Real Estate

MOD, please delete

  • Last Updated:
  • Dec 28th, 2018 12:24 pm
Sr. Member
Nov 2, 2014
996 posts
334 upvotes
Scarborough, ON
OP - IMO, you got a solid deal.

Financially in 5 years I bet this house could go for $900K plus based on the area.
Deal Guru
User avatar
Mar 31, 2008
10657 posts
1689 upvotes
Toronto
That area has been pretty stable for awhile now. Used to be super cheap before the outsiders 'discovered' it. I bid on a 2nd property (planning to downsize in a couple of years type thing) townhouse across the GO in the latter half of 2015 when it started to get super hot. Bid 580s, when before that, none in the immediate area went for that. Winning bid was 615K. Not too long ago, similar unit sold for around that price so it peaked higher, than went back down and is quite stagnant.

OP, you did not 'overpay' compared to market. And the more you take advantage of the area, the better it will be. Especially exercise type thing.
Sr. Member
May 3, 2013
599 posts
161 upvotes
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
My advice is to ask this before making the purchase. Once you bought the property, no need to monitor the market anymore unless you are doing some fancy financing with your home equity. You made the purchase for a reason, there was a reason that you convinced yourself it was worth putting that much money into it, if that reason is still valid, you should be fine.
Jr. Member
Oct 14, 2017
106 posts
19 upvotes
I felt the same way in 2012 when I bought my tiny townhouse in Aurora. 6 years later I doubled after expenses and relocated. I accepted it then and enjoyed what I had.
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
Member
Aug 16, 2006
212 posts
58 upvotes
700k for a 1300sq ft house sounds pretty average in this market. Price wise I think it's good. If you like the area and it's close to work, then its a good deal. Price is just one half of the equation when deciding to purchase a home.

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