HawthorneVillager.com

no posts in almost 6 months. For the New Year I decided to look back and read some of the pages (didn't have enough time to go through 212 pages!)

I do miss Ol Skool's words of wisdom, and did he ever meet up with f?

Da Bills (if you are still around and reading), not much movement in our bet after 14 months.

Nov. 2013 avg price in Milton was $468,869, with the median price $456K. Up about $8k on our bet - August 2012's avg was $460,419. Avg price did rise later that year, so we are still down from peak pricing, but relatively steady. Looking at Freehold Towns, Semi and Detached, Median prices have risen in the last 6 months (5% rise in detached, 3% for towns and semis), while median price for condos (both towns and apartments) has dropped 6% and 12% respectively. Not sure what is going on there.

At any rate, haven't had a good argument lately (and Lambert wont be around until the election season starts!) - so I figured I would bring this thread back.

Thanks for reviving the deline thread. This forum wouldn't be the same without it

John Allingham
Owner & Certified Home Inspector
Halton-Peel Home Inspection
(416) 254-5869
inspect@peelhomeinspection.com
http://www.peelhomeinspection.com

Things seem to have stabilized a bit in the past year, we aren't seeing the crazy increases of the past couple years as much now, but the fundamentals (regardless of what measures you choose) still say that real estate is way overvalued. That said, short of major job losses or a rapid increase in interest rates (both seem unlikely), I'm not sure what would change the situation in the near term.

I don't fully agree with some of the methodology of this study, but was it widely reported in the media in mid December that Deutsche Bank had declared Canada to have the most overvalued real estate market in the world, followed by Belgium and New Zealand.
http://www.cbc.ca/news/canada/toronto/canadian-real-estate-most-overvalued-in-world-study-says-1.2462374

So much for saying goodbye to 2013.

Demographic high in 1988, add approximately 30 years to purchase first house = housing high
Demographic low in 1996 add approximately 30 years to purchase first house = housing low
30 years is a guesstimate only, it could be off by a few years.

How is the condo market in Toronto doing?
How many people here had a condo before purchasing a house?
At what age did you purchase the condo?
At what age did you purchase your house?

Complicating factors:
Immigration, Boomers retiring, inflation & interest rates, etc.
BTW first of the Boomers started retiring in the last three years.
What do many people do when they retire as far as housing?

Housing will decline when almost everybody gives up on the possibility of a housing decline.
Such as this thread being forgotten, so far 6 months.

_________________
Jezu Ufam Tobie

Crux sacra sit mihi lux! Non draco sit mihi dux!

Are you saying old people sell their home to purchase a condo
I can't say that I know of anyone who has done this, but I think they should.
Sell their home, purchase a nice smaller condo, enjoy the pool, games room, no maintenance...
Would be a great choice, but most people I know, live in their home till God calls.
I really don't think too many people do this
In fact, I don't know anyone who sold their home to live in condo's.
Older people that I know who live in a condo has always lived in a condo, or is there because of divorce.

Well you do now.....ME

_________________

What i'm saying is that a notable portion of a large demographic will start selling their overpriced homes in the GTA and start moving out.
With respect to condos, they are purchased by senors downsizing (can't imagine why many would want to get one downtown Toronto).
However, generally speaking condos are purchased by people before they have kids, close to work.

_________________
Jezu Ufam Tobie

Crux sacra sit mihi lux! Non draco sit mihi dux!

I am considering a condo because I"m retired and live in a detached but I simply can't afford those ridiculously high condo fees. I could afford them when I was earning a regular salary but not on a retirement income.

Are the condos fees plus reduced property tax on the condo that much higher than your current property tax on your detached?

I'm sure there are many variables. In my case....

House 1800 sq ft, lot width 55 ft. = taxes $3,000
Condo 1300 sq ft ................= taxes $2,400

Condo maint. fee = $305 X 12 = $3,660 so now it looks like to run the condo it's about double your old taxes. NO

Water is included in maint. fee
Gas, I am saving $100 per month =.......$1,200
Hydro, with water, I am saving $140 =...$1,600
...............................................-$2,800

Bottom line (in my case) is the cost of operating the new condo vs the 33 yr old house (with pool) is about the same maybe a bit less.

_________________

OK I screwed this up a bit. I deducted the cost savings (gas & hydro re-house) from the condo but did not add it to the house costs.

So house plus higher gas & hydro = 3,000 + 2,800 = 5,800.
Condo taxes & maint. 2,400 + 3,660 = 6,060 minus 2,800 (savings) = 3,260

So selling the house & buying the condo means I am paying (just using these points) 45% less than the house.

The house had a pool, I liked it warm, I like a cool house in summer and a warm house in winter so this is the reason for the higher utility bills.

_________________

The couple that bought our downtown condo when we bought/moved to Milton, were from Milton as well. Coming from a detached house. And not retired. The wife worked downtown and was sick of the commute.

I would consider moving into a condo again after living in a detached house for the past 4 years. It's appealing for people with busy lifestyles and demanding jobs. Also for those concerned about security. A house is a big responsibility, maintenance, and unknown expenses down the line. Mind you, I am picky about the buildings (small to mid size with no amenities in certain neighbourhoods and with reasonable maintenance fees). I would not buy one here though, the prices for condo's in Milton are off the charts considering the location.

hm. well mattamys new release just went up $3,000 in less than a week.

I'm curious, did the couple have any children?
Likewise, do you?

_________________
Jezu Ufam Tobie

Crux sacra sit mihi lux! Non draco sit mihi dux!