Real Estate

[Treasure Hill] Canyon Hill - Richmond Hill 70% sold in 1 day UPDATE: SOLD OUT

  • Last Updated:
  • Jul 16th, 2019 9:13 am
[OP]
Deal Guru
Feb 29, 2008
11395 posts
6470 upvotes
125 townhouses sold out in Richmond Hill. Impressive.
Sr. Member
Jan 29, 2010
822 posts
530 upvotes
Toronto
JayLove06 wrote: 125 townhouses sold out in Richmond Hill. Impressive.
Non-condos ($1m+ homes) heating up finally. I'm seeing detached getting off the market finally at around Jul 2018 prices or slightly higher. The past few months were like 80% Semis sold in my area despite only 20% of my area being Semis. Made me wonder if people are really that poor.
Deal Fanatic
Feb 9, 2009
8885 posts
6243 upvotes
They backkkkkkkkkk

Bears. Get in now! Rates about to drop. How much longer how much longer?
Deal Fanatic
User avatar
Nov 13, 2010
6398 posts
1069 upvotes
Scarborough
Curious where the millions of $ coming from?
[OP]
Deal Guru
Feb 29, 2008
11395 posts
6470 upvotes
reesefitzmaurice wrote: drugs, there i said it
I hope you were joking.

As far as where people are finding $1M for a home, well, thery're not wlaking in with $1M. They are getting mortgages with at leat 20% down or more. Can come from saving or sale of a previous property. If you'r buying a $1M townhouse odds are it's likely not your first home.
Member
Jan 16, 2017
466 posts
286 upvotes
JayLove06 wrote: I hope you were joking.

As far as where people are finding $1M for a home, well, thery're not wlaking in with $1M. They are getting mortgages with at leat 20% down or more. Can come from saving or sale of a previous property. If you'r buying a $1M townhouse odds are it's likely not your first home.
i can see 1M being fine for first time home buyers. parents sell bayview hill for around 2M then buy a condo in toronto for 1M and give downpayment money to the kids
Sr. Member
Jul 8, 2017
625 posts
688 upvotes
NA
reesefitzmaurice wrote: i can see 1M being fine for first time home buyers. parents sell bayview hill for around 2M then buy a condo in toronto for 1M and give downpayment money to the kids
I fail to see your point in this, parents who have the mean will help out their kids with their down payment anyway. It doesn't matter when it is a 1M town home or a 500 K condo. This is the way to build tax free generation wealth.
[OP]
Deal Guru
Feb 29, 2008
11395 posts
6470 upvotes
Silver1234 wrote: I fail to see your point in this, parents who have the mean will help out their kids with their down payment anyway. It doesn't matter when it is a 1M town home or a 500 K condo. This is the way to build tax free generation wealth.
My parents didn't get the memo. Angry FaceBut bears want to call me "lucky" Face With Tears Of Joy
Member
User avatar
May 10, 2017
256 posts
133 upvotes
JayLove06 wrote: My parents didn't get the memo. Angry FaceBut bears want to call me "lucky" Face With Tears Of Joy
I think you made smart choices.
How many properties do you own at the moment?
Donate to your local food bank today!
[OP]
Deal Guru
Feb 29, 2008
11395 posts
6470 upvotes
DirtPoor wrote: I think you made smart choices.
How many properties do you own at the moment?
4 with another closing in about a year or so...
Sr. Member
Jan 29, 2010
822 posts
530 upvotes
Toronto
JayLove06 wrote: I hope you were joking.

As far as where people are finding $1M for a home, well, thery're not wlaking in with $1M. They are getting mortgages with at leat 20% down or more. Can come from saving or sale of a previous property. If you'r buying a $1M townhouse odds are it's likely not your first home.
I got a $1m+ home with no financial help from parents and 1st home.
Newbie
Mar 3, 2016
32 posts
1 upvote
JayLove06 wrote: It's interesting how popular these luxury freehold townhouses have become when you consider detach and semis are not that much more expensive on the resale market. What would make someone buy a townhouse without a yard over a resale detach with a big front and back yard and more square footage? Yes, it's new! But that newness will wear off.
I believe it might be because some people do not have the complete down payment, or ready to buy a house at this moment, so they look to Pre-con as a way of getting into the market, securing a price point, with somewhat ample time to save and prepare for closing.

Then theres investors, or parents planning ahead for their kids. Lots of reasons.
Sr. Member
User avatar
Nov 5, 2018
701 posts
988 upvotes
Scarborough
GabeC007 wrote: I believe it might be because some people do not have the complete down payment, or ready to buy a house at this moment, so they look to Pre-con as a way of getting into the market, securing a price point, with somewhat ample time to save and prepare for closing.

Then theres investors, or parents planning ahead for their kids. Lots of reasons.
Pre-con is great for people who want to own as well. My dad did that and he is very happy at 88 Scott.

Benefits:

1) You get pick of the litter for floor plans vs. with resale you have to take what is available.
2) Like you said, you don’t need the money up front. You have years to pay for the 20%.
3) You don’t have to deal with agents, open houses, bidding wars.

and many more. But bears will yell at me for praising pre-construction. But bears, my family and I bought 4 units at 88 Scott for $630-650 a foot. Best decision of my life.

Bears have been wrong this whole time and will continue to be wrong. They don’t use wits, they don’t look at the data. They just hope and wish things implode, but it won’t happen like that.
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