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donoreo
Premium
join:2002-05-30
North York, ON

[Rant] House prices in Toronto

I just heard from our agent. A house that we liked, in pictures, but knew would go over asking sold on Tuesday. It went for $201,000 OVER ASKING.

booj

join:2011-02-07
Richmond, ON
Do not buy for a couple years. You want no part of that market.


donoreo
Premium
join:2002-05-30
North York, ON
said by booj:

Do not buy for a couple years. You want no part of that market.

We have been trying for 3 years now.

booj

join:2011-02-07
Richmond, ON
3 years ago would have been a good idea! That was near the start of Harper/Flaherty's loosening of mortgage rules which permitted 40 yr mortgages, enabling a tidal wave of housing starts and bidding wars.

The insanity will not continue. The fallout from mortgage rule tightening back to 25 yrs is just beginning. Play it safe and invest your down payment in the meantime.

my 2 c.


donoreo
Premium
join:2002-05-30
North York, ON
said by booj:

3 years ago would have been a good idea! That was near the start of Harper/Flaherty's loosening of mortgage rules which permitted 40 yr mortgages, enabling a tidal wave of housing starts and bidding wars.

The insanity will not continue. The fallout from mortgage rule tightening back to 25 yrs is just beginning. Play it safe and invest your down payment in the meantime.

my 2 c.

We have been outbid on any house. My wife refuses to look outside Toronto, but wants what she wants. We are also looking in a limited area, limited features, etc. This search will go on for much longer. Most people are amazed when I tell them we have been trying to buy a house for 3+ years!
--
The irony of common sense, it is not that common.
I cannot deny anything I did not say.
A kitten dies every time someone uses "then" and "than" incorrectly.
I mock people who give their children odd spelling of names.


FaxCap

join:2002-05-25
Surrey, BC
Reviews:
·Shaw
said by donoreo:

My wife refuses to look outside Toronto, but wants what she wants.

I have close friends who have been looking for a few years. I can't
BELIEVE some of the houses she has turned down. For the silliest
reasons! Last time I talked to my buddy he said he may be moving to
a new place alone.

FaxCap


donoreo
Premium
join:2002-05-30
North York, ON
said by FaxCap:

said by donoreo:

My wife refuses to look outside Toronto, but wants what she wants.

I have close friends who have been looking for a few years. I can't
BELIEVE some of the houses she has turned down. For the silliest
reasons! Last time I talked to my buddy he said he may be moving to
a new place alone.

FaxCap

Oh god yes. All the little things, easy things to fix or change and she is "they all add up to too much".
--
The irony of common sense, it is not that common.
I cannot deny anything I did not say.
A kitten dies every time someone uses "then" and "than" incorrectly.
I mock people who give their children odd spelling of names.


loosedobbs

join:2006-06-13
Toronto
reply to donoreo
said by donoreo:

said by booj:

3 years ago would have been a good idea! That was near the start of Harper/Flaherty's loosening of mortgage rules which permitted 40 yr mortgages, enabling a tidal wave of housing starts and bidding wars.

The insanity will not continue. The fallout from mortgage rule tightening back to 25 yrs is just beginning. Play it safe and invest your down payment in the meantime.

my 2 c.

We have been outbid on any house. My wife refuses to look outside Toronto, but wants what she wants. We are also looking in a limited area, limited features, etc. This search will go on for much longer. Most people are amazed when I tell them we have been trying to buy a house for 3+ years!

me too. But not now after reading what you both are looking for.

said by donoreo:

I just heard from our agent. A house that we liked, in pictures, but knew would go over asking sold on Tuesday. It went for $201,000 OVER ASKING.

Surprised again it went over that much. I have seen the amount not more than 30-50K over, with my RE agent. So even when housing has slowed down there is demand for some specific requirements/areas. In our area it took about 2 days to sell and about 5%-10% over asking price. Now its not even sold, after3-1/2 months which is bit surprising.


AR
Premium,ExMod 2001-04
join:2000-09-21
Toronto, ON
reply to donoreo
That's messed up.

Totally messed up.


nitzguy
Premium
join:2002-07-11
Sudbury, ON
reply to donoreo
said by donoreo:

said by FaxCap:

said by donoreo:

My wife refuses to look outside Toronto, but wants what she wants.

I have close friends who have been looking for a few years. I can't
BELIEVE some of the houses she has turned down. For the silliest
reasons! Last time I talked to my buddy he said he may be moving to
a new place alone.

FaxCap

Oh god yes. All the little things, easy things to fix or change and she is "they all add up to too much".

Dare I ask....why are you looking for another place?? Current space too small?? I can't remember its been 3 years


donoreo
Premium
join:2002-05-30
North York, ON
said by nitzguy:

Dare I ask....why are you looking for another place?? Current space too small?? I can't remember its been 3 years

Our place was fine for one child, and two for a while. The layout is not great for this and cannot be changed (townhouse). We also want a bit of a yard for the girls. The overall square footage is ok, if it was laid out on two floors rather than 3.
--
The irony of common sense, it is not that common.
I cannot deny anything I did not say.
A kitten dies every time someone uses "then" and "than" incorrectly.
I mock people who give their children odd spelling of names.
Expand your moderator at work


CanadianRip

join:2009-07-15
Oakville, ON
reply to donoreo

Re: [Rant] House prices in Toronto

If you really need to buy now, avoid the turn-key home.

You'll need to find something that looks very run down in a great area, and find some good trades. Most importantly you'll need buy-in from your spouse, as reno projects are full of unexpected problems and really can stress a relationship if either person is unable to deal with change and chaos.

If you need a turn-key and in Toronto and now, well then your screwed. Pay the piper and hope like hell for massive inflation assuming your borrowing the funds.

PX Eliezer70
Premium
join:2008-08-09
Hutt River
kudos:13
reply to donoreo
said by donoreo:

We also want a bit of a yard for the girls.

Point out to your wife that while she dithers, your girls are growing up....

....and you can't get those lost years back.

PX Eliezer70
Premium
join:2008-08-09
Hutt River
kudos:13
reply to donoreo
said by donoreo:

My wife refuses to look outside Toronto, but wants what she wants. We are also looking in a limited area, limited features, etc. This search will go on for much longer. Most people are amazed when I tell them we have been trying to buy a house for 3+ years!

What does she expect?

Location is everything in real estate.

She and you both suffer from [her] unrealistic expectations.

I'd like to marry Miley Cyrus, but we can't always get everything we want in life....


AR
Premium,ExMod 2001-04
join:2000-09-21
Toronto, ON
reply to donoreo
I don't think any place in Toronto (and i mean Toronto proper) is less than $1M.

Just buy in Oakville or Richmond Hill......those are nice suburbs. Even by my standards!


donoreo
Premium
join:2002-05-30
North York, ON
reply to PX Eliezer70
said by PX Eliezer70:

said by donoreo:

We also want a bit of a yard for the girls.

Point out to your wife that while she dithers, your girls are growing up....

....and you can't get those lost years back.

Deep. I have actually passed this on to my wife, with a slight edit to make it not all about her but sharing the blame with myself. I wonder what she will say.
--
The irony of common sense, it is not that common.
I cannot deny anything I did not say.
A kitten dies every time someone uses "then" and "than" incorrectly.
I mock people who give their children odd spelling of names.


elwoodblues
Elwood Blues
Premium
join:2006-08-30
Somewhere in
kudos:2
Reviews:
·VMedia
reply to PX Eliezer70
said by PX Eliezer70:

I'd like to marry Miley Cyrus, but we can't always get everything we want in life....

So you're one of those folks tricky vic wants to lock up.


elwoodblues
Elwood Blues
Premium
join:2006-08-30
Somewhere in
kudos:2
Reviews:
·VMedia
reply to AR
said by AR:

I don't think any place in Toronto (and i mean Toronto proper) is less than $1M.

Just buy in Oakville or Richmond Hill......those are nice suburbs. Even by my standards!

Sister boiught a place in Burlington, 600K, probably spent several hundred renovating now.

She's insane though, it would have been cheaper to tear down and rebuild
--
No, I didn't. Honest... I ran out of gas. I... I had a flat tire. I didn't have enough money for cab fare. My tux didn't come back from the cleaners. An old friend came in from out of town. Someone stole my car. There was an earthquake.......


Devanchya
Smile
Premium
join:2003-12-09
Ajax, ON
Reviews:
·TekSavvy DSL
reply to booj
Actually the Toronto pricing issue is due to the way that MLA agents are doing sales in the city now. They are forcing a bidding war by setting up "viewing days" and then only accepting bids on a "given" bid day where people are expected to be ready to bid then.

Most agents will not accept a early bid... you can't see a house on Sunday and put an offer in, it's considered bad practice right now.

Also, it's well known most agents are telling people to "Under Price" the properties to get more people in...

Toronto prices are the way they are due to many factors, not all of them honest
--
»www.codecipher.com - Marking the way to tomorrow's solutions -- Did you know that Perl is not Dead? »perlisalive.org/


donoreo
Premium
join:2002-05-30
North York, ON
said by Devanchya:

Actually the Toronto pricing issue is due to the way that MLA agents are doing sales in the city now. They are forcing a bidding war by setting up "viewing days" and then only accepting bids on a "given" bid day where people are expected to be ready to bid then.

Most agents will not accept a early bid... you can't see a house on Sunday and put an offer in, it's considered bad practice right now.

Also, it's well known most agents are telling people to "Under Price" the properties to get more people in...

Toronto prices are the way they are due to many factors, not all of them honest

Those are part of it but the biggest problem is basic supply and demand. There is more demand than supply. There are just not enough houses for sale.
--
The irony of common sense, it is not that common.
I cannot deny anything I did not say.
A kitten dies every time someone uses "then" and "than" incorrectly.
I mock people who give their children odd spelling of names.

MaynardKrebs
Heave Steve, for the good of the country
Premium
join:2009-06-17
kudos:4
reply to donoreo
said by donoreo:

My wife refuses to look outside Toronto, but wants what she wants. We are also looking in a limited area, limited features, etc.

She's a smart woman in some ways.

Buying in Toronto is smart. Property values in Toronto will tend to go down less in a recession than in the suburbs, and will tend to rebound faster/higher coming out of a recession.

You won't need 4 cars when your kids reach 16 if you live in the city, but you will in the suburbs given their paucity of public transit options. Cars are a depreciating asset and unless you can write-off their expenses, are just money pits on wheels - just in the same way boats are holes in the water into which you throw money.

Buy a house that is structurally sound, has a layout you can live with, and has professionally installed electrical, HVAC, and plumbing. (Call in your own trades to inspect these things, especially ESA-approved self-inspecting authorized electricians).

Don't worry if it needs cosmetic work to bring it to your/her standards. Houses that are dressed to the nines but are structurally/mechanically shit are ones to run way from. Put lipstick on a pig and you still have a pig in the end. You can cosmetically improve a house room-by-room over time, but structural/mechanical tends to be all at once.


donoreo
Premium
join:2002-05-30
North York, ON
said by MaynardKrebs:

said by donoreo:

My wife refuses to look outside Toronto, but wants what she wants. We are also looking in a limited area, limited features, etc.

Don't worry if it needs cosmetic work to bring it to your/her standards. Houses that are dressed to the nines but are structurally/mechanically shit are ones to run way from. Put lipstick on a pig and you still have a pig in the end. You can cosmetically improve a house room-by-room over time, but structural/mechanical tends to be all at once.

But she does worry. She finds the smallest things and "adds them up". There have been more than 2 dozen houses I would have bought. We have done offers on 4.
--
The irony of common sense, it is not that common.
I cannot deny anything I did not say.
A kitten dies every time someone uses "then" and "than" incorrectly.
I mock people who give their children odd spelling of names.

MaynardKrebs
Heave Steve, for the good of the country
Premium
join:2009-06-17
kudos:4
said by donoreo:

said by MaynardKrebs:

said by donoreo:

My wife refuses to look outside Toronto, but wants what she wants. We are also looking in a limited area, limited features, etc.

Don't worry if it needs cosmetic work to bring it to your/her standards. Houses that are dressed to the nines but are structurally/mechanically shit are ones to run way from. Put lipstick on a pig and you still have a pig in the end. You can cosmetically improve a house room-by-room over time, but structural/mechanical tends to be all at once.

But she does worry. She finds the smallest things and "adds them up".

Then there's always the 2x4 behind the woodshed to knock some sense.........

Tell her to watch Holmes on tv and listen to what he says.


donoreo
Premium
join:2002-05-30
North York, ON
said by MaynardKrebs:

Then there's always the 2x4 behind the woodshed to knock some sense.........

Tell her to watch Holmes on tv and listen to what he says.

She does! BTW, Mike Holmes is #3 on the Forbes "Most Trusted Celebrity" list.


donoreo
Premium
join:2002-05-30
North York, ON
reply to donoreo
said by donoreo:

said by PX Eliezer70:

said by donoreo:

We also want a bit of a yard for the girls.

Point out to your wife that while she dithers, your girls are growing up....

....and you can't get those lost years back.

Deep. I have actually passed this on to my wife, with a slight edit to make it not all about her but sharing the blame with myself. I wonder what she will say.

Well, I will probably not be getting any tonight. She called it a lame comment since we go to the park right behind us.
--
The irony of common sense, it is not that common.
I cannot deny anything I did not say.
A kitten dies every time someone uses "then" and "than" incorrectly.
I mock people who give their children odd spelling of names.


Devanchya
Smile
Premium
join:2003-12-09
Ajax, ON
Reviews:
·TekSavvy DSL
Actually sounds like she does not "really" want to move. She'll move if she finds the "Perfect" house which she never will. The want for more space for the kids is fighting with the wanting to keep the kids in one place.

Honestly I doubt you will ever find a place until she decides she wants to move, period.
--
»www.codecipher.com - Marking the way to tomorrow's solutions -- Did you know that Perl is not Dead? »perlisalive.org/


milnoc

join:2001-03-05
H3B
kudos:2
That's what I thought. She might simply be afraid to move, but can't express it to you in a straightforward manner.

My mother is the complete opposite. One time, her idea of performing "home renovations" was to cut away at an unwanted wall with a chainsaw!
--
Watch my future television channel's public test broadcast!
»thecanadianpublic.com/live

Laidback

join:2001-09-30
Woodstock, ON
reply to donoreo
Love it or list it or Property Virgins


Mashiki
Balking The Enemy's Plans

join:2002-02-04
Woodstock, ON
kudos:1
Reviews:
·TekSavvy Cable
·Rogers Hi-Speed
·Bright House Net..
reply to donoreo
said by donoreo:

Those are part of it but the biggest problem is basic supply and demand. There is more demand than supply. There are just not enough houses for sale.

There's plenty of houses for sales. I've got 5 on my street that are up, and two that just got repo'd by the bank last week.

Toronto's market is outside the norm for the rest of the province though, everywhere else it's bad. Around here places are staying on the market for 6-9mo unless the place is way under market value(bank trying to recoup some value), or it's a shithole. Or Someone is trying to flip it and make money, and area's south of milton that's a bad idea. The reality is, Toronto much like Vancouver is in a bubble, as much as Florida and California were in a bubble.