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Financing, Mortgages and Insurance What options are best for you and your situation?


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Old 2008-03-23, 07:56 PM
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canabiz canabiz is offline
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Interesting article in the Toronto Life mag

http://www.torontolife.com/features/sinking-feeling/
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Old 2008-03-23, 10:55 PM
VascoF1 VascoF1 is offline
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Interesting article in the Toronto Life mag

http://www.torontolife.com/features/sinking-feeling/
Great read, thank you for sharing. Who would have thought that the bidding wars continue to be a factor at present.

What I found to be one of the most important thoughts from this article is the need to consider renovations and repairs in the overall cost of purchasing re-sale. The story about the staging of the home with the odour of fresh cookies was especially enlightening.
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Old 2008-03-24, 08:49 AM
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Yes I could relate to a lot of the points in this story. We no longer eat out as often as when we used to live in the apartment. Exotic vacations are definitely in the booklets only, although we will try to do a trip once/year.

This is all par for the course though, when we signed the papers, we knew it would be tight but i didn't regret it one bit and I am sure other homeowners will share the same feelings.
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Old 2008-03-24, 02:57 PM
Katherine&Chris Katherine&Chris is offline
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I actually read this article when I saw it on a news stand at chapters about a month ago. Crazy.

But it's really really true. Some people are just desperate to own a home. I don't think we see it as bad in Ottawa as Toronto, but there are areas in town where prices are crazy inflated and have bidding wars i.e. Old Ottawa South, the Glebe and Westboro.

It's also about making priorities. Some would rather own a home than go out for fancy dinners. Personally, we chose the median. We could have stretched our budget and bought a single, instead we bought a town that we can afford to upgrade to our tastes and not sacrifice Starbucks, dinners our or vacations... not to mention kids down the road!
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Old 2008-03-25, 06:52 PM
SW20 MR2 SW20 MR2 is offline
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It bewilders me how people can be so stupid and naive to put themselves in such situations. Much of the problems that people run into are common sense. Would you buy an old car without doing a full inspection or expect repairs? In today's world, learning about something is just a website away. I know I'm a little on extreme side when it comes to research, but I would expect people to do at least a little homework when making such a big decision.
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Old 2008-03-25, 09:02 PM
mart242 mart242 is offline
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If these people are stretched out that much, how can they even plan for retirement? What will they do without investments / RRSPs ?
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Old 2008-03-26, 12:16 AM
Mark & Lynda Mark & Lynda is offline
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It bewilders me how people can be so stupid and naive to put themselves in such situations. Much of the problems that people run into are common sense. Would you buy an old car without doing a full inspection or expect repairs? In today's world, learning about something is just a website away. I know I'm a little on extreme side when it comes to research, but I would expect people to do at least a little homework when making such a big decision.
I think sometimes in Toronto with bidding wars being the norm, people don't have time to get inspections, or, if they make the offer conditional on inspection the next offer will be unconditional. You can't win. Toronto is a an inflated market for sure. I'm glad we're not in that situation - Live and work for the house.
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Old 2008-03-26, 12:47 AM
SW20 MR2 SW20 MR2 is offline
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You're probably right, and it wouldn't surprise me. But I'm still not stupid enough to forego something like that.

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I think sometimes in Toronto with bidding wars being the norm, people don't have time to get inspections, or, if they make the offer conditional on inspection the next offer will be unconditional. You can't win. Toronto is a an inflated market for sure. I'm glad we're not in that situation - Live and work for the house.
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Old 2008-03-27, 10:38 PM
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If these people are stretched out that much, how can they even plan for retirement? What will they do without investments / RRSPs ?
They shouldn't buy something that is beyond their means. Even if you *qualify* for a $500K mortgage, it doesn't mean that you can *afford* the house.

Here's a nice blog on home ownership that discusses some interesting points.

http://www.canadiancapitalist.com/20...home-ownership
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