McGuires Corndog
Pierre's favorite MONSTER performer
It's mostly the cost of real estate.
How people can still afford to buy property in Toronto or Vancouver is completely baffling.
OT: Has anyone purchased a Tour Des Canadiens condo?
- Thread starter WestIslander
- Start date
It's mostly the cost of real estate.
How people can still afford to buy property in Toronto or Vancouver is completely baffling.
Quite well actually, as I have homes in both cities.
Taxes are less, Gas is cheaper, Sales tax is cheaper but Real Estate is more expensive.
You are going to take home 20-40% more for the same work in Toronto over Montreal, that's the truth, I'm living it.
Also, a comparable home in Montreal is about $400 less per month in rent. And about $200 K less to buy.
Point is, people here are employed and making more money so it's difficult to compare the two real estate markets.
I own a home in the West Island and fear that I will not be able to sell it at a fair price next Spring, time will tell I guess.
oohhkev
Registered User
- Jun 26, 2006
- 88
- 8
every article I read about the impending housing crash in canada refers to vancouver, toronto and recently winnipeg. not one of them has mentioned montreal and I dont think its an oversight. simply put, montreal real estate never went through hyper-inflation like properties in the other cities did so they won't drop as much as everyone is predicting.
this is moreso applicable to unique properties that have little to no comparables (ie. TDC)
this is moreso applicable to unique properties that have little to no comparables (ie. TDC)
Team_Spirit
95% Elliotte
- Jul 3, 2002
- 37,732
- 17,605
For Vancouver, it's Chinese money.
Toronto, it's the country's NYC. Even Sportsnet took jabs at the crazy prices :
http://www.sportsnet.ca/hockey/nhl/mike-babcocks-detroit-area-home-for-sale/
Toronto, it's the country's NYC. Even Sportsnet took jabs at the crazy prices :
http://www.sportsnet.ca/hockey/nhl/mike-babcocks-detroit-area-home-for-sale/
waffledave
waffledave, from hf
People keep trumpeting this over and over but it isn't comparable. You make so much more money in Toronto, pay a ton less in taxes, sales tax is lower, and prices for many, many things are lower compared to here.
Cost of living in Montreal is cheap if you want to live in an old cheap apartment in Verdun and take the metro everywhere.
It isn't very cheap to live here if you're wealthy and you want to live a wealthy lifestyle.
At my old company (major Canadian bank), you instantly get a $10-15k pay increase for the same position in Toronto, and that's not factoring in the increase in your take home pay due to lower taxes.
Plus **** is really bad here lately. I have a lot of friends who are having serious trouble finding work. In professional industries. Several owned businesses that have closed and they are struggling now to find something else. Many are looking at Toronto, actually.
Barriwhite
Don’t be shocked by the tone of my voice
Which is precisely why I was looking for small projects with added value (LEED platinum certification, cool architecture, above-average interior finishing) and recently bought a condo from these guys: www.devkb.ca
I'm not sure the premium payed per square foot over larger, average projects will translate into a proportionally higher resale value in 5-6 years, but I'll sure enjoy to live there in the meantime, with a cost of ownership on par with my rent of the past 5 years. What a great time to lock a 5-year fixed mortgage rate!
Toronto is better financially if you don't have kids. The salaries are higher, taxes are lower, day care is $50 per day more, public schools in TO suck, and private ones are 20k/year. I was in Toronto a few years and left before my daughter turned two. Once you have kids Montreal makes a lot of sense.
Most of the condos are offshore investments from China and India. Often to get bribe money out of the country in case the owners have to flee. There is a huge house near here that has been vacant for a decade. The purchasers were caught at the airport in China with suitcases full of cash. Since their demise no one has wanted the huge mansion with waist high grass.
Most of the condos are offshore investments from China and India. Often to get bribe money out of the country in case the owners have to flee. There is a huge house near here that has been vacant for a decade. The purchasers were caught at the airport in China with suitcases full of cash. Since their demise no one has wanted the huge mansion with waist high grass.
Good point on the Kids aspect. Although, Kids in Ontario start at Pre-K (4 years old). So I believe there is a full year that you don't have to worry about Daycare for.
Also, we are talking about the condo market which kind of erases most families from the equation.
deandebean
Registered User
I disagree. I saw some of their units, and they are prettttty nice looking. Heck, if I had the money, I'd buy one in the area only because my son goes to ETS and it would be a heck of a spot for him to stay.
deandebean
Registered User
We live in Gatineau, and I see a lot of public servants from Ottawa working on this side of the river. And believe me, the reality of a lot of them is that they own houses that cost a fortune in Orleans or Alta Vista, BUT don't even have the money to furnish them.
