In 5 Years Will My House Still Fit


In 5 years our lives can go through many stages:

♦ single to married

♦ childless to children

♦ daycare to kindergarten

♦ working downtown to working uptown

♦ married to divorced

♦ full house to empty nester

♦ working to retired

No one can predict how our lives are going to unfold, but with a little thought you can prepare for the future and what may lie ahead by planning for the present. In any discussion with my clients one of my first queries is what are their short and long term plans; we all have them, so share them. By understanding your present housing needs I can then focus on properties that will meet your immediate criteria, as well will allow you to adapt this home to meet any future changes.

If you are single and working in downtown Toronto a condo is the obvious choice:

► they are affordable

► location close to employment

► space is adequate for present needs


Now a couple who are considering having children then a house maybe the better choice:

► generally larger space

► easier to renovate to reflect changing needs

► located in family centric neighbourhoods

► close to schools


Your first home won’t be your last, but a from an home investment perspective it is best that you try to stay at least 5 years before thinking about a move. You want to build up your home’s equity and in 5 years you should be able to built enough to avoid the CMHC’s downpayment penalty (less than 20% down). In the Toronto housing market you are looking for a reasonable return on your investment so conservatively you would hope to get anywhere between 5 to 8 percent a year (now this is conservative and some Toronto neighbourhoods can expect higher returns while others more modest).