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

May 13th, 2015 5:37 pm

#1

thelastword [OP]: Sr. Member; Feb 14, 2010; 852 posts; 848 upvotes; Toronto

May 13th, 2015 5:37 pm

$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

May 13th, 2015 5:59 pm

#2

Engi-Nir: Deal Addict; Nov 27, 2007; 3669 posts; 807 upvotes

May 13th, 2015 5:59 pm

Every good idea, as housing always goes up, there is never a down.
True Canadian story.

May 13th, 2015 6:03 pm

#3

flafson: Deal Addict; Oct 29, 2010; 4396 posts; 744 upvotes

May 13th, 2015 6:03 pm

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.

May 13th, 2015 6:24 pm

#4

licenced: Deal Fanatic; Jul 3, 2011; 6517 posts; 3789 upvotes; Thornhill

May 13th, 2015 6:24 pm

A town of less than 13,000, I'd rather spend the same money and live in Niagara Falls.

May 13th, 2015 6:28 pm

#5

RaiderX: Sr. Member; Dec 24, 2011; 633 posts; 1406 upvotes; East, Canada

May 13th, 2015 6:28 pm

I thought you meant Paris, France... then it would be a good deal. Paris, Ontario is a nice place if you like kayaking.

May 13th, 2015 6:42 pm

#6

yyz64: Deal Addict; Dec 5, 2005; 1135 posts; 733 upvotes; Cambridge,Ontario

May 13th, 2015 6:42 pm

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.

May 13th, 2015 8:12 pm

#7

foodyforlife: Deal Addict; Jan 6, 2015; 2860 posts; 783 upvotes; Toronto, ON

May 13th, 2015 8:12 pm

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.

+1

May 13th, 2015 11:41 pm

#8

AgentRoyal: Member; Apr 22, 2015; 388 posts; 76 upvotes; Toronto, ON

May 13th, 2015 11:41 pm

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.

May 13th, 2015 11:51 pm

#9

thelastword [OP]: Sr. Member; Feb 14, 2010; 852 posts; 848 upvotes; Toronto

May 13th, 2015 11:51 pm

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.

May 13th, 2015 11:57 pm

#10

OilyBob: Deal Addict; Oct 8, 2014; 1015 posts; 227 upvotes; Unionville, ON

May 13th, 2015 11:57 pm

That deal sucks. You can get better deals in Bradford or Cambridge.

May 14th, 2015 12:10 am

#11

Speedy1: Deal Fanatic; Jun 29, 2007; 5604 posts; 2144 upvotes; Vancouver

May 14th, 2015 12:10 am

LOL, I read the title and I though Paris, France.

May 14th, 2015 1:11 am

#12

TheDogAteMyName: Sr. Member; Jun 29, 2012; 662 posts; 171 upvotes; Vancouver

May 14th, 2015 1:11 am

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.

May 14th, 2015 7:53 am

#13

dr_torch: Deal Addict; Mar 3, 2009; 1729 posts; 1042 upvotes; Ottawa, ON

May 14th, 2015 7:53 am

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.

May 14th, 2015 7:59 am

#14

sherman51: Deal Addict; Mar 23, 2011; 2071 posts; 1181 upvotes; Etobicoke

May 14th, 2015 7:59 am

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.

-----------------------------------------------------

"It's better to be dead and cool...than alive and uncool!"

May 14th, 2015 11:39 am

#15

blu3xtc: Member; Apr 29, 2006; 408 posts; 46 upvotes; Toronto

May 14th, 2015 11:39 am

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.

May 14th, 2015 3:40 pm

#16

yyz64: Deal Addict; Dec 5, 2005; 1135 posts; 733 upvotes; Cambridge,Ontario

May 14th, 2015 3:40 pm

^
Well since Paris is close to the 403 you could pick up the GO train pretty easily

May 14th, 2015 10:38 pm

#17

webworm: Deal Addict; Dec 6, 2006; 2744 posts; 1166 upvotes

May 14th, 2015 10:38 pm

The commute from Paris ON to downtown Toronto would be a killer.

May 14th, 2015 10:46 pm

#18

EPcjay: Deal Fanatic; Nov 11, 2008; 8764 posts; 2394 upvotes

May 14th, 2015 10:46 pm

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.

May 14th, 2015 11:12 pm

#19

IGetMoney: Deal Addict; Sep 1, 2007; 4045 posts; 464 upvotes; Markham

May 14th, 2015 11:12 pm

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.

May 15th, 2015 7:53 am

#20

Copper1212: Banned; Nov 17, 2014; 942 posts; 757 upvotes; Ontario

May 15th, 2015 7:53 am

Whitby will be a new hotspot with the 407 extension.