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$450k for a 3000 sq ft detached house on a 50 ft lot in Paris, Ontario. Good deal?

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  • May 16th, 2015 7:03 am
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[OP]
Sr. Member
Feb 14, 2010
852 posts
848 upvotes
Toronto

$450k for a 3000 sq ft detached house on a 50 ft lot in Paris, Ontario. Good deal?

Been looking at homes in and around Toronto and noticed a nice little town called Paris. For 450k you can get a 3000 sq ft detached house on a 50 foot lot. Takes 5 mins to get to the 403 and property taxes are about 1% so that's quite cheap.

What do you guys think about the location and future prospect. Sure beats a 65 year old 800 sq ft detached house at Dufferin and Lawrence.

http://www.eastforesthomes.com/communit ... -siteplans
24 replies
Deal Addict
Nov 27, 2007
3669 posts
807 upvotes
Every good idea, as housing always goes up, there is never a down.
True Canadian story.
Deal Addict
Oct 29, 2010
4396 posts
744 upvotes
Probably expensive, 8 years ago, same kind of house in Vaughan was around the same price, back then everyone thought it was expensive.
You're paying for location really. Compared to other locations, it's a great deal because you pay 1/3rd of the price but at the same time, location can't be changed. If you're ok with the location then there is nothing to stop you, do it.
Deal Fanatic
Jul 3, 2011
6517 posts
3789 upvotes
Thornhill
A town of less than 13,000, I'd rather spend the same money and live in Niagara Falls.
Sr. Member
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Dec 24, 2011
633 posts
1406 upvotes
East, Canada
I thought you meant Paris, France... then it would be a good deal. Paris, Ontario is a nice place if you like kayaking.
Deal Addict
Dec 5, 2005
1135 posts
733 upvotes
Cambridge,Ontario
If you enjoy driving then it sounds like a great idea.My parents moved from Paris last year.Small town has a grocery store ,McD's Timmies etc.It's a nice smaller town but for me the drive would kill it if I had to go into TO every day.
Deal Addict
Jan 6, 2015
2860 posts
783 upvotes
Toronto, ON
This is a kinda dumb post. Of course it's cheaper the further away from the city you get. Makes sense if someone works in Paris. If you work in the city, you're gonna want to drive off Niagara Falls after commuting everyday.
Member
Apr 22, 2015
388 posts
76 upvotes
Toronto, ON
Paris is way out there, you have to think resale value as well, and lifestyle...you can get cheap housing in any number of places but the question is will you enjoy living there long term/ commuting..usually that's a no for most people.
[OP]
Sr. Member
Feb 14, 2010
852 posts
848 upvotes
Toronto
Many concern will be appreciation in Paris vs Toronto. Commute time is the same for my current house in Toronto vs Paris. Also wife will soon look for a nursing job in the GTA. Guess I cant look past the idea that my T.O house will be worth way more even though its 1/3 the size.
Deal Addict
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Oct 8, 2014
1015 posts
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Unionville, ON
That deal sucks. You can get better deals in Bradford or Cambridge.
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Deal Fanatic
Jun 29, 2007
5604 posts
2144 upvotes
Vancouver
LOL, I read the title and I though Paris, France.
Sr. Member
User avatar
Jun 29, 2012
662 posts
171 upvotes
Vancouver
I too though Paris France. My Grandma owns a castle just outside Pairs and it did not cost that much. Damn Canadian prices are inflated.
Deal Addict
Mar 3, 2009
1729 posts
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Ottawa, ON
thelastword wrote: Commute time is the same for my current house in Toronto vs Paris.
I find this very hard to believe. I guess it depends where you work in Toronto. If you were on the west side then I guess it would be better, but the commute from Paris is still crazy.

Then again, I cannot imagine spending 1 hour+ in the car every morning and night, but some people don't seem to mind it.
Deal Addict
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Mar 23, 2011
2071 posts
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Etobicoke
thelastword wrote: Many concern will be appreciation in Paris vs Toronto. Commute time is the same for my current house in Toronto vs Paris. Also wife will soon look for a nursing job in the GTA. Guess I cant look past the idea that my T.O house will be worth way more even though its 1/3 the size.
Houses outside of Toronto don't appreciate as fast. I bought my house for $350,000 in 2007 and it has more than doubled. My inlaws lived in Cambridge for 25 years before selling. They had bought for $155,000 and sold for $280,000. Once you leave Toronto, unless your income is enough to take on a bigger mortgage, your appreciation cost in Paris will never come close to keeping up.
Yes, you will get a bigger bang for your buck and if you work close to there and can be happy with living out there, by all means go for it. If you are thinking of banking equity in the house to sell and move to T.O. in a few years...start crunching numbers because it may not work.
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Member
Apr 29, 2006
408 posts
46 upvotes
Toronto
I wouldn't mind being attached to a larger city with transit access if I were to go out that far.

For about $550k, you could go to Innisfil (10-15 minutes south of Barrie/10-15 minutes north of Bradford (East Gwillumbury)) and get a 3200 SF house on a 50' lot too.

Barrie/Bradford have direct GO train lines to downtown whereas I don't really know how to get from Paris to Toronto with the exception of driving.
Deal Addict
Dec 5, 2005
1135 posts
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Cambridge,Ontario
^
Well since Paris is close to the 403 you could pick up the GO train pretty easily
Deal Addict
Dec 6, 2006
2744 posts
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The commute from Paris ON to downtown Toronto would be a killer.
Deal Fanatic
Nov 11, 2008
8764 posts
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OP, the comparison is skewed.

It takes me an hour to drive to work from Toronto to Guelph, but, no matter how fast I drive, it will always be at LEAST an hour. The commute from Toronto to downtown is also an hour, and on a GOOD day, 35 minutes. Travel times can easily double due to elements, or factor uncontrollable by you.
Deal Addict
Sep 1, 2007
4045 posts
464 upvotes
Markham
wow I have never heard of Paris in my life, I actually might move here just to tell people I live in Paris, and show people my license that says "Paris" on it. If you're looking to build equity OP, Paris doesn't seem like a good place to do that, doesn't look like it will appreciate very well over the years compared to Toronto and the GTA.

I know people who sold their house in Markham and moved to Whitby, so they could have the extra money. They didn't really need it, but did it just so they could have extra money. They should have waited for a few years, because they gave up convenience considering everyone they knew lived in Markham or close to, and their jobs were close to Markham, and the Markham house appreciated more than the Whitby house did in the same time period, for obvious reasons.
Banned
Nov 17, 2014
942 posts
757 upvotes
Ontario
Whitby will be a new hotspot with the 407 extension.

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