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Buying house,guidance needed

Discussion in 'Housing' started by ummi, Mar 28, 2019.

  1. As market is depressed for detached house, I am wandering if it is right time to buy a house in York region , GTA.
    Secondly is it ok for buy 30 plus years old house in areas like Markham/ Richmond hill.
    Or better to prefer uptown 12 to 15 years old house in Vaughan neighbourhood.

    After for suppose 20 years property value would be declined if house is very old ?

    Your advice is highly appreciated.
  2. Hard to say...

    There's an article in globe and Mail newspaper recently that a 40 years old detached home in Toronto sold for over $800k after receiving 21 multiple offers. The selling price was less than $600k and in market only two weeks.
  3. Maybe in the suburbs the market is depressed, have not seen that in the city. A 2 bedroom unit in my building, and it is NOT a fancy building, none of the bells and whistles, just a regular building, but is only 15 minutes downtown by streetcar went on the market couple of days ago...a even $999999. Houses on the street behind me, don't even last a day on the market
  4. If you plan on living there for 10 years go for it. If you are trying to get huge returns those days may be over.
  5. If you are buying for yourself, buy where you are comfortable.

    Every house requires maintenance (roof, furnace, etc.) which comes up every 7-10 years depending on the item. Even if the house is 30 years old but well maintained by the existing owners, you'll just have to pay for regular upkeep. I have seen some 30 year old houses in very good condition because they are cared for, and some 15 year old homes that look like they need to be thoroughly renovated (either it's a tenanted property, or the owners are just not taking care).

    Overall in GTA, property values have been going consistently up, regardless of the age of the home. There are 30-40 year old homes in Mississauga, for example, that sell above $1,000,000.
  6. This is a good time

    It is a good market to get into detached property. There are a lot of opportunities available in the market. Vaughan/ Markham/richmondhill are good cities to live.
    Hire a knowledgeable realtor who can guide you in a right direction and get the best for your situation. Also, make sure you get the property inspected regardless of the age.
  7. Age ain't nothing but a number...

    Any detached brick home anywhere in the GTA will always be in high demand, specially if it has a basement - regardless of how old it is - as long as its priced right, many will lineup to buy it.

    Why? Because it can always be renovated, rented or put for sale at any time in future.

    With that said, the right price is the keyword here...make sure you buy at a reasonable price, otherwise it will take you a long time to build meaningful equity.

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