Real Estate

600k Town House in Newmarket or Old detached in Toronto

  • Last Updated:
  • Aug 2nd, 2019 1:32 pm
[OP]
Jr. Member
Apr 7, 2007
102 posts
17 upvotes
ontario

600k Town House in Newmarket or Old detached in Toronto

You are single 30 y/o and you have ONLY the two options below, what would you choose and why. You work in Vaughan.

1) old house in 2 bdrm Toronto detached ~650 sqft. House is 80+ years old.

2) 4 bedroom 1800 sqft semi in Newmarket (freehold) nicely renovated.

What would you choose and why? You have the ability to have live-in tennats in both cases.
13 replies
Penalty Box
User avatar
Apr 21, 2004
51933 posts
16515 upvotes
#1 if it's subway accessible or close enough

reason: you can always rent this out down the road when conditions change. Twenty years from now, that may be worth a lot more than the one in Newmarket.

lots of high paying jobs in Toronto too so not stuck to your job in Vaughn
Sr. Member
Jan 1, 2017
863 posts
669 upvotes
Did you say 650 sq f 2 bedroom detached??? How is this even possible? Seems smaller than a lot of on bedroom condos.
[OP]
Jr. Member
Apr 7, 2007
102 posts
17 upvotes
ontario
80 + year old house on a big lot. It's actually 640 sqft, 2 bdrm, detached.
Sr. Member
Jan 1, 2017
863 posts
669 upvotes
Seeing all your other threads I thought you were buying a condo and building a new house on the lot of the old house. Why the Newmarket property now?
[OP]
Jr. Member
Apr 7, 2007
102 posts
17 upvotes
ontario
It's a new option that came up. I still haven't done anything and I can't qualify for a construction loan to build a new house yet. Don't have the cash or cashflow.
Sr. Member
Jan 29, 2010
776 posts
504 upvotes
Toronto
tribute4 wrote: 80 + year old house on a big lot. It's actually 640 sqft, 2 bdrm, detached.
I’m very interested in visiting a 640 sq ft 80+ year old house. Sounds like a glorified shed, wonder how large this “large lot” is.
[OP]
Jr. Member
Apr 7, 2007
102 posts
17 upvotes
ontario
jillaryit wrote: I’m very interested in visiting a 640 sq ft 80+ year old house. Sounds like a glorified shed, wonder how large this “large lot” is.
Lot dimensions are 50 by 180ft - narrow but long
House dimensions are 20 x 32ft.

Yes, the house is not the best. It was constructed at a time when TO did not have sewage and has an old abondened septic tank.
Sr. Member
User avatar
Jan 21, 2017
719 posts
199 upvotes
tribute4 wrote: 80 + year old house on a big lot. It's actually 640 sqft, 2 bdrm, detached.
Where is it? Seems really cheap
Deal Addict
Jul 3, 2007
1867 posts
1930 upvotes
Toronto
East york has a ton of small houses, and they sell for easily $700k + , but its 5 minutes from downtown...

the land value will always be way higher than newmarket.... but you will get much better living quality in 1800 sq ft
and I think your commute will be better too...

I get your dilemma tho, its a tough one.... I would go with newmarket if you dont
care a lot about future property value and more about living quality.....

are you driving to work?
Penalty Box
User avatar
Apr 21, 2004
51933 posts
16515 upvotes
tribute4 wrote: Lot dimensions are 50 by 180ft - narrow but long
House dimensions are 20 x 32ft.

Yes, the house is not the best. It was constructed at a time when TO did not have sewage and has an old abondened septic tank.
A friend of ours bought this 66 x 300 ft lot with a small bungalow just north of Steeles before for a little over $500k.

I think they struck gold. I never tried to discover the value of that property at the peak in 2017.
Sr. Member
Feb 19, 2019
587 posts
579 upvotes
Stouffville ON
One glove doesn’t fit all.
Quality of living – Newmarket property wins from the perspective of newer house, if suburbs are your style it is also quite nice (lived there for many years), if you prefer Toronto as a life style you should choose there.
Driving to work – drive from Newmarket to Vaughan is not bad, where is the TO property.
Size – 1800 sf for one person is a lot, small house would be perfect, but the minute you became 2 person or a family the Newmarket property becomes more attractive.
Investment – unless the TO property is in the terrible area or a terrible spot (next to a city dump, factory etc) TO property is better hands down, gives you many options, you can live there for now in a property which has a size that is perfect for one person, you can build on it later on, sell for land value, renovate. Newmarket property doesn’t give you as many options.
Full Time and Full Service Realtor
Deal Addict
Mar 20, 2017
1210 posts
958 upvotes
In Toronto, depends on area, but overall land value only is roughly $500k for a house. So you are picking something very very bad, not even livable enough for renting out, if you chose to. And locked with low sq ft. Like living in a shred.
Instead, you can look towards semi detached segment to get better livable conditions for same price or even buying large enough detached in much worse conditions and gradually renovating it. At least you wouldn't need to deal with massive permit approvals to create comfortable environment for you.

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