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Where are there so many multi-million homes in Toronto?

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  • Sep 14th, 2012 9:36 am
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[OP]
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May 31, 2012
42 posts
2 upvotes

Where are there so many multi-million homes in Toronto?

By looking at MLS and driving through different neighbourhood, I see that there are so many houses that are above $1million in Toronto. Do people make this much? How much do you need to make to mortgage a $2 million house?
42 replies
Deal Addict
Jan 22, 2003
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Austin/Markham
ya, in Markham a lot of people have good jobs and make lots of money. Tons of households with folks earning $200K+.

They worked hard and now get to reap the rewards.
__
demandez-lui si elle dormira avec vous pour un LED keychain
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Mar 3, 2010
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you don't start with a million+ home, you trade up as your equity increases and your income is able to support a larger mortgage...
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Sep 14, 2006
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webdoctors wrote: ya, in Markham a lot of people have good jobs and make lots of money. Tons of households with folks earning $200K+.

They worked hard and now get to reap the rewards.
Well it seems like everyone on RFD makes 300 thou so no surprise.
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Feb 21, 2005
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Due to high net worth...saved a bit through the group buy....
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louthverg wrote: By looking at MLS and driving through different neighbourhood, I see that there are so many houses that are above $1million in Toronto. Do people make this much? How much do you need to make to mortgage a $2 million house?
Most of these home owners are RFD members. They make to much money by hoarding on RFD deals. True...
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Feb 22, 2010
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webdoctors wrote: ya, in Markham a lot of people have good jobs and make lots of money. Tons of households with folks earning $200K+.

They worked hard and now get to reap the rewards.
What does Markham have to do with the OP question about Toronto?

Markham it's own city North of Toronto.

$200K doesn't even pay the PoolBoy and the Gardener in Rosedale in Toronto.

The bottom line is Toronto is an International World Renowned city now and a lot of foreign money has driven up condo and home prices in Toronto.
Toronto Real Estate offers a sound investment you can live in or rent out or speculate on and Toronto proper has an almost unblemished record of year after year property value increases.
[OP]
Newbie
May 31, 2012
42 posts
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The Templar Knight wrote: What does Markham have to do with the OP question about Toronto?

Markham it's own city North of Toronto.

$200K doesn't even pay the PoolBoy and the Gardener in Rosedale in Toronto.

The bottom line is Toronto is an International World Renowned city now and a lot of foreign money have driven up condo and home prices in Toronto as Real Estate offers a sound investment you can live in or rent out or speculate on and Toronto proper, has almost an unblemished record of year after year property value increases.

Thanks. The reason I asked is because it seems like everyone is in the 1% in Toronto hh income excess of $200k .
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Mar 18, 2008
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I'm willing to bet that a big chunk of the people who own $1m+ houses all purchased them when they were at affordable levels respective to income. Housing prices have skyrocketed but income levels have not which is why these prices seem so absurd these days.
Member
Feb 5, 2007
355 posts
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I would say most of them have both people working. Around $350k salary with minimal debt can you get a mortgage for $1.5-1.8 million dollars. Although their salaries are still much higher than the average population, I think it's a case of high-earners marrying/living with other high-earners
[OP]
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May 31, 2012
42 posts
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SoBored wrote: I would say most of them have both people working. Around $350k salary with minimal debt can you get a mortgage for $1.5-1.8 million dollars. Although their salaries are still much higher than the average population, I think it's a case of high-earners marrying/living with other high-earners
Thanks. A 1.5million house is still looks like an average house Toronto. Do you think if the house price is going to come down? I saw a house sold in 2005 for $4million was sold for $11million recently.
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Nov 15, 2004
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wszeto28 wrote: I'm willing to bet that a big chunk of the people who own $1m+ houses all purchased them when they were at affordable levels respective to income. Housing prices have skyrocketed but income levels have not which is why these prices seem so absurd these days.
Yep. You'll notice that a lot of these homes are owned by older folks, or family of the older folks that were living in them before. The city has grown a lot in both size and influence in a relatively short period of time, so the folks that were here when it wasn't so great have seen their assets increase (on paper) considerably. The same thing has also happened in the cities bordering Toronto.

My parents bought our house in Mississauga for $200k back in 1997. The house next to us was built with the same plan as ours, and every time the neighbors have changed they've just paid more and more for it. I think the most recent ones paid close to $500k. My parents are set if they ever sell the house, but there's no way they could afford to buy another house in or near that area again. I can't buy one in my old neighborhood either because of the massive inflation of house prices in recent years.
Could HAVE, not could OF. What does 'could of' even mean?
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Jan 20, 2009
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webdoctors wrote: ya, in Markham a lot of people have good jobs and make lots of money. Tons of households with folks earning $200K+.

They worked hard and now get to reap the rewards.
what does markham have to do with this? housing in markham is cheap as hell compared to housing in Toronto proper.
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Feb 5, 2007
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not to mention 'webdoctors' questions the salaries/benefits of teachers yet I'm sure has no qualms about the fraudulent billing that is rampant in the healthcare industry which is all paid for via tax dollars

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