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but is it a good idea to buy a cheap condo and put some money into investments, or buy a small house in oshawa for example? or even renting?
It would obviously be cheaper to buy a small house in Oshawa than in Toronto (buying a house in Toronto is simply ridiculously expensive). If you have the money to buy a house than yes, it is a good investment. People have made an insane amount of money with housing R.E in Toronto. There is of course, always the risk of a correction after you purchase the place. I doubt there is going to be a large housing bubble bursting in the GTA but I also think that the way housing is going with ridiculous pricing jumps. This has to be an untenable situation and for the housing market (not necessarily condo), that a correction is on the horizon.
The condo market is cooler (cooler is relative - its still a red hot market with shortages) so may represent a bit more stability. It also may be the only affordable option to own R.E in Toronto. Most people can't afford to fork over a million bucks for a home or take out a million dollar mortgage and yes - that is how much it costs for the average detached house in Toronto.
My partner and I rent and it works for us! We make a great combined income but like to travel and invest. We've done pretty well with our investments and we are in them for the long haul. There is no unexpected costs that crop up with our apartment rental as it is rent controlled (buildings in Toronto built before 1991 are subject to rent control), meaning that rent will never increase more than I believe 2.5 percent per annum. Utilities all included. We don't have to worry about mtce fees going up or other headaches associated with condo ownership. That said, I don't think buying a condo is a bad investment either. It just not as worry free as renting and of course, its still more expensive to own than rent while you have a mortgage and while you are living in the place. You don't realize anything until you sell.
May I ask why Scarborough. If you are willing to move to Oshawa to buy a house than why aren't you willing to live elsewhere in Toronto? Scarborough is actually my least favourite borough of the Toronto area. It just feels the most disconnected from the city by and large.
Another thing to keep in mind is work - try as much as you can to live as close to where you work as possible. People always say oh well i'll just commute. In theory it sounds nice, in practice it wastes untold hours of your life and grinds away at you. Toronto's traffic is simply not pretty and among the most congested you will find in the western world.
One final note, why not rent for a year to get a feel for not just the nabe you choose but the city as a whole? It gives you time to make a soft transition to ownership once you are more of an expert in the ways and means of the T.dot.
Take a drive over and check out the place for yourself,talk to some of the residents,Google comes up with no negatives to the area.
My sister lived in the general area for many years and never had a problem.
Good advice. Practical and sane! I have no doubt your sister never had any problems. My Aunt and her husband lived in a rather 'unsavoury' part of Rexdale for many decades in a townhouse and also never had any problems. I grew up in the Jane and Finch area and the worst thing that happened to me is I was jumped one time when collecting for my paper route and robbed 20 bucks. Another guy close to my school stole a BB cap one time - OMG.. This could happen anywhere!
I'm not saying there aren't better hoods than others in Toronto, but by and large for the vast majority of people even in the worst areas of the city - its really not that bad at all.. 3 kids though, it might be a good idea to scope out various areas - Scarberia wouldn't be my first choice in Toronto and it isn't as much about safety as it is just not being a very interesting place to live..
@fusion2: I work from home. I already own a house that I can sell. I am looking to take advantage of this crazy RE and sell now high, buy smaller or rent, pay off my mortgage and be free.
Long time ago I rented an apartment, it was cheap and easy to find, but now I don't see where I can rent that is safe, cheap and clean. By the way, my mortgage is lower than renting! what is going on!!!
Once again, I wish I could sell, pay off mortgage, invest the extra, buy small house or rent. but where, what can I buy or rent?
@fusion2: I work from home. I already own a house that I can sell. I am looking to take advantage of this crazy RE and sell now high, buy smaller or rent, pay off my mortgage and be free.
Long time ago I rented an apartment, it was cheap and easy to find, but now I don't see where I can rent that is safe, cheap and clean. By the way, my mortgage is lower than renting! what is going on!!!
Once again, I wish I could sell, pay off mortgage, invest the extra, buy small house or rent. but where, what can I buy or rent?
$2000 for a 3 beds apartment?? wow
I think there are a lot of safe, clean apartments in Toronto. Cheap is relative.. We have a two bedroom 1000 sq ft apartment that is cheaper than 2000 bucks but it is an old commie block apartment building. Realistically yes, you'd need to fork over about 2K - maybe a bit less than 2K a month for a 3bdrm apartment that is clean.. The vast majority of Toronto is safe. I mean, you could throw a dart at the city of Toronto and wherever it landed it would probably be safe! If people in a general sense are afraid of raising kids in Toronto I think they are seriously paranoid. Most kids in the world grow up in more unsafe places than Toronto by a long shot. That said, rent is always going to be more expensive in a large city than small one. Try renting a place in DT Boston or S.F - you'll marvel at how cheap rent is in Toronto but sure - renting in Bolton will be cheaper than Toronto for obvious reasons - less people want to live in these places - supply and demand forces....
If you work from home and want to continue to own a home than why not consider moving somewhere further out of Toronto/GTA. Its cheaper and probably ticks off safety a bit more. More than likely a small city like Bowmanville is going to be safer than a large city like Toronto. Its just the way it is.. Unless you really need to live an urban life and want your kids to live close to urban and cultural amenities of a big city, in terms of affordability, it would be way cheaper to live in Bowmanville or Barrie or Hamilton. Hamilton imo is a good compromise city. Its still got decent urban bones but its way cheaper than Toronto. Its also not 'that' far from Toronto.. I also like its mid way proximity between Toronto/N.F and the U.S border.
My partner and I are DINKS who work in Toronto. We aren't going to be moving to Collingwood anytime soon lol.. Sure we could buy a house but we'd be bored out of our skulls and commuting to work would be akin to being flogged for 4 hours a day.. If I was a single daddy with kids though, worked from home and wanted to have a decent house that I could own by selling my more expensive house, i'd move to a smaller city outside the GTA for sure.
It would obviously be cheaper to buy a small house in Oshawa than in Toronto (buying a house in Toronto is simply ridiculously expensive). If you have the money to buy a house than yes, it is a good investment. People have made an insane amount of money with housing R.E in Toronto. There is of course, always the risk of a correction after you purchase the place. I doubt there is going to be a large housing bubble bursting in the GTA but I also think that the way housing is going with ridiculous pricing jumps. This has to be an untenable situation and for the housing market (not necessarily condo), that a correction is on the horizon.
The condo market is cooler (cooler is relative - its still a red hot market with shortages) so may represent a bit more stability. It also may be the only affordable option to own R.E in Toronto. Most people can't afford to fork over a million bucks for a home or take out a million dollar mortgage and yes - that is how much it costs for the average detached house in Toronto.
My partner and I rent and it works for us! We make a great combined income but like to travel and invest. We've done pretty well with our investments and we are in them for the long haul. There is no unexpected costs that crop up with our apartment rental as it is rent controlled (buildings in Toronto built before 1991 are subject to rent control), meaning that rent will never increase more than I believe 2.5 percent per annum. Utilities all included. We don't have to worry about mtce fees going up or other headaches associated with condo ownership. That said, I don't think buying a condo is a bad investment either. It just not as worry free as renting and of course, its still more expensive to own than rent while you have a mortgage and while you are living in the place. You don't realize anything until you sell.
May I ask why Scarborough. If you are willing to move to Oshawa to buy a house than why aren't you willing to live elsewhere in Toronto? Scarborough is actually my least favourite borough of the Toronto area. It just feels the most disconnected from the city by and large.
Another thing to keep in mind is work - try as much as you can to live as close to where you work as possible. People always say oh well i'll just commute. In theory it sounds nice, in practice it wastes untold hours of your life and grinds away at you. Toronto's traffic is simply not pretty and among the most congested you will find in the western world.
One final note, why not rent for a year to get a feel for not just the nabe you choose but the city as a whole? It gives you time to make a soft transition to ownership once you are more of an expert in the ways and means of the T.dot.
LOL.... Scarborough hater. Scarborough is huge and south Scarborough in general is pretty cool. Fab neighbours like me too . North Scarborough not as good... but still has pretty descent pockets. In general still way better and safer the north west toronto.
I think there are a lot of safe, clean apartments in Toronto. Cheap is relative.. We have a two bedroom 1000 sq ft apartment that is cheaper than 2000 bucks but it is an old commie block apartment building. Realistically yes, you'd need to fork over about 2K - maybe a bit less than 2K a month for a 3bdrm apartment that is clean.. The vast majority of Toronto is safe. I mean, you could throw a dart at the city of Toronto and wherever it landed it would probably be safe! If people in a general sense are afraid of raising kids in Toronto I think they are seriously paranoid. Most kids in the world grow up in more unsafe places than Toronto by a long shot. That said, rent is always going to be more expensive in a large city than small one. Try renting a place in DT Boston or S.F - you'll marvel at how cheap rent is in Toronto but sure - renting in Bolton will be cheaper than Toronto for obvious reasons - less people want to live in these places - supply and demand forces....
If you work from home and want to continue to own a home than why not consider moving somewhere further out of Toronto/GTA. Its cheaper and probably ticks off safety a bit more. More than likely a small city like Bowmanville is going to be safer than a large city like Toronto. Its just the way it is.. Unless you really need to live an urban life and want your kids to live close to urban and cultural amenities of a big city, in terms of affordability, it would be way cheaper to live in Bowmanville or Barrie or Hamilton. Hamilton imo is a good compromise city. Its still got decent urban bones but its way cheaper than Toronto. Its also not 'that' far from Toronto.. I also like its mid way proximity between Toronto/N.F and the U.S border.
My partner and I are DINKS who work in Toronto. We aren't going to be moving to Collingwood anytime soon lol.. Sure we could buy a house but we'd be bored out of our skulls and commuting to work would be akin to being flogged for 4 hours a day.. If I was a single daddy with kids though, worked from home and wanted to have a decent house that I could own by selling my more expensive house, i'd move to a smaller city outside the GTA for sure.
I say buy ..... but just not in galloway. If you pick the right condo you could have thinks like a gym and pool included.
I say buy ..... but just not in galloway. If you pick the right condo you could have thinks like a gym and pool included.
Buy for me or for the OP. We already own R.E - in Venezuela
Buying here is too expensive and our investments are doing well.. I'd only buy in Toronto if there is a nice price correction. I think for the OP he should consider a smaller city outside the GTA. He has 3 kids and can work from home. Why spend tons of money to own R.E here when he could own a place for 1/3rd the price here.
Quote:
Originally Posted by klmrocks
LOL.... Scarborough hater. Scarborough is huge and south Scarborough in general is pretty cool. Fab neighbours like me too . North Scarborough not as good... but still has pretty descent pockets. In general still way better and safer the north west toronto.
Sorry KLM - Scarberia is not exactly my favour part of Toronto.. That said, Kington Rd is the only arterial I could actually see myself living in. Anything else is just suburbia to the max - decent density suburbia but that is about it. North West Toronto isn't all that hot either but somehow I feel it is still more 'connected' to Toronto than most of Scarborough. The Bluffs and Rouge park are impressive though!
I have been living here with family for more than a year now and have been liking it. I find the area quiet and the people around nice. A lot of young families with kids have moved in here recently - good for my 4 year old
Also, it is on Kingston and the Go station is pretty near by - Just 40 minutes to my office in Downtown.
But I find it quite unfair to deem the area unsafe when the actual crime rate of the area isn't any worse than the rest of the city.
Last edited by DaisyDale; 04-22-2021 at 07:49 PM..
But I find it quite unfair to deem the area unsafe when the actual crime rate of the area isn't any worse than the rest of the city.
Interesting. I have met a few people from this area and it is they that swear up and down this area is "hard". I almost got the sense they were proud about it being that way. I know people from this area and Malvern that refer to their communities as "the hood".
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Lol.....
. North Scarborough not as good... but still has pretty descent pockets. In general still way better and safer the north west toronto.
