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Is this a good time to buy home? Please help!

bluestarmarch(LittleStars)
本文发表在 rolia.net 枫下论坛I am struggling whether I need to jump in the housing market right now. My situation is: (1) we both work and have stable incomes and (2) have accumulated around $40,000 down payment ($20,000 in RRSP). (3) close to good primary school (4) currently renting $1100 /month (5) looking for 3 bedroom townhouse/house in downtown north york (C14 zone).

Buying home for us is not a question but when.

Option 1: wait for two more years to save up 25% down payment. It will also give us time to put $20,000 into my husband’s RRSP. He started to work 3 month ago. Currently, he has no RRSP. The down side is throwing away two years rent.

Option 2: starting hunting a townhouse/house. The biggest concern is the trend of housing market. According to one CMHC article, average housing price in Toronto is predicted to go up by 5% in 2005 due to low mortgage rate and strong economy. On the other hand, I heard a lot of people tell me it is not a good time to buy based on the assumption nothing can go up for ever.

If I buy $400,000 house in north york, how much will be my ongoing cost to maintain the house? Property tax+cost of fixing house+utilities+any other one time cost excluding mortgage.

Thanks you for any comments/thought.更多精彩文章及讨论，请光临枫下论坛 rolia.net
(#1969226@0)
Last Updated: 2004-11-7
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Replies, comments and Discussions:

  • 枫下家园 / 住房话题 /
    tor
    Toronto Area
    Is this a good time to buy home? Please help! -bluestarmarch(LittleStars); 2004-11-7 {1257} (#1969226@0)
    本文发表在 rolia.net 枫下论坛I am struggling whether I need to jump in the housing market right now. My situation is: (1) we both work and have stable incomes and (2) have accumulated around $40,000 down payment ($20,000 in RRSP). (3) close to good primary school (4) currently renting $1100 /month (5) looking for 3 bedroom townhouse/house in downtown north york (C14 zone).

    Buying home for us is not a question but when.

    Option 1: wait for two more years to save up 25% down payment. It will also give us time to put $20,000 into my husband’s RRSP. He started to work 3 month ago. Currently, he has no RRSP. The down side is throwing away two years rent.

    Option 2: starting hunting a townhouse/house. The biggest concern is the trend of housing market. According to one CMHC article, average housing price in Toronto is predicted to go up by 5% in 2005 due to low mortgage rate and strong economy. On the other hand, I heard a lot of people tell me it is not a good time to buy based on the assumption nothing can go up for ever.

    If I buy $400,000 house in north york, how much will be my ongoing cost to maintain the house? Property tax+cost of fixing house+utilities+any other one time cost excluding mortgage.

    Thanks you for any comments/thought.更多精彩文章及讨论，请光临枫下论坛 rolia.net
    • 当你觉得该买的时候,就去做,房价不会跌多少,尤其是40万左右的房子.大多地区的地越来越少,所以值钱的是地. -mgcp(兔MM); 2004-11-7 (#1969243@0)
      • 新移民没见识过1992的崩盘巴 -slimpiggy(天地之間豬主席); 2004-11-7 (#1969323@0)
        • 求教主席，那里可以看1992年的房价报告？even better，那里能看到最近20-30年的房价变化图表？ -maple2000(国际民工); 2004-11-7 (#1969478@0)
      • 嘿嘿，别误导人家了。以你几年前二、三十万买的那种房子，让人家现在以四十万的价格买，这不是坑人吗？呵呵。 -don.juan(谈房); 2004-11-7 (#1969485@0)
        • 很难说清楚的啦。请问，多伦多现在的房价和政府估价差多少？ -maple2000(国际民工); 2004-11-7 (#1969489@0)
          • I only know if I list my house with the value that MPAC assessed, nobodywill buy it, :(( -happy30s(goodluck); 2004-11-7 (#1969522@0)
            • Really, the market price here (Seattle) is still 20-30% higher than Gov's appraisal price. And by the way, multiple offers for those old shabby houses..... -maple2000(国际民工); 2004-11-7 (#1969528@0)
          • 具体差价不是很清楚。我的镇屋2000年15万多买的，去年政府估价是21万多，朋友让我挂23万，无人问津，因为急于出手，最后18万多卖出。所以，你可以看出差多少了。 -don.juan(谈房); 2004-11-7 (#1969537@0)
            • minus commision, no gain no lose? -maple2000(国际民工); 2004-11-7 (#1969538@0)
              • 唯一的损失是，mortgage太高，白白给了银行。正因为看出房价不可能再涨了，尤其我那个破镇屋，所以才赶紧出手卖。 -don.juan(谈房); 2004-11-7 (#1969544@0)
                • possible nice move. So u r rent ing now -maple2000(国际民工); 2004-11-7 (#1969556@0)
            • 房子很难说的啦, 朋友的镇屋( Etobicoke) 2000年27万多买的, 去年政府估价是35万多, last month 41万多卖出.值钱的是location. -huimin(huimin); 2004-11-7 (#1969559@0)
              • the price rises 50% within four years? amazing!! -samsan(ilovecanada); 2004-11-7 (#1969600@0)
                • 1973年一年就涨了100% -x86(P.A.C.E.R.); 2004-11-7 (#1969675@0)
                • Don't be suprised. In certain locations, prices even doubled. -huimin(huimin); 2004-11-8 (#1970831@0)
      • 现在房价的确很高，30多年前多伦多的房子只要几万块。一二十年前只要十几万块，7、8年前20万就可以买现在四十万的房子。 ？？？！！！ -isabel(早起早睡身体好); 2004-11-7 (#1969583@0)
        • 所以7、8年前20万的时候不要买，因为一二十年前只要十几万块，一二十年前的时候也不要买，因为30多年前多伦多的房子只要几万块，所以过去，现在，将来都不要买房子，趁美圆现在便宜都换了去。 -zvwong(想害人); 2004-11-7 (#1969595@0)
    • 以你所说的头金去买你想要的价格的房子，风险过大。 -scarley(蜂蜜小丸子); 2004-11-7 (#1969390@0)
      • Actually it depends on her family income. But I think she's collecting data to make an informed decision. -nathalie(Nathalie); 2004-11-7 (#1969669@0)
    • 只要加拿大的移民政策没有太大改变,仍有大量新移民来,房价不会跌到哪里去的,最多是长得满一点. -newtoronto(一家三口); 2004-11-7 (#1969606@0)
      • 加国之约 /移民留学申请/ 请问现在办移民加拿大的要求提高了吗？难了吗？ -recluse(君子之交淡如水); 11.6 11:31 (#1967756) -redhill(红山); 2004-11-7 (#1969672@0)
    • Thanks for all your replies. In north york, houses currently asking for $400,000 were sold around 250,000 in 2001. It went up carzy. -bluestarmarch(LittleStars); 2004-11-7 {591} (#1969747@0)
      Our problem is we do not like commuting and we want to stay along the subway line in North york . So probably we will end up with townhouse.
      More questions:

      1. How much is closing cost?

      2. Does buyer agent in toronto give buyer cask back and how much? My friend in Washington bought a house a week ago and his agent shared the 2.5% commission with her. Can you recommend any good agents?

      3. Averagely, how much you spend on house maintenance annually?

      It is a tough decision as nobody really knows how the housing market is going to look like.... Thanks for all your input.
      • Where did you get this information? that's impossible from 250k to 400k in such a short time. -miaomiao0(猫太太); 2004-11-7 (#1969767@0)
        • I can help you check the history price for any house in GTA. -mgcp(兔MM); 2004-11-7 (#1969938@0)
          • really, 愿闻其详。 -stevensun2000(小胖子); 2004-11-7 (#1970257@0)
        • depend on location, very possible, even more. -huimin(huimin); 2004-11-7 (#1969994@0)

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