real estate prices in Canada sustainable?
#256
Re: real estate prices in Canada sustainable?
Yes, and that's how rent control suppresses house prices. There's no point in making the sacrifices entailed in buying an expensive property if you can rent it cheaply.
The answer to housing problems isn't, in my view, to encourage everyone to buy a house but to make more rental housing available through tax incentives such as the MURB program that once existed in Ontario. Government owned rental housing also works but, of course, Atilla the Hen done for that in the UK and there's no appetite for it anywhere now.
The answer to housing problems isn't, in my view, to encourage everyone to buy a house but to make more rental housing available through tax incentives such as the MURB program that once existed in Ontario. Government owned rental housing also works but, of course, Atilla the Hen done for that in the UK and there's no appetite for it anywhere now.
#257
Re: real estate prices in Canada sustainable?
If that's a reference to me then, no, I haven't rented in BC. But,
1. rent controls work the same way everywhere, BC isn't special.
2. I am in constant contact with someone puzzling over continuing to pay $1500 rent in BC or to shell out just under 3,000,000 for a similar property. It's not a simple choice.
1. rent controls work the same way everywhere, BC isn't special.
2. I am in constant contact with someone puzzling over continuing to pay $1500 rent in BC or to shell out just under 3,000,000 for a similar property. It's not a simple choice.
It's also highly liquid when they get the chance to finally escape Canada.
#258
Re: real estate prices in Canada sustainable?
According to our agent the property market here in Toronto is hot, hot, hot. Yesterday we had a 9am appointment to view a lakeside condo. It was put on the market Friday. Appointments for Friday/Saturday/Sunday were full. Yesterday morning 3 offers had already been received. Just heard it is now sold. Waiting to hear how much it was sold for.
Rent prices in the waterfront communities are down 30%+ in a year and at current trajectory will hit 2013 levels in a couple more months. Those with lease renewals or running month to month have been able to get massive reductions. It's beyond any crash I've ever seen in any market.
Occupancy is declining massively and there is more rental and re-sale stock on the market than there has been in a long long time.
Landlord panic will set in soon and I'm intrigued to see what that brings.
#259
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Joined: Jan 2006
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Re: real estate prices in Canada sustainable?
Wouldn't it make sense to continue with the $1500 rent and put the difference into an index linked ETF or mutual fund. That would almost certainly make more money over 25 years once you take out property maintenance, tax and mortgage interest.
It's also highly liquid when they get the chance to finally escape Canada.
It's also highly liquid when they get the chance to finally escape Canada.
I wish I could invest and get funds to finally escape. or a time machine to go back to 2004 and never come....
#260
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Joined: Jan 2006
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Re: real estate prices in Canada sustainable?
It sounds like your realtor is baiting you to sell more than anything.
Rent prices in the waterfront communities are down 30%+ in a year and at current trajectory will hit 2013 levels in a couple more months. Those with lease renewals or running month to month have been able to get massive reductions. It's beyond any crash I've ever seen in any market.
Occupancy is declining massively and there is more rental and re-sale stock on the market than there has been in a long long time.
Landlord panic will set in soon and I'm intrigued to see what that brings.
Rent prices in the waterfront communities are down 30%+ in a year and at current trajectory will hit 2013 levels in a couple more months. Those with lease renewals or running month to month have been able to get massive reductions. It's beyond any crash I've ever seen in any market.
Occupancy is declining massively and there is more rental and re-sale stock on the market than there has been in a long long time.
Landlord panic will set in soon and I'm intrigued to see what that brings.
Send some of that decreasing rent and vacancies out my way...ha ha
Rents still increasing a bit, and limited supply out this way, landlords market for sure still.
#261
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Joined: Mar 2017
Posts: 0
Re: real estate prices in Canada sustainable?
"Dictionary.com has summed up “OK boomer” as “a viral internet slang phrase used, often in a humorous or ironic manner, to call out or dismiss out-of-touch or close-minded opinions associated with the Baby Boomer generation and older people more generally.”
just in case anyone was wondering.
just in case anyone was wondering.
#262
Re: real estate prices in Canada sustainable?
It sounds like your realtor is baiting you to sell more than anything.
Rent prices in the waterfront communities are down 30%+ in a year and at current trajectory will hit 2013 levels in a couple more months. Those with lease renewals or running month to month have been able to get massive reductions. It's beyond any crash I've ever seen in any market.
Occupancy is declining massively and there is more rental and re-sale stock on the market than there has been in a long long time.
Landlord panic will set in soon and I'm intrigued to see what that brings.
Rent prices in the waterfront communities are down 30%+ in a year and at current trajectory will hit 2013 levels in a couple more months. Those with lease renewals or running month to month have been able to get massive reductions. It's beyond any crash I've ever seen in any market.
Occupancy is declining massively and there is more rental and re-sale stock on the market than there has been in a long long time.
Landlord panic will set in soon and I'm intrigued to see what that brings.
Last edited by Jerseygirl; Apr 13th 2021 at 2:51 pm.
#263
Re: real estate prices in Canada sustainable?
It sounds like your realtor is baiting you to sell more than anything.
Rent prices in the waterfront communities are down 30%+ in a year and at current trajectory will hit 2013 levels in a couple more months. Those with lease renewals or running month to month have been able to get massive reductions. It's beyond any crash I've ever seen in any market.
Occupancy is declining massively and there is more rental and re-sale stock on the market than there has been in a long long time.
Landlord panic will set in soon and I'm intrigued to see what that brings.
Rent prices in the waterfront communities are down 30%+ in a year and at current trajectory will hit 2013 levels in a couple more months. Those with lease renewals or running month to month have been able to get massive reductions. It's beyond any crash I've ever seen in any market.
Occupancy is declining massively and there is more rental and re-sale stock on the market than there has been in a long long time.
Landlord panic will set in soon and I'm intrigued to see what that brings.
#264
Re: real estate prices in Canada sustainable?
Wouldn't it make sense to continue with the $1500 rent and put the difference into an index linked ETF or mutual fund. That would almost certainly make more money over 25 years once you take out property maintenance, tax and mortgage interest.
It's also highly liquid when they get the chance to finally escape Canada.
It's also highly liquid when they get the chance to finally escape Canada.
#265
Re: real estate prices in Canada sustainable?
I came to Canada with nothing, I saved up and bought a house using only Canadian income. The ability to do that was the whole point of being in Canada. My one daughter who likes Canada has done the same. None of us can buy houses in the UK because we're not in that league financially but, despite the theme of this thread, we can still buy houses in Canada using only income from honest work inside the country.
name that town in Ontario where you can buy a move in property based on income alone, include the minimum if any deposit & for goodwill throw in the full carrying costs, PIT, insurance, grocery bag, transportation, medical, clothing & contingency.
can a single wage earner do it?
on that wage, what net income would they need?
what are the chances a first time home buyer would get financing approval?
#266
Re: real estate prices in Canada sustainable?
^^^ interesting, can you provide details.
name that town in Ontario where you can buy a move in property based on income alone, include the minimum if any deposit & for goodwill throw in the full carrying costs, PIT, insurance, grocery bag, transportation, medical, clothing & contingency.
can a single wage earner do it?
on that wage, what net income would they need?
what are the chances a first time home buyer would get financing approval?
name that town in Ontario where you can buy a move in property based on income alone, include the minimum if any deposit & for goodwill throw in the full carrying costs, PIT, insurance, grocery bag, transportation, medical, clothing & contingency.
can a single wage earner do it?
on that wage, what net income would they need?
what are the chances a first time home buyer would get financing approval?
#267
Re: real estate prices in Canada sustainable?
^^^ interesting, can you provide details.
name that town in Ontario where you can buy a move in property based on income alone, include the minimum if any deposit & for goodwill throw in the full carrying costs, PIT, insurance, grocery bag, transportation, medical, clothing & contingency.
can a single wage earner do it?
on that wage, what net income would they need?
what are the chances a first time home buyer would get financing approval?
name that town in Ontario where you can buy a move in property based on income alone, include the minimum if any deposit & for goodwill throw in the full carrying costs, PIT, insurance, grocery bag, transportation, medical, clothing & contingency.
can a single wage earner do it?
on that wage, what net income would they need?
what are the chances a first time home buyer would get financing approval?
#268
Lost in BE Cyberspace
Joined: Feb 2013
Posts: 6,148
Re: real estate prices in Canada sustainable?
A single wage earner on $125 can borrow 375. They need 125 for a deposit giving $500,000. Orangeville offers a selection of homes for $500,000. So, that's someone in middle management or a starter role in a profession buying a home commutable to Toronto. Lots of people buy houses together, as couples, and so have lots more buying power than that; if they did not houses would not generally cost more than that. You can only sell something for a price people can afford, thus we know that lots of families are willing and able to buy a house somewhere not very nice for a million bucks, it happens every day.
#269
Re: real estate prices in Canada sustainable?
Oh yes, the banks will readily lend you far more than you should take. I'm not saying I would do this but the option is there.
#270
Re: real estate prices in Canada sustainable?
If that were the case, nobody would be buying houses. Certainly not anybody earning above minimum wage.