Real Estate

MOD, please delete

  • Last Updated:
  • Dec 28th, 2018 12:24 pm
[OP]
Newbie
User avatar
Sep 9, 2015
95 posts
62 upvotes
North York, ON

MOD, please delete

The home is a few mins walk to Rouge Hill Go. It’s about 1300sqft above grade with about $30k spent on renovations. With today news about home prices going down drastically setting a record after 22 years I am concerned now if I overpaid. Any advice or anything to make me feel better is appreciated Loudly Crying Face
Last edited by Ameliaski on Feb 12th, 2019 11:38 am, edited 2 times in total.
34 replies
Member
Sep 13, 2007
359 posts
89 upvotes
Toronto
It depends what kind of detached...is it near Port Union or close to morningside and Kingston

If it's Port Union, that area is a bit nicer and if the semi detached isn't that old then it's ok. That's just my feel for that area

Also, the price composite consist of not only freeholds and detached but also condos which most ppl are buying these days so that's going to drag the average down.

The thing is that, the demand is still there for houses but ppl are no longer buying with an expectation that prices will go up and earn a profit
Deal Addict
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Nov 10, 2015
2243 posts
833 upvotes
Monte Creek, BC
If the papers are signed and you're living in it, then it's time to accept it regardless of whether you overpaid or not.
It's yours, enjoy it and don't look back.
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Deal Expert
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Jan 27, 2004
40974 posts
4749 upvotes
T.O. Lotto Captain
Another approach is... You make no mention of this being a rental or investment property.
This is most likely your family home and personal residence. Enjoy it for years to come... And @ the end of the day... your mortgage payments are going towards something you're enjoying. Something you're raising your family in.

Think of it as a "life" fee... Smiling Face With Sunglasses
Sr. Member
Aug 11, 2009
709 posts
118 upvotes
Toronto
I have relatives around that area, houses sit on the market for a month but most semis sold around 700K. If this is your primary residence, no point worrying about it. May be you paid $20K more, may be you paid $20K less, what difference does it make? Move in and enjoy.
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Deal Addict
Feb 7, 2005
3831 posts
601 upvotes
Unless you are selling today the value is irrelevant. Enjoy your new house .
Deal Addict
Jul 29, 2006
3900 posts
720 upvotes
It's a great area for a family and having the GO station right there is convenient to get downtown. Lots of nature around, easy access to 401, good schools nearby, lots of parks in the area, lots of retail options around so what more can you ask for?
Jr. Member
Jan 27, 2018
184 posts
101 upvotes
I like that area and know it well... But for a semi I think you over paid by more then $50k or so but now if you are planning to live in it for years to come (15 to 20 years) then don't worry about short term and don't loose your sleep on it and enjoy your life.
[OP]
Newbie
User avatar
Sep 9, 2015
95 posts
62 upvotes
North York, ON
Thank you everyone, I appreciate your advice. The intersection is Port Union and Lawrence. The property is about 20 years old. I personally liked the area and actually all semis in the area are listed at above 720k so I sorta got lucky maybe?
Deal Addict
Jul 29, 2006
3900 posts
720 upvotes
Unknownname wrote:
Dec 17th, 2018 9:13 am
I like that area and know it well... But for a semi I think you over paid by more then $50k or so but now if you are planning to live in it for years to come (15 to 20 years) then don't worry about short term and don't loose your sleep on it and enjoy your life.
I disagree about him overpaying by $50k. Look at this listing for a less than 10 years old townhouse that sold for 685k 12 days ago. OP bought a semi-detached which already gives it more value than a townhouse.

https://www.bungol.ca/map/43.785235&-79 ... 88-3697459
Member
Oct 11, 2007
300 posts
42 upvotes
Toronto
Depends how much you over paid. As others have said, if its your primary residence and intend on staying long terms, your fine provided you didn't over extend
[OP]
Newbie
User avatar
Sep 9, 2015
95 posts
62 upvotes
North York, ON
this is definitely going to be my primary residence for the next 5 - 10 years. So, I am not in a hurry to sell this anytime soon unless I really have too because I need more space. The property is only 1300 sqft above grade actually.
Deal Fanatic
Feb 9, 2009
7796 posts
4769 upvotes
Ameliaski wrote:
Dec 16th, 2018 10:30 pm
The home is a few mins walk to Rouge Hill Go. It’s about 1300sqft above grade with about $30k spent on renovations. With today news about home prices going down drastically setting a record after 22 years I am concerned now if I overpaid. Any advice or anything to make me feel better is appreciated Loudly Crying Face
where did you hear this news? i dont see this anywhere.
Deal Addict
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Jan 2, 2012
3146 posts
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Toronto
Ameliaski wrote:
Dec 16th, 2018 10:30 pm
The home is a few mins walk to Rouge Hill Go. It’s about 1300sqft above grade with about $30k spent on renovations. With today news about home prices going down drastically setting a record after 22 years I am concerned now if I overpaid. Any advice or anything to make me feel better is appreciated Loudly Crying Face
I don't think you overpaid at all. Take a look at all the semi-detached sales in the immediate area in past 12 months:
$743K 64 Frank Faubert Dr
$760K 20 Shoalhaven Dr
$715K 20 Port Union Rd
$679K 39 Freeport Dr
$725K 35 Freeport Dr
$665K 27 Freeport Dr
$770K 12 Freeport Dr

$700K seems to be a good market price. I expect sales and prices will pick up again in the spring, as this is typically a slow time.

We moved to this area this past summer, and couldn't be happier. Prices are very affordable compared to rest of Toronto (we got a detached home in the mid $800s, and huge 2K+ sq ft detached are going for less than $1M). Super convenient to get downtown via the GO train, close to 401, quiet/peaceful lakefront area, and very important to us our kid started JK this year and the local school is amazing.
Deal Fanatic
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Feb 2, 2014
6626 posts
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Toronto
Ameliaski wrote:
Dec 16th, 2018 10:30 pm
The home is a few mins walk to Rouge Hill Go. It’s about 1300sqft above grade with about $30k spent on renovations. With today news about home prices going down drastically setting a record after 22 years I am concerned now if I overpaid. Any advice or anything to make me feel better is appreciated Loudly Crying Face
I know the area fairly well OP. Depending on the finishes and the exact location, $700k seems about right. It's on the higher end, but I wouldn't say you overpaid for it if the finishes are good.
Kevin Somnauth, CFA
Mortgage Broker - Mortgage Architects (#10287) and Real Estate Salesperson - Century 21 Innovative
President's Club Award Winner At The Mortgage Architects

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