or win an argument, GTAM is just for ***** and giggles, very few topics do i really get serious with, Real State is not one of them.

You guys go on with this "is a 600 a good beginners bike" type of argument
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Then you are the exception and the first person in a long time that actually told the truth. Most people tell you one thing today, then forget what they said and a month from now tell you a different story :lmao:

mmmnaked said:
Maybe you die in the fire.

Maybe you die on your bike.


Who cares. Do what you want, live where you want. Its nice living in a good house... I enjoy it. But like I said its a roof over my head not an investment short term. Its a cheap place to live when its paid off.
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Ive got a smoke detector in every room, probably the bike will get me...
 
Paul1000RR said:
Then you are the exception and the first person in a long time that actually told the truth. Most people tell you one thing today, then forget what they said and a month from now tell you a different story :lmao:



..
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You need to start hanging out with better people
 
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