Half a Million $ in Toronto Vs. Negril
Today I got a lesson in Real Estate that is worth sharing with everyone on ReggaeSteem. Toronto, Canada has the second most overprice real-estate on the planet according to a recent study by UBS this study can be confirmed by the fact that a basic starter home in a lousy neighbourhood costs more than 10x the average salary. I'm not complaining because we have decent jobs here, but let's face it, a decent job is not enough to buy a nice property. You need a fantastic career, a high level of savings, rich parents and a big mortgage. So what's the point?
USD $584,200 BEAVER LANE, Negril
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Wait What?
Check out this crib for $584,200 USD or $767500 CDN you can get this palatial estate, 10 bedrooms, 9 bathrooms, a swimming pool, overlooking the ocean, totaling like 8000 square feet and my guess is they're willing to negotiate. Looking at this makes me wonder...
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Yup, pretty sad yard. This place is a Spacious 1 Bedroom (758 Square Feet!) With Large Balcony Perfect For Relaxing Or Entertaining. Oh god, stop me 😹 $1000 a month in condo fees and property taxes, for $1000 a square foot? You don't actually own the land because it's strata. It's actually not bad for Toronto, seriously, that place is large for a 1 bedroom condo, it has a shared pool, a concierge, is on the lake, stacked washer and drier, etc.
Yup, that's right, you get 10x as much in Negril for the same price with land! There's an opportunity to run a business and my guess is $1000 a month can pay your taxes, the gardener and a cook! Now, of course, the wages there are different. When I write a post on ReggaeSteem, I get 10x the rewards as @donald.porter, just because I live in TO and not Negril, oh wait, nevermind.
Despite the higher wages here, something is eventually going to give. Yes, the living standards for most people are better in Toronto than in Negril, but when I saw this I was like damn. I don't want to work my entire life for a box in the sky when I can have a jacuzzi next to a pool on an estate overlooking the ocean.
What does half a million get you in your city?
Wao, it's impressive the cost in Canada. For very good life, nose, there are other things to consider.
The approach you make of everything you can do in Jamaica, and even in another country with such an amount of money is a big difference. Real estate is undoubtedly a big business wherever it is, only the investment is high, but if we look at it from the point of view of the native of the land, perhaps achieving half a million in Canada is less complex than in Jamaica, or self-employed I say, in Venezuela, considering the average salary in about 7 dollars, that is unthinkable.
But your comparison is very good, you can get a lot out of it.
Everything is relative, then again the affordability index looks at that. This city is a magnet for foreign direct investment because of its stability.
Well, in Leicester you'd get a very big kitchen, more bedrooms than the average person could use and a drive with gated entry and exits. But no pool (unless you are in a complex), long wet winters and no guarantee of sun.
In London, you would get a two bedroom box on the outer reaches of the city.
Real estate is definitely one of the best investments someone can go into. I learnt a lot about real estate after reading the book titled "Rich Dad, Poor Dad". Maybe you can check that out. Half a million dollar definitely get me a whole lot of properties here in Lagos.
One can easily forget the difference in prices around the world, especially in land and labour costs. Real Estate here has very little correlation with the income it generates and up to half of all landlords are losing money on a month-month basis. They only hope to sell their property for more than they paid for it. So Rich Dad, Poor Dad doesn't apply.
Oh I see. It all depends on locations I guess. I just learnt a new thing. Thanks for that.
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Hi and nice comparison! We should invest in some Jamaican property that's for sure!
I live in Europe, on the Spanish island of Mallorca. Houses here go for a premium compared to the mainland but still cheaper than northern Europe. You can have the finca (thats how we call small cottage style house) 2x bedrooms, 2 bathrooms, a swimming pool and 1000m2 land for a 450.000€ (thats about a half a million) If you trow in 2.5 bitcoin you can keep the furniture, equipment and an electric step :)
nice digs
according to what I can understand your analysis is that the standard of living in Jamaica is relatively good with a small investment could get more goods compared to Toronto. your analysis is very interesting sometimes the changes are for the better you should think about it greetings friend ..
West Ender Inn
Oh, I have considered it
🤣 ...’nevermind’ 😂🤣
Right on point here, it’s correct the living standards for most is higher in TO, but that swings heavily if you can earn a TO (or any foreign) salary in JM, quality of life goes waaay up
$trdo
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I'd throw away half my salary to move down there. Living costs up here are messed up and it's about just above freezing.
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@crypticat, Without any doubt with this amount people can afford Luxurious Life for sure. In my opinion and i believe that Cryptocurrency Space can make dreams come true.
Have a joyful time ahead and stay blessed.
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I live in a coastal area half way between Sydney and Brisbane in Aus. Here half a million US would be around 700 - 750K AUD.
This is probably the sort of place I'd look at in that price range locally:
https://www.realestate.com.au/property-house-nsw-coffs+harbour-132238790
In Sydney that sort of money would buy a nicely built shoebox.
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