theflyingsquirrel
New Member
Is it a good time to buy before HST?
Or the price is going to fall?
Or the price is going to fall?
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- Thread starter theflyingsquirrel
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urbandreamer
recession proof
A very very foolish time to buy now. Can you wait 'til at least the winter, when prices crater? Or, if the stock market crashes, buy then!
theflyingsquirrel
New Member
When it crashes, should I buy condo or house?
Which one is going to fall more?
Which one is going to fall more?
urbandreamer
recession proof
Both are over priced, but you know, they're no longer building beautiful Victorians or mid-century bungalows. I'd buy the house.
theflyingsquirrel
New Member
Should i get a house close to the subway or downtown?
I wish to have a place that the price will rise most.
I wish to have a place that the price will rise most.
myfive
Active Member
These are pretty big areas! Sounds like you're throwing darts into the dark. Maybe you should focus in on a few areas you like and inquire then.
urbandreamer
recession proof
Buy a house close to the Hamilton GO station. Buy now! Otherwise, real estate agents will no longer be able to afford trips to Thailand, wining and dining their clients at Blowfish, lap dances at the Brass Rail, etc.
neuhaus
Senior Member
if you plan to live in it for a while, I think it is not a bad time to buy -- especially if you find a place that is perfect for you and is a place you really love. This is especially true for those who are particular or very picky.
I know it's not good to get your emotions involved when investing in real estate, but there is also the personal enjoyment investment/returns which should be appreciated too.
I recently bought into a building because it has a very exclusive number of units, is in an excellent location, and has unique and high-end features that could not be found anywhere else. The particular model just so happens to be last one left in the building and located on the highest floor offered, just below the penthouse levels so I quickly jumped on it and glad I did.
If you are not particular and shopping for something less than 700 sq.ft. I would wait longer to buy as the inventory will be in your favor as more and more of these condos get completed.
I know it's not good to get your emotions involved when investing in real estate, but there is also the personal enjoyment investment/returns which should be appreciated too.
I recently bought into a building because it has a very exclusive number of units, is in an excellent location, and has unique and high-end features that could not be found anywhere else. The particular model just so happens to be last one left in the building and located on the highest floor offered, just below the penthouse levels so I quickly jumped on it and glad I did.
If you are not particular and shopping for something less than 700 sq.ft. I would wait longer to buy as the inventory will be in your favor as more and more of these condos get completed.
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JayBee
Senior Member
curious, what building did you buy into?
neuhaus
Senior Member
I bought at Langston Hall (Adelaide and Charlotte).
CN Tower
Banned
Sounds more like you are trying to justify the fact that you overpaid than give objective advice to the OP.
Now is absolutely not a good time to buy, all things being equal, if you are very sensitive to price swings. The primary drivers of the housing market are the cost of money and the availability of money. Interest rates are trending upward and it is getting more difficult to borrow. Both big negatives.
neuhaus
Senior Member
I actually got a great price for my unit just before the developer raised the pricing when they got over 70% sold.
I paid about $620/sf including parking and storage, Miele appliances (including 5 burner gas range and W/D), Poggenpohl cabinets, Axor Starck fixtures, custom Eurpean closet system throughout, frameless frosted full height glass partitions, marble floors, window shades, Brazian Ipe flooring inside and out.
All buyers also get a package of a Vespa Scooter or Ducati bicycle, 1 year VIP membership to the upcoming Templar Hotel, Weber gas BBQ on terraces, trash dehydrator/compactor, and 1 year Zip car membership.
There are many 300+ unit condos that are in this price range that are nowhere as nicely designed and have these kinds of finishes, and more are coming to the market.
If you are looking for a cookie cutter condo, then wait. There are lots on the market and lots more coming on the boards, so there will be lots to choose from and the market will slow down.
Even a few months ago, builders at some popular developments are accepting to lowering selling prices 10% and/or free upgrades when asked.
I was looking for something more unique and exclusive and looking at a closing date late 2011/early 2012, so my perspective is different.
I paid about $620/sf including parking and storage, Miele appliances (including 5 burner gas range and W/D), Poggenpohl cabinets, Axor Starck fixtures, custom Eurpean closet system throughout, frameless frosted full height glass partitions, marble floors, window shades, Brazian Ipe flooring inside and out.
All buyers also get a package of a Vespa Scooter or Ducati bicycle, 1 year VIP membership to the upcoming Templar Hotel, Weber gas BBQ on terraces, trash dehydrator/compactor, and 1 year Zip car membership.
There are many 300+ unit condos that are in this price range that are nowhere as nicely designed and have these kinds of finishes, and more are coming to the market.
If you are looking for a cookie cutter condo, then wait. There are lots on the market and lots more coming on the boards, so there will be lots to choose from and the market will slow down.
Even a few months ago, builders at some popular developments are accepting to lowering selling prices 10% and/or free upgrades when asked.
I was looking for something more unique and exclusive and looking at a closing date late 2011/early 2012, so my perspective is different.
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simuls
Senior Member
Have they started construction on LH yet? If not, those dates might be a little ambitious. That being said, at $600/ft, with those inclusions, you did very well. It is a cool development and shouldn't lose much/if any of it's value (like almost anything bought after June of 2010 most definitely will).
JayBee
Senior Member
Well done! Looks like you got great bang for your buck!
taal
Senior Member
I'm fairly confident UD has been saying this is the wrong time to buy for the last 3+ years 
If not him I'm sure many have ... I can point you toward countless articles over the last 5+ years that utter this same sentiment.
The bottom line is no one knows ... and here's a hint for ya, those who claim to know generally the ones you don't want to take any advice from
Now there's some logic you can apply to try to ascertain the short term trend for prices ... so if you plan to purchase as an investment that's a little bit different. The facts are we know home sales have been slowing over the last few months, there's still a lot of inventory on the market and it seems there's more to come yet. While the economy on the whole is picking up, as it should be clear now, there will be many bumps on the road (some of these maybe Toronto size potholes ... or not) Somethings that you'd be wise to completely avoid looking at for short term decisions is the stock market - it's extermely reactive and volatile, particularly to factors that will not effect the price of a home in the short term.
You need to access your situation and make a decision - the problem with the timing game is quite clear, come next summer, say prices haven't changed much - we'll be having the exact same conversation - say they go down a bit - again that'll lead to the same conversation - go up a bit? ... you get the drift.
If not him I'm sure many have ... I can point you toward countless articles over the last 5+ years that utter this same sentiment.
The bottom line is no one knows ... and here's a hint for ya, those who claim to know generally the ones you don't want to take any advice from
Now there's some logic you can apply to try to ascertain the short term trend for prices ... so if you plan to purchase as an investment that's a little bit different. The facts are we know home sales have been slowing over the last few months, there's still a lot of inventory on the market and it seems there's more to come yet. While the economy on the whole is picking up, as it should be clear now, there will be many bumps on the road (some of these maybe Toronto size potholes ... or not) Somethings that you'd be wise to completely avoid looking at for short term decisions is the stock market - it's extermely reactive and volatile, particularly to factors that will not effect the price of a home in the short term.
You need to access your situation and make a decision - the problem with the timing game is quite clear, come next summer, say prices haven't changed much - we'll be having the exact same conversation - say they go down a bit - again that'll lead to the same conversation - go up a bit? ... you get the drift.