• Moderators, please send me a PM if you are unable to access mod permissions. Thanks, Habsy.

OT - Toronto Real Estate

grim financial advice by count

I deal in realities Ch. Most in Vancouver are financing homes through early parental deaths or gift/loans from parents. It used to be only Italians and Greeks did that for their children, but not anymore.
 
your inheritance is waiting for you, but of course none of us want our parents to die, so you aren't getting it for awhile

What inheritance? As cost of living increased parents will likely be spending your inheritance on the ever increasing cost of necessities and maybe the odd vacation or two.
 
Buy a vacation/investment property in Mexico. You can get into a decent starter condo (with very reasonable condo fees) in Vallarta for about 150K USD, that you'll be able to pull 100 USD a night pretty steady in the high season, once you've got a few grand to spend, rip the old tile out, upgrade the kitchen and bathrooms (mexican labour is cheap) and now you're charging 130-150 USD a night during the high season (and getting sporatic business during the low season at about 70% of that rate. Hire a reputable real estate agent (I've got one if you need) in the area to manage the particulars (key pick up/drop off, property inspection after the guest leaves, etc) for a few hundred pesos per guest.

Bang all the extra coin you make (after upgrades) into paying off the mortgage and it will be paid off in ~10 years tops. So maybe you won't own a place in the GTA, but you'll be 40 (or under?) with a vacation/retirement property already paid off.

I was just in Vallarta for the first time in at least 5 years. Possibly longer.

Was pretty surprised at all the condos that have sprouted up. Some real nice looking places right on the water. It's a beautiful spot. I don't think they are in a hurricane zone, though that big ass one did hit last year. I didn't see any evidence that it had actually been there.

Maybe I should have invested back then, but Mexico is still a bit shady. I never really looked too deeply into foreign ownership. Now it's too late to get in on the ground floor so to speak.

So then I went to the Philippines and now they've been taken over by a psycho. Hard to predict that will happen. Hopefully things don't get too crazy down there.

Not to stray too far off topic but I think we could see a forceful regime change at some point. Too many people with too much at stake.
 
I don't envy those having to start out in that kind of economic situation. Those prices at mean income under $100k are insane.
 
It has gotten crazy. I bought in Pickering 7 years ago and the person I bought it from cancelled a bunch of showings the next day and gladly took 15K less than the asking price. Last month my neighbor sold for 91K over the asking price with 17 bidders. It's nutty.
I have friends who own near mansions in Montreal who's homes are worth a lot less than my little place.
 
It has gotten crazy. I bought in Pickering 7 years ago and the person I bought it from cancelled a bunch of showings the next day and gladly took 15K less than the asking price. Last month my neighbor sold for 91K over the asking price with 17 bidders. It's nutty.
I have friends who own near mansions in Montreal who's homes are worth a lot less than my little place.

Where the **** are people getting that kind of money.

I know the Canadian dollar is shit...but this is ridiculous.

Where do you get a $100K a year job? These kids just coming out of school aren't making that. Plus they are graduating with a shitload more debt than I graduated with.

I had a job interview in Toronto when I first got out of school. It went pretty well. I didn't get the job I interviewed for, but they offered me another one. Less money but "opportunity to advance".

I did the math and it just didn't make any sense to accept it. So I didn't. I hit a bar nearby later that night, and got to chatting with some guys. I remember one telling me that if I'm not making at least $250K a year, to not bother moving to Toronto.

This was in 1999.
 
I did the math and it just didn't make any sense to accept it. So I didn't. I hit a bar nearby later that night, and got to chatting with some guys. I remember one telling me that if I'm not making at least $250K a year, to not bother moving to Toronto.

This was in 1999.

This sounds about right. You met some random guy, he told you not to move to Toronto if you don't make 250k, and now you live by this.
 
The investment property in Mexico is a great idea. When Florida was in the shithole financially a few years ago, I desperately wanted to buy property to rent out to tourists but did not have the coin.
These days, you need a side business or investment like that to have an actual savings account and money to play with.
Earlier this year I started my own recruitment business and I'm actually making a lot of money off of it. It's getting to the point I find going to work for my crappy paycheque depressing because I might be missing out on some nice money.
 
Move to expensive Toronto right?


It's amazing that Toronto has become as expensive as Manhattan and San Francisco. From what I am reading though you may have to actually go even further out in Toronto than those cities to find stuff in the $500K range. Completely insane.
 
Move to expensive Toronto right?


It's amazing that Toronto has become as expensive as Manhattan and San Francisco. From what I am reading though you may have to actually go even further out in Toronto than those cities to find stuff in the $500K range. Completely insane.

Not me man, I already ejected from the rat race.

I would rather live in a tent than pay $500K for a shitty house.
 
My neighbor sold their house which was literally falling apart because they were broke and moved to PEI to live debt free and got waterfront property for nothing.
 
Back
Top