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Real Estate


The Smart Home Buyer’s Guide: how to trade up at every stage of life

The Smart Buyer's Guide to Trading Up at Every Stage of Life

Whether buying a starter home, a bigger house or a condo for retirement, every real estate investment comes with a host of unique concerns—not to mention the universal fear shared by all prospective buyers of sinking savings into the wrong property. The ordeal can be harrowing, especially without the right resources. Here, a round-up of case studies, expert tips and neighbourhood recommendations to help you choose wisely, whether you’re a first-timer or an empty-nester looking to downsize. It’s everything the anxious buyer needs to know before making an offer.

  • Jen

    I’m pretty sure ‘land transfer taxes’ are something worth commenting on; especially since they are almost double in Toronto.

    It certainly took us by surprise.

  • 00AV

    More Real Estate advertising masquarading as journalism from Toronto Life…. gotta keep the TREB happy and ad revenues up, right?

  • JMY000

    29 with 800K in loans? These people are INSANE.

  • Brandon G. Donnelly

    What if they had $5M in long term debt because they owned half a dozen rental properties? Would that be insane?

  • Kathryn C

    Having paid cash for their condo I guess these empty nesters won’t be as decimated as some others when the price crashes through the basement. But shouldn’t the possibility/probability of a “correction” be given passing mention in a Smart Home Buyer’s Guide?

    This does feel more like PR for the Real Estate industry than even lightweight journalism.

  • MrsSmith

    Could not sell after lowering their price should have been a huge red flag. Wow, that they went forward! People’s comfort levels with debt seems odd nowadays. As was the case in the US pre-2007. Our central bankers may very well have enslaved a generation of home buyers.

  • psycop

    the virgin failed to get two of his priorities — he wanted a 2bdrm 2bathroom, but only got a 1bedroom/1bath; he wanted to be in downtown but he is east of the DVP. Just his mortgage payment, of which only a tiny fraction goes to principal, is the same as his rent in his former Christie/Bloor apartment (a better neighbourhood). What were his buying expenses? What about the opportunity cost of the 100k put as downpayment? How much are utilities and fees not covered in the condo fees? What did this unit sell for over the past few years? I would feel terrible to pay 20-50% more than someone just a year before when interest rates have been so low.

  • psycop

    Depends entirely on the quality of rental properties. Very difficult to find a good cash-flowing rental property in Toronto now. Many small time landlords, especially those trying to make something out of renting their condo investments, are bleeding money every month, and can only hope for appreciation in the value of their property for eventual sale (and that is speculation). And managing it is a second job too.

  • butter

    Yes, that would be insane. maybe not for an investment group, or someone who is extremely weathly and has the cash flow to support it. A bank would never let an average person do that ever.

  • butter

    Prop taxes
    Condo fees
    mortgage interest
    opportunity cost on that 100k
    = more than he payed in rent

  • Moni Raad

    For investors looking for a great yet affordable property management company to take care of their investments – check out Buttonwood Property Management.
    I found them a year ago and have been working with them since – they are worth checking out…