Budget of $250,000

[odin2404]

Now is the best time to sell(i.e. if you can sell at your asking price), and worst time to buy.
Rent first and bargain hunt later.

http://www.greaterfool.ca/

http://www.chpc.biz/

 

[scylla]

odin2404 -

I love living downtown. You get much less for your money in terms of real estate - however I would rather be in the centre of it all than have a big house (it's just my husband and I as well). As with many other things, it comes down to a personal choice. We are very close to many different public transport routes (including two that are 24/7) and a five minute streetcar ride to the financial district where I work. We can reach several coffee shops, many restaurants (Japanese, Mexican, Korean, Chinese, Indian, Thai, North American) and all sorts of other stores with less than a five minute walk. We love this life-style and will never move to the suburbs because we'd hate it. (Having said that, I have coworkers who hate the city. So it comes down to personal preference.)

We own a 1000 square foot (two bedroom/two bathroom) loft/condo that's worth $425K-$450K. $250K won't get you a lot downtown (definitely not a house). So in that price range you'd definitely be in a condo.

While real estate costs are higher downtown, we save money by not owning a car (we use public transport almost exclusively and rent a car as we need one every couple of months). Those who live in the suburbs but work in the city typically either spend more on parking and/or more on public transportation. So that's a savings as well. Chinatown has great grocery prices and we do a lot of our shopping there (lots of GREAT restaurants there too).

Hope this helps. Let me know if you have any other questions.

 

[odin2404]

odin2404 -

I love living downtown. You get much less for your money in terms of real estate - however I would rather be in the centre of it all than have a big house (it's just my husband and I as well). As with many other things, it comes down to a personal choice. We are very close to many different public transport routes (including two that are 24/7) and a five minute streetcar ride to the financial district where I work. We can reach several coffee shops, many restaurants (Japanese, Mexican, Korean, Chinese, Indian, Thai, North American) and all sorts of other stores with less than a five minute walk. We love this life-style and will never move to the suburbs because we'd hate it. (Having said that, I have coworkers who hate the city. So it comes down to personal preference.)

We own a 1000 square foot (two bedroom/two bathroom) loft/condo that's worth $425K-$450K. $250K won't get you a lot downtown (definitely not a house). So in that price range you'd definitely be in a condo.

While real estate costs are higher downtown, we save money by not owning a car (we use public transport almost exclusively and rent a car as we need one every couple of months). Those who live in the suburbs but work in the city typically either spend more on parking and/or more on public transportation. So that's a savings as well. Chinatown has great grocery prices and we do a lot of our shopping there (lots of GREAT restaurants there too).

Hope this helps. Let me know if you have any other questions.

That was Fab ... Scylla! Thanks for taking the time! I think it helps me re evaluate the whole thing ... Maybe this July when I'm in Toronto I'll hook up with some real estate agents!

Thanks Again

 

[scylla]

I don't know if you're familiar with the MLS site - however this is one of the best way to look at properties for sale if you want to get an idea what your money will buy you (it's free to search).

Again, I'm not good with the suburbs and won't be of much use when it comes to searching there. However if you want to check out downtown prices, enter C01 (letter C, zero, one) in the "Where do you want to look?" box on this page and then specify a price range, number of bedrooms, number of bathrooms, etc.

http://www.realtor.ca/index.aspx?cul=1

A great unit just went on sale in my building today. 2000 square feet and a large balcony with an amazing view of downtown. Unfortunately it's also $1 million which is out of my price range unless I win the lottery this weekend. However it was certainly fun to see the listing online, view photos and dream. I have a friend who refers to the MLS site as "house p*rn" for this very reason...

 

[odin2404]

I don't know if you're familiar with the MLS site - however this is one of the best way to look at properties for sale if you want to get an idea what your money will buy you (it's free to search).

Again, I'm not good with the suburbs and won't be of much use when it comes to searching there. However if you want to check out downtown prices, enter C01 (letter C, zero, one) in the "Where do you want to look?" box on this page and then specify a price range, number of bedrooms, number of bathrooms, etc.

http://www.realtor.ca/index.aspx?cul=1

A great unit just went on sale in my building today. 2000 square feet and a large balcony with an amazing view of downtown. Unfortunately it's also $1 million which is out of my price range unless I win the lottery this weekend. However it was certainly fun to see the listing online, view photos and dream. I have a friend who refers to the MLS site as "house p*rn" for this very reason...

Checked it out .. great site, Thanks. Will have to wait till my rekon trip in July though!

Loved ... "house p*rn"

 

[CharlotteJ]

Just call this lovely woman I know and she will help you find the best deal you need, especially if you want to settle in Scarborough, Markham, Thornhill, Richmond Hill, Victoria Park or even Mississauga.

Of all Real Estate agents I met during 6 months of living and all here, she is the only one I do trust and who I "myself" will ask for help when I am going to buy a home.

http://www.cathykhatri.ca/

 

[odin2404]

have been looking at St. Catherine's as a settlement option

 

[odin2404]

Just call this lovely woman I know and she will help you find the best deal you need, especially if you want to settle in Scarborough, Markham, Thornhill, Richmond Hill, Victoria Park or even Mississauga.

Of all Real Estate agents I met during 6 months of living and all here, she is the only one I do trust and who I "myself" will ask for help when I am going to buy a home.

http://www.cathykhatri.ca/

Checked out her website, am gonna stay in touch with her over email.

Basically what we've decided is that we need a semi decent place to crash for a couple of months which seems to be the challenge as of now as all want a years' lease.

That gives us breathing space to scope the market and buy and to develop some sort of credit history.

Cheers,
Rahul.

 

[scylla]

Have you checked out craigslist.com? They will often have posting for rentals not requiring full year leases.

 

[steaky]

You can also check out safehomestay.com

 

[odin2404]

Now is the best time to sell(i.e. if you can sell at your asking price), and worst time to buy.
Rent first and bargain hunt later.

http://www.greaterfool.ca/

http://www.chpc.biz/

Hmm interesting read.

Since you've read up about this, what is the current inflation in the housing market at OR what sort of price correction do you foresee in the future?

For eg: In Mumbai, 2 years ago, prices readjusted or realigned to about 10% below the market rates but since then and before that there has been a steady 25% appreciation in all property within the city limits and to an extent beyond.

Also, I gather you said that rising expenses meant lesser savings as the salaries are going nowhere. What if one buys a property outright, without the hassle of mortgage payments. Is the property market high and expected to fall or is it an inflation related issue?

Thanks

 

[steaky]

Don't know much about Toronto and area. But in Vancouver and Richmond, BC, lots of people from Asia buys properties outright (cash), without the hassle of mortgage payments (maybe they don't have credit history and not qualify for mortgage). I don't think this is an inflation related issue.

 

[odin2404]

Don't know much about Toronto and area. But in Vancouver and Richmond, BC, lots of people from Asia buys properties outright (cash), without the hassle of mortgage payments (maybe they don't have credit history and not qualify for mortgage). I don't think this is an inflation related issue.

\

Thanks Steaky,

What I was referring to was ...

Is property brought outright because of an uncertain employment market and hence a potential mortgage disaster?

Or

It's just the best time to buy ... low prices due to slowing economy

Any ideas ... thanks!

Cheers,
O

 

[odin2404]

As mentioned earlier, I checked out ST. Catherine's too. More bang for your buck, and plenty of Job Opportunities for NOC 0631 around Niagara.

 

[steaky]

Sounds like US. Low real properties prices due to slowing economy. But nothing like this in Vancouver and Richmond at least.

\

Thanks Steaky,

What I was referring to was ...

Is property brought outright because of an uncertain employment market and hence a potential mortgage disaster?

Or

It's just the best time to buy ... low prices due to slowing economy

Any ideas ... thanks!

Cheers,
O