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Category: Houses

World’s First Digital House Sold Over $650,000

If you’re having trouble buying a Toronto condo with an average sales price of $612,341 [1], then would you consider buying a Digital House for that price range? Let’s just move just beyond the traditional real estate market here, as I am sure you’re just as fatigued as I am about hearing the same news about this crazy market week after week since 2021 started.

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Where are Buyers Getting the Money to Buy a House Nowadays?

second family room & games from, etc.) in Vancouver for about $200k. The average Canadian household income in 1988 was $56,366 [1]. Hence, my parents’ house in 1988 would cost 3.5% of a regular family income.

In 2021, these houses in the same subdivision are well over $2M, and the Canadian household income today is approximately $90k. [2] Hence, that same house in 2021 would cost well over 22.2% of a regular family income.

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5 Reasons why Toronto Housing Market is Nutty Now

For the past couple weeks, my fellow Realtors and I were faced with multiple offers from as little as 2 to as many as 32 (for real!). With our buyer clients, we have been on the edge of our seats hoping we will not get yet another notification that an offer has been registered. With our seller clients, even we were shocked with the amount of (bully) offers on re-listed properties that did not sell last year.

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A Tale of 2 Couples Trying Buy a Home in Toronto

Here’s a true story of a tale of two couples I am working with right now actively looking to buy a home in Toronto. Both sets of buyers are highly qualified: Young professionals with good jobs who saved money to buy their first home with savvy parents who are chipping in so that it will be a 50% down payment to secure them a good home and ensure a lower monthly mortgage payment.

So what is the only difference between both parties?

One couple is looking for a condo, while the other is looking for a house (detached or semi attached house). And here is a glimpse of their journey in finding a home to buy in Toronto. 

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