In a recently published report from the CIBC, parents gifted $10B to their children in the past year to buy a home. It found that roughly 30% of first-time homebuyers received an average of $82,000 while 9% of existing homeowners got about $128,000. In another study by IG Wealth Management, high-net-worth individuals, who had more than $1m in investable assets, gave, on average, $145,000 to...
Real Estate
Last month, the average home in Toronto sold for $1,163,323. Prices have increased across the board from condos to detached homes. For instance, detached homes in Toronto sold for an average of $1.807,983, up +22.4% from last year. If previous years are any indication, December and January will be slightly slower, although based on last week's number, the market is still going strong. Even...
One of the risks with investing in pre-construction buildings is that the project might cancel for whatever reason. In a previous blog, I talked about how some developers may be playing games with contractual loopholes. (I don't make any statements about the developer below, but you can read about the case to make your own judgements) Condo Developer Extorts Buyers for $100k? Investing with a...
With an average price of $1,155,345 across the GTA, there was an increase of +19.3% compared to last year.
From a return on investment, you will make more money buying an existing condo instead of a buying a pre-construction condo. (*Pre-construction is when you put in a deposit for a condo or house that will be built in 3 or 4+ years) Although there are pros and cons to both, one of the things I absolutely HATE about the pre-construction market, is the one-sided contracts that you have to sign. It...
The average home in Toronto is now worth $1,155,345. This is up +19.3% compared with last year. Everything, including condos are going up and up. As I was saying before, the #1 thing you need to do as a renter is to get into your first property. Condos are increasing $50k-$70k per year, so every year, it gets harder to qualify. Similarly, if you are upgrading, detached homes are appreciating...
With an average price of $1,155,345 across the GTA, there was an increase of +19.3% compared to last year.
The market is going crazy and this recently sold house in Creditview, Mississauga has a lot to teach! As the property description says, this "Property in very poor condition unsafe to show. All utilities on the property have been disconnected." Still, it sold in 4 days for $56,000 OVER ASKING for almost $1,000,000 and you couldn't even go inside! Sure, the market is hot, but there is another...
With an average price of $1,155,345 across the GTA, there was an increase of +19.3% compared to last year.
The difference between owning a home and renting is about $4,000 per month. Is that scary? Is that even true? In the past 4 years, the average price of condos have gone up about $200,000. That's $50,000 / year. Average Condo Sale Prices For many, the question is whether you can afford a home. Let's look at the numbers: 1-bedroom condos in Toronto rent for $2,000 month.The monthly...