Realestock Blog

On April 28^th and 29^th, 2010 in New York City, CMAEON’s CEO and Founder, Tim Vasko will be speaking at the REMarTech (Real Estate Marketing & Technology Academy) event on online marketing, named ‘Is Social Media a Fad?’

The ReMarTech is a two-day conference with eighteen workshops, focusing on online listings and “virtual office websites”, lead generation, email and mobile marketing, online video and viral marketing, publicity and PR, the Facebook Marketplace and much more!

Tim will be leading two innovative workshops on Website Design-Web Portal Magic and Social Conversation Lead Generation. His workshop on website design focuses on how to create buyer relationships through web content tools, understanding connected media and how to drive buyers to your website and how to create a successful web presence strategy.

Tim’s workshop on lead generation will take participants on a journey to discover new ways to practice online lead generation. Topics that will be covered include: how to find, qualify and convert leads, how to become part of the natural social conversation and how to inspire word of mouth online.

Speaking from his experiences running CMAEON® and Realestock, Tim will address key issues in lead generation and website design facing today’s marketplace to help participants discover how to rank higher on Google and create updated content to engage and attract buyers.

Other speakers at the event include Ross Anderson, President/Owner of nylmedia and NewYorkLuxury.com, Sarah Bonert, Director of Broker Services, Zillow and Kelly Roark, VP of Interactive Sales and Development from HGTV/Scripps Network.

For more information on Tim’s workshops or to register for the event, please check out Real Estate Marketing and Technology Academy at http://greenpearlevents.com/remartech/.

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The general consensus seems to be that the Canadian Real Estate Market is still one of the least disastrous markets worldwide. However, this doesn’t mean that this is a secure market. Sale prices are declining like everywhere else, and the current semblance of stability is only related to the fact that Canadian lenders and banks were, in previous times, much more conservative than lenders in other countries.

However, the market in Canada is by no means in the same state as it was a few years ago, which is obvious than when you look at a city like Vancouver, British Columbia. Vancouver had some of the most insanely hyper-inflated prices in the last few years, and so now that are fewer buyers, there are a distinct lack of properties being sold, and those that do sell, sell low.

On Friday in the Globe and Mail, Kerry Gold wrote an article misleadingly titled ‘First Time Buyers Drive a Rebounding Market” as it also talks about buyers who are upgrading, as well as those who are first time purchasers. One interesting point about this article, is the reminder that there are certain types of buyers who will always exist in any market, and will be the ones who will stop the it from going into complete cardiac arrest. This is, of course, as long as they are not completely scared off by the onslaught of negativity that currently invades the real estate market. Just joking:

1) First Time Buyers: If you are a first time buyer, this is a great time to get on the first rung of the ladder – but only if you are brave enough to take the plunge, and can get a mortgage. Prices are low, mortgage rates are low, and now with tax advantages ahoy, this is the best opportunity that you’ll get for a while!

2) Growing Families: When one’s family starts getting bigger, the need for more space necessitates the move to a bigger place. Last time I checked, people hadn’t stopped having children, and again, if you bought a while back, you’ll have equity in your property, and upgrading in a low market will not make much of a difference

3) Empty Nesters and other ‘downgraders’: At the other end of the scale, there are people downgrading. As long as one is moving within the same or a similar market, downgrading is not a big problem, as the gap between your lower priced large home, and your lower priced small home should be pretty similar.

4) People who are Relocating: When the job market is not secure, people will move where the jobs are, so this market is almost certain to generate a good deal of relocation. As this is born out of necessity, these people buy and sell in any market!

While this is not entirely newsworthy, it is worth remembering that these kinds of buyers exist in every market, so whatever the economy situation, there will still be these kinds of buyers to keep things going. Think of them like the superman of buyers...come to save us all from certain disaster. Which in the current bad news market is a little piece of good news. Shock horror, eh?

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In the last few weeks, there have been plenty of discussions in terms of whether the new US Government financial stability plans are beneficial or yet another example of throwing away good money after bad (as my grandmother would say). Everyone has an opinion on the various stimulus packages that have been brought forward from both the current and previous administrations.

I have trouble deciding who should be bailed out, and who shouldn’t. No one wants to reward irresponsible behavior with a ton of money, but conversely, there are people who are underwater on their homes through no fault of their own. Many people make snap judgments on people who took out subprime mortgages, but frankly, these people need to get off their high horses. If someone offered you the chance to have something that you thought you could (just) afford, in a housing market that seemed to be on the up, many people would take the chance. Two or three years ago, your average Joe could not have predicted that there would be mass unemployment and an unprecedented drop in home prices.

Bailing out the big banks, mortgage companies, and other corporations leaves a bad taste in everyone’s mouth. Who could forget seeing the CEOs of the big three squirm in their seat when asked whether they would be selling their private jets and returning home via a commercial airline? However, as time goes on, jobs are being lost, houses are being foreclosed, and stock prices are shooting down, something needs to be done.

President Obama’s current packages seem to be taking a different technique from the last administration. While the Republicans’ strategy was more to encourage consumer spending and the growth of businesses, the Obama administration seems more aimed at directly helping consumers, particularly homebuyers.

In the last month, three new strategies have been launched by the administration: The $8,000 tax credit for first time buyers, and the Making Home Affordable Refinance and Modification options. These are available to the following buyers, and are summarized as follows (more in depth information can be found at http://www.recovery.gov) :

$8,000 First Time Buyer Credit. You may be eligible if:

- You are a first time buyer.

- if you have a single income of up to $75,000, or a combined income of up to $150,000 (this will mean you receive the full tax credit of $8,000)

- You bought your home on or after the 1^st of January, 2009, up to the 1^st December, 2009.

Home Affordable Refinance. You may be eligible if:

- The mortgage is on your primary residence

- The loan on your home is a conforming loan, controlled by either Fannie Mae or Freddie Mac

- You are current on your mortgage payments (meaning you haven’t missed a payment by more than 30 days in 12 months)

- You are not ‘underwater’ on your mortgage –(meaning you cannot owe more than 105% of the cost of your home. (But 80% - 105% is OK))

For those not eligible for this plan, there is also the Home Affordable Modification. You may be eligible if:

- The home is your primary residence

- You owe less than $729,750 on your mortgage

- You are in some kind of trouble with your mortgage that is beyond your control at this point: e.g

1) Your mortgage rates were increased significantly

2) Your income has been significantly reduced since you got your current loan

3) You have suffered a hardship that has increased your expenses (e.g. medical bills)

- You began your mortgage before January 1, 2009

What is your view on these packages? Will they help? Will they benefit the economy as a whole, or are they just a temporary band aid over the real issues? What do you think? Will the cost of these measures be more or less than the cost of many, many foreclosures? Feel free to comment below.

The views expressed on the blog portion of this site represent only the opinions of the author and may not necessarily be the opinions of Realestock.com

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2009 is nearly upon us – and some might say that this has not come a moment too soon. This year has been anything but dull, but at times we could have done with a little less drama. To ease you into 2009 (which many analysts fear may be as tumultuous as last year) here are some reminders of things that happened last year… which may make you glad that we are leaving it.

Top News Story of the Year: Financial Crisis

The only way that you might have missed out on this is if you were living in a cave, under a rock. Definitely the defining story of 2008: from bailouts to stimulus packages, from crashing mortgage rates to foreclosures, every day brought new and more terrifying stories. This was not a good year to have real estate and business news Google alerts sent directly to your email account – unless you enjoy receiving 15-20 pieces of bad news a day.

Top Real Estate Story of the Year: House prices tumbling, back to basics mortgages and foreclosures ahoy

Yep – it’s not good news. Most markets saw some reductions in sales, and prices dropping – whereas other markets saw massive drops and the inability to sell at all. This, and the shrinking economy lead to an increase in foreclosed properties – which has meant many people have lost their homes this year. The consequence of this is that many banks and other lending institutions have become more prudent and restricted their lending policies. You can still get a mortgage, but you’ll need to have a good deposit, a steady income, and a good to stellar credit score.

Top Slightly-Less-Depressing Real Estate Story of the Year: First Time Buyer Alert

2008 was a good year for first time buyers to get in on the action. Providing you could get a mortgage, this was a great year to invest in real estate. This can only get better for first time buyers as 2009 continues, as prices will be dropping further. So when your 35-year old son says he still needs to live in your basement for free because “house prices are too expensive” feel free to chuck him and his ever growing laundry pile out in January.

Top ‘Most innovative ways to sell your house’ Stories of the year

My top three?

1) Can’t sell your house? Why not raffle it off? Sounds insane? That’s because it is. But desperate times call for desperate measures. In October, the Globe and Mail talked about homeowners who have narrowly avoided foreclosure, and made money. However, it’s not easy: some states/provinces will not legally let you raffle your house.

2) Buy the house, get the car free! In November, the National Post reported that a seller who couldn’t sell their East York home at a lowered price was offering potential buyers a free vehicle – worth $15,000. As of posting time – no news on whether it sold.

3) Find a buyer? Get $100,000. At the beginning of December, David Bangert and Linda Harris of Kailua, Hawaii REALLY wanted to sell two million dollar pieces of property. So they offered a reward for $100,000. If you could find someone who wanted to buy their houses, and more importantly, were funded to buy them, you could get up to $100,000 as a reward. Again – no news as to whether they sold or not.

Top ‘Good News Story for us: Most homebuyers are now looking on the Internet for their new home

According to the 2007 National Association of Realtors Profile of Home Buyers and Sellers, 84 percent of buyers use the Internet to search for a new home, and this is a trend that has continued through 2008, and will continue into 2009. The Chicago Tribune, in its Eight Real Estate Trends for 2009 article, have predicted that as more buyers go online, more realtors will want to post their information online – which is great for sites like Realestock, who offer easy ways to upload properties on to our site – for free – to millions of eyes!

So happy new year, and let’s hope 2009 is a good one! We’ll be blogging in the New Year, and also releasing our new monthly newsletter – the Realestock Report. We wish you the very best for a prosperous 2009!

The views expressed on the blog portion of this site represent only the opinions of the author and may not necessarily be the opinions of Realestock.com

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We attended the Urban Land Institute (ULI) conference at the end of October. The event was very interesting and successful, but it’s only now that we’ve had the chance to sit down and really think about what we learned at the conference – and what will stay with us, way into 2009…

1) Things are not as bad as they seem: everyone at that conference intends to be in business for next year’s conference, and the year after that, and the year after that. People are working hard, deals are being made, and things are getting better, but it’s hard to fight against the perception that is being propagated by the media. However, if you speak to realtors, developers, sellers and mortgage lenders, you’ll see that there is business to be made, and deals to be done. It’s just a little harder right now…

2) People are looking for innovative ways to sell developments and real estate: Rent-to-buy, auctions, pricing drops, online special offers, social networking…people are trying a variety of different techniques to keep selling real estate. Diversify or die – the buyers' market means that realtors and developers MUST get more creative. A couple of ‘open house’ signs on the street does not a advertising campaign make, so if you don’t understand blogging, have never posted on a web board, or you have no idea what a ‘tweet’ is – you’ll be left behind in the new world of marketing. (p.s. Cheeky plug: check us out at http://twitter.com/Realestock.)

3) Print advertising is dead: Our booth was extremely busy. Why? Because we are offering something quite different from other advertising companies. Our advertising is all online, so we use new and innovative ways of marketing, and we don’t waste your budget like traditional advertising can. For more information on our full package for your marketing success,

4) People are waiting for the big turnaround: 2009? 2010? When will it be? Many realtors, developers and sellers are conserving more and spending less, delaying sales, or even renting out properties until people start buying again. The reason being that these businesses need to survive, and if you can’t afford filet mignon, you’ll dine on Kraft Dinner until you can.

5) Environmental and Green Building – It’s on the up! Once a niche market, this is now becoming the norm, and people are expecting to have features such as low flow toilets, good insulation and other innovations which save the environment, and save money. As oil, gas, and other materials become more and more expensive, it is not just the traditional environmentalist demographic who are interested in ‘going green’. Granted, for many people, it has nothing to do with the environment, and everything to do with saving money, but whatever the reason, environmental building is becoming very popular, and green houses are still selling, even in this market.

6) The coordination of houses and transportation: Suburbia experienced growth in the mid to late 20^th century because people were interested in moving out of the cities to get bigger houses, more space, and a better life for their families. Now that people’s priorities have changed, and most people are looking for energy efficient houses, easy accessibility to schools, shops, businesses etc, the suburban landscape is in decline. There is even a trend for families with children – the original suburban demographic – to move back to the city for reasons such as better childcare options, better education, and more choice. This doesn’t mean that the end of suburbia, but it does mean that things will have to change. Better transportation links such as buses and other forms of transit, in addition to encouraging more family-friendly opportunities and a better sense of community will enable suburban housing to stay competitive in terms of reaching young families and other buyers.

If you were at ULI, let us know what you learned, and whether you think these themes will stay constant through 2009.

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Is the doom and gloom in the media getting you down? Have you stopped reading newspapers or surfing the net for fear that your house is now worth little more than pocket change? Never fear, here at Realestock we have some reasons why you shouldn’t get upset - whether you’re a home seller, home buyer, an agent, or a developer.

Mortgage companies are still offering competitive loans, and rates are going down. The media continually reports that mortgages are unavailable. We don’t know where they are looking, because we know first hand that you still can get funding, and even better, rates are dropping. If you are a first time buyer, this is an excellent opportunity to jump in. Why? Low interest rates mean your mortgage may turn out to be less than the rent you are paying now. Think of it as an investment. I’d rather be paying my mortgage than someone else’s.

You can get a really good deal, depending on where you are buying. Areas that may have been overpriced before the crisis may have come down to a more reasonable price – and this is where you can jump in. Always wanted that waterfront condo in Vancouver, but never been able to afford it? Now the price has dropped by 25%, you might be able to.

A decline in new home sales and a lack of building will mean that your ‘old’ property will be in demand. Fewer developments are in the works, and many condo developments are unable to complete construction. This means that there will be a couple of years when there will be a real lack of brand new homes for buyers who want to move in, without having to update their property. This is where you can jump in. The current crisis gives you enough time to renovate your 1980s condo just in time to catch those buyers who want to move in to a new place. Cha-ching!

There is a surge of demand for rental properties. If people don’t buy – they rent. Got a new development that you can’t sell? Why not try implementing a rent to buy model? Bought a house to flip and sell? Why not flip and rent? When the market comes back around, you’ll be able to sell to your renters. I love it when a plan comes together.

Overseas investment is still happening. Where you and I see “Argh! My house is worth less than it was last year”. Overseas buyers might think “What a great deal”. Obviously, not all properties and developments will appeal to overseas investors, but it you are selling in a popular tourist area, or own a waterfront property, you might find that you have something original to offer someone who’s looking for a nice vacation home.

Niche properties are still selling. Are you selling an environmentally aware development? Or something by the water? Maybe your townhouse community offers facilities that make it different and innovative, such as a fitness centre, or access to a golf course. If you are offering something that differs from the norm, you might find your property sells before similarly priced ‘little boxes’.

If you don’t have to sell, what’s the problem? If what goes up must come down, then hopefully what comes down, must go up. If you don’t intend to move from your home, and you can still pay your mortgage, then just hang tight. Remember, eventually you’ll make the money back. Maybe it won’t be at the same rate that you made it last time, but slow and steady wins the race. And maybe you won’t have to wait that long, because….

Many economists and world leaders are predicting that the major crisis period will be over in 2010. If this is the case, that’s not that far away. Think about how long ago late 2006 was? Not that long ago, eh? If you can afford to ride out the crisis, you can still come out with a great investment or properties to sell.

Your home is not just collateral. It is a living breathing thing. OK, maybe I’m going too far, but something that is really important to remember is that a house is not just an investment. – You spend your life there. Think about what you love about your home and what makes it special. Maybe it was your son taking his first steps in the den, or your parents’ 40^th wedding anniversary dinner that took place in the dining room. Don’t you feel better already?

We are learning from our previous mistakes. As Oscar Wilde once said: Experience is the name we all give to our mistakes”. The whole world can now see where mistakes were made, and how we can avoid this happening again. Whether we blame over-speculating, or subprime mortgages, or everyone living on the never-never, it doesn’t matter. But we can learn from what has happened, and prevent a worldwide disaster from occurring again.

So you can finally pull yourself out from behind the sofa. Yes, things could be better, but they could be much worse, particularly if we let ourselves get caught up in this situation again. Real Estate is still a great investment, and while people are apprehensive now, the market will eventually recover.

Do you think that it is only a matter of time before the market corrects itself? Or do you think that we are in for many more years? Let us know what you think below, on our twitter page or in our community forums

The views expressed on the blog portion of this site represent only the opinions of the author and may not necessarily be the opinions of Realestock.com

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The Ultimate Crash Pad - Trump Tower (National Post)

Once again I seem to be talking about Donald Trump. Either a), I have developed some kind of obsession, or b), Donald Trump is up to a lot this month. However, this article in the National Post focuses more on DonaldTrump Jr., and the new Trump building that is being constructed in Toronto.

World Real Estate News

How Wall Street's Bust Threatens Dubai's Boom (Time Magazine)

The market is Dubai is staying strong, but for how much longer?

South East Asia Property Market Likely to Weather the Global Downturn (PropertyWire.com)

However, it's a different story in SouthEast Asia, which seems to be weathering the downturn...

U.S. Real Estate Becomes a Game of Chance (The Globe and Mail)

How would you like to buy a $600,000 house for $100? Sounds too good to be true? Some people in the U.S. are so desperate to sell their houses that they are raffling their homes off. But does it pay off?

And for Halloween? A creepy real estate story...

Our Creepy Old House (The Globe and Mail)

If you want to discuss these stories, or any other stories which were in the news in the last couple of weeks, feel free to post below....

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It's another monumental week in the real estate world. Once again, Taking 'stock supplies you with some interesting tidbits to keep you up to date on various world developments (no pun intended). If you read anything in the news that you think should be in next week’s blog, feel free to comment on the posting. Alternatively, if you want to comment on any of the stories listed here, let us know what you think!

Luxury Real Estate News/Views

Neighbor says Golf is a Sport Too Close (New York Times)

A lot of people want to be near to their favourite golf course...but how near is too near? A resident whose house is next to the 6th hole (a par 3) at the Winged Foot Golf Club is sick of golf balls hitting his property, breaking his windows, scaring his children, and making his dog sick. The hole is currently closed due to a restraining order brought against the club. You know it has to be serious when Donald Trump is offering to mediate.

It's not Easy Being Green - If You are Buying a Luxury Home...

This week's Realestock blog entry looks at how many luxury buyers are not concerned about their homes being environmentally sound. However, some developments are managing to combine good living with good style.

America's Luxury Homes, Downsized (Forbes)

On a similar theme, Forbes.com has written this interesting article about how many popular luxury properties are smaller than traditional 'luxury' housing. This is partially due to the lack of space, growth of environmentalism, worries about reselling the property in this less than buoyant market, and, more importantly, because it isn't 1987, and big doesn't necessarily mean classy. After all, is it better to have Foie Gras, or a Big Mac?

Worldwide Property News/Views

China's Homeowners Feeling Little Pain (Newsweek)

Here in North America, we are all on tenterhooks, fearful to hear what will happen to the property market next. However, in China, people are not feeling the pinch as we are. According to Newsweek, the cost of an average home has increased fourfold in the past eight years, and China's 80-million strong middle class are clambering to get on to the property ladder. Whether the market will eventually deteriorate like ours is still uncertain, but for the moment, things are looking sunny for the Chinese market.

Have I Got the Candidate For You! How the Real-Estate Market Could Turn Florida for Obama (Slate.com)

We are all now acutely aware how politics can affect house prices. However, in Florida, the real estate market could affect the choice of candidate. Voters are looking at which candidate will save them from getting into negative equity. This choice could be crucial as to who becomes the next president: because as Al Gore knows, Florida can change an election.

Rise in Property Re-structuring, Recovery and Debt Business Expected (PropertyWire.com)

According to PropertyWire.com, many international real estate groups are moving into the restructuring and recovery business - due to the large amount of real estate developments and projects that are falling through due to a lack of funding, in addition to the large amount of foreclosures and other loan difficulties that are occurring.

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Once again, it's been another week of changes, trials and tribulations. Here's a round up of some interesting luxury, North American and World stories that were in the news this and last week. If you read anything in the news that you think should be in next week's blog, feel free to comment on the posting. And I hope our readers in Canada had a lovely Thanksgiving!

Luxury Real Estate News

Athens extends its Luxury Scope (International Herald Tribune) In the last few years, the luxury products market in Greece has increased a great deal, which has inspired a range of luxury building opportunities, including a high retail mall

Concierge Auctions Pleased With Results of Luxury Real Estate Auction (PR-Canada.com) Our partner, Concierge Auctions, have completed a successful Auction in Florida. With the state of the current market, auction houses are finding more properties available for sale at both ends of the market.

Gulf's, Indian real estate markets to be among best: Survey (India Times) Looks like the luxury market in India, China and the Middle East is still growing, and will outperform all other areas of the world. So that second home in Dubai could be an excellent investment....

General Real Estate News

Buying a condo, one piece at a time (The Real Deal) One innovative way of allowing people without a down payment to get a home is a rent-to-buy scheme, which is currently being tried in Brooklyn, New York. Tenants pay an expensive monthly rent, but do not need to put any money down, so it is a way of saving for your new home, while living in it.

Escape...to the City? This week's Realestock Blog Post: Many people are choosing to leave their lives in Suburbia and move back to the city...with their kids and pets in tow. Is this a good move? It is worth giving up land and space to be closer to your workplace and favorite coffee shop?

Former Muppet house sells for $28M (The Real Deal) When I first saw this headline, I assumed that it was about Kermit and Miss Piggy's old place. Unfortunately not....but a nice story nonetheless

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Originally, the concept of suburbia was to create a place of community and safety. People moved their families out of the city so that their children would be safe from crime, drug problems, and so that they could be brought up somewhere where everyone knew their neighbors, and where there was a real sense of community.

However, times have changed. Suburban areas are no longer immune to these kinds of problems – a day doesn’t go by where we don’t hear about shootings and other crimes going on in suburbs of any major city. The community element has changed too. People know their neighbors, but many people work long hours in the city, and spend most of their evenings gridlocked in the daily commute, leaving little time for socializing. And I’m not even touching on the effect that rising gas prices have had on the suburban lifestyle, because there's enough material there for another ten blog posts!

An article in last week’s Globe and Mail Newspaper looked at the growing number of families who are moving from large suburban houses to smaller places in the city. This is becoming a widespread trend all over the world. The families mentioned in the article citied a range of reasons for leaving their suburban houses, including shorter commuting times, more activities for their children, exposure to a more diverse mix of cultures, and close proximity to restaurants, shops and bars.

However, there are a number of plus points to staying in suburbia. If you work from home, it can have many advantages. There are lots of community events and groups, and if you’re not spending your evenings gridlocked somewhere on the 401, then you have the opportunity to really get to know your community. Also, even though crime is rising in the suburbs it very rarely compares to the city, so your kids are still safer in suburbia. Not just that, you get much more space, in terms of indoor square footage, and outdoor acreage, which is tempting when looking at a new home.

It’s an interesting situation. Do you sacrifice the space and tranquility of the suburbs for being five seconds walk from your nearest Starbucks? It’s a hard one. As an ex-English major, I love a good compare/contrast piece, so I had a look at the prices in Bloor West Village (a community in Downtown Toronto) and Caledon, Ontario, a town which is part of the GTA (Greater Toronto Area). I chose these places because they were examples given in the article, and also they are both desirable ‘luxury’ areas of the GTA. I looked at detached houses on MLS.ca priced between $650,000 and $800,000 (average spend for a single detached family house in Bloor West Village seems to be in the high $500,000s) in both areas, and then looked at what you could get for a cool million. The differences were very interesting, although not entirely unexpected:

Caledon, Ontario

In Caledon, $650,000 buys you a three bedroom, four bathroom, two storey detached house, with a saltwater pool in the back yard, and a games room. Said back yard? About five acres

For just over $650,000 you can get a five bed, five bath detached Victorian/Heritage house, which includes a suite to rent out, and has a range of period features, such as vaulted ceilings

For just over a million You can get a four bed, 2.5 bath Victorian house set on 25 acres. Unique features include a stone fireplace, and your own private waterfall(!)

For just under $1,100,000 you can get a hundred acres of land – and a six bedroom, six bathroom house with a workshop and heated stone floors

Toronto (Bloor West Village)

For over $650,000, you can get a four bedroom, two bathroom detached house with features such as a finished basement, and a renovated kitchen

For over $650,000, There is a work/live house which has two offices, one bedroom and three bathrooms. Features include a ‘loft like’ setting, and a renovated basement with a separate entrance

For just over a million you can get a three bed, three bath detached property, with a landscaped yard

For just under $1,100,000 you can get a five bed, five bath ‘Georgian-style’ house with a family rec room, and a nanny suite(!)

While the differences do not seem that monumental, it is worth noting that MLS doesn’t list the acreage on the Toronto properties, which indicates that you get little to no land.

To sum up, it depends entirely on your lifestyle, and how much you have to spend. If you can spend upwards of $600,000, then in either place, you’ll be living in a beautiful and quality house. However, the difference will be the space inside and outside – if you want all the conveniences of living in the city, you have to give up the space and privacy that comes with living in a small town. Granted, the lower costs to keep up a smaller place, plus the lack (or reduced use) of a car, will save you money, but the cost of groceries and house maintenance is much more expensive in the city, compared to a small suburban town.

The views expressed on the blog portion of this site represent only the opinions of the author and may not necessarily be the opinions of Realestock.com

Are you thinking of moving to the city? Or have you already done it? Let us know by posting below!

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