What Does $250,000 Get Buyers In Toronto Real Estate Market?
November 23rd, 2009 Categories: Home Buyers, News Wire
Over the years I’ve talked to countless people about their house-buying intentions. And when it comes time to discuss the price range they are prepared to pay, for some Toronto would-be buyers $250,000 is the number that they believe will get them into a detached brick 3–bedroom 2–bath house with a separate entrance to a basement apartment. With garage. Well maintained, possibly upgraded. In Toronto.
What the what??
I’ve given the matter lots of thought, talked to colleagues, Googled galore, but I’m not sure where this unrealistic figure comes from. It’s not like there’s a lack of market reports and statistics. If anything, there’s an abundance of information.
Toronto Real Estate Market’s
$250,000 Buyer Myth
So for curiosity’s sake, what does $250,000 get you in Toronto? Depending on the neighbourhood: land value, lots of options if you’re looking for a condominium or townhouse, possibilities if you’re open to a semi-detached that might need some work, but if you’re determined to buy that detached house, you’ve circled right back to land value. In other words, you’re buying a tear-down or a house that needs a tremendous amount of work and cash.
Or perhaps this detached house:
Solid, detached bird house in a sought-after Toronto neighbourhood. Great views of the lake and the Toronto skyline. Lots of bedrooms. Open concept main floor. Lots of parking. Professional landscaping. Close to all amenities.
Except this beauty isn’t for sale. Who gives away prime waterfront properties?
Are You A Serious Toronto Buyer?
When serious buyers with a $250,000 maximum price range take this information to heart, one of two things happens:
- The dream lives on but with a location other than Toronto (yes, it’s possible to get a GREAT detached house within commuting distance).
- The dream gets re-drawn with the detached house being swapped out for a condominium or townhouse. Something affordable, practical yet still in the city. An equity-builder.
It becomes a “house versus location” issue that only the buyer can decide. And that’s true for any price range.
As for the other buyers, the dream lives on, unchanged, and the same conversation takes place with yet another real estate agent, and then another, and another …
You can be the buyer that buys OR the buyer that dreams of buying. Get Serious!! Call Lauren at
416–550–6991, or send me an email.
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Insightful and helpful. Thank you.
Keahi