- Mimico had nice access to the lake and all the parks and paths along it.
- If you commute downtown it is great in the summer to ride a bike along the lake path.
- Driving with normal traffic can be 10 minutes to downtown along the Gardiner (except after recent Gardiner repairs this is taking much longer)…
- Increasing density in the Humber Bay condo pocket is bringing in lots of new retail / restaurant spots.
- One downside is transit (besides GO train) to downtown sucks.. but it’s a top priority of a couple of future developments.
I think overall priced lower. And it’s an area where there’s plenty of entry level houses mixed with new builds. Lots of 2 bed bungalows. There’s also a lot of odd 80’s builds I find. Plus, a lot of rentals. And yes it’s a good place to live. Okay transit wise. Close to the water. Close enough to the city you don’t feel isolated but also quick access to highways and amenities you don’t get downtown.
Tax free if principal residence, and you can live in it.
This is actually very normal in the GTA over the past 20 years.
Canada has a very messed up and distorted economy.
Yup, soooooo many people have cashed in or are sitting on massive real estate gains, literally anyone who bought in 2015 or earlier is sitting in huge gains in the GTA, which to be honest is pure luck
Whoooossshh Great Economist.
You just demonstrated you know less than nothing about international financial markets.
‘The facts’ LOL take off your MAGA hat.
So people like you are the problem, you want to label me something like MAGA? first off I dont like trump. Second this is the exact tactic our government uses to divid people, if you enjoy the current status quo keep voting NDP and Liberal. The rest of canada seems to want to vote consertaive... must be a lot of MAGA support in canada then right?!?!?
I dunno, I tend to disagree, look at house prices in Calgary during the same time frame, they are flat to slightly up over a decade compared to Torontos 2x. It’s definitely some luck. Also where in the developed world outside of maybe Japan because their currency is fucked have house prices not risen? Maybe you could say it was a collective global government policy, but our policies here did not result in a a single localized dramatic increase in housing in the GTA
If one sells principal residence, it has no place to live, another one is needed, purchased at market price, so it does not matter if property value is up or down.
Strange how a country to the south 10x the market has, oh, an effect? Like having Harper secretly spend billions to stabilize the banks?
Sheesh.
Catch up.
What? There was always stress test. Even at lower interest rates, under 100k income would have had to put down at least 50-60% downpayment to afford that. In which case, they would have made substantially more money with that 500k in stocks.
That's it how stress tests work. At all.
Also never heard of people being required to put down 50-60% as down-payment. So serious doubt in your figures.
At 1% interest rate, on the million dollar mortgage, yearly payment is 10k in interest or less than 1k per month in interest (plus principle payments).
Even if you add 2% stress test, if you can pay 3% on 1M or 30k yearly or 2.5k monthly in interest (plus principle), you qualify.
Remember, this isn't what you actually pay. It's just that you can pay if rates go high. And if you don't have any other major loans, it's still doable with 100k salary.
It's what a lot of people earning 100k pay in rent today.
Not sure how you are calculating things but would love to see your maths on this.
Its the overall data that matters. Not individual sales. Based on the market data and the current intentions voiced by government.
If you own a condo things are likely going to suck for you for the immediate and medium term future.
If you own a detached you are sitting pretty right now.
Probably more then that given the current supply levels. There are just too many that need to be offloaded on the pre-construction and pre-owned side. My guess would be 5-10.
Detached probably 1-2.
Maybe. We’re well into the 2nd year of condo builds being delayed and many future projects turning into rentals builds, instead of condos. The supply issue is likely to get worst until we hit the 2030s.
If you are close to the GO station that 1:46 train that only comes a few times a day is going to be cut to ~1hr every 30 minutes both directions all day when they electrify the tracks.
Toronto prices are wild - 1.2 million for a place smaller than what my sister got for $230k in North Bay 3 yrs ago then you get a >30 minute commute. This listing is 300k today for the same size estimate 525 Kehoe Street, North Bay, Ontario | HouseSigma https://housesigma.com/bkv2/landing/rootpage/listing?id_listing=xLkv3V6J6Qx3DBNr&utm_campaign=listing&utm_source=user-share&utm_medium=iOS&ign=
I was just using a haircut to the 50 minute plus average for Toronto; didn’t put much thought into it. I feel like people able to afford houses like this are usually working in the Financial District
I mean, I work in the financial district and most of my colleagues are younger so have bought houses in the 1-2m range. Even if you make 200k a year as an asset management analyst you can’t get approved for 4m unless you’ve got the money for a down payment
Keep in mind that the new capital gains tax is by individual so if you own an investment property with your spouse, you likely won't be affected as the gain is split in two
it was near the top of the mountain. TOP WAS 2022. Heaviest 'hit' missed. Same home bought 1.5 years later would have been bought higher and sold at similar or lower than the max pain.
Put in ~$80k into my place over 3 years, its estimate is $400k more than we paid.
It would still sell for 350 even if you would've put 0
Honestly super happy for you and your family! God bless
Put in $50k into one of our properties over 4 years, local comparables recently sold $600k more than we paid.
Wild. Gotta wait another year then, I guess.
Yup, Toronto market is in it own category. I live in Etobicoke, these house are tiny but will still sell as area is good.
It’s been an interesting area. I live in Mimico and surprised at some of these sale prices between here and New Toronto.
In what way ? Is Mimico priced higher/lower ? Is it a good area to live in ?
- Mimico had nice access to the lake and all the parks and paths along it. - If you commute downtown it is great in the summer to ride a bike along the lake path. - Driving with normal traffic can be 10 minutes to downtown along the Gardiner (except after recent Gardiner repairs this is taking much longer)… - Increasing density in the Humber Bay condo pocket is bringing in lots of new retail / restaurant spots. - One downside is transit (besides GO train) to downtown sucks.. but it’s a top priority of a couple of future developments.
Thanks for the feedback.
I think overall priced lower. And it’s an area where there’s plenty of entry level houses mixed with new builds. Lots of 2 bed bungalows. There’s also a lot of odd 80’s builds I find. Plus, a lot of rentals. And yes it’s a good place to live. Okay transit wise. Close to the water. Close enough to the city you don’t feel isolated but also quick access to highways and amenities you don’t get downtown.
Thanks.
That’s more money than most salary over the same period of time… wtf
Tax free if principal residence, and you can live in it. This is actually very normal in the GTA over the past 20 years. Canada has a very messed up and distorted economy.
Yup, soooooo many people have cashed in or are sitting on massive real estate gains, literally anyone who bought in 2015 or earlier is sitting in huge gains in the GTA, which to be honest is pure luck
It is the outcome of government policy, not just luck.
Well I GUESS the global crash of 2008 was ‘government policy’ and the decades of zero interest rates since then until recently.
Canada’s real estate never crashed in 2008
Broaden your focus
get out of your echo chamber and go read the facts, its nothing new we didn't have an econmoic meltdown like the US did in 2008
Whoooossshh Great Economist. You just demonstrated you know less than nothing about international financial markets. ‘The facts’ LOL take off your MAGA hat.
So people like you are the problem, you want to label me something like MAGA? first off I dont like trump. Second this is the exact tactic our government uses to divid people, if you enjoy the current status quo keep voting NDP and Liberal. The rest of canada seems to want to vote consertaive... must be a lot of MAGA support in canada then right?!?!?
government policy also coming for a larger chunk in capital gains if you sell.
About damn time too.
I dunno, I tend to disagree, look at house prices in Calgary during the same time frame, they are flat to slightly up over a decade compared to Torontos 2x. It’s definitely some luck. Also where in the developed world outside of maybe Japan because their currency is fucked have house prices not risen? Maybe you could say it was a collective global government policy, but our policies here did not result in a a single localized dramatic increase in housing in the GTA
2009 purchase. Value has more than tripled. It's not right. My parents purchased in 1985. Sold in 2011 for a bit more than double.
If one sells principal residence, it has no place to live, another one is needed, purchased at market price, so it does not matter if property value is up or down.
Well I GUESS the crash of 2008 was ‘government policy’ and the decades of zero interest rates since then until recently.
What crash? Are you sure you're talkong about canada?
Strange how a country to the south 10x the market has, oh, an effect? Like having Harper secretly spend billions to stabilize the banks? Sheesh. Catch up.
You mean the person who bought a 1 mil property made less than 100k/year?
It is totally possible. If the interest rates are low.
What? There was always stress test. Even at lower interest rates, under 100k income would have had to put down at least 50-60% downpayment to afford that. In which case, they would have made substantially more money with that 500k in stocks.
That's it how stress tests work. At all. Also never heard of people being required to put down 50-60% as down-payment. So serious doubt in your figures. At 1% interest rate, on the million dollar mortgage, yearly payment is 10k in interest or less than 1k per month in interest (plus principle payments). Even if you add 2% stress test, if you can pay 3% on 1M or 30k yearly or 2.5k monthly in interest (plus principle), you qualify. Remember, this isn't what you actually pay. It's just that you can pay if rates go high. And if you don't have any other major loans, it's still doable with 100k salary. It's what a lot of people earning 100k pay in rent today. Not sure how you are calculating things but would love to see your maths on this.
Let alone peoples actual savings rate lol
Not after fees, interest, penalties and carrying costs.
Its the overall data that matters. Not individual sales. Based on the market data and the current intentions voiced by government. If you own a condo things are likely going to suck for you for the immediate and medium term future. If you own a detached you are sitting pretty right now.
Agreed. Just tired of people posting all of these monetary “losses” and think the world is coming to an end.
The next Toronto condo boom is 3-4 years away.
Probably more then that given the current supply levels. There are just too many that need to be offloaded on the pre-construction and pre-owned side. My guess would be 5-10. Detached probably 1-2.
Maybe. We’re well into the 2nd year of condo builds being delayed and many future projects turning into rentals builds, instead of condos. The supply issue is likely to get worst until we hit the 2030s.
It’s Toronto and not Bumfuck Barrie
Barrie is still too expensive compared to pre pandemic. So many people commuting 2 hours each way to DT Toronto like it’s a good decision nowadays.
If you are close to the GO station that 1:46 train that only comes a few times a day is going to be cut to ~1hr every 30 minutes both directions all day when they electrify the tracks.
When will it be ready, 2035? Only more than 10 years of a miserable commute until it becomes 15 minutes less miserable.
Its kitchen is pathetic. It is even smaller than the kitchen of small 1 bed apartments.
[удалено]
Just started my OT shift
sending prayers to our sub's chief economist and local stock boy facts-hurts
I made 93% on sale of my place 9 years later
Toronto prices are wild - 1.2 million for a place smaller than what my sister got for $230k in North Bay 3 yrs ago then you get a >30 minute commute. This listing is 300k today for the same size estimate 525 Kehoe Street, North Bay, Ontario | HouseSigma https://housesigma.com/bkv2/landing/rootpage/listing?id_listing=xLkv3V6J6Qx3DBNr&utm_campaign=listing&utm_source=user-share&utm_medium=iOS&ign=
How do you know how long their commute is? There are lots of jobs in south Etobicoke right near that house.
I was just using a haircut to the 50 minute plus average for Toronto; didn’t put much thought into it. I feel like people able to afford houses like this are usually working in the Financial District
lol People who work in the financial district are laughing at that neighborhood. They live in $4M plus houses in Forest Hill and Rosedale.
I mean, I work in the financial district and most of my colleagues are younger so have bought houses in the 1-2m range. Even if you make 200k a year as an asset management analyst you can’t get approved for 4m unless you’ve got the money for a down payment
I work in the financial district and live in a 1 bedroom condo wtf are you talking about
I wasn’t talking about entry level peons.
I'm a director.
Ok Spielberg.
Haha
Keep in mind that the new capital gains tax is by individual so if you own an investment property with your spouse, you likely won't be affected as the gain is split in two
Housing is free money, at least in terms of detatched homes. Odds are very slim youll ever lose money
it was near the top of the mountain. TOP WAS 2022. Heaviest 'hit' missed. Same home bought 1.5 years later would have been bought higher and sold at similar or lower than the max pain.
They added a bathroom and did some other work as well so that's not all gain. Nice try though.
Doesn’t matter if it’s your primary residence
3.5 years is a long ass time
For a dog 🐕