B18C|

hey guys, i wanna know what you guys think on the matter of buying a home? i think its pretty much the last chance to get in on a home before the interest rates are too high and home buying slows down? what do you guys think?

imported_bevboyy

Now is the right time. Go with as much as you can go with down. Don't do the 5% down thing if you can. Go with 10 % or better. Currently President's Choice Bank is offering a 10 year @ 5.5% which is very very good. Rates aren't going up in the short run, but next year we are looking at interest rate increases - which is to be expected..

Middlemiss

iTrader: (2)

Its a sellers market right now... i just bought my first place.. i paid a little more then i wanted to but, i got a house that needs zero work, and it has a dream garage.. I only put 5% down, the only problem with that is the CMHC Canadian Home and Morgage Corp, provides the insurance to the lenders for home equity, and basically they are more picky with the less you put down.. they have to approve you basically. If your trying to buy to invest your money - now is the time!

imported_gatherer

hmmmm my thoughts ... wait ... everyone is looking for low interest rates right? and we all know they will rise. they are way too low as is.

so why wait? because as middlemiss said it's a sellers market tons of people are trying to get in before the rates rise. this is great for a seller but bad for a buyer prices for homes are higher. want lower interest rates you'll pay for in the house price. ok so whats better 60,000 more on the price of the house and low rates or paying less for the house and a higher rate. go find those mortgage calculators folks. you have to work this out.

once rates rise higher it'll be a buyers market you'll be able to low ball prices and close on houses where the owners have to seller because they had a variable rate mortgage and forgot to lock in now can't afford the payments. it will happen. as far as I see it the housing market cannot sustain this speed and there is a history of the housing prices rising to stratospheric hieghts then the market correcting itself. mine you the rates have never been this low and prices have never risen this quickly but hey the way I see the quicker things move the bigger the correction. I'm just waiting ...(int he mean time I'm storing up a larger nest egg so that if I am wrong well I'll have a larger downpayment ready to go)

n1_taboo

well said houses are selling at a much higher cost, same as cars, like u go see, lower rates but car value has gone up Y, someone gotta make the money...

imported_Promoking

I say don't rush into something you can't afford. Take advantage of the interest rates, but make sure you aren't under the gun to pay each month.

My goal is to get a house in the next 2 years. My father has told me to wait until I have my liscence in the trade I was (5 years) so that I'm not under the pressure of being out of work and depending on accumulated hours. Plus, by the end of those 5 years, I'll have a much larger downpayment anyways.

Property is the best investment though.

B18C|

well its 322,000 2000 sq ft townhome located in the city which is usually more pricey than the suburbs and the suburbs are usually hit harder during a recession period.

its also brand new and will be ready by the end of 2006.

imported_gatherer

that is expensive for that size house....

imported_Promoking

Yeah that's nuts. I remember when I had a 3600 sq.ft. house and it was worth around that much.

My bro just got the keys to his new house this week. He's got like 1600 sq. ft. and I think his was less than 200k, and it's in a really nice area of Newmarket.

B18C|

this is at sheppard and 400...beside a golf course and no residental area beside it with the the 400 on the other side..

houses range from 270-750k...
its built by the conservatory group

www.conservatorygroup.com

imported_Promoking

Never even heard of them. Stick with big name builders. You'll have less chance of the project dragging on or not being done at all. I remember my bro was looking at houses like over a year ago, and one of the places he was interested in was where Thornhill Square used to be. Those were to be done this summer. It's now end of November, and they don't even have the forms for the basements up. Was a small, no name builder. He still laughs when he drives by and sees what a scam it was.

Also, having a place by the 400 is a bad idea. Noisy traffic, emergency vehicles, and a lot of industrial not far away. I used to live at highway 7 between Yonge and Bathurst, and even on that, I could always here the traffic at night, now imagine something like the 400.

kwikb16a2

Buy a house in milton right now, uber cheap and you can make an easy 50,000 in a year or two if you want to sell. Buy a house where there is minimal development now because of how cheap it is but in a few years it'll skyrocket.

B18C|

hmm...i have a preference of staying in the city....for 325 k i can buy a mansion in pickering or bampton but commutin sucks ***...
promoking: they told me conservatory been around for 50 yrs...with a lot of established communties built by them...one is the condo right at the corner of yonge/finch...

imported_Promoking

Stick with names like Greenpark, Wycliffe, H&R, etc.

These are big names, that everyone knows, and they have a rep to keep.

I rather live farther out, have sick place and commute, but that's me. Hot area right now are Newmarket, Aurora, Whitby, etc. Milton is aight, like my buddy lives out there, but i dont think prices are jumping that much out there anytime soon.

bbarbulo

iTrader: (2)

I bought one too... it's cool

B18C|

bought what? where?

bbarbulo

iTrader: (2)

windsor mah man

imported_rbjeepthing

Wow i bought a place on lake simcoe inbetween bradford and barrie for 139,000 with a 12x24' shop 1/4 lot. I would never live in the city. My taxes are dirt cheap also which is a plus. Under 800 bucks a year. I ended up paying it off in a year. Gotta love being 22 and owning a house on your own.

imported_Promoking

That's the kinda place I want. Away from it all, nice piece of land, and to build a garage 4 times the size of my house haha.

If you don't have to commute it's perfect. But I don't wanna have to go to Toronto anyways. I hate it.

T-Shirt Ninja

My cousin bought a huge lot in milton from the money he made selling his property in oakville.
But have you seen the QEW/403 traffic going West between 3-7? Yikes!

You know what town looks nice? Kleinburg, north of woodbridge I believe. Very nice properties. Caledon also looks like a nice place to live.