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  #71  
Old 2009-09-25, 01:58 PM
foxborough foxborough is offline
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Originally Posted by Smoothie View Post
Sure its great prices are rising, but what are everyone's thoughts on this trend of increasing prices? Even those that 'made' money since purchasing, if you decide to move into another new construction home, those prices have also gone up. Are you any further ahead? Plus having to consider moving costs, realtor fees etc.
Over the long haul house prices do increase. Home owners feel great when prices increase (as this thread indicates) and this help raise consumer confidence and the economy. Lots of folks wonder when will it end? But, our parents who bought in 1950 thought the same thing.

House prices are increasing right now due to historical low interest rates and pent up demand from the recession. The introduction of the HST next year will also likely place upward pricing pressure on re-sale homes as folks forgo a new home in order to avoid paying the tax.

You have hit on several important facts. The money that people claim to have "made" on the increasing value of their home is money that is made on paper only. There are many ways to determine the value of a home, but as any person who has ever sold will tell you, if you are selling your home, your home is only worth what someone is willing to give you for it.

Buying and selling in an increasing market keeps you exposed to an increasing market. Few people down size - even those that do often do not down size in price (selling the family home for a luxury condo for instance). Most folks trade up and take on larger financial commitments. They hope that a larger house means larger rewards later down the road. And for some, this strategy works. But not for all.
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  #72  
Old 2009-09-25, 04:43 PM
ghasita ghasita is offline
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[QUOTE=foxborough;110644]Over the long haul house prices do increase. Home owners feel great when prices increase (as this thread indicates) and this help raise consumer confidence and the economy. Lots of folks wonder when will it end? But, our parents who bought in 1950 thought the same thing. [QUOTE=foxborough;110644]

I guess things have changed though. For an average family to buy a single family home both family member has to be working which was not really true before 90's. I believe its more difficult for a first time home buyer to get into this market now...I am also a first time home buyer and bought the home just 3 months ago :-)
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  #73  
Old 2009-10-26, 06:43 PM
Baycliffe "B" Elevation Baycliffe "B" Elevation is offline
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Mattamy increase again !
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  #74  
Old 2009-10-26, 10:08 PM
noordinaryotter noordinaryotter is offline
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This raises some interesting points. The most dissatisfying part of price increases is definitely the lack of affordability for the next generation, and for our generation for that matter. It is very true that families more often require a second income to buy a home, though it's also true that our idea of a family home is much grander than it used to be (and so yah, would cost relatively more).
This is our first home and we do plan to stay here until we downsize, so price increases are especially sweet for us. We'll probably also move outward from town, where housing costs tend to be less on average. Having a good deal of equity in our home come 20+ years will be fabulous.
It is also nice to have equity that is tied to increased value. We may need to access low-interest money to help our kids with school for instance, as our first will be college age in 9 years while we're still paying for daycare for the youngest, and still relatively early on in our mortgage.
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  #75  
Old 2009-10-27, 12:03 PM
dany dany is offline
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Quote:
Originally Posted by Baycliffe "B" Elevation View Post
Mattamy increase again !
43' lot increased another 5,000. My house is now 35,000 more than I bought in August.
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  #76  
Old 2009-10-27, 12:17 PM
dgherr dgherr is offline
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Default Price increases = more property tax?

I have mixed feelings about these price increases. On one hand, I'd hate to commit to building a house, and then find that the builder's price actually dropped. But on the other hand, all these price increases must eventually (although not directly) have an impact on MPAC's assessment of the value of my property, which means higher property taxes. And they're high enough already!
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  #77  
Old 2009-10-27, 01:36 PM
Baycliffe "B" Elevation Baycliffe "B" Elevation is offline
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43' lot increased another 5,000. My house is now 35,000 more than I bought in August.

$51,000.00 - wooohoooo
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