With the housing market really hot right now and possibly even growing a while longer, I am thinking heavily of putting my savings and some stocks on a down payment for a new detached house strictly for investment purposes. I currently have a good condo in downtown but I want to keep it and let the value grow so I don't plan on flipping it just yet. Any thoughts or suggestions on which areas in GTA suburbs (Mississauga, Brampton, Vaughan, Markham, Pickering) have the highest growth potential? Markham seems to be great future returns based on my research but there are so much more variables I should be looking at. Is there any tools or resources you use to try and define potential growth value? What types of factors should I be looking into? Is it better to sign up for a new build in a developing nearby neighborhood? What other questions should I be examining more deeply? Very curious about terbs thoughts on this.
Toronto Housing Investment
- Thread starter PetiteFiend
- Start date
In your position, I would wait mainly because the housing market is mental right now. You'll almost certainly be facing multiple offers and will be overpaying. The danger of a new build is that delays are inevitable and / or the developer dicks around and doesn't move forward on the project. IMO wait until a correction happens and people are desperate to sell. Then you have leverage to negotiate.With the housing market really hot right now and possibly even growing a while longer, I am thinking heavily of putting my savings and some stocks on a down payment for a new detached house strictly for investment purposes. I currently have a good condo in downtown but I want to keep it and let the value grow so I don't plan on flipping it just yet. Any thoughts or suggestions on which areas in GTA suburbs (Mississauga, Brampton, Vaughan, Markham, Pickering) have the highest growth potential? Markham seems to be great future returns based on my research but there are so much more variables I should be looking at. Is there any tools or resources you use to try and define potential growth value? What types of factors should I be looking into? Is it better to sign up for a new build in a developing nearby neighborhood? What other questions should I be examining more deeply? Very curious about terbs thoughts on this.
The market is already cooling down in terms of multiple offers. A real estate buddy told me houses are not selling at the crazy asking prices and houses are staying on the market longer because sellers are expecting huge profits but they are not coming. Only the really nice house are selling somewhat the same as before but the not so great houses are not.
This is what he told me. I'm not an expert on this subject at all.
This is what he told me. I'm not an expert on this subject at all.
Market is really crazy. Even Bramladesh is on a tear! Wowzers!There's a 2 br condo in Brampton I own that's gone up 70k in the last year.
I think you're a little late coming into this party. You should have done so a year ago, 6 months at the latest, as there appears to be a cooling right now. Besides that, housing prices may remain stagnant for the coming years, as the appreciation wasn't the normal cycle that one would see historically. So your investment wouldn't see the appreciation of recent few years and even the normal rise that you are expecting.
