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

[steaky]

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.

But people wanted to lived in a property 5 to 9 years is advisable. They still sell at a gain so go ahead.

 

[mnova]

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.

Hey can you send me you email pls?

 

[Takita]

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.

Can you DM your email?

 

[canuck78]

But people wanted to lived in a property 5 to 9 years is advisable. They still sell at a gain so go ahead.

Many people who bought in Windsor on 2021-2022 bought at the top of the market and are likely living in a home that is worth much leeway. We are going into a period of uncertainty with the economy and real estate so caution is needed. Lots of people from the GTA bought in areas up to 3-4 hours away from the GTA because they could afford to buy there. Many are realizing that they bought into the idea that real estate prices will always go up. Many are either not able to cover their costs if they are renting out the property and if they bought new construction many are getting appraisals way lower then they purchase price and don’t have the cash to close, aren’t able to sell on assignment, etc.

 

[steaky]

Many people who bought in Windsor on 2021-2022 bought at the top of the market and are likely living in a home that is worth much leeway. We are going into a period of uncertainty with the economy and real estate so caution is needed. Lots of people from the GTA bought in areas up to 3-4 hours away from the GTA because they could afford to buy there. Many are realizing that they bought into the idea that real estate prices will always go up. Many are either not able to cover their costs if they are renting out the property and if they bought new construction many are getting appraisals way lower then they purchase price and don’t have the cash to close, aren’t able to sell on assignment, etc.

Back in 2017-2018, do you have the crystal ball that we are going into a period of uncertainty with the economy as of now?? Do you still excercised caution?

 

[canuck78]

Back in 2017-2018, do you have the crystal ball that we are going into a period of uncertainty with the economy as of now?? Do you still excercised caution?

Not sure why you are mentioning 2017-18. Definitely not the only one who thinks that our economy is going to go through a very challenging period that has already started. We are also starting to see unemployment start to increase. In terms of real estate the data shows that there are very few transactions going on. Basically unless people have to move they are not selling or buying. In most areas home prices have declined and there are a large amount of home on the market receiving zero offers. There are a lot more power of sales.

 

[steaky]

Not sure why you are mentioning 2017-18. Definitely not the only one who thinks that our economy is going to go through a very challenging period that has already started. We are also starting to see unemployment start to increase. In terms of real estate the data shows that there are very few transactions going on. Basically unless people have to move they are not selling or buying. In most areas home prices have declined and there are a large amount of home on the market receiving zero offers. There are a lot more power of sales.

Then not sure why quoted my posting when I said 5 to 9 years. Do the math. Back in 2017, did you caution the economy going down as of now?

 

[aahan3]

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.

Moving out of toronto is fine but dont relocate to somewhere where job is hard to find, moving to cambridge or brantford or hamilton or even st catherine is good , as taking go train or even driving to toronto is manageable. you can text me on 647.994.6419 where 5 min call can give you a better approach/idea.
good luck

 

[steaky]

Moving out of toronto is fine but dont relocate to somewhere where job is hard to find, moving to cambridge or brantford or hamilton or even st catherine is good , as taking go train or even driving to toronto is manageable. you can text me on 647.994.6419 where 5 min call can give you a better approach/idea.
good luck

How about Pickering or further north- east?

 

[aahan3]

pickering is still expensive, you need that city where you can commute to toronto either from go for by car and moreover buying a house and building equity on it , not buying an expensive house to just pay the mortgage.

 

[foodie69]

40 kilometer in Toronto.. Interesting commute

 

[RohanKumar007]

From personal experience. Neither.
United States all the way.

 

[steaky]

From personal experience. Neither.
United States all the way.

But your signature wrote you live in Ontario! So Ontario as in Ohio, Oregon, WI or California?

 

[RohanKumar007]

But your signature wrote you live in Ontario! So Ontario as in Ohio, Oregon, WI or California?

Yes I live in Ontario but have studied+worked in US for a decade. Many people approach me with this question, so I always say "Get Passport and run off on TN ". Obviously people in STEM jobs and education. Maybe I should ask US government for honorary green card for promoting their country.