Burton Realty
New Member
very good point!
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What is your current situation in the real estate market?
- Thread starter James
- Start date
trivelles
New Member
Sounds like a great plan to getting into the student accommodations industry in real estate sector.
VoicesCarry
Active Member
I'm currently renting but saving up for a minimum 25% downpayment. I should get there by 2015.
TOphotog
New Member
^VoicesCarry: The minimum down payment is now 20%, hope that gets you there faster. 
VoicesCarry
Active Member
^VoicesCarry: The minimum down payment is now 20%, hope that gets you there faster.
Thanks! Sorry, I should clarify: I was referring to my personal minimum (my preference) rather than the mandated minimum to avoid the additional mortgage insurance.
NorthYorkEd
Active Member
We are renting (2 BR condo) as we are still relatively new to the city and need to get our bearings. That being said, I have not been overly impressed with most of the single detached housing stock in the more popular residential areas. Much of it looks old, worn, and in need of repair. I picture unfinished or decrepit basements with low ceilings and tree roots growing through pipes, as well as constant pest and mold issues. And some are packed so close together, might as well be a string of rowhomes. How the hell do people even squeeze between them when things need servicing or maintenance? And how do people not go loopy parking their car into those tight little garages where they can't even open their doors to get out? And for these nutty prices? Nah...
We have owned a detached home in our previous life but now prefer the condo lifestyle. That being said, the thought of dropping almost half-a-million (or more) for a small concrete box with $500-800 additional monthly fees makes my a-hole pucker like a freshly sucked lemon drop. I love this city, but my faith in the quality and long-term value of some of these condos is not as strong as I'd like in order to seriously consider purchasing one. Still content to be a renter, and will stay that way until things seem somewhat normal or we find a deal too good to pass up. And if that never happens, so be it. We have the money ready and can make a move when the time is right. But it's anything BUT right now.
We have owned a detached home in our previous life but now prefer the condo lifestyle. That being said, the thought of dropping almost half-a-million (or more) for a small concrete box with $500-800 additional monthly fees makes my a-hole pucker like a freshly sucked lemon drop. I love this city, but my faith in the quality and long-term value of some of these condos is not as strong as I'd like in order to seriously consider purchasing one. Still content to be a renter, and will stay that way until things seem somewhat normal or we find a deal too good to pass up. And if that never happens, so be it. We have the money ready and can make a move when the time is right. But it's anything BUT right now.
Ex-Montreal Girl
Active Member
Welcome to Toronto. You sound like we did when we got here. Total sticker shock. I used to say "Half as much for twice as much." I assume that, when you say "popular residential areas," you mean south of Eglinton? The bad news is, it's all pretty much old, jammed close together and in need of several hundred thou unless you are willing to pay a premium for somebody else's renovation. I was never into that because I have been in too many beautifully shiny reno'd houses where the foundations have never been waterproofed.
Don't be too quick to condemn condos. If you find a large sized one, and there are quite a few older ones, you might discover that it's worth the investment. Yes, the condo fees may be $700-plus but you'd be paying about that much for heating, maintenance, eaves cleaning, termite inspections and so much more. A lot of fees include heat, hydro and cable. Mine do, plus a lot more. We have an indoor pool, 24/7 concierge, party room, library, well-equipped gym, indoor visitor parking ...
NorthYorkEd
Active Member
Exactly. I just don't get the frenzy. Sure, we live in a great city, but people are literally draining every cent just to get dibs on (in many cases) a pile of rubble.
Far from condemning; I think a condo is the only thing we would even consider purchasing, either an apartment or townhouse. I agree the older units are a better buy. They are usually larger, were actually built as homes and not quick-flip speculation units, and thus probably built to better standards. Houses have lost their appeal. I just see work and maintenance. Sure, I get the emotional appeal, and for people raising families it is probably a good choice. But we want to stay in the city and are not willing to move 1-2 hours away just to have our patch of particle board and concrete in some cookie-cutter suburban neighborhood where we have to drive to go anywhere and spend endless hours commuting. It's just the two of us and we want to make our life easier and more enjoyable. Condo living is a much better option for us at this stage of our lives, and not just because it is cheaper.