oh boy. you really have no idea. LOL
There's no reason you need to buy a home in the near term, particularly in this market. Rent for as long as you feel comfortable, or for friends of mine with no kids who like to travel, rent for your entire life until retirement. There are plenty of ways to invest for retirment without having a property income.
Join the club
The condo boom in Montreal is how I was able to afford one.
Unless I'm missing something, the Greater Golden Horseshoe is about 12k square miles and 9.2M people. The NYC metro is about 13k square miles and 20.3M people.
Unless I'm missing something, the Greater Golden Horseshoe is about 12k square miles and 9.2M people. The NYC metro is about 13k square miles and 20.3M people.
Golden Horseshoe - Wikipedia
en.m.wikipedia.org
New York metropolitan area - Wikipedia
I do, but you need two fulltime good jobs or one insanely good job.
Haha have a friend who used to have a "city view", until they built condos beside, now it's a view of another condo.
Yep I volunteered with org called progress Toronto to pass a vacant homes tax in Toronto. Toronto Council voted on it and implementation is being studied. Call your councillors to make it start at 1.5%. Vancouver was so successful they increased it after a year. Of course it won't fix everything but it helps.
That's a lot of ifs for straight-line projections. But sure, they might continue forever I guess.
As far as I know there's no geo pay fence for me, so me bailing out to Simcoe county(which is technically not GTA) should still be ok. But yeah, never mind that Milton/Georgetown corridor, even the north is nuts in how bidding works.
Are there more details about this? Is it just called the vacant homes tax?
The problem with that is that the bubble's been known for years, and people have been saying "it'll pop soon" for years. People were saying that to me years ago when I was looking for a place, and it still hasn't happened.
Unless there is a lot of growth, you cannot realistically buy and sell so quickly to climb the ladder. Theincentives are just not there plus realtor fees, etc. Title transfer is like 6k and only free if under 500k for first home. You are also spending money on renovations, strata, etc that make flipping your primary residence not good. Easier to buy a fixer-upper that has been on rew for 90 days and fix that. Plenty of those in my area that no one wants.
https://www.progresstoronto.ca/
This is why this entire thing is such BS. So hard to break in. Feels like an endless goal, and even when you make it in there's a mortgage to your name for the rest of your life.
Well, people are going for detached housing as their starter home. It doesn't work that way anymore near major cities. You either go for a 10 year old townhouse or a condo and sit on it. Equity is still equity. Most folks don't realize you can even get a 550sf low rise unit and put 20% down and the rent alone will most likely pay the mortgage and strata especially at these rates. Like, if your job is decent or you live with a partner, a 280k mortgage after a 20% deposit on a 350k condo can yield a lot especially if you double down and rent the other. Mortgages are only daunting if you don't have a lot to put down and you borrow, like, the maximum your lender will offer.
London's average houses went from 300k in 2019 to 600k in 2020.
oh I'm the one encroaching, not the other way around. Sold our place in Vaughan, moving up to Bradford. The bidding wars around the area is a bit crazy. One house we were looking at had like 21 offers, went from 820 to 950k.
Those are impressive architectural renderings -- thank you for compiling them! Even having visited, I had no idea how sprawling the Toronto area had gotten. It sure seems like a cool time to live there, when money is betting on Toronto's future like that. But I think your claim that the population of the GTA Greater Golden Horseshoe is "likely" to overtake the LA and NYC metro areas (which are currently ~2X the size) may require more evidence. I myself am not familiar with the architectural renderings of any of those three places, or the likelihood of those renderings becoming reality. It is certainly interesting, though! Cheers!
Generally these million dollar homes aren't someone's first purchase. A lot of folks buy into smaller apartments and sell them after aggressively paying off the mortgage. Like, if someone lives at home for 2 years with a reasonable job they can save enough for 20% on a cheap apartment. Mortgage and strata can amount to less than 1500 (which depending on the area is less than rent). Those places do not take long to actually pay off especially if you have a partner. Add another individual who does the same. Those 2 places can grow to about 400k. You sell both and you're looking at a much smaller mortgage with a lower interest rate with dual incomes. Probably save $600 a month due to no strata fees. And if the place is big enough, you can rent a section or room for a decent chunk of your mortgage allowing you to pay it off faster.
