What would be your advice? Stay in GTA or move to windsor?

[sowsiv]

Me and my wife work in IT and make combined income of $250k+. We currently rent in scarborough for around $2.6k. We are planning to buy a house and our budget is around $500-$600. We have a pre-approval of 5.2% 3 yr fixed.

Looking at our pay we are eligible for more than our plan but we usually want to not have hefty amount to go our mortgage and even if one of lose jobs dont want any burden on the other.
Now we cant afford anything in toronto as we know, and we are okay to move farther away. Initially we thought to go to kwc area but now it seems not much options there as well, so we are thinking of moving to windsor especially south windsor/la salle. Our kid is 4 years old and would start school in september.
Now, one major downside I am seeing is that not many IT jobs in windsor, but I think that risk factor is always there when we move out of toronto.

I want to know if this is a better decision compared to waiting for more time and trying to save more and be around GTA.

Let me know your opinion, and would love to hear anybody who made a move like this. thanks in advance.

 

[steaky]

Me and my wife work in IT and make combined income of $250k+. We currently rent in scarborough for around $2.6k. We are planning to buy a house and our budget is around $500-$600. We have a pre-approval of 5.2% 3 yr fixed.

Looking at our pay we are eligible for more than our plan but we usually want to not have hefty amount to go our mortgage and even if one of lose jobs dont want any burden on the other.
Now we cant afford anything in toronto as we know, and we are okay to move farther away. Initially we thought to go to kwc area but now it seems not much options there as well, so we are thinking of moving to windsor especially south windsor/la salle. Our kid is 4 years old and would start school in september.
Now, one major downside I am seeing is that not many IT jobs in windsor, but I think that risk factor is always there when we move out of toronto.

I want to know if this is a better decision compared to waiting for more time and trying to save more and be around GTA.

Let me know your opinion, and would love to hear anybody who made a move like this. thanks in advance.

With prices less than $500k, you still cannot afford even a 1 bedroom or studio condo in Mississauga?

https://www.insauga.com/5-of-the-least-expensive-homes-sold-in-mississauga-are-under-500k/

You've been planning, but I'm not sure why you don't look at those less than $500k...

 

[sowsiv]

With prices less than $500k, you still cannot afford even a 1 bedroom or studio condo in Mississauga?

https://www.insauga.com/5-of-the-least-expensive-homes-sold-in-mississauga-are-under-500k/

You've been planning, but I'm not sure why you don't look at those less than $500k...

Thanks, yes there are 1 bedroom condos and as I said we are a family of three so we are preferring sfh/semi-detached/townhome.

 

[Kaibigan]

Me and my wife work in IT and make combined income of $250k+. We currently rent in scarborough for around $2.6k. We are planning to buy a house and our budget is around $500-$600. We have a pre-approval of 5.2% 3 yr fixed.

Looking at our pay we are eligible for more than our plan but we usually want to not have hefty amount to go our mortgage and even if one of lose jobs dont want any burden on the other.
Now we cant afford anything in toronto as we know, and we are okay to move farther away. Initially we thought to go to kwc area but now it seems not much options there as well, so we are thinking of moving to windsor especially south windsor/la salle. Our kid is 4 years old and would start school in september.
Now, one major downside I am seeing is that not many IT jobs in windsor, but I think that risk factor is always there when we move out of toronto.

I want to know if this is a better decision compared to waiting for more time and trying to save more and be around GTA.

Let me know your opinion, and would love to hear anybody who made a move like this. thanks in advance.

It's really such a subjective thing that I am not sure the opinions of others will be worth much. For me, I am not sure that I would move solely on account of housing costs. In your case, there is a prodigious difference between life in the GTA and life in Windsor. Some Windsorites would never be happy in the GTA and some Torontonians would never be happy in Windsor.

Some years ago, I moved from Toronto to Windsor and stayed for 3 years. I liked it there well enough. Not much traffic, somewhat better weather (that area, Essex County, used ti be called the "banana belt" of Ontario). When you drive down Ouellette Ave. and get to the Detroit River, you are looking at Detroit and it is actually north of Windsor. Windsor used to borrow air pollution from Detroit, particularly from Conn Edison's coal-fired generating. That has probably changed.

I never paid much attention to Windsor when living in Toronto, apart from driving into Windsor to cross into the U.S. via the bridge or the tunnel. When contemplating moving there, I paid attention. I recall driving down Ouellette Ave, and seeing all these skyscrapers, etc. ahead. I thought to myself, "Wow, this town is more developed than I thought." But then, you get to the river and realize that all those big buildings you are seeing are actually in downtown Detroit.

If you really enjoy all the things that a big city has to offer - entertainment, restaurants, night life, art galleries and museums, a range of educational institutions, etc., Windsor will seem rather lacking.

I never took advantage of the inexpensive housing in Windsor, at least not to purchase. I rented a house from a guy who lived in Toronto. Many rentals were owned by Toronto folks who could not, or would not, afford to own Toronto rentals. I did not buy a house until moving to Vancouver after a few years. House prices there were maybe 4x the Windsor price at the time.

As I see it, at least for me, if you are happy with your life situation in general, including being financially comfortable, you can live well and be happy just about anywhere. I have found, too, that it's not so important what you have, but who you are with.

Just a few random thoughts, from one who has lived in both Toronto and Windsor. But I was a homeowner in neither. I always ended up buying in more expensive places, based on plans to stay for awhile...Vancouver, Los Angeles, Manila and one of 2 others. I have been quite content in all of those. They are what you make of them.

 

[canuck78]

Job opportunities and opportunities in general are very different in both cities. If thinking about children there are better schools in Toronto although it really depends on the district like any city. Would you both work from home and have both your employers agreed to these terms? Some employers may also pay less if they know you are living in Windsor. We haven’t seen the full cycle of people working remotely from cheaper areas (especially when changing employers) and whether salaries will be readjusted based on where you live.

The cities are so different for various reasons. It is a very personal decision with compromises in both cases.

 

[timhortonsspender]

Me and my wife work in IT and make combined income of $250k+. We currently rent in scarborough for around $2.6k. We are planning to buy a house and our budget is around $500-$600. We have a pre-approval of 5.2% 3 yr fixed.

Looking at our pay we are eligible for more than our plan but we usually want to not have hefty amount to go our mortgage and even if one of lose jobs dont want any burden on the other.
Now we cant afford anything in toronto as we know, and we are okay to move farther away. Initially we thought to go to kwc area but now it seems not much options there as well, so we are thinking of moving to windsor especially south windsor/la salle. Our kid is 4 years old and would start school in september.
Now, one major downside I am seeing is that not many IT jobs in windsor, but I think that risk factor is always there when we move out of toronto.

I want to know if this is a better decision compared to waiting for more time and trying to save more and be around GTA.

Let me know your opinion, and would love to hear anybody who made a move like this. thanks in advance.

Are there $250k+ (adding both) jobs in Windsor. Big risk if there are not or just a few. Lot of IT folks here now. I know folks who visit the office just once a week and WFH the other days.

 

[steaky]

Thanks, yes there are 1 bedroom condos and as I said we are a family of three so we are preferring sfh/semi-detached/townhome.

I have a question. Why Windsor, but not north (such as Sudbury, Barrie) or east (like Ottawa/Montreal)?

 

[canuck78]

Are there $250k+ (adding both) jobs in Windsor. Big risk if there are not or just a few. Lot of IT folks here now. I know folks who visit the office just once a week and WFH the other days.

Salaries tend to be lower in the area. If you can find an employer willing to let you work remotely from the GTA then you would have a higher salary but lower cost of living or Windsor.

 

[Peacekeeper87]

As a Realtor in the area, let me give you my thoughts on this.

When looking at purchasing a home, you shouldn't focus solely on "bang for your buck". You have to keep in mind resale value and appreciation.

The reason real estate is so expensive in the GTA is because of soaring demand for pretty much anything type of property. May it be condos, townhouse, semis... Your resale value is going to be very good, and even in tough times, will remain resilient and bounce back quickly. However you're going to have to make so many concessions with that budget. Won't get you that far in the GTA.

That being said, there is a huge advantage buying property in Windsor, and is what many Realtors are doing now as part of their investment strategy. Windsor is set to be one of the fastest growing cities in Ontario from an economical standpoint. Demand is increasing at a fast pace, and I myself am in the process of buying a 2 bedroom house there.

Remember, when thinking of real estate, think mid/long term, and don't think of it as your forever home. The average homeowner in Canada changes home 2-3 times in their lifetime. With the way real estate is growing here, you should focus on getting a foot in the door not too far down the road.

Strategy of buying a home in Windsor to me is a very sane one, provided you have your ducks in a row from a professional standpoint. I mean you don't have any commute to/from GTA.

Here's what the future may look like:
-You buy a 2-3 bedroom house for $400,000 today. 5% down. $380,000 mortgage
-$2300 monthly payment
-In 5 years could be worth $600,000
-When the mortgage comes for renewal, sell for $600,000, pay off the initial remaining loan amount of approx $300,000
-Pocket the $300,000 equity and use it as downpayment to purchase a new home.
-Get the new rate which we all foresee to be much lower than now.
-Either reduce your monthly payment by sticking to the same purchase price
-Or keep the monthly payment the same by upgrading

Lots of possibilities. Shoot me a DM for a few tips.

 

[AwesomeDoer]

I have a question. Why Windsor, but not north (such as Sudbury, Barrie) or east (like Ottawa/Montreal)?

Barrie is a very expensive city to live in as compared to most cities in Canada, and quite a small city.

 

[canuck78]

As a Realtor in the area, let me give you my thoughts on this.

When looking at purchasing a home, you shouldn't focus solely on "bang for your buck". You have to keep in mind resale value and appreciation.

The reason real estate is so expensive in the GTA is because of soaring demand for pretty much anything type of property. May it be condos, townhouse, semis... Your resale value is going to be very good, and even in tough times, will remain resilient and bounce back quickly. However you're going to have to make so many concessions with that budget. Won't get you that far in the GTA.

That being said, there is a huge advantage buying property in Windsor, and is what many Realtors are doing now as part of their investment strategy. Windsor is set to be one of the fastest growing cities in Ontario from an economical standpoint. Demand is increasing at a fast pace, and I myself am in the process of buying a 2 bedroom house there.

Remember, when thinking of real estate, think mid/long term, and don't think of it as your forever home. The average homeowner in Canada changes home 2-3 times in their lifetime. With the way real estate is growing here, you should focus on getting a foot in the door not too far down the road.

Strategy of buying a home in Windsor to me is a very sane one, provided you have your ducks in a row from a professional standpoint. I mean you don't have any commute to/from GTA.

Here's what the future may look like:
-You buy a 2-3 bedroom house for $400,000 today. 5% down. $380,000 mortgage
-$2300 monthly payment
-In 5 years could be worth $600,000
-When the mortgage comes for renewal, sell for $600,000, pay off the initial remaining loan amount of approx $300,000
-Pocket the $300,000 equity and use it as downpayment to purchase a new home.
-Get the new rate which we all foresee to be much lower than now.
-Either reduce your monthly payment by sticking to the same purchase price
-Or keep the monthly payment the same by upgrading

Lots of possibilities. Shoot me a DM for a few tips.

What is the basis of your claim that Windsor is set to be one of the cities with biggest economic growth in Ontario?

 

[Peacekeeper87]

What is the basis of your claim that Windsor is set to be one of the cities with biggest economic growth in Ontario?

*Forecasted population growth.
*Affordability.
*First time home buyers are looking to make bigger life changes for access to homes.
*Big planned factories and industrial projects, and overall decreasing unemployment levels.
*All leading to Windsor's economy expected to grow at a faster rate than the National average.

Not a lot of time to copy/paste the exact links, but feel free to use the above info to look up Windsor.

Won't happen overnight of course, but it's the general expectation. Real estate prices there have seen a sharp decrease year/year this summer, exposing a few opportunities to generate equity once we cross these sensitive economic times and high interest rates.

Other source was a presentation by members of city council talking about the above points.

 

[canuck78]

*Forecasted population growth.
*Affordability.
*First time home buyers are looking to make bigger life changes for access to homes.
*Big planned factories and industrial projects, and overall decreasing unemployment levels.
*All leading to Windsor's economy expected to grow at a faster rate than the National average.

Not a lot of time to copy/paste the exact links, but feel free to use the above info to look up Windsor.

Won't happen overnight of course, but it's the general expectation. Real estate prices there have seen a sharp decrease year/year this summer, exposing a few opportunities to generate equity once we cross these sensitive economic times and high interest rates.

Other source was a presentation by members of city council talking about the above points.

All the points you have made doesn’t even come close to guaranteeing the forecasted housing price growth that you are stating. Most of the forecasted growth is people seeking more affordable housing but salary levels remain much lower than many other regions of Ontario. Many also work in the US so are living in Windsor permanently or until they get Canadian citizenship. Some of the new jobs will replace other jobs that are leaving Windsor. Many buyers and investors who have bought in the Windsor areas may be severely affected by a downturn in the economy and higher interest rates. We have not seen the impact of higher rates on the housing market in Canada. People should buy in an area they are happy to live in for 10+ years and determine if they will be able to work remotely full-time or the majority of the time if they work in certain industries and jobs that are unlikely to be found in the Windsor area.

 

[steaky]

All the points you have made doesn’t even come close to guaranteeing the forecasted housing price growth that you are stating. Most of the forecasted growth is people seeking more affordable housing but salary levels remain much lower than many other regions of Ontario. Many also work in the US so are living in Windsor permanently or until they get Canadian citizenship. Some of the new jobs will replace other jobs that are leaving Windsor. Many buyers and investors who have bought in the Windsor areas may be severely affected by a downturn in the economy and higher interest rates. We have not seen the impact of higher rates on the housing market in Canada. People should buy in an area they are happy to live in for 10+ years and determine if they will be able to work remotely full-time or the majority of the time if they work in certain industries and jobs that are unlikely to be found in the Windsor area.

Nothing wrong with people buy in an area they are happy to live in for less than 10 years.

 

[canuck78]

Nothing wrong with people buy in an area they are happy to live in for less than 10 years.

If they are prepared to potentially sell at a loss then go ahead. Given the potential issues with the housing market at the moment buying wanting to live in a property for less than 5 years is not advisable. Lots of people who bought in the past 2 years are selling at a loss.