Off Topic

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

  • Last Updated:
  • Sep 14th, 2012 9:36 am
Tags:
None
Deal Fanatic
Dec 24, 2005
5420 posts
1016 upvotes
loserga wrote: Have you even seen the mansions in Richmond Hill and Aurora (heck Magna International's based there)?

Single detached homes in my neighbourhood are selling for $1 million atm, and our home was $500,000 when we bought it 14 years ago.
yes i have. In fact my wife used to live in one of those cookie cutter McMansions on yonge and 16th somewhere

they're for people who cannot afford a similar home in the city
Deal Addict
User avatar
May 19, 2009
2461 posts
245 upvotes
Toronto
@loserga You also remember the housing crash of the 90s too in Richmond Hill?

For example, a house at $800k dipped to just $450k iirc.

@OP Try North York, houses easily going for 5 mil. plus.
Deal Addict
Dec 9, 2010
3750 posts
155 upvotes
Barrie
ever1221 wrote: yeh coz you got teachers making 90k a year with 3 months of paid holidays..what do you expect?
I expect they cant afford these homes just like most seasonal workers...
We don't know, so it's possible. And it's possible, so it's probably probable.
Deal Addict
Apr 30, 2011
3064 posts
338 upvotes
RICHMOND HILL
ssainani wrote: yes i have. In fact my wife used to live in one of those cookie cutter McMansions on yonge and 16th somewhere

they're for people who cannot afford a similar home in the city
Wealthier immigrant families would also look for a good school district. I doubt any of them would move to North York for that reason.
Deal Fanatic
Dec 24, 2005
5420 posts
1016 upvotes
loserga wrote: I doubt any of them would move to North York for that reason.
All nice and stuff you live in Richmond Hill - but it's a suburban ghetto. There's a reason the cost per square foot is a third of a similar nice home in the city.

North York has better schools public schools (I think Earl Haig is one of the reasons for properties to be expensive)

More importantly if you actually have money your kids are going to one of the private schools in Forest Hill. Not somewhere in the sticks north of Steeles.
Deal Addict
Apr 30, 2011
3064 posts
338 upvotes
RICHMOND HILL
ssainani wrote: All nice and stuff you live in Richmond Hill - but it's a suburban ghetto. There's a reason the cost per square foot is a third of a similar nice home in the city.

North York has better schools public schools (I think Earl Haig is one of the reasons for properties to be expensive)

More importantly if you actually have money your kids are going to one of the private schools in Forest Hill. Not somewhere in the sticks north of Steeles.
Ahh yes Earl Haig... it's all gone to @$#% in recent years, though. Quite a bit of gang activity, at least what I hear from friends who live in the area.

But if you're truely Asian, why would you send your kids to a private school? :D
Deal Addict
User avatar
Jan 20, 2009
3693 posts
113 upvotes
loserga wrote: Have you even seen the mansions in Richmond Hill and Aurora (heck Magna International's based there)?

Single detached homes in my neighbourhood are selling for $1 million atm, and our home was $500,000 when we bought it 14 years ago.
I used to live in my car, I mean in Aurora. Yeah its a nice place but way too far out. Driving to/from Aurora to anywhere you really want to go takes way too long.
Deal Addict
Apr 30, 2010
1432 posts
352 upvotes
I am curious to know what their annual property tax is for these multi million dollar homes. I think it is time to raise the property taxes in Toronto close to the market value of these homes. Watch the housing demand fall. Or if not, Toronto can reap the win fall by paying off the city's debt.
Deal Addict
Apr 30, 2011
3064 posts
338 upvotes
RICHMOND HILL
Too itchy wrote: I am curious to know what their annual property tax is for these multi million dollar homes. I think it is time to raise the property taxes in Toronto close to the market value of these homes. Watch the housing demand fall. Or if not, Toronto can reap the win fall by paying off the city's debt.
There's the caveat... this is the reason why we're selling our home ASAP.
Deal Addict
Apr 30, 2010
1432 posts
352 upvotes
Toronto politicians r too scared to raise property taxes in Toronto... Probably thinking it would be political suicide. If the elected officials just raised the property taxes close to what Durham or York region, many money problems would probably be solved and many programs that r needed would not be cut. Toronto demand for housing is still there.
Sr. Member
User avatar
Feb 11, 2012
960 posts
72 upvotes
CONCORD
RFID is full of foreign-investment agents who drive up the prices of condos/houses. Shame on you!
Get educated on how the world needs to work with the Venus Project
Sr. Member
Nov 18, 2011
514 posts
12 upvotes
SCARBOROUGH
It's supply and demand. A lot of people want trendy postal codes and their kids in a good public school.

Top