About three years ago, my family and I decided to take advantage of Toronto’s real estate upswing. We opted to sell our townhome while prices were skyrocketing ending up with a very decent profit. In fact, our profit was so good that it allowed us to pay cash for a large, four-bedroom character home in Winnipeg. Yes, we had decided to relocate to another city, leaving our friends and family behind, setting out for a new life for our family. And the best part? We were mortgage-free!
Our big house is absolutely sprawling and the property boasts a double lot. If our home was located anywhere within the Toronto real estate market, there’s no way it would sell for less than $300,000. Fully renovated and depending on the exact location, the selling price could even be close to $500,000. So, how did we manage to land this real estate deal and claim our mortgage-free status? The real estate market in Winnipeg is one of the city’s best kept secrets. We’ve experienced a 20% increase in our market in the past three years. However, when we bought our home, we paid a measly $65,000 for a three story home in good condition. There are some cosmetic things that needed (and still need) to be done. My husband plans to install brand new hardwood flooring throughout the main living area. But these are minor concerns when considering what a home of this size and character would go for in the Toronto real estate market.
Toronto prices have shot up so much that people who want to buy a house have to shell out $250,000! Others have to forget about settling in a nice neighborhood or a place with good amenities, the condition of the place, etc. They can only live in town homes or condominiums. The house could be in any condition–the price would not change. The real estate listings of the city of Toronto therefore prove to be quite mind-boggling for someone who is not prepared for it!
Imagine the thrill of living in a place where commuting to and from office is peaceful. No gridlocks to battle through, no evidence of road rage. Anyone who wants to live here can afford a house since it is only $100,000. There are umpteen houses to choose from, in a variety of neighborhoods. If you wish to put up new windows and high efficiency furnaces along with your fixer-upper, Manitoba Hydro offers loans at low interest rates. So there is no need to worry. The town homes and condominiums up for sale demand a maintenance fee; but this is only a fraction of what one would have to pay in Toronto.
Thus, all types of people can adjust to Winnipeg, for the real estate prices are within affordable range unlike the city of Toronto.
We have now made Winnipeg our home, probably for good. Yes, we miss our friends and family, but we still find ways to keep in touch and see each other on a regular basis. Our family is much happier with our slower pace, the kids love having so much space to run around, and we feel like we’ve made a smart decision for the long run.
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