Toronto house prices go thru the roof.
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    1. #1
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      Toronto house prices go thru the roof.

      million dollar homes

      As of March, a 28.6% rise from a year earlier pushed the average cost of a Toronto home to just under 1 million Canadian dollars ($750,000), up from C$558,000 just three years ago and making it one of the fastest rising markets in North America.

      "This is a bubble of historic proportions," said David Rosenberg, chief economist at asset manager Gluskin Sheff & Associates in Toronto.

      Toronto's year-over-year price surge is so stark, and the city is so important to the Canadian economy, that a correction in home prices now poses a risk to the country's financial system, some economists warn. The Toronto area accounts for roughly 19% of Canada's country's gross domestic product.

      It also may escalate existing worries about the strength of Canada's financial system. Data compiled by the Bank for International Settlements suggest the amount of credit extended to households and nonfinancial firms and the level of house prices above long-term trends have both hit alarming levels.


      This three-plus-one bedroom split level home in the Bathurst and Steeles area is as typical for Toronto as it gets, and it’s listed for $1.599 million. Now here’s what that kind of money will get you elsewhere.

      Located on a lush, narrow street that looks like a Caribbean jungle, this four-bedroom, three-bath house in ritzy Coconut Grove proves the average Toronto homeowner could live like a monarch in south Florida. The listing asks US$1.2 million (C$1.61 million).

    2. #2
      Member Bladecatcher's Avatar
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      It's those damn Property Brothers' fault.

    3. #3
      Member HackAC's Avatar
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      Quote Originally Posted by Bladecatcher View Post
      It's those damn Property Brothers' fault.
      I thought they were gay for the longest time, it wasn't til later I figured out they were bros.
      Alex, short for Alex.

    4. #4
      Member Bladecatcher's Avatar
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      Quote Originally Posted by HackAC View Post
      I thought they were gay for the longest time, it wasn't til later I figured out they were bros.
      whynotboth.jpg

    5. #5
      Member 2.0T_Convert's Avatar
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      Quote Originally Posted by Hand Cannon View Post
      level home in the Bathurst and Steeles area is as typical for Toronto as it gets, and it’s listed for $1.599 million. Now here’s what that kind of money will get you elsewhere.
      I don't see much difference aside from the Pool. I'm guessing pools are more popular in Florida than Toronto
      Sent from my tablet while sipping weak drinks over fancy brunch with a view

    6. #6
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      I'm assuming the location in warm weather Miami is preferable, but here is Chicago

      This seven-bedroom, seven-bath behemoth is located in Naperville, the U.S. Midwest’s richest municipality, about a 40-minute drive from downtown Chicago. For Toronto money, you can live like a Chicago one-percenter. The listing asks US$1.15 million (C$1.54 million).

    7. #7
      Geriatric Member spockcat's Avatar
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      For less than $1 million you could get a house on the water with pool and boat lift, plus season tickets to the local NHL hockey team so you could see the Maple Leafs loose to the Lightning.






    8. #8
      Member 20thAna3282's Avatar
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      Quote Originally Posted by spockcat View Post
      For less than $1 million you could get a house on the water with pool and boat lift, plus season tickets to the local NHL "hockey" team so you could see the Maple Leafs loose to the Lightning.
      FTFY
      -Matt

    9. #9
      Member GreenandChrome's Avatar
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      Quote Originally Posted by Hand Cannon View Post
      I'm assuming the location in warm weather Miami is preferable, but here is Chicago



      That should be big enough to house your at-home hospice care after you get shot randomly.
      Sent from my iPhone using Tapatalk Or some other government-sponsored illegal wiretapping app
      I find your answer vague and unconvincing.
      @mbull | instagram

    10. #10
      Member 2.0T_Convert's Avatar
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      Around me $1.2M gets a 2 bedroom condo. Parking is extra.

      Sent from my tablet while sipping weak drinks over fancy brunch with a view

    11. #11
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      Quote Originally Posted by GreenandChrome View Post
      That should be big enough to house your at-home hospice care after you get shot randomly.
      heh... that's Naperville, suburb of Chicago. I don't think you'll be getting shot in the weathiest town in the midwest

    12. #12
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      Quote Originally Posted by spockcat View Post
      For less than $1 million you could get a house on the water with pool and boat lift, plus season tickets to the local NHL hockey team so you could see the Maple Leafs loose to the Lightning.




      nice
      Quote Originally Posted by PsyberVW View Post
      Locking it up because it's going to get worse mileage than a 1 legged dog with a hang over - yet stir up more crap than a starving catfish in a landfill.

    13. #13
      Geriatric Member spockcat's Avatar
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      Quote Originally Posted by Roberto Dimento View Post
      nice
      All yours for only $749k asking.

    14. #14
      Welcome to Vancouver, 3 years ago bud.

    15. #15
      Member vwtool's Avatar
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      Quote Originally Posted by Hand Cannon View Post
      heh... that's Naperville, suburb of Chicago. I don't think you'll be getting shot in the weathiest town in the midwest
      Don't bother him with any facts. "Chicago" is one of those words that have him reaching for his blood pressure meds.

    16. #16
      Member bmann's Avatar
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      Quote Originally Posted by 2.0T_Convert View Post
      I don't see much difference aside from the Pool. I'm guessing pools are more popular in Florida than Toronto
      Also stucco. Bitches love stucco.
      Do not be persecuted by the pompous fedora, balanced by the equilibrium, fortified by the
      government's inability to eradicate, or foreshadow—taken from the Hebrew word: foreskin

    17. #17
      Geriatric Member spockcat's Avatar
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      Quote Originally Posted by Hand Cannon View Post
      That Miami house is crap for $1.2 million unless the location is what is driving the price. Kitchen is really vintage 2000 ugly.

      https://www.zillow.com/homes/for_sal...59_rect/12_zm/


    18. #18
      Member GeoffD's Avatar
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      Quote Originally Posted by AIRider View Post
      Welcome to Vancouver, 3 years ago bud.
      Yep. My sister's 33' frontage house in Dunbar is worth more than CDN $1.5 million as a teardown. The 15% nonresident tax cooled down the Chinese market a bit but what's another $200K?

    19. #19
      Member Cousin Eddie's Avatar
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      It's nuts in Ontario, we are 1-1/2 hour drive from Toronto. Our house, which is bigger than the Toronto example with a 24x28 garage and a large lot, was built in 2004, we bought it ~5 years ago for $233,000. The house across the road that was built the same year and was lived in by an older couple who did no improvements/updates just sold for over $400,000.

      These houses simply aren't worth that.

      The cost to build has not increased at the same rate at all (I work in the building supply industry). The problem is finding a lot at this point as the counties/townships have changed the severance laws. The government wants to increase population densities for services. They want to corner people into living in suburban areas rather than rural lots. You have a situation where the demand is greater than the supply and this is what happens.

      What we also see happening with regards to Toronto, people nearing retirement or 10-20 years out are buying $400k to 600k cottages on the nicer lakes in the region where I live, they bulldoze the existing cottage and often build $1-2million new homes/cottages (which some are monster 5000 sq ft+ places) or some opt for smaller less costly places. They use it as a cottage until they retire and then move there year round, sell their home in Toronto for a ridiculous price and bank money.
      Quote Originally Posted by cockerpunk View Post
      yes, i am bored by FWD driving dynamics, and anyone who doesn't drive there cars to the limits and the beyond.

    20. #20
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      Quote Originally Posted by 2.0T_Convert View Post
      I don't see much difference aside from the Pool. I'm guessing pools are more popular in Florida than Toronto
      Well, and the fact it's in Coconut Grove, not land of maple syrup, Canadian winters and government pot.
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    21. #21
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      Toronto real estate has been growing exponentially for the better part of the last decade, however it was only until the last few years where it really started catching up to Vancouver's insane real estate market.

      The stat that is being thrown around is that the average price for a single family detached home hit $1.56M in Toronto, however, because the area they consider "Toronto" is actually quite large, if you just focus on central Toronto (which is where the more desirable neighborhoods are located in), the average price of a single detached family home was actually $2.45M, which is what one would really need to budget if they want to buy a standard detached home in the city. The areas just west and east of this central core are much more reasonably priced (hey, it's all relative) in the $1.1-$1.2M average price range.

      (These are all figures from the March 2017 edition of Toronto Real Estate Board's monthly market report: http://www.trebhome.com/market_news/...017/mw1703.pdf)

      Things are less expensive if you look at semi-detached, townhouses or condo apartments but the prices overall are still well above what most would consider as affordable based on the city's average/median household income which is just under $80k/year.
      Last edited by woofster; 04-20-2017 at 01:05 PM.

    22. #22
      Member stevevr6's Avatar
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      I bought my house in Toronto 10 years ago. Bungalow with 28x120 lot and private driveway for $325,000. 2 years ago the house next to me sold for $450,000 and we have the same lot and layout. Just this weekend a real estate agent came by to give free evaluations on houses in the neighborhood. I didn't let him in as I'm not planning on selling at all, but houses in my "pocket" are selling for $600-900k.
      I'm also 2 blocks south of the new LRT line that they are building. Once that is completed, the new station to connect to the airport and the new Community centre is when I will probably cash in.

      Bidding wars are also happening in Toronto. My friend went to look at a house. The house was posted at $750k for the open house. When he went to see the house they had 40 registered offers and the highest offer was at $900k.

    23. #23
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      Quote Originally Posted by woofster View Post
      Toronto real estate has been growing exponentially for the better part of the last decade, however it was only until the last few years where it really started catching up to Vancouver's insane real estate market.

      The stat that is being thrown around is that the average price for a single family detached home hit $1.56M in Toronto, however, because the area they consider "Toronto" is actually quite large, if you just focus on central Toronto (which is where the more desirable neighborhoods are located in), the average price of a single detached family home was actually $2.45M, which is what one would really need to budget if they want to buy a standard detached home in the city. The areas just west and east of this central core are much more reasonably priced (hey, it's all relative) in the $1.1-$1.2M average price range.

      (These are all figures from the March 2017 edition of Toronto Real Estate Board's monthly market report: http://www.trebhome.com/market_news/...017/mw1703.pdf)

      Things are less expensive if you look at semi-detached, townhouses or condo apartments but the prices overall are still well above what most would consider as affordable based on the city's average/median household income which is just under $80k/year.
      Yeah, that's the scariest part. It encompasses a large portion of the population with a half hour's drive and all the boroughs.

      If you're willing to risk getting shanked you can get a bargain though.
      Quote Originally Posted by cockerpunk View Post
      yes, i am bored by FWD driving dynamics, and anyone who doesn't drive there cars to the limits and the beyond.

    24. #24
      Member Jimmy Russells's Avatar
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      Quote Originally Posted by GeoffD View Post
      Yep. My sister's 33' frontage house in Dunbar is worth more than CDN $1.5 million as a teardown. The 15% nonresident tax cooled down the Chinese market a bit but what's another $200K?
      The tax only slowed the market because people were waiting to see what it did to prices. Prices fell about 10% and now this spring things are going nuts again, and inventory is low.
      The OG Russells is back!

      Quote Originally Posted by Sump View Post
      I'm sure a lot of these guys went home after the carwash and played a little hans solo.

    25. #25
      Geriatric Member Hostile's Avatar
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      Quote Originally Posted by 2.0T_Convert View Post
      Around me $1.2M gets a 2 bedroom condo. Parking is extra.

      That must be in "West" New York.

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