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ripeplum wrote:

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Americans can't seem to fathom that our housing market in Ontario is hot hot hot. Well priced homes in the right area are selling in days for at or over asking. We so far are unaffected by what has gone on in the States. I know of a house that sold this week that 5 years ago would have been worth maybe 350 - 450...just sold firm in 3 days for 1 million even, even I shook my head in disbelief. This wasn't even in a big city, even our smaller cities and towns are experiencing a huge jump in property values. Entry level in my city is around 200k and at that you get a really small house in a charming neighbourhood but nothing special. Its actually a shame that people starting out can't buy anything decent under 300k.

Once a builder starts really getting going in a subdivision they start filling in the unsold lots with "inventory homes" These homes are mostly built but not completely finished. The builder then sells these and customizes the finishes. These homes are usually a bargain because the builder is ready to be finished with that particular development and just wants them sold. There is lots of wiggle room in the price of those homes. If your heart is set on a particular subdivision just wait it out, there will be lots to choose from when you are ready.

But aren't all the good models/lots already taken by then?

Also I agree, my grandfather's street (which is really crappy) had a freehold townhouse sold for over $350k in 2 days!!! Houses are flying off the rack here, I heard other homes gone in 2 days as well over asking price. Insane. I'll never afford a decent home here...