Home costs in Toronto.

[rk2009]

This looks too far off and might have been discussed in this forum, so accept my apologies in Advance.

We have become huge fans of the show "property virgins" - http://www.hgtv.com/property-virgins/show/index.html. This show airs on HGTV monday's and tuesday's at 9pm EST and is filmed many times in Toronto.

Now the kicker, yesterday they were showing cost of condos in Toronto, this couple was insisting on not going to suburb but Toronto proper, the cost a staggering $299000 for 770 sq ft. two bedroom house and they were outbid!. The host was saying that the average house ( i.e townhouse) cost in Toronto anywhere starts at $365000 and convinced the house hunters to go for a condo instead.

This was a huge shock to us, this price probably beats the price at least in my neighborhood in the US.

As an immigrant the house is a far away dream yet a possibility to be aware of, with things going north in the housing industry this is the shape of things to come.

oh btw rentals dont fare much better $2000 - $4000 depending where you are located.

Thoughts: Qorax, Karishammer, Rupeshhari?

:-[

 

[qorax]

RK,

What the show pointed is not a perfect picture. As with any other cosmo/metro, Toronto has its fare share of variance in the realty sector. The prices can be as low as... & similarly mind bogglingly out of reach for the common man.

For a starter -new immigrant there r quite affordable units too, but all would depend on what r our choices, vis-a-vis location, old/new, condo/house/mobile, 2BR/1BR, with den or 2+ bathrooms, amenities provided etc etc. as u r already aware of.

A good info on what I'm saying could be assessed by visiting www.mls.ca or www.hometrader.ca and the like sites. Besides, mortgages [with class-1 fin insts], though tough initially, could be arranged in 6-8 months time, once some sort of credit history is made.

And I don't think anyone of us is planning to acquire a property before that time. And even if we do, there r ways to go around that, albeit with a higher rate of interest, thru class-2 fin insts & at a 35% d/payment.

I hope it helps.

Regards.

 

[rk2009]

RK,

What the show pointed is not a perfect picture. As with any other cosmo/metro, Toronto has its fare share of variance in the realty sector. The prices can be as low as... & similarly mind bogglingly out of reach for the common man.

For a starter -new immigrant there r quite affordable units too, but all would depend on what r our choices, vis-a-vis location, old/new, condo/house/mobile, 2BR/1BR, with den or 2+ bathrooms, amenities provided etc etc. as u r already aware of.

A good info on what I'm saying could be assessed by visiting www.mls.ca or www.hometrader.ca and the like sites. Besides, mortgages [with class-1 fin insts], though tough initially, could be arranged in 6-8 months time, once some sort of credit history is made.

And I don't think anyone of us is planning to acquire a property before that time. And even if we do, there r ways to go around that, albeit with a higher rate of interest, thru class-2 fin insts & at a 35% d/payment.

I hope it helps.

Regards.

I agree not buying a house by that time , I would think to get into the class-1 wont it take longer than an year and that too is their a formula that these guys use it used to be x number of times roughly based on your income in India ( info could be wrong).

Most houses in the 2k range are 500-700sq ft. in Toronto, that to me is a studio type apartment, even in Missisuaga: http://www.hometrader.ca/MapView.aspx?vpt=43.4168299973413%2c-79.8107645429352%2c43.8803573695361%2c-78.959906034976%2c&ctr=Canada&prv=Ontario&r=40&cty=Toronto&cat2=8&prf=150000&prt=200000&ord=3#AjaxResult-1?vpt=43.5236587524414%2c-79.7051239013672%2c43.772087097168%2c-79.0651702880859%2c11&ctr=Canada&prv=Ontario&r=40&cty=Toronto&cat2=8&prf=150000&prt=200000&ord=3

 

[qorax]

Yes, they do use a formula, called 'credit worthiness', but not against anything overseas -it is based on your Canadian income.

Again yes, by 6-8 months u'd have some 'credit history' -Canadian. Wherein, u'd be able to manage a mortgage from the class-1 insts. In such cases our best bet is to touch base with a good realtor of repute. Quite a few of the 'Remax Associates' r a splendid choice.

 

[rk2009]

As usual your comments illuminate the paths..

A bad addiction this with the internet and researching for the future..

 

[commonwealth]

Good credit history in 6 months----- hummmmmmmmmm Kind a quickkkk.
To get decent mortgage rate, you have to show your local income. Good luck with the home search.

 

[tran]

CHMC is the world largest subprime lender now. The Canadian citizens are the
insurers for CHMC. Eventually, when the bottom fell out, all Canadians will
bear the consequences; thanks largely to CHMC.

0/40 is a joke, so is 5/35. For the first time, Alberta seen more people leaving
the province than arriving. Judicial and foreclosure sales start appearing in
Calgary and Edmonton.

For Vancouver, the "party" only starts after the Olympics.

If I were a new arrival, I would look to rent the cheapest and smallest
accomodation in the suburb, and look for a survival job to wait out
the storm.

 

[commonwealth]

If I were a new arrival, I would look to rent the cheapest and smallest
accomodation in the suburb, and look for a survival job to wait out
the storm.

I think storm has passed or may be just the tail end of it is left but a of damage which will take some time to sort out. Major economies are coming out of recession and looking to expand but it will take longgggggggggggggggggg time for real estate to bounce back.... Only good thing, it's a buyers market so if you are a buyer, you can cherry pick - for rest, it's time to hunker down and ride it out.

 

[ankit0uc]

My 2 cents.

I do watch this prog regulary. I dont know if you noticed the prices quoted for toronto were for 2007 (realty sector was at its best during that time).

 

[rk2009]

My 2 cents.

I do watch this prog regulary. I dont know if you noticed the prices quoted for toronto were for 2007 (realty sector was at its best during that time).

That's interesting when I see the program schedule in the website, it seems fairly recent. Where do they say it was 2007?

 

[PMM]

Hi

That's interesting when I see the program schedule in the website, it seems fairly recent. Where do they say it was 2007?

At the end of the program it gives the copyright date. If you want to know up to date pricing go to MLS.ca

PMM

 

[rk2009]

Thanks PMM!,

I will keep a watch for the next time it airs. Have the prices changed so drastically in 09-10?

 

[qorax]

Canadian Cities: Average House Prices: September 2009
Source: Living In Canada

1. Vancouver, BC ....... Avg. Price $611,000 .......... 12 month change +14.0 %
2. Toronto, ON .......... Avg. Price $407,000 .......... 12 month change +10.3 %
3. Calgary, AB ........... Avg. Price $395,000 .......... 12 month change +1.1 %
4. Ottawa, ON ........... Avg. Price $306,000 .......... 12 month change +5.5 %
5. Montreal, QU ......... Avg. Price $285,000 ........... 12 month change +8.2 %
6. Regina, SA ............ Avg. Price $242,000 ........... 12 month change +2.7 %
7. Halifax, NS ............ Avg. Price $234,000 ........... 12 month change +2.1 %
8. Fredericton, NB ...... Avg. Price $141,000 ........... 12 month change +1.9 %

*on a highest to lowest scale [for some major cities].
#we may like to visit http://www.livingin-canada.com/ for various other 'quality info' too.

Qorax.

 

[huanhuan19]

Hey

How can we build a good credit in Canada without a credit card?

I have a good credit in US, Does it help you to have good credit in Canada?

Thank you