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Thread: At what age did you buy your first house

  1. #61
    Financial Advisor ashedfc's Avatar
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    Quote Originally Posted by Lynn49 View Post
    I was 24, hubby was 27....a 3-bdrm 2 bath home, about 1100 sq ft cost us $17,500. Lol!!
    This price looks to me like you are referring to 1960's or even earlier..

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    CaLoonie Brad's Avatar
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    I'm 29, and still have never owned a house. I could afford a condo or townhouse if I wanted, but I want a detached house with a garage and you need about 700k to buy one of those here in markham and I don't have that kinda money. In most other towns I'd probably own a house now.

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    CaToonie
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    We couldn't afford to buy in Markham...but I have seen some detached fairly newbuild 3b/3b w/ 1 car garage there for high $400K which IMO is a great investment as Markham is still growing. Unless you're talking about 'starting' with a 2500sqft+, double garage house which yes, are going for $700k+

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    Frosh Canuck
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    Bought my first house at 23 and my fiance was 24. Got a deal due to lack of maintenance on the house and my fiance is a carpenter. Worked out prefectly, especially given the prices of homes in the GTA
    MortgageQueen likes this.

  5. #65
    CaLoonie Retiree's Avatar
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    Interesting thread.

    Bought our first house in 1973, when I was 23 and my husband was 29. Paid $22,000 for an 1100 sq. ft. ranch style home. Had a $6,000 down payment and interest rate of 9% with a privledge clause that enabled us to pay an additional $500 once a year. Had a mortgage amortized over 25 years but paid it off in 10. That took a lot of scrimping and saving because my husband had a modest paying job and I was a stay at home Mom. Sold in 1998 for $112,000.

    In 1998, after being mortgage free for 15 years, we sold to buy an 1800 sq ft house, in a different part of the city to open a bed and breakfast. Bought at $182,000 with $82,000 down, leaving a $100,000 mortgage at 6.35%. Renewed that mortgage twice.

    The last mortgage we had was a variable mortgage and all along the way, privledge clauses were a lot more flexible than when we had the mortgage on our first house. By the time we paid the house off in 2008, our mortgage rate was down to 1.75%. We retired from being B & B hosts at the end of 2010 and sold the house for $297,000.

    We have invested the proceeds from the house, to help support us in retirement, and now are happy renters.

    I wouldn't have wanted to not have a house when we were raising our kids but I am quite content, now, to rent a nice apartment and let someone else worry about maintenance and repairs.
    harbie and MortgageQueen like this.

  6. #66
    Canadian Genius Tweets77's Avatar
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    Bought our first house when I was 23 and fiance was 24. Bought it for 42,000 less the $6,000 down payment. Interest rate was 13 1/2% and paid it off in 12 years. Built a new home in the country 4 years ago.... Still mortgage free!!!
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  7. #67
    Senior Canuck MissDayle's Avatar
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    I was 24, hubby at the time was 28.
    We're split now, I'm 28, and own my 2nd house all by myself
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    Senior Canuck Slaney's Avatar
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    Well I co-signed on my sisters condo when I was 19 but my first house I bought & lived in was this one with my hubby. We bought it in December 2006 (so we sould have been 23) for $25,000. We got lucky, the cost of houses was already skyrocketing but we bought the house from a family member & she took an extra $5000 off plus gave us $800 cash to cover our first year of property taxes
    If we sold it now we'd around $120,000 for it
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    Canadian Guru harbie's Avatar
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    Does a condo count??? I was 29 and DH was 28 when we bought our first place and sold it 5 years later for a $108,000 profit!

  10. #70
    Frosh Canuck Shaunah's Avatar
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    We bought our first house in 2009 - I was 22, hubby was 25. It's 744 sq ft with a huge backyard and finished basement, two bedroom, two bath. Nothing huge, but big enough for the two of us and an addition or two . $106 000 then, and similar houses on the block are now selling for $180 000+. We live in Northern Ontario, so housing is relatively cheap, but recently rising quickly.

  11. #71
    Financial Advisor ashedfc's Avatar
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    9 cm error turns dream home into nightmare for couple

    though a bit off topic, but its worth reading..
    http://ca.news.yahoo.com/9-cm-error-...090719734.html

  12. #72
    Canadian Guru harbie's Avatar
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    Quote Originally Posted by ashedfc View Post
    9 cm error turns dream home into nightmare for couple

    though a bit off topic, but its worth reading..
    http://ca.news.yahoo.com/9-cm-error-...090719734.html

    That is such a joke! The neighbours want $25,000 for the 9 cm of land??? Man I would HATE to live next to them after it's finished.

  13. #73
    Senior Canuck matty's mom's Avatar
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    Quote Originally Posted by harbie View Post
    That is such a joke! The neighbours want $25,000 for the 9 cm of land??? Man I would HATE to live next to them after it's finished.
    True but apparently this has been brewing for awhile... My BIL live in C.B.S. NF. According to him, there has been contention about this home. The lot is pie shaped and the 9 cm is where the house foundation is, it doesn't include the roof and it's overhang. Nor does it does include the back of the lot that the house now has "taken" from the encroachment.(and thereby closer too the neighbour). The placement of the house makes me wonder if the owner was trying to advantange of the encroachment by using it at theirs. If they leave it as is, there cannot be a fence on the property. It would look awful. It would have to end at the front side of the house 3" before the edge of the house (with roof overhang into the brush) and continue on the back side- observing the pie shaped lot. Not exactly the "dream home look" that you are hoping for when you build.

    I think that whoever built this for them (the surveyor especially) needs to find $25,000 quickly!!!
    Last edited by matty's mom; Wed, Aug 1st, 2012 at 10:19 AM.
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  14. #74
    claires mommy too! <3 gracesmommy's Avatar
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    dh and bought our first home when i was 19 and he was 26, we flipped it 2 years later and we are on our 4th house and also own a rental house.

  15. #75
    Canadian Genius Abby5's Avatar
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    Quote Originally Posted by newbiesaver View Post
    We couldn't afford to buy in Markham...but I have seen some detached fairly newbuild 3b/3b w/ 1 car garage there for high $400K which IMO is a great investment as Markham is still growing. Unless you're talking about 'starting' with a 2500sqft+, double garage house which yes, are going for $700k+
    I live in Markham. I live in a 1200 sq ft home with one car garage ...the house up the street sold for $760000.

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