So, my family has been shoveling money into the Durham region (East-end of the Greater Toronto Area(GTA)), and a few other parts of the GTA. We're talking upwards of 60% of our assets.
The market shows no signs of slowing down! A home we purchased in 2008 for $350,000 just sold for a little over a million! That isn't even an outlier, a home worth around 240k in 2008 is worth 655k today!
That being said, there are a few caveats to this growth. The Canadian dollar has depreciated considerably over this time. This is great for our family as we are buying with U.S. dollars and paying the mortgages with USD, but if it continues, it could reduce our returns.
Also, that average price doesn't take into account the increased number of new, large homes. It's simply a market average, not the price of an equivalent home in both time periods.
Regardless, this growth is incredible. My question is, what are your expectations? How long do you see this growth lasting? How would you proceed in this situation? What are the implications of the upcoming land transfer do you expect?
Submitted April 12, 2017 at 04:38AM by emoposer http://ift.tt/2p72LBw
