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Housing in Toronto

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JPSmit

JPSmit

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For a number of reasons, the Toronto Housing market is second only to Vancouver (in Canada) in how fast it is rising and how scarce listings are. The price of an average detached home is north of a million dollars now.

A couple of weeks ago, a presentation centre was set up a couple of blocks from us, promoting an infill project where an old school had been.

Price range - $899k (for a semi) and up.

Their grand opening was last Saturday. Thursday, people started camping out and Monday when we walked by the sign on the window said "sold out."

Mind boggling.


https://mattamyhomes.com/gta/communities/etobicoke-alderidge.aspx
 
JPSmit said:
For a number of reasons, the Toronto Housing market is second only to Vancouver (in Canada) in how fast it is rising and how scarce listings are. The price of an average detached home is north of a million dollars now.

A couple of weeks ago, a presentation centre was set up a couple of blocks from us, promoting an infill project where an old school had been.

Price range - $899k (for a semi) and up.

Their grand opening was last Saturday. Thursday, people started camping out and Monday when we walked by the sign on the window said "sold out."

Mind boggling.


https://mattamyhomes.com/gta/communities/etobicoke-alderidge.aspx
Click to expand...

I could not buy a decent new car today for what my parents paid for their small Duplex home in Denver when I was in High School.
 
Those numbers are amazing. How do people do it? Oklahoma is nothing like that but my insurance insists that I insure mine for over 10 times what I paid for it in 1972. And that seems to be about right. I couldn't buy a house today.
 
I bought a 74 Mustang for $3300 new, in 75 the same car was $9000 stated for reasons of emissions. My in-laws bought a 73 Chevy window van for $3200 and in 74 the same van listed for $12K because of emissions. Paid $37K for house in 78, now pay insurance on $155K. Cannot by 2800 sq. ft. home for that now. In 86 I bought a plain Ford van and customized it for camping for $14K, because the dealer conversions were $28K. Cannot touch this stuff new under $50K anymore.
 
Our first home was $12,000 in 1960, sold it for $14,500 two years later. About 15 years after that it went on the market for 90 and sold! I have no idea what it would be today. :rolleyes:
 
Two story farmhouse, middle of an old double lot, well with water rights (as back-up to city water), 39 years ago, thought we got took at 35K.
Just the lot is 680K now.
 
JP,
Are these the same people that are buying 510's/VW busses/Porsches?
We paid $53,000 for our house in '79,& it's appraised at over $200,000 now.
I wouldn't pay that much for it.
Of course,if you go to the SF Bay area,or LA area,prices here seem cheap.
How does a young couple ever afford to buy a house nowadays?
 
AngliaGT said:
JP,
Are these the same people that are buying 510's/VW busses/Porsches?
We paid $53,000 for our house in '79,& it's appraised at over $200,000 now.
I wouldn't pay that much for it.
Of course,if you go to the SF Bay area,or LA area,prices here seem cheap.
How does a young couple ever afford to buy a house nowadays?
Click to expand...

No these are normal people in a normal neighbourhood - we are rated 47 out of 140 in the city, the guys that live in my neighbourhood are pretty ordinary - there are other much much richer neighbourhoods.
 
My brother in law bought his house for £210K in a fairly 'average' area of London about 25 years ago (we all thought he was mad!). As gentrification spread across the city the area is now much more desirable. Houses on his street (they're all the same) now sell in excess of £1.2 million.
 
Paid 32,500.00 for our first house in 1966, sold it for $154,000.00 in 1982 and now it's north of $550,000.00. Paid $150 for my first car, a 1934 Ford convertible, and sold it for $125. Bought a Plymouth Gold Duster for $2,800.00 in early 1970s but it rusted out 6 years later and blew a head gasket that I replaced with the help of my next-door neighbor and then sold for $700.00. The first area to have a big price increase that I saw back in the 1970s was Toronto, Canada. Little bungalows, like used to sell for about $12K here, were going for about $90K. I was appalled.
 
My parents bought "my first home" in Carmel in 1946 for $5,000. Sold it 9 years later. That house is no longer there, but the median price is >$1.2M.
 
Yeah, Carmel is not your "every man's abode."
 
JPSmit said:
For a number of reasons, the Toronto Housing market is second only to Vancouver (in Canada) in how fast it is rising and how scarce listings are. The price of an average detached home is north of a million dollars now.

A couple of weeks ago, a presentation centre was set up a couple of blocks from us, promoting an infill project where an old school had been.

Price range - $899k (for a semi) and up.

JPSmit!:

That may be why Canadians are flocking to Arizona.??

Their grand opening was last Saturday. Thursday, people started camping out and Monday when we walked by the sign on the window said "sold out."

Mind boggling.


https://mattamyhomes.com/gta/communities/etobicoke-alderidge.aspx
Click to expand...

Happens just like that every day here in Southern California, 1Million and up.?
 
My Dad was a Realtor. He always advised, "Buy real estate, they're not making any more of it." I live near the ocean in NE Massachusetts. Amazing to watch old time vacation cottages being bought for mega-bucks, torn down and replaced by multi-million homes. Me, I'm trying to figure a way to buy a winter vacation spot somewhere in Hawaii. Love to ship the bugeye out there .... a perfect island hopper. Wish me luck.
 
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