Real Estate

Ppl that bought in 2017 do you regret buying ?

  • Last Updated:
  • Dec 14th, 2017 4:50 pm
Deal Addict
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Mar 25, 2005
2092 posts
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My place I just moved into 5 days ago, was 699k in August, I got it for 557k definitely don't regret it.
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Jr. Member
Dec 12, 2007
117 posts
10 upvotes
Toronto
Depends when you bought in 2017

if in Feb- April, when it was the peak then it was much crazier than in the summer and fall, as the prices started falling, due to the new rules.
Sr. Member
Aug 19, 2016
844 posts
304 upvotes
Feb-April is not the peak. Real estate price will surpass that over the long run. Why do people keep on calling that a peak?
Jr. Member
Dec 12, 2007
117 posts
10 upvotes
Toronto
CollegeGraduate wrote:
Dec 7th, 2017 12:00 am
Feb-April is not the peak. Real estate price will surpass that over the long run. Why do people keep on calling that a peak?
I wasn’t talking about the long run. I was referring to the peak for 2017 year only.

Prices will always change for the future, that’s for sure
Sr. Member
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Nov 7, 2004
771 posts
43 upvotes
Vancouver
I'm sure its been said before, but as long as you are buying the property to live in it, you will always need a place to live so living through any downturns in the RE market should not be an issue. Over the long run, you are going to make it just fine (if not VERY GOOD).
[OP]
Jr. Member
Jan 16, 2017
140 posts
62 upvotes
jdmkidd wrote:
Dec 6th, 2017 10:11 pm
My place I just moved into 5 days ago, was 699k in August, I got it for 557k definitely don't regret it.
will you have regrets when I move in beside you and pay 500k for the property?
Deal Addict
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Oct 9, 2008
4116 posts
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Thornhill
You can download an app called Sigma House which shows the affect of the recent decline quite clearly.

Basically if you bought during the peak you're underwater depending on the market comps in the specific area and what the price point was. Basically if you bought on the outskirts of the Toronto core and if the property was over $1M you're in some short-term pain. In the longrun, 5-10 years this you'll be in the positive as long as you're living in the property and weren't look for a quick flip. For the flippers they have some trouble to deal with.

We sold our detached home in Vaughan summer of 2016. A couple who purchased the property put in significant money into the entire renovation of the home and tried to sell in 2017 for almost double what they purchased from us with at least $200k that they must have put into renovations. They had to terminate the listing and they're stuck with house now as the market has cooled in the $1M+ in that area.
Last edited by Jeenyus1 on Dec 7th, 2017 10:56 am, edited 2 times in total.
Deal Addict
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Mar 25, 2005
2092 posts
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Meh 57k isn't going to make me lose sleep, even if it dropped to 300k. Not really in it for the investment, happy to just live in the area.
reesefitzmaurice wrote:
Dec 7th, 2017 10:23 am
will you have regrets when I move in beside you and pay 500k for the property?
Intel i7 6700k @ 4.8
Gigabyte Z170X
32GB Corsair Dominator DDR4 3400
Asus Strix 1080 GTX
Samsung 960 EVO 1TB M.2
Asus ROG Swift PG348Q
Member
Mar 20, 2017
232 posts
249 upvotes
Bought in January 2017 and rented out. I actually benefited from that foreign tax mess because rental prices went up significantly and I got much better cashflow than I could and likely will benefit more next years.
Regarding prices, it is not really interesting for me until at least fall 2019 because its an approximate date when I will be able to acquire one more property.
Noone really needs an immediate appreciation return, its more emotional thing rather than causing extra buying ability.

Because my income grew significantly recently, its also hard to say whether I will benefit from limited market crash in 2019 or from crazy growth. Because buying the next property will be mostly covered by income, not equity, so potential prices fall are not making it harder to do.

My house is pretty close from downtown toronto and there were very limited choices to buy so close back in January 2017. In fact, today the number of choices is even smaller. So despite those TREB numbers, location still matters and I am not sure whether I would be able to acquire same property today so close to DT. I am looking forward to see spring number of options to make a more solid judgement.

Another interesting thing is that I was overbid multiple times in January for 200-300k by competitive buyers. Instead of increasing the overasking value, I managed to buy underasking. I guess it was a pretty prudent decision. TREB numbers consider that overasking extra money as real price, but for me it was and is something I don't wanna go into.
Last edited by GalvToronto on Dec 7th, 2017 11:17 am, edited 2 times in total.
[OP]
Jr. Member
Jan 16, 2017
140 posts
62 upvotes
jdmkidd wrote:
Dec 7th, 2017 10:57 am
Meh 57k isn't going to make me lose sleep, even if it dropped to 300k. Not really in it for the investment, happy to just live in the area.
Pm me the neighbourhood so we can be neighbours ;)
Member
May 9, 2017
374 posts
409 upvotes
CollegeGraduate wrote:
Dec 7th, 2017 12:00 am
Feb-April is not the peak. Real estate price will surpass that over the long run. Why do people keep on calling that a peak?
Because it was a peak. Just because in the future prices may go above prices from the spring does not mean the spring wasn't a peak.

Markets have multiple peaks and troughs over time. That's how people talk about markets.
Jr. Member
Jan 1, 2017
159 posts
63 upvotes
I don’t regret buying my condo in 2014 :) 800+ sq f for $360k downtown, it’s now worth well over $525k.
Deal Fanatic
Jun 7, 2005
7472 posts
404 upvotes
phoenix_bladen wrote:
Dec 6th, 2017 11:28 pm
Depends when you bought in 2017

if in Feb- April, when it was the peak then it was much crazier than in the summer and fall, as the prices started falling, due to the new rules.
Exactly, bought the ICONA in Jan 2017 for under $600/sq ft. I think it has gone up a couple of hundreds $ per square feet. I guess it depends on when and what you have bought. Condo has been growing up non stop. Detached could be a difference story though.
Newbie
Nov 3, 2017
8 posts
6 upvotes
For those who regret, you may think that you regret it now, but in the future you may think that it was a great purchase. As long as you are in for long, for a place to call home, don’t worry about short-mid term fluctuations. Life is too short, don’t spend time regretting.
Newbie
May 15, 2015
40 posts
4 upvotes
I sold and bought at the peak, sure I wish I waited a couple months to buy again but also wish I bought Microsoft, Amazon, Bitcoin. Mostly regret because I don't like the area as much as I thought I would, so I'd either have to sell at a loss now or just wait it out. Also wish I downsized like I had originally planned to so I can have a couple nice toys on the side.

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