inexpensive compared to other major cities in the world.
We just returned from Paris and London. I browsed through some real estate
magazines while we were in Paris, average prices for a one bedroom flat of
about 75square meters (about 800 square feet) were about 450 to 600 thousand
Euros! In London, in a nice area of town, about 700 thousand pounds! The
same condo in Mississauga would be about $190,000
The most expensive house on the market in London's exclusive area of
Belgravia is currently for sale at 100 million pounds, but for that you get
6 floors, including basement, about 20,000 square feet and 2 parking spots.
It's an attached home, not detached, almost zero land to speak of and you
have to pay a land lease to the owner of the land, the Duke of
Westminster... think of the cash he rakes in a year! The same 20,000 square
foot house in Mississauga would be about $10 to $20 million and that would
get you huge piece of land and plenty of parking!
So don't worry, our real estate in Canada is cheap compared to other major
cities, just keep buying more and you can't go wrong in the long run.
All the best!
Mark
This post is totally irresponsible. You can hardly compare Europe to North America in this context. I guess US could have used that argument back in 2005 and we know what happened after that. England is experiencing a real estate correction and those 600K flats should be worth much less as wages have been stagnant for years. The only reason real estate is holding up is because every Western Nation has dropped its interest rates to outrageous levels which in turn punished people who actually save for a house vs those who buy with extreme leverage.
ReplyDeletePlease don’t forget that an average price in England is under 200K pounds so hardly Canada is cheap compared to what people actually earn per household.
Thank you for your comments. Although Average in England is under $200k pounds, average in Canada is under $200k dollars, so it is cheaper in Canada when you compare the countries.
ReplyDeleteIntersting that you think this way, and of course you may be partially correct, only time will tell.
All the best!
Mark