Tony-the-Tigger

5% to 20% down payment easily insured and added to your mortgage on a 1% base rate?

Rising property prices in almost all of the primary cities?

Even returning Canadians on this forum, showing shock at property values. Is it sustainable or is Canada looking at some sort of crash - adjustment?

Example, $500,000 (£325,000) will buy you very little (family wise) within a 1 hour commute of downtown Toronto. I know this wasn't the situation only a few years ago.

iaink

The bubble has been discussed to death, here an in the wider media.

People have been talking about an adjustment for several years now.

Its very market dependent though. Canadas a big country, with a lot of variation.

iaink

FWIW two houses within a stones throw of mine have sold recently. One new neighbour does a 2 h commute to north of Toronto, the other is aparantly moving here from Pickering. Another neighbour works in Oshawa.

Toronto prices are driving people way beyond the traditional burbs. Either that or I live in a really nice place and its worth the painful commute for the wonderful neighbours they have

MikeUK

I hear this spun two ways...

For local Canadians this seems unsustainable so everybody talks of a crash, every body want to get back to more affordable housing and climb the ladder and make that next move that now seems impossible.

For incoming immigrants from the developed world houses look cheap, for investors looking for safe bets for there foreign funds Canada looks stable so the market seems currently undervalued compared to other parts of the world..

A crash IMHO total depends on which model is the most dominant in the region affected

MikeUK

And the internet is allowing more people to work from home, some companies are getting to the stage of using smaller offices to lower overheads and expect you to work out of the office
a fast DSL line is still cheaper than office furntiure and heating

Tony-the-Tigger

I would consider you to be rural. The effect of property rises, percentage wise, are minimal compared to the sprawl of Toronto, for example. Inflation of values within areas like Richmond hill and Vaughan are incomprehensible to someone like me who knows those areas.

iaink

Not in my immediate neighbourhood its not....


Besides, as far as I know, working from home as a stonemason or a truck assembler are not yet options...

iaink

Right, me too, but the point is that 3 of my immediate neighbours would rather get up at 3 or 4 am for a 2+ hour commute than buy into the GTA property market...

Tony-the-Tigger

In general though, at the time when the US and UK are showing massive (adjustments) in property value, Canada's major regions have shown increasing property values.

I wonder when there's been a worse time to relocate (buy and sell, move money) from the UK to Canada in recent memory?

MikeUK

Ok sorry

The internet is allowing more people to work form home in the few civilised parts of canad that actauly get decent internet speeds..

Of read more carefully in the GTA because quite frankly the rest of Canada doesn't really count anyway, it’s just a barren wasteland with few hick cities for the train or grey hound on route to Vancouver to stop at for fuel..

MarkG

Not at current exchange rates.

When I first moved here we bought our house for about the same amount of money as a friend paid for their flat in the UK around the same time; now their flat is worth about half as much in pounds and the pound is 25% lower.

It may still be true from some countries, but probably not most of the EU.

Almost Canadian

How much are 4 walls and a roof actually worth anyway? There's your answer

Tony-the-Tigger

They are worth the amount of land which they consume, depending upon the going value of that consumed land!

Tony-the-Tigger

I deliberately tried to avoid mentioning the GTA because I've noticed rapid increase in property values within other cities, in particular, ones close to mines and oil.

jericho

They did in the US and UK too.... and then it happened.

Canada isnt immune. Its a matter of when, not if.