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  #1  
Old 2009-06-01, 02:23 PM
JSM JSM is offline
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Default Housing appreciation

Hey everyone,

My family and I were choosing where to settle and we chose Woodbridge over Milton. On MLS, currently, there are homes in the area we were looking at initially selling in the 534 - 570 range. When these homes were being sold by the buildier, they were in the 400's. Houses there have appreciated 50 - 100 thousand. I CAN'T BELIEVE THIS..!!!

I hear Woodbridge, thornhill, maple, anywhere in vaughan is a prestigious area. Just wondering if you think the housing market is on it's way up and if we'll be seeing appreciation like this in our area.

Your feedback is appreciated.

BTW, 3.55 % on a 5 year fixed, what you guys think....Who is going variable..?
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Old 2009-06-01, 02:43 PM
JSM JSM is offline
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sorry, just to clarify, in milton, prices are from 534 - 570's...wondering if woodbridge still has room to appreciate.

Thanks
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Old 2009-06-01, 03:21 PM
rdx rdx is offline
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Quote:
Originally Posted by JSM View Post
sorry, just to clarify, in milton, prices are from 534 - 570's...wondering if woodbridge still has room to appreciate.

Thanks
For what size of home?

$534-570K can get you 40' lot, detached, 2 cars garage, 2500 sq ft, in Maple. Yes, lot of new homes went up $50 to 100K last year before the financial crisis. But most of them has dropped the price by 10% till now, especially those big ones, $600K+

Two of the biggest ones (close to 4000 sq ft) in my neighbourhood were selling for over $850K last year, they just recently sold them at around $750K.

Last edited by rdx; 2009-06-01 at 03:24 PM.
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Old 2009-06-01, 03:58 PM
MooF MooF is offline
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Real Estate, like any market has its ups and downs. But in the long run the scale is always on the way up. Unless you buy swampland, RE is an appreciating investment everytime.
Don't wait to buy real estate..buy real estate and wait.

Investment 101.

specifically for the market in Vaughan, this area is typically more expensive. You'll see a smaller depreciation in this area and gentle appreciation over time..its an established area so the 'jump' like Milton might not be as big.
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Old 2009-06-01, 04:13 PM
onmyway onmyway is offline
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[QUOTE=MooF;96768]Don't wait to buy real estate..buy real estate and wait.
Investment 101.
QUOTE]

I like that!!
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Old 2009-06-01, 05:34 PM
JSM JSM is offline
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The houses in Milton are 3000 sq ft homes on 41 foot lot, some on premium lots backing a ravine.

Hopefully the market goes up soon. All this recession talk has got me nervous. Anyone else heard rumors of mortgage rates going up..?
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Old 2009-06-02, 07:58 AM
MooF MooF is offline
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Quote:
Originally Posted by JSM View Post
The houses in Milton are 3000 sq ft homes on 41 foot lot, some on premium lots backing a ravine.

Hopefully the market goes up soon. All this recession talk has got me nervous. Anyone else heard rumors of mortgage rates going up..?
no, those are just rumours. The rates will eventually go up, they have to, but not for another 10-12 months or longer according to promises made by the Bank of Canada prime rate. Although Mortgage rates don't have to follow prime, they often do... The major banks just cut their variable lending rate by .20 down to .60 over prime... if anything it will fall again this summer.
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Old 2009-06-02, 08:40 AM
joejack joejack is offline
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The fixed mortgage rates are not related to prime rates but bounds. I heard it on the 680 news yesterday that RBC has "officially" increased rates, posted rate now up to 5.45% for a 5 year fixed. I wouldn't be surprise if the rest of them will follow very shortly.
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Old 2009-06-02, 09:13 AM
MooF MooF is offline
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Quote:
Originally Posted by joejack View Post
The fixed mortgage rates are not related to prime rates but bounds. I heard it on the 680 news yesterday that RBC has "officially" increased rates, posted rate now up to 5.45% for a 5 year fixed. I wouldn't be surprise if the rest of them will follow very shortly.
Fixed and variable differ yes... I was speaking in terms of Variable.. JSM (the poster) didn't specify which rate..
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Old 2009-06-02, 09:54 AM
K'n'P K'n'P is offline
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Wow, it's actually true. I thought no banks would raise rates for a year from now.

Anyhow the link to RBC's increase is below. Not sure if or when other banks will follow, but also important to note RBC has a 5 yr closed special offer rate of 4.15%. Just not sure what the conditions on that is.

http://finance.yahoo.com/news/RBC-Ro...1075.html?.v=2

Also noticed the lowest 5 yr fixed rate on Advent's mortgage website also went up by 0.25%. It was 3.34% a week or two ago, and is now at 3.59%.

Last edited by K'n'P; 2009-06-02 at 10:05 AM.
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