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You seem to think that they owned their house in Toronto outright, which is rare for a young family, especially in such expensive area. Also, median detached ho
by goodJobWalrus 11y ago
You seem to think that they owned their house in Toronto outright, which is rare for a young family, especially in such expensive area. Also, median detached house price in Toronto is just over a million, so if they got a couple of million, they had above average house as well, so it's still not clear how are they affording all of that. But, I don't think that's the point of the article, maybe they are trust fund babies, who cares.
- Scoundreller 11y ago> Also, median detached house price in Toronto is just over a million, so if they got a couple of million Be careful, the Canadian real estate industry always publishes average sales prices, not median prices, and not median valuations. Which is why the numbers are rubbish: Their numbers are biased toward by whatever turns over more, and by a small number of high value sales. It's the same reason why average income is a farce. The average of 4 unemployed homeless individuals and a $250k/yr lawyer is $50k/year. The median is zero and more representative of reality. Once the industry starts publishing the average valuation of a 3bd 1.5ba home (detached or not, there's not a lot of detached inventory left!), listen to them. Until then, ignore their self-serving statistical butchery.
- cgh 11y agoWe have friends in the same area who recently bought a fixer-upper for $1.2 million. You're right, I'm assuming they owned outright but regardless, I'm betting they walked away with a nice chunk of change if they bought more than five years ago.