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Defining the ‘affordable’ home
“Affordability” is one of those familiar buzzwords in the world of real estate. But the affordability index is a fantastic metric.
The affordability index is the home purchase price divided by the gross household income. The result is the one number that gives us a look into the real estate health of a household and even an entire city. I have used this tool for years to identify great communities to invest in.
On a city level, a low index indicates that jobs are paying very well in comparison to the price of housing. There’s potential for increased value, since residents have the disposable income to invest in their home and community. People moving into the neighbourhood have high incomes and are able to spend more on a home, driving home prices up. I often see home values increase faster than the national average in cities with a low index.
The downsizer’s dilemma
In 2007, my wife and I sold our 2,300-square-foot Ottawa home, opted for the world of self-employment and moved to a smart new condo on a charming small-town harbour an hour east of Toronto. Soon, we learned that we had been so mesmerized by the sparkling waters of Lake Ontario, we had overlooked the perils of living in a space half the size of our single-family house while trying to work from home.
Beware, all fiftysomething baby boomers preparing for retirement: There is a world of enticing downsizing options out there and somewhere there is one that fits your needs. But look beyond the convenience and the view. Think long and hard before you choose, and make sure the choice you make offers ample space to live the life you plan.
Joanna
in Buying / Selling, House & Home
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GTA REALTORS® Report Mid-Month Resale Housing Figures
Greater Toronto REALTORS® reported 2,790 sales through the Multiple Listing Service® (MLS®) during the first two weeks of July 2010. This represented a 37 per cent decrease compared to the 4,437 sales recorded during the same period in 2009. New listings decreased by eight per cent annually to 5,184.
Things will be great when you’re downtown
When complete strangers buy into a condo building, they’re in for a big surprise. It doesn’t take long before they’re going for a swim with one of their neighbours and befriending others at the pub, on the treadmill, or in the shops downstairs. Then it dawns on them: They’ve lucked in to a vibrant neighbourhood — and life is good. In a seven-part series, Post Homes takes a look at new condo communities within the city and the meeting places that make these neighbourhoods really hum. Part two: Downtown.
Joanna
in Condo Watch, Toronto
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GTA REALTORS® Report Monthly Resale Housing Figures
Greater Toronto REALTORS® reported 8,442 sales through the Multiple Listing Service® (MLS®) in June.
This represented a 23 per cent decrease compared to the record 10,955 sales reported in June 2009. Sales for the second quarter of 2010 amounted to 28,810 – up one per cent annually. Year-to-date sales through June were up 23 per cent to 50,455 compared to the first six months of 2009.
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ThinkTorontoHomes.com COLDWELL BANKER TERREQUITY REALTY, Brokerage Independently Owned & Operated 10 Yonge Street, Unit 113-115, Toronto, ON M5E 1R4 |
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Otto Calta, Broker: 416.495.4043 Joanna Duong, Broker: 416.495.2340 Elaine Mok, Sales Representative: 416.367.9660 Office (24 Hour Pager): 416.366.8800 Office Fax: 416.366.8801 info@thinktorontohomes.com |
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