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Baby, we got a bubble!?

We had closet organizers done; gave us more space so I can still go to Costco :) I also see lots of my neighbours using their lockers to store Costco stuff.
 
PinkLucy said:
We had closet organizers done; gave us more space so I can still go to Costco :) I also see lots of my neighbours using their lockers to store Costco stuff.
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We did too. In fact, I LOVE to show off some of the innovative storage solutions I designed for the kitchen and bathrooms.

Still ... let's just say that I am often embarrassed when picking up friends from the airport and open the trunk of my car. :D
 
Last month this house near Donlands and Danforth sold for $1.1 million.


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http://tours.toronto360tours.ca/public/vtour/display/713747?idx=1

My parents purchased an identical semi a few blocks away in 1987 for $91,000. My dad was a tradesman and the family breadwinner. I reckon a down payment of $120,000 and a modest family income of $250,000 would snatch their same house now.

Insane.
 
Yup. Totally insane right now. Just going through a mortgage renewal process right now and my one bedroom condo which I purchased in 2009 for about $250K was appraised yesterday for twice that. As much as I don't want to see a crash in the market, we need to do something to cool off these huge double digit year-over-year increases.
 
ttk77 said:
Yup. Totally insane right now. Just going through a mortgage renewal process right now and my one bedroom condo which I purchased in 2009 for about $250K was appraised yesterday for twice that. As much as I don't want to see a crash in the market, we need to do something to cool off these huge double digit year-over-year increases.
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I think a lot of people who bought 5-10 years ago probably couldn't afford their current home if it was on the market. That is sad.
 
TheKingEast said:
I think a lot of people who bought 5-10 years ago probably couldn't afford their current home if it was on the market. That is sad.
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For sure. My income has gone up considerably since I first bought, but I'd still be stretching to buy it at today's prices. I really don't know how today's single first-time buyers are managing. It's getting to the point now where you'd need two incomes and a sizable down payment to afford even a one bedroom condo.
 
 
ttk77 said:
For sure. My income has gone up considerably since I first bought, but I'd still be stretching to buy it at today's prices. I really don't know how today's single first-time buyers are managing. It's getting to the point now where you'd need two incomes and a sizable down payment to afford even a one bedroom condo.
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I think a lot of people are shacking up and buying. They're ditching the car too.

So, right now the formula to buying a modest house in this market is 2 very good incomes, a massive downpayment ($150K+) and a lot of luck (beating out 10+ bidders). Not sustainable.
 
I mentioned this in the North York vs. Scarborough thread, but it is appropriate here too. This Scarborough house went for $550000 over asking. Asking price for this bungalow was $1.7 million; I was shocked to hear that it sold for $2.25 million. Sure, it is a beautifully renovated bungalow on a nice piece of Bluffs land on the lakeside, but it still surprised me greatly. I talked to a local real estate agent, who was greatly surprised too, but then again the agent said that shocking sale prices have become the norm of late, which in that agent's view isn't a good thing.

Here are the pix of the place, with PDFs of the layout as well: 51 Fishleigh Drive

House.jpg


It looks like it is around 1600-1700 square feet on the main floor, and close to 1000 square feet in the nicely renovated basement. So, perhaps 2600 square feet of space including the basement.

Regarding the sale price, I might have guessed $1.7 million was a fair price for this home, but it seems several of the offers in this bidding war were over $2 million. I don't think any bungalow in the neighbourhood had ever sold for over $2 million. In fact, I don't think any bungalow in the immediate area had previously ever sold for even $1.7 million.

P.S. Regarding the last post, it would be difficult to live here without a car. This area is very car dependent, with a walk score of 27.
 
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Given the lot size, I think the value is that you could build two houses or a bigger building and have 3 rental units in it. I think many are thinking long term and why bungalows are HOT!

Regardless, we all agree prices are insane. I don't think a 15% foreign tax will do much though. More needs to be done.
 
TheKingEast said:
Given the lot size, I think the value is that you could build two houses or a bigger building and have 3 rental units in it. I think many are thinking long term and why bungalows are HOT!
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Nope, not really a consideration here.

None of the bungalow lots have been split, even though a lot of those bungalows have been torn down. They just build a two-storey in its place on the same land. This includes developers who bought the properties as teardowns.

BTW, the buyers of the $2.25 million bungalow above were downsizing from a bigger Beaches home I believe.
 
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Eug said:
Nope, not really a consideration here.

None of the bungalow lots have been split, even though a lot of those bungalows have been torn down. They just build a two-storey in its place on the same land. This includes developers who bought the properties as teardowns.

BTW, the buyers of the $2.25 million bungalow above were downsizing from a bigger Beaches home I believe.
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Yea, it isn't the case this instant, but I feel that the lot splitting will grow in popularity. In any case, bungalows are very desirable even for end users. They have big lots and everything is on 1 floor, which is a huge plus for older buyers. Can also rent out the bottom level which would be larger than the conventional 2 storey house.

Think the way things are headed, we will see more outside the box thinking with housing.
 
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