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real estate prices in Canada sustainable?

real estate prices in Canada sustainable?

Old Jan 15th 2021, 2:49 am
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Default Re: real estate prices in Canada sustainable?

Originally Posted by withabix
Now, due to Covid, people are trying to move out to the suburbs and the market in places like Maple Ridge (edge of the forest, access to golden ears park and mountains) is super hot. Houses selling in 3 or 4 days, multiple offers over list price and now back over their peak prices of a few years ago.

No sign of it slowing down, with the lowest mortgage interest rates in history.

If we had owned a condo or house in Vancouver, I'd have cashed out too and moved away.
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Old Jan 15th 2021, 4:01 am
  #107  
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Default Re: real estate prices in Canada sustainable?

There’s just such little supply in desirable areas, hardly anything is coming up and what does come up is snatched up. Housing is being built far too slowly and not meeting demand.
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Old Jan 15th 2021, 5:12 am
  #108  
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Default Re: real estate prices in Canada sustainable?

Originally Posted by CanadaJimmy
There’s just such little supply in desirable areas, hardly anything is coming up and what does come up is snatched up. Housing is being built far too slowly and not meeting demand.
It's not just desirable areas though. Sure the interior here is cheaper, but 400,000+ isn't exactly affordable, nor is rent.

It's crazy and only grows worse by the year.
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Old Jan 15th 2021, 6:12 am
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Default Re: real estate prices in Canada sustainable?

Originally Posted by Jsmth321
There is a lot of hate for renters in BC, and a fair chunk of strata's hate renters and will ban units from being rented out.
I think you'll find that a lot of that hate is directed towards the short term renters--the AirBnB-oriented units that generate lifestyle disruptions and common-area property damage and security costs for owner-occupiers within the strata community. Ordinary decent longer-term renters are collateral damage in the backlash.
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Old Jan 16th 2021, 7:43 pm
  #110  
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Default Re: real estate prices in Canada sustainable?

Originally Posted by abner
I think you'll find that a lot of that hate is directed towards the short term renters--the AirBnB-oriented units that generate lifestyle disruptions and common-area property damage and security costs for owner-occupiers within the strata community. Ordinary decent longer-term renters are collateral damage in the backlash.
BC needs more dedicated rental buildings, it's really weird in some ways how little BC has compared to almost anywhere else in the US and Canada.

Stratas and renters don't make much sense, and just increase costs really, condos are not viable replacements for rental apartments.
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Old Jan 16th 2021, 10:37 pm
  #111  
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Default Re: real estate prices in Canada sustainable?

Don't blame only BC for the lack of rentals, Toronto and other big cities in Canada are in the same boat.

The Feds used to give money for building rentals, with several different programmes through the 60s and 70s,, but that ceased some time in the 80s.

Harper, I believe.

Without that Fed money NONE of the cities have been able to fund building rental or even coop buildings.
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Old Jan 16th 2021, 10:51 pm
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Default Re: real estate prices in Canada sustainable?

Originally Posted by scilly
Don't blame only BC for the lack of rentals, Toronto and other big cities in Canada are in the same boat.

The Feds used to give money for building rentals, with several different programmes through the 60s and 70s,, but that ceased some time in the 80s.

Harper, I believe.

Without that Fed money NONE of the cities have been able to fund building rental or even coop buildings.

Not talking about subsidized housing, talking about dedicated market rental buildings where every unit is a rental and the entire building is owned by 1 entity, usually a property management company or REIT, this types of buildings are far less common in BC compared to anywhere I have lived, sure they exist but in not sufficient numbers and walk around the city, and most dedicated rental buildings are from 30-40 years ago, very little was built between the 80's and 2000's, only fairly recently that some are being built again, but being built too slow to meet demand.

Federal Government isn't the ones deciding local zoning, and poor local planning and zoning is part of the picture. Just look at how much opposition there is anytime a developer does want to building rental housing, NIMBY's come out in full force.

Every single level of government Federal, provincial, and local have failed but local has the biggest effects on building its local government that zones.


Subsidized housing is a whole other story and the feds share blame there from lack of funding and expecting provinces to make up the difference which isn't realistic, the province does have some control though, the province could raise the housing rate for the disabled and those on social assistance, its idiotic that the housing rate is $375 per month for a single and $570 per month for a couple, and they really have been raised in like a decade or more, when adjusted for inflation, the amount today is actually lower than the mid 1990's.

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Old Jan 17th 2021, 2:58 am
  #113  
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Default Re: real estate prices in Canada sustainable?

I am also talking about dedicated rental buildings .............. almost all those 3 and 4 storey walk-ups around Vancouver that date back to the 50s-70s were built using the funding programmes that I talked about in that post.

................. and unfortunately those are the ones that are now being bought up by REIT investment companies (including such as the Ontario's pension Plan). Most of the buildings they're buying in Vancouver now are mom and pop/family owned of that vintage, or some smaller high rises around 20-30 years old, that need renos but the owners (whether family or company) can't afford to do them.

These REITS are now reno-ing, attempting to evict the sitting tenants, and will rent for much higher fees. They have to provide income for their shareholders.

You really should read up on how the apartments were funded by the Feds ....... they most certainly do not, and never have, controlled zoning in ANY municipality or village in Canada, except on First Nations reserves. That's always been the purview of the local council. BUT the FEDs set up funding programmes, the councils develop a plan and apply for the money.

The funding programmes were really generous back then, the provincial government put in some money, and the city put in some. Then the political climate in Ottawa changed, and no other level of government could come up with the amount of money required to replace the fed's portion.

Remember that the major source of income for municipalities to raise money is by taxing homes and businesses, and it is those taxes, especially the business tax, that are now driving home owners to sell and businesses to close down. There is only so often that you can go to the trough to raise money, and local councils are much closer the the tax payers and feel the heat more than the feds in Ottawa, or even the ones in Victoria (or Toronto)

There were also Federal funding programmes for the erection of coop buildings, some of which were for rental only while others were aimed at people wanting to buy..

My niece lived in a fairly new rental coop building on the North Shore back in the 80s, your acceptance depended on your income. She got a raise at work, and had to move out as soon as the coop council knew about it .............. the extra money made her about $50 above the maximum limit. But equally I think that building required a minimum income, and you had to be working.

It's very interesting when you have lived in a place as long as I have and kept a close eye on happenings and the financial pages in the paper.

I am quite well aware of the difference between these programmes and subsidized housing, and always have been so you didn't need to give me the details again.
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Old Jan 23rd 2021, 5:53 am
  #114  
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Default Re: real estate prices in Canada sustainable?

Looks like the province will finally begin to find people in Strathcona Park housing by spring.

https://newsinteractives.cbc.ca/longform/no-home-city

Vancouver has gotten to the point where 50,000 a year and under income wise means you simply cannot afford housing and the further below 50,000 the more and more people who have simply nowhere to go.

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Old Jan 25th 2021, 10:29 pm
  #115  
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Default Re: real estate prices in Canada sustainable?

and what do we do if the tenters do NOT want to move into the housing offered??

That has happened several times ............... it's why homeless moved from Oppenheimer Park to Crab Park to a Vancouver Port Authority-owned parking lot next to there and finally to Strathcona, and why some refused to leave Strathcona a few months ago when housing was offered to them.

Some said they didn't want to move inside, some didn't like what was offered, some wanted to stay as a community ............ ie, all move together to the same housing.

Plus the places they are being moved to are "iffy" from everyone's viewpoint, except possibly those trying to find the housing ................ one that they are being moved to is well out of their neighbourhood into what might quite possibly become an unfriendly one, as well as temporary at best .............. the Jericho Youth Hostel. It's on the west side, with expensive houses on at least 2 sides, a park on another, and the Jericho Services Base next. And miles from where their friends are on the east side.

We're all uncomfortable if we have to move out of the community where we have friends and support, and know the area.

I have literally no idea how one proceeds when that happens ................ and the government cannot force any of them into housing or they would be castigated like you wouldn't believe.

But where are you going to find suitable supported housing for what is now thought to be close to 400 people, all with different special needs?
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Old Jan 25th 2021, 10:45 pm
  #116  
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Default Re: real estate prices in Canada sustainable?

The housing has to be built first, it simply doesn't exist at the moment and why there are so many on the BC Housing registry for many years and never secure a unit, we have been on said registry list like 5 or 6 years now, and we have prority status as well.

It doesn't say 100% will be housed, there will always be a segment who don't want to be in structured housing of any kind, but some there are there because they can no longer afford rent, and each year the income needed to afford rent goes up and up, and now 50,000 and under can't actually afford rent, and chances are if your on disability or social assistance there just is nowhere to rent anymore.

Housing rate for disabled is $375 if single, or $570 if a couple, hardly sufficient to actually rent housing with.

Originally Posted by scilly
and what do we do if the tenters do NOT want to move into the housing offered??

That has happened several times ............... it's why homeless moved from Oppenheimer Park to Crab Park to a Vancouver Port Authority-owned parking lot next to there and finally to Strathcona, and why some refused to leave Strathcona a few months ago when housing was offered to them.

Some said they didn't want to move inside, some didn't like what was offered, some wanted to stay as a community ............ ie, all move together to the same housing.

Plus the places they are being moved to are "iffy" from everyone's viewpoint, except possibly those trying to find the housing ................ one that they are being moved to is well out of their neighbourhood into what might quite possibly become an unfriendly one, as well as temporary at best .............. the Jericho Youth Hostel. It's on the west side, with expensive houses on at least 2 sides, a park on another, and the Jericho Services Base next. And miles from where their friends are on the east side.

We're all uncomfortable if we have to move out of the community where we have friends and support, and know the area.

I have literally no idea how one proceeds when that happens ................ and the government cannot force any of them into housing or they would be castigated like you wouldn't believe.

But where are you going to find suitable supported housing for what is now thought to be close to 400 people, all with different special needs?

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Old Jan 26th 2021, 3:21 am
  #117  
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Default Re: real estate prices in Canada sustainable?

But they are talking about housing the Strathcona people by March or April .............. they're putting them in hotels the city has bought or rented or SROs, or as I said, in Jericho Hostel.

The city has finally bought those two very bad SROs, Balmoral and (?)Regent in Downtown Eastside, and intend to reno, repair, and then rent them out again as much better SROs.

This is all aimed at the homeless, most of whom also need support for mental and/or addictive issues. That support is apparently being provided at all the above mentioned.

Unfortunately, improving the lot for low income by providing low rental housing is not a matter that city council can do on its own.

There is supposed to be funding coming from the Feds to help build more low rental building as they did in the 50s through 70s and 80s. But it is taking time .............. particularly as the major chunk of funding which was aimed at helping charities, churches, etc build this type of housing has gone to Ontario, so far as anyone here can make out.
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Old Jan 26th 2021, 4:29 am
  #118  
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Default Re: real estate prices in Canada sustainable?

"Passing the buck the Canadian way"???

I am not passing the buck, any flippin' way ........ Canadian, American, British or Swahili

I don't like people who sneer when others say things they don't like

I know you are desperately looking for help in your living accommodations as well as with the CBD, but that report is not it.

I'm stating facts.

They are working on the homeless in Strathcona Park.

Ontario, Toronto in particular, seems to have received the largest percentage of Fed funding for the type of rental housing that is needed for low income people.

It was in all the media a couple of weeks ago ............... possibly only on the business pages, not the news pages.
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Old Feb 2nd 2021, 11:25 am
  #119  
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Default Re: real estate prices in Canada sustainable?

Originally Posted by BristolUK
House in our area - over the years been rented out. Not much kerbside appeal, looked a bit tatty but possibly more to do with the stuff left outside making it look a bit untidy.

Sold earlier this year - listed as 5 bedrooms, 1 bathroom. Went for $58k (assessed value consistently around $98k).

We've seen lots of people coming and going to do stuff inside, but no changes to roof or siding. New door/steps and new windows on one side are the only noticeable changes outside.

Property now listed as "gutted to the studs" and "you name it, it's been done" 3 (or 4) bedrooms, 2 bathrooms.

Asking price now $210k

Looks very good inside but no better outside.
That was December. It went mid-January for $205k.
Assessed value only increased from $98.5k to $104.1k.

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Old Feb 2nd 2021, 5:34 pm
  #120  
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Default Re: real estate prices in Canada sustainable?

Originally Posted by BristolUK
That was December. It went mid-January for $205k.
Assessed value only increased from $98.5k to $104.1k.
It's not the house that costs so much its the land. MIL house is assessed at $10,000 but the land is assessed at $2.4 million. She no longer owns the house though just lives in it.



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