We are in the process of buying a property. I wished to know the following:

a) are the property prices at an all time high now? is this the right time to buy a property. Do we expect the prices of properties to go down now?
b) Is a Detached home more expensive than a semi detached Why? Apart from sharing a wall what else is the difference.
c) We were told that the resale value of a detached is more than a semi.
d) How is the 9th Line and Egington area in Mississauga?
e) What are the key criteria one needs to put in place before buying a house?

Your reply:

a. Yes the Toronto Real Estate Board saw an all-time record 9,168 sales in April, up 25 per cent from April 2003. The total is also a one-per-cent increase over sales recorded in March. The average sale price rose four per cent from the month before to $321,131. The resale housing market is predicted to stay strong for the year 2004.

b. Detached homes are expensive then Semi-detached homes of same size in the same area and same age. Apart from sharing a wall, detached homes may come with an option to separate entrance to basement that may be finshed and rented out at the owner's risk. Detached home also come with more than one garage and bigger size lots as compared to semi-detached homes.

c. Resale value of homes depends on lot of factors. You have to first see your affordability before investing into a semi or detached home.

d. 9th Line and Eglinton is an excellent area and you will definitely find 0-2 years age homes, the approximate price range of semi's of size 1400-1800 sq ft in this area is 265,000 to 300,000 and detached homes of size 2500-3500 sq ft is from 300,000 upwards to 500,000. Apart from semis and detached homes one may find some freehold townhomes (no maintenance fees) in this area, some of these townhomes come with walk-out basements and no homes facing on the backyard. They are priced anywhere between 270,000 to 290,000. All the above price ranges pertain to the current month (May 2004) and may change at a later date.

e. Read all the hyperlinks on the buyer's page of my site http://realestate-ontario.com/buyers.htm to learn more about basics of home buying.

I hope you are working with a professional Realtor when buying a home?

If not, you may also like to read this article:

http://www.canadiandesi.ca/article.php?SID=4&AID=59

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Amit Kalia, Broker, REALTOR®
RE/MAX Real Estate Centre., Brokerage
independently owned & operated
100 City Centre Dr, Unit 1-702
Mississauga, ON L5B 2C9
Phone No.: 905-339-5111
Website: https://www.realestate-ontario.com/
Condo Blog: https://condopundit.com/blog/