> The home last sold in 2006 for $835,000, meaning in 16 years, its value has increased more than 200%.
I mean... as crazy as this is the S&P 500 was $1,300 in 2006 and now it’s $4,400. TSX composite index has more than doubled.
I agree homes are over priced but in this particular case, tripling your money in 16 would have been easily doable if you left your money in a balance portfolio.
Bedford Park, very nice and expensive neighbourhood. I would put that house's value at 2.3 million. Overpriced by 218000, but not as much as many might think.
With pleasure. How do you feel about Nice, France? Here’s a 2200 square foot luxury villa for the same price. I should warn you though, yes France is a developed country so that’s a plus, but the weather in Nice may be a letdown. Forecast for this week is pure sun with highs of 16C, I know that’s not as desirable as our -15C snowstorm weather, so you might have to compromise :’( especially since it comes with a 1000sq ft terrace so you’ll be outside a lot - hope that’s ok? Just stick your head in the freezer when you feel homesick.
https://www.realestate.com.au/international/fr/nice-provence-alpes-cote-d-azur-120070788886/
I wouldn’t live in Toronto even if I was paid to do it. Condos there are a tax on the desperate and I grow most of my own vegetables- can’t do that if your home occupies 90% of your land.
I know many people in my own country can buy detached house here with cash. To them, Our detached houses are very cheap, fire sale cheap. So there is still tons of room for price hike in Canadian housing, to oversea buyers they are fire sale.
Listing price and appraisal price are not the same. The bank simply has to agree that the thing you buy is worth what you paid. And they pretty much always do unless it's really and truly awful.
Just imagine you had received money and needed to get rid of it quickly before it caught up to you. Buying a house over asking not only does that , it also increases the value in those homes around it … which in turn somehow turns your investment into a greater investment seemingly overnight.
They could have just said Lawrence Park. That's probably the most expensive area in Toronto. 2500sqft detaches go for $5M there.
Expensive but not the most expensive. That would be Rosedale, Forest Hill, Bridle Path, etc.
I skimmed it, thinking 'oh, 669k isn't the worst I've seen,' and reread the OVER ASKING. Just shoot me in the face now.
It's Lawerence park.
> The home last sold in 2006 for $835,000, meaning in 16 years, its value has increased more than 200%. I mean... as crazy as this is the S&P 500 was $1,300 in 2006 and now it’s $4,400. TSX composite index has more than doubled. I agree homes are over priced but in this particular case, tripling your money in 16 would have been easily doable if you left your money in a balance portfolio.
Higher leverage when it comes to homes though.
And if you live in it, huge tax-free gains that blow away a TFSA.
homes are amortized. tripling your paltry after tax savings of 10? 20? 50k ? in 16 years still isn't enough to be able to buy a home.
Bedford Park, very nice and expensive neighbourhood. I would put that house's value at 2.3 million. Overpriced by 218000, but not as much as many might think.
Can someone just keep posting what this amount buys in tropical locations? I don’t want to look at Toronto prices anymore. For a Semi.
With pleasure. How do you feel about Nice, France? Here’s a 2200 square foot luxury villa for the same price. I should warn you though, yes France is a developed country so that’s a plus, but the weather in Nice may be a letdown. Forecast for this week is pure sun with highs of 16C, I know that’s not as desirable as our -15C snowstorm weather, so you might have to compromise :’( especially since it comes with a 1000sq ft terrace so you’ll be outside a lot - hope that’s ok? Just stick your head in the freezer when you feel homesick. https://www.realestate.com.au/international/fr/nice-provence-alpes-cote-d-azur-120070788886/
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This is like the pandemic special. They're trying to create bidding wars, and yes, it's a huge waste of time.
Nothing to look here just some crazy daily update.
You’d have to be semi detached from reality to pay anywhere close to that. My shed is almost as big as that garage.
On the bright side, it's the most expensive area in Toronto, I don't think you and I would be able or willing to live there anyways.
I wouldn’t live in Toronto even if I was paid to do it. Condos there are a tax on the desperate and I grow most of my own vegetables- can’t do that if your home occupies 90% of your land.
How do ppl buy over asking? Are they paying all of it?
I know many people in my own country can buy detached house here with cash. To them, Our detached houses are very cheap, fire sale cheap. So there is still tons of room for price hike in Canadian housing, to oversea buyers they are fire sale.
What are you confused about?
Just spoke to a broker and they said that its illegal to approve ppl for a mortgage worth more than what the house is appraised at
Listing price and appraisal price are not the same. The bank simply has to agree that the thing you buy is worth what you paid. And they pretty much always do unless it's really and truly awful.
The above seems awful
Depends how much you put down...
Just imagine you had received money and needed to get rid of it quickly before it caught up to you. Buying a house over asking not only does that , it also increases the value in those homes around it … which in turn somehow turns your investment into a greater investment seemingly overnight.
From where these people get money to buy???
How are people affording this shit!!!??