That's working for some people now by happy fluke more than design. Young person starting from scratch now would be better off setting roots in a cheaper area. Choose well and maybe enjoy the same happy fluke in 30+ yrs.
I wonder how long this insanity will last....
- Thread starter mimico_polak
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That's working for some people now by happy fluke more than design. Young person starting from scratch now would be better off setting roots in a cheaper area. Choose well and maybe enjoy the same happy fluke in 30+ yrs.
I agree. They bought a house when they were anywhere from 150-200k 15 years ago or so, and now the houses are worth 600+ in the same area. Nice coincidence.
If young people want this nowadays, got to figure out where the next housing boom will be. Let me know when you figure it out!
It's happening in Hamilton right now.
edit, at the risk of sounding like doosh, real world, I bought @$150K fixer upper near university 1998, MPAC has it at 318K now. I don't think it's worth that but neither is the apartment I would have rented in it's stead.
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I've also read that myself that Hamilton is the next boom for housing. Ever since GO decided to extend daily service from Hamilton to Toronto. I guess similar to the Barrie situation.
Problem is finding the GOOD areas in Hamilton. The locals know them, but the outsiders may not be that familiar. I guess just see where the more expensive houses are! LoL
Guelph is also a good investment from what I understand but haven't been looking for a job there.
Ya, if that's a problem maybe stay on the couch. Please reference previous comment regarding ocean crossing. Canadians Eh !!
I kid of course
By the time you read about it, it was old news for the people that play with the market... the 'general public' will try to catch on to it, but I'd say anyone looking at investing in RE in Hamilton now is kind of late to the table. I don't know much about Hamilton as a whole, but watched Beach Blvd get played out...
Yes, it is late. Many houses in west end sell for more than asking now. Still half price of TO houses tho and well situated in Golden Horsehoe unlike some other urban areas. If that's important. The face of Hamilton really is changing.
Ah well...missed the boat on that one.
lator-illa
Well-known member
eff buying a house now. Prices are ridiculous EVERYWHERE! I'll wait till this bubble bursts...
That's the spirit.
I will switch my job search to 'Hamilton' as the city now
maybe that'll help me find something LoLToronto / Etobicoke / Mississauga have not given me much results
You guys just need to wait until you get old like me.
No mortgage. It went 10 years ago.
I can't believe house prices. I thought we were nuts to spend $230 000 on a house 18 years ago. One sold on my street the other day for $820 000. I have no way to understand how a family could imagine coming up with the money.
No mortgage. It went 10 years ago.
I can't believe house prices. I thought we were nuts to spend $230 000 on a house 18 years ago. One sold on my street the other day for $820 000. I have no way to understand how a family could imagine coming up with the money.
lator-illa
Well-known member
it's our ridiculously low rates that gives these people the false sense of affordability. Not to mention that half of them go for the uber low variable rate! I don't think they take into account how easily our Prime rate goes up, and how fast it can go up! That said, I don't think they do the necessary math when calculating their payments. How can they afford the house when their variable rate goes from 2.5% to 5%? Take into consideration that variable was 5% from only a few years ago!
But that's the thing, no one believes it will happen. They all think "check out these awesome interest rates we have...they'll never go up!' and when they do it's shocking. But then they think "Well if they go up too much I'll just sell and make a killing! Bwahahahaha"
I just don't understand how people who make 70k/year together can save 90k after rent/cars/living etc. I understand there are a lot of sacrifices required (as per Diesel's message) but it's still a tall order to put away that type of cash. And kudos to him and his wife that they can do it. I can't. I simply do not make enough, and my wife's income is considerably less than mine.
We have one car, if I don't get a job on the TTC line then I'll need a second car. The decision will be newer and more expensive, or older and less expensive but possible maintenance issues....or brand new at 96 months for 0% down! Awesome!
Complete side tangent on the thread....can't believe that I've seen 96 month financing for 0% down...ridiculous. I was shocked when I saw 72, then 84...but 96 just blew me away.
Since we're basing all this on the 2008 US bubble:
If you wait, things just even out. You can put your money in sugar or oil if the profit you're going to turn out is more than real estate so the whole rent vs buy is useless without context. Name of the game is diversification and real estate is just another vehicle for that.
If you wait, things just even out. You can put your money in sugar or oil if the profit you're going to turn out is more than real estate so the whole rent vs buy is useless without context. Name of the game is diversification and real estate is just another vehicle for that.
You just made me realize what i need to do.
Find a rich girl, no matter what she looks like.
Cost is just not money.... Specially if you have kids.
If you have kids you have to look (or should, your choice) at the quality of schools and the quality of people that live in the area (I know that last one sounds bad, it is not racial it is the dirt-bag factor...). Basically if you have kids and move to an area where everyone is a skid/dirt-bag but the property is cheap your kids are much more likely to become skids. All the good parenting in the world may not change the outcome in these situations. So you saved a couple hundred thousand, maybe half million over 30+ years but is it going to be worth it if you doom your kids to minimum wage skidville?
I grew up in Niagara Falls and in a crap area (even by NF standards). Very few people from that area became anything. Most are the above mentioned skids. One question I get asked all the time from extended family and past friends: "Why do you live in Toronto, it is SO EXPENSIVE." Many of those same people have adult kids now and 99% of the adult kids are in fact skids, just like everyone else they grew up with....
Not what I want for my kids (who are young). Now you do not have to live in Toronto to find a good area and good schools (and there are plenty of bad areas in Toronto) but wherever you choose cost is more than just $$$s and you will find that areas with good schools are almost always the pricey ones in that region.
If you have kids you have to look (or should, your choice) at the quality of schools and the quality of people that live in the area (I know that last one sounds bad, it is not racial it is the dirt-bag factor...). Basically if you have kids and move to an area where everyone is a skid/dirt-bag but the property is cheap your kids are much more likely to become skids. All the good parenting in the world may not change the outcome in these situations. So you saved a couple hundred thousand, maybe half million over 30+ years but is it going to be worth it if you doom your kids to minimum wage skidville?
I grew up in Niagara Falls and in a crap area (even by NF standards). Very few people from that area became anything. Most are the above mentioned skids. One question I get asked all the time from extended family and past friends: "Why do you live in Toronto, it is SO EXPENSIVE." Many of those same people have adult kids now and 99% of the adult kids are in fact skids, just like everyone else they grew up with....
Not what I want for my kids (who are young). Now you do not have to live in Toronto to find a good area and good schools (and there are plenty of bad areas in Toronto) but wherever you choose cost is more than just $$$s and you will find that areas with good schools are almost always the pricey ones in that region.
Exact the reason why I moved to Brooklin and pay probably double taxes than most people.
Where you are raised has a lot to do with who you become, that is the reality.
I don't stay home, I work all day and take control of my own situation, "Luck" is all about putting yourself on the position so you can "get Lucky" and buying a house in an area where your kids would grow in a good environment is part of taking control of your kids future "luck" even if people think you are crazy for spending 600k or more in a house
I just bought a house, Kingston and Warden (yea Scarbarah!) Awesome area, right by the water, crazy appreciation year over year (just East of Beaches).
$435K, detached two storey, 3 car driveway, garage, shed. 2.45% mortgage rate, and 20% down.
The people crying and whining in this thread - instead of calculating the 'crazy' cost of owning a home you don't actually own because you live in an apartment, why not put your money where your mouth is and actually get in the game? There's deals out there, it's affordable. And you can get an amazing house. Go see some properties, get to know some neighborhoods. Yes if you want to live in High Park, it's not going to happen for 400. But look around, get creative and it's totally doable.
The doom and gloom in this thread is just propagating what the Globe and The Star write about week in and week out. Market crash, prices are crazy, OMG how will I afford it, young people have no chance. Blah blah blah. They've been talking about this housing crash for YEARS.
Have a plan, be reasonable, set expectations, and be smart. Maybe it's living in a cheaper community. Or looking a lot harder at areas you never thought of. Buying a house takes work. Put it in, you get it out.
$435K, detached two storey, 3 car driveway, garage, shed. 2.45% mortgage rate, and 20% down.
The people crying and whining in this thread - instead of calculating the 'crazy' cost of owning a home you don't actually own because you live in an apartment, why not put your money where your mouth is and actually get in the game? There's deals out there, it's affordable. And you can get an amazing house. Go see some properties, get to know some neighborhoods. Yes if you want to live in High Park, it's not going to happen for 400. But look around, get creative and it's totally doable.
The doom and gloom in this thread is just propagating what the Globe and The Star write about week in and week out. Market crash, prices are crazy, OMG how will I afford it, young people have no chance. Blah blah blah. They've been talking about this housing crash for YEARS.
Have a plan, be reasonable, set expectations, and be smart. Maybe it's living in a cheaper community. Or looking a lot harder at areas you never thought of. Buying a house takes work. Put it in, you get it out.
