I'm in Mississauga, Lorne Park area. So not far at all.
- LeafMan

My step Dad is in Forest Hills. Your not that faraway at all. But your house is also over 650k. Hard for a kid to start at those prices.

Living above their means.

Two cars and fancy crap. You start to wonder.
- LeafMan

I wonder about the cars I see driving around. We *could* afford a BMW 5 series or a high end Lexus, as an example.

Why though? I would far rather have a maxed out RRSP and TFSA and no mortgage and cushion in my savings in case I lose my job.

I don't believe people in my neighbourhood are enjoying a higher income, but man they sure are spending more on cars.

Nice!!!

My inlaws paid next to nothing, and then when the interest rates hiked in the early 80s my mother in law's dad paid it off and gave them the remainder of the loan at 0% interest... it's now worth about 400k in a decent part of Hamilton
- lumlums

I was first in my group to buy, i paid 169K 4 years ago, 4 on my street sold this year to younger couples minimum was 230K max was 270K (it was completely gutted and flipped).

I agree with everyones "sooner the better" idears.

Living above their means.

Two cars and fancy crap. You start to wonder.
- LeafMan

Most aren't, though.

All yuppies. Very rare for the mom to stay at home.

Living above their means.

Two cars and fancy crap. You start to wonder.
- LeafMan

Golden horseshoe has like 11M people living in it.


It's not hard to imagine that there are also a lot of successful young couples, or young couples that come from money that are buying up in trendier neighbourhoods

WOW, I don't know how you got it that low.

We have no mortgage and only 1 car payment of 546 and our ratio was 31.9. Our monthly income is not terrible, but we're not wealthy
- Aetherial

Good income (mine is meh, but Mrs Lums has a good one... and mine will be jumping significantly in a couple of months), low mortgage (we put $40k down on the house and took out 230k mortgage at under 3%). Car bought in cash from our savings and eating some of what My father in law left for us when he passed, so only insurance there. No student loans or kids to worry about either...

I do worry that my kids will never live in Toronto.

But to guys like Glucky, I'd honestly say that the sooner you can get in the market, the better off you will be.

A friend bought his house waaaaaaaaay before anyone else in our group bought.

Looking back, we flushed money down the rental toilet while he was building equity.

Tax-free equity.
- Atomic Wedgie

Preaching to the choir. I am a home owner for over 27 years, and have several pieces of land as well.

I don't think condos are quite the same slam-dunk.

I haven't really done the math, but I've talked quite a bit about it with friends in real estate.

Those condo fees are a killer (it's like you are paying rent, in a way), and with the amount of new construction in the Toronto area these days, your investment isn't as solid as a home.

Just my opinion.
- Atomic Wedgie

I'm weary of buying one myself. The rate that they are putting them up and the fact that it seems the vast majority are being bought to rent, if the market gets ugly it will happen fast. Plus as you mentioned, the fees can be pretty ridiculous.

My step Dad is in Forest Hills. Your not that faraway at all. But your house is also over 650k. Hard for a kid to start at those prices.
- bixll

Mississauga has all price ranges, it is close to Toronto, crime is low, property taxes are not bad.

You can find fixer uppers or started homes all over. My area is more expensive but these young couples are the ones purchasing them. Most have no kids or one. It's crazy.

Mississauga has all price ranges, it is close to Toronto, crime is low, property taxes are not bad.

You can find fixer uppers or started homes all over. My area is more expensive but these young couples are the ones purchasing them. Most have no kids or one. It's crazy.
- LeafMan

God damn money pits....

I live in a van down by the river.

Good income (mine is meh, but Mrs Lums has a good one... and mine will be jumping significantly in a couple of months), low mortgage (we put $40k down on the house and took out 230k mortgage at under 3%). Car bought in cash from our savings and eating some of what My father in law left for us when he passed, so only insurance there. No student loans or kids to worry about either...
- lumlums

Our combined income would be about 170 or so, so we're comfortable, but no million dollar homes in Toronto in our future

Yeah no kids helps... 300 per month for RESP alone! I also included 290/mo in utilities for Cable/Cells/Home Phone/internet over and above the usual gas and Hydro.

I wonder about the cars I see driving around. We *could* afford a BMW 5 series or a high end Lexus, as an example.

Why though? I would far rather have a maxed out RRSP and TFSA and no mortgage and cushion in my savings in case I lose my job.

I don't believe people in my neighbourhood are enjoying a higher income, but man they sure are spending more on cars.
- Aetherial

Yup, Mrs Lums was talking about getting a Merc C class or BMW X3 and I talked her down to getting a slightly loved Jeep compass (much cheaper to buy and MUCH better on gas!) which saved us a LOT of money.

Yup, Mrs Lums was talking about getting a Merc C class or BMW X3 and I talked her down to getting a slightly loved Jeep compass (much cheaper to buy and MUCH better on gas!) which saved us a LOT of money.
- lumlums

You guys are buzzkills.

Live a little. Who the (frank) wants to drive a compass.... geeze

I live in a van down by the river.
- robin_steele264

Apparently, I live in the biggest poophole in the country, . I would like to meet the people that put that survey together. Yuppies I assume.

I wonder about the cars I see driving around. We *could* afford a BMW 5 series or a high end Lexus, as an example.

Why though? I would far rather have a maxed out RRSP and TFSA and no mortgage and cushion in my savings in case I lose my job.

I don't believe people in my neighbourhood are enjoying a higher income, but man they sure are spending more on cars.
- Aetherial

I realize that I'm inviting ridicule here, but I never really got why people spend so much for a car.

I have a minivan that is now 10 years old. We put 15,000 km on it a year. That's for two drivers.

We keep on thinking about buying a new car, and then we realize we don't need a new one. We really only drive on the weekends for groceries or to go to hockey games. Maybe a few weekends away.

If I spent $80,000 on a new Porsche Cayenne, I just don't see how my drive to Loblaws or my kid's hockey game would be all that more enjoyable than my 10 year old minivan.

Hell, it would be worse, because I'd be furious when the kid spilled something all over the back seat.

Yeah, I'm a grumpy old man.

I don't think condos are quite the same slam-dunk.

I haven't really done the math, but I've talked quite a bit about it with friends in real estate.

Those condo fees are a killer (it's like you are paying rent, in a way), and with the amount of new construction in the Toronto area these days, your investment isn't as solid as a home.

Just my opinion.
- Atomic Wedgie

Condo fees downtown aren't that high, and you don't pay property taxes, and depending on the building, you don't have to pay heating/cooling... and you get a good number of amenities, like a gym/pool, library, movie theatre, etc. It's definitely not a great value, but it's lower monthly than rent.


A guy I know has a theory that you can tell when Toronto's housing prices will fall based on London(England)'s housing market... says that for whatever reason, Toronto tends to follow London by a few months. I haven't looked into it. So his idea is that when you see the prices in London fall, you go get yourself pre-approved for a low interest rate, and buy when the prices fall.

I don't know how much of the above is BS and how much is accurate, though.

You guys are buzzkills.

Live a little. Who the (frank) wants to drive a compass.... geeze
- Bigzby

What do you drive Bigzby?

I don't think condos are quite the same slam-dunk.

I haven't really done the math, but I've talked quite a bit about it with friends in real estate.

Those condo fees are a killer (it's like you are paying rent, in a way), and with the amount of new construction in the Toronto area these days, your investment isn't as solid as a home.

Just my opinion.
- Atomic Wedgie

I don't like condos because of the uncertainty. I read an article last year about the downtown ones all needing new window seals at some point. That is going to cost, big.

I live in a van down by the river.
- robin_steele264

alright there maplebud

Our combined income would be about 170 or so, so we're comfortable, but no million dollar homes in Toronto in our future

Yeah no kids helps... 300 per month for RESP alone! I also included 290/mo in utilities for Cable/Cells/Home Phone/internet over and above the usual gas and Hydro.
- Aetherial

Combined we're about 145 (not too bad for early 30s), but with the new set up in Cali we'll be at about 160USD combined which will be lovely

What do you drive Bigzby?
- bixll

2014 Ram 1500
2013 Dart Limited

Most aren't, though.

All yuppies. Very rare for the mom to stay at home.
- Atomic Wedgie

Another thing, my neighbors when I went out to meet them, I said to the guy (he is a metro Toronto cop) he said have you met Caroline yet, I said is that your wife, he said no, girlfriend.

There are a few not married that have bought homes, another trend.

You guys are buzzkills.

Live a little. Who the (frank) wants to drive a compass.... geeze
- Bigzby

Much better than the Aztek we were given by the in laws before it shat the bed at only 6 years old...