Admiral Beez
Superstar
I've owned two houses in my life. One, my wife and I bought in Cabbagetown in 1998 after graduating university in 1995 and starting our careers, where we still live today. The other in 2004 in Fredericton, NB where I had a three year job contract, after which we returned to the Cabbagetown house. My friends, about my age (48) have bought and sold multiple properties over the years, starting with a smaller home, then a larger home, followed by an even larger home, and now returning to smaller homes. I think of all the realtor fees, VAT and land transfer taxes, but perhaps they made money on the resells, IDK. Our home has always been a small'ish semi, and we've made do with its size, never wanting to move elsewhere for the sake of the home space or school district, etc.
How long does the average person live in their home nowadays before selling? Given how unreliable and cheaply built appliances (compared to my now 21 year old Kenmore stove, washer, etc) and most fixtures are now, I think the average home must flip every five years. And with the cost of real estate being so much higher relative to incomes (in 1998 our pre-tax combined income was equal to 25% of the total house cost, in rough shape, sketchy area, before gentrification took off) combined with the terrible rental market, I can fully understand Torontonians grabbing at the tiniest property they can afford and hoping it will appreciate in value while they save for the property size they wanted in the first place. I have the home I always wanted, so will never leave, until health or mortality demands it.
So, how long do you plan to live in your home before reselling?
How long does the average person live in their home nowadays before selling? Given how unreliable and cheaply built appliances (compared to my now 21 year old Kenmore stove, washer, etc) and most fixtures are now, I think the average home must flip every five years. And with the cost of real estate being so much higher relative to incomes (in 1998 our pre-tax combined income was equal to 25% of the total house cost, in rough shape, sketchy area, before gentrification took off) combined with the terrible rental market, I can fully understand Torontonians grabbing at the tiniest property they can afford and hoping it will appreciate in value while they save for the property size they wanted in the first place. I have the home I always wanted, so will never leave, until health or mortality demands it.
So, how long do you plan to live in your home before reselling?
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