Breaking! Toronto Buyer gets chewed up and spit out by Toronto Real Estate Market.
FML Listings, The Mash (To be fair, The Mash isn’t a doom and gloom site) and a handful of other real estate doom and gloom sites have gained in popularity over the years as people like Garth Turner (love his insights though) and a handful of other economists run around screaming “The Sky is falling the sky is falling!” With oil prices coming down, who knows, maybe there is something around the corner but these people have been screaming for years, decades even!
Melissa Hart, founder of FML Listings and host of Toronto’s most recent pity party was recently featured in a Toronto Star article called “Stuck on the Sidelines” Go read it and come back.
Back? Good. Now we’re not an unsympathetic bunch here at Spring Realty. Honestly, we’ve seen clients come and go. Some have bought some have waited till the “crash” so they can save a bunch of money (still waiting) and some have sucked it up and bought in a neighbourhood that wasn’t their first choice but that’s what had to be done to get their foot on the property ladder.
What’s happened here is we’ve got a Buyer who’s neighbourhood expectations are out of whack with the Toronto Real Estate market.
Hart states that she’s been approved for $600K mortgage. Yes, a fully renovated house in Leslieville or really anywhere that’s super hot right now isn’t going to work but what about neighbourhoods like Birchcliffe Village? That’s a BOOMING community where we’ve actually sold two detached bungalows for under $500K in the past 3 years. You can still get in there for under $600K. What’s happened here is we’ve got a Buyer who’s neighbourhood expectations are out of whack with the Toronto Real Estate market.
When you’re a first time buyer, you don’t get to have everything. You haven’t earned it yet. Sacrifice is part of the game and you need to feel some pain before you’re rewarded with that dream home. Sure, some are luckier than others but when you have to struggle to buy your first home, you make some neighbourhood compromises, you make size compromises, you make any compromise you can as long as you’re keeping your family safe to make that first deal happen.
When you’re a first time buyer, you don’t get to have everything. You haven’t earned it yet.
Sorry, Mrs. Hart. We don’t feel sorry for you. Had you spent as much energy on finding a neighbourhood you could afford and aligning your expectations with current market conditions instead of focusing on the negative you’d be on your way to your dream house by now. You still have options. You really do.