Toronto Housing Market
Currently living rent-free with parents and gf, and am looking to put in downpayment sometime between june-oct on a pre-construction along the lakeshore train line. Looking at townhomes and nothing is below 1mil which sucks. Barely anyone selling property second-hand along lakeshore line, whatever's up is out of our price range or a complete tear down. Can't tell what my budget should be for a place. Our take-home after tax is 140k yearly, we're very early on in our careers with a lot of room for growth salary-wise (SWE & Accountant) and currently have 130k in savings, which is enough for 10% down right now. we're looking to find a place where we can live for 10-15 years and have a family. Looking to talk about the GTA's housing market and what people think about the current situation? Is it worth getting a pre-construction right now for 1-1.2mil we'd get 2-3 years down the road when we'd have higher salaries? #housing #mortgage #toronto #gta #canada
Why don’t you buy in Hamilton, Waterloo etc? Somewhere on the edge of the city I guess.
I heard the Hamilton -> union station GO line is pretty decent! But my biggest concern will be being far from family. My parents live in Brampton right now and I know we'd lose out on free daycare when we plan to have kids in the future if we're 60-90 minutes away from them. As for Waterloo? sounds absolutely painful commuting to Toronto from there, even if work becomes hybrid WFH/ in-office.
Why not Brampton itself? Isn’t it cheaper there ?
People are selling but you would need to speak to a real estate agent. The market is absolutely insane at the moment, things are barely hitting the market and they’re sold so I’m not sure if you would see it on something like realtor.ca or Zillow. To give you a bit of perspective at the moment though. Mediocre houses as far away as Niagara are selling for $200k over asking at $700k+ So if you can actually get something decent for that price, pre-construction and the market holds you’ll be in great shape. But it’s hard to know what will happen post COVID. Canadian companies seem super resistant to WFH long term so once things open back up and all these people who moved out of the city realize how much commuting can suck we’ll see if prices hold.
good to know! One of our friends recommended an agent working in toronto so we will try to talk to them. Yeah, its crazy how fast homes are selling for right now, been reading a lot about it and it seems like Toronto's in the same boat as other metropolitan areas where demand > supply rn. Just last week, a house sold for around 2mil on our street. Kinda crazy how quickly the home values rising especially since my parents bought the place for 800k brand-new 6 years ago. And yeah I agree with you with WFH culture, folks who moved out of Toronto have yet to feel the pain of commuting on the 401 :P
My friend's selling her condo in downtown Toronto. She got an offer before any showings.
Seems very common right now. What's the main intersection, sqft, offer price?
Why can't you move to Georgetown Ontario?
I’ve invested in some preconstruction condos and a townhouse. Condo just finished building and the price is already 2X, it’s in midtown, Yonge and Eglinton. Townhouse will be done in 2yrs, got it for $700 per sq
Thats awesome! I'd be a first time homebuyer, how's the pre-approval process work for something thats closing 2 years down the line? Also what're your thoughts on Port credit area? With the current developments slated to happen, it could very well become the lakefront that Toronto could never achieve. With it being 20 minutes away from downtown by car, 40 by train, and transit developments happening with the LRT, I feel like theres a lot of potential in the area.
Port credit is awesome, although I’m not that familiar with new developments there. There’s also going to be a huge development down by lakeshore/dvp area, I’m not sure if this has started, I moved to the Bay Area now. With the preconstruction, you put down either 5% down at first and then 15% in 3 installment later, or 10% and then 5%/5%. As for the preapproval, any bank will give you one. Bunch of townhouse complexes are being built around Downsview station as well