real estate prices in Canada sustainable?
#286
Re: real estate prices in Canada sustainable?
Again, an unhelpful chart as it includes all of Canada, Someone earning a high income in Nova Scotia in 2017 might have be able to buy in Nova Scotia but not in the Yukon. It also seems to include all people in Canada, some of whom don't work. Local charts of people working 40 hours a week or more would be more informative.
That said, at what level of income do posters here think one should be able to buy a house; one person alone on minimum wage, two people together where each is in the top 50% of earners, only Avril Lavigne?
That said, at what level of income do posters here think one should be able to buy a house; one person alone on minimum wage, two people together where each is in the top 50% of earners, only Avril Lavigne?
#287
Re: real estate prices in Canada sustainable?
.
Sucks for my Son though - him and his GF earn about $120k combined and could buy a nice mobile home in Langley.
Sucks for my Son though - him and his GF earn about $120k combined and could buy a nice mobile home in Langley.
https://www.realtor.ca/real-estate/2...treet-kamloops
https://www.zolo.ca/kamloops-real-es...ola-street/504
even then with $50k down could a minimum wage earner qualify for a mortgage?
#288
Re: real estate prices in Canada sustainable?
First up they bought in much tougher legislation on short term rentals that put a lot of Air B'nB stock on to the market.
Secondly the pandemic which shut everything down. People didn't need to be here to work and there is literally nothing to do. We've been locked down in Toronto now for 5 straight months with the exception of opening pub patio's for 11 days so they could blame it for the surge in cases that has only ever correlated with schools being open.
The third is that we have endless condo's going up- it's crazy. Within one block north they are literally rebuilding two streets with more condo's and then if you go one block East or West it's the same. They're also approving a development to cover the railway line and shove in another 8 towers. That's over 50 new towers within a 1km of me in each of the three directions as south of here is the lake.
I think the main impacter is the first two but the sustainability of the third just doesn't stack up.
I may have mislead you...the condo we viewed is a few miles west of where you are. It was sold for over ask within 48 hrs of it going on the market. Property is still selling very quickly here. The realtor was talking about properties in the GTA, not particularly downtown condos.
They don't want to escape! They just want a little house in Kits, near the French school, with good light, and some land to build on in the Okanagan. I think waiting for the next house price collapse will get them all of that but, in the meantime, they have to deal with an apartment that's a bit too small, work lots and hope no more subordinates bugger off to US dollar jobs.
Beyond that as DBD points out- in the tech industry $100,000 is quite normal for those in software development. The salaries progress dramatically if you manage teams or can engineer software.
Lawyers, Doctors, High finance all up there as well.
But I've never bought into the myth immigration drives the property prices as I don't believe it's a big destination of choice for people with money. Canada typically uses immigrants to drive cabs, serve coffee and sweep up. I'm a big believer in Canada's real estate being used to launder and park money for the foreigners who don't want to live here.
Again, an unhelpful chart as it includes all of Canada, Someone earning a high income in Nova Scotia in 2017 might have be able to buy in Nova Scotia but not in the Yukon. It also seems to include all people in Canada, some of whom don't work. Local charts of people working 40 hours a week or more would be more informative.
That said, at what level of income do posters here think one should be able to buy a house; one person alone on minimum wage, two people together where each is in the top 50% of earners, only Avril Lavigne?
That said, at what level of income do posters here think one should be able to buy a house; one person alone on minimum wage, two people together where each is in the top 50% of earners, only Avril Lavigne?
What I find interesting about Ontario is salaries in Toronto don't seem to be any higher than elsewhere in the province for similar jobs. Perhaps this is the way it should be but it's different in the UK where in a profession it's not uncommon to get or ask for more just to help with the commute costs or additional rent.
Last edited by JamesM; Apr 13th 2021 at 6:38 pm.
#289
Re: real estate prices in Canada sustainable?
is this doable?
https://www.realtor.ca/real-estate/2...treet-kamloops
https://www.zolo.ca/kamloops-real-es...ola-street/504
even then with $50k down could a minimum wage earner qualify for a mortgage?
https://www.realtor.ca/real-estate/2...treet-kamloops
https://www.zolo.ca/kamloops-real-es...ola-street/504
even then with $50k down could a minimum wage earner qualify for a mortgage?
But yes, $50k down with two people earning minimum wage would get you into one of those two places.
#290
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Joined: Feb 2013
Posts: 6,148
Re: real estate prices in Canada sustainable?
When I bought my first house in 1995, the bank said it would only lend me 3.5x my household income. My Wife did not work so it was based purely on my income of £25,000 so I think I borrowed about £85k in all. My parents lent me £5k and I put down the rest to buy a £97k house.
That 3.5x ratio would still work here in Kamloops for a 1st home. $60k income x 2 = $120k x 3.5 = $420k for a mortgage.
Sucks for my Son though - him and his GF earn about $120k combined and could buy a nice mobile home in Langley.
That 3.5x ratio would still work here in Kamloops for a 1st home. $60k income x 2 = $120k x 3.5 = $420k for a mortgage.
Sucks for my Son though - him and his GF earn about $120k combined and could buy a nice mobile home in Langley.
#291
Re: real estate prices in Canada sustainable?
I had no idea house prices were that much in the Yukon
#293
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Re: real estate prices in Canada sustainable?
The province plans to invest an additional $2 billion to support thousands of new homes priced for middle-income B.C. families.
https://www.saobserver.net/news/b-c-...home-projects/
https://www.saobserver.net/news/b-c-...home-projects/
#294
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Re: real estate prices in Canada sustainable?
Kelowna moving on up, moving on up.
Looks like Quebec City is one of the best place to be a renter. If only I spoke French fluently.
Winnipeg is more expensive than I would have thought
https://dailyhive.com/vancouver/cana...ent-april-2021
Looks like Quebec City is one of the best place to be a renter. If only I spoke French fluently.
Winnipeg is more expensive than I would have thought
https://dailyhive.com/vancouver/cana...ent-april-2021
#295
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Re: real estate prices in Canada sustainable?
High price tag on condos doesn't mean high quality.
Guess also a good example why condo insurance is climbing so quickly in price, floods like this must cost insurance companies an awful lot of money.
https://dailyhive.com/vancouver/vanc...looding-damage
Guess also a good example why condo insurance is climbing so quickly in price, floods like this must cost insurance companies an awful lot of money.
https://dailyhive.com/vancouver/vanc...looding-damage
#296
Re: real estate prices in Canada sustainable?
High price tag on condos doesn't mean high quality.
Guess also a good example why condo insurance is climbing so quickly in price, floods like this must cost insurance companies an awful lot of money.
https://dailyhive.com/vancouver/vanc...looding-damage
https://twitter.com/iamkennethchan/s...26366410117120
Guess also a good example why condo insurance is climbing so quickly in price, floods like this must cost insurance companies an awful lot of money.
https://dailyhive.com/vancouver/vanc...looding-damage
https://twitter.com/iamkennethchan/s...26366410117120
#297
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Re: real estate prices in Canada sustainable?
Flood typically isn't covered under house or condo insurance in Canada. Flood products have been introduced in the past five years, starting around the time of the High River floods, but that coverage isn't bundled into standard policies. If that's actually sewer back up casually described as "flood" it may be covered but if it's a real flood, like a lake or river overflowing, then no.
It's not a natural flood from a lake or river, broken pipe on a higher floor, flooding unit below it.
#298
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Re: real estate prices in Canada sustainable?
At the rate things are going, Vancouver will not have any low to mid range hotels left, and will only have luxury hotels left.
Another hotel was bought, Best Western in Mount Pleasant.
The city hasn't disclosed the price.
https://www.vancouverisawesome.com/v...ousing-3640199
Another hotel was bought, Best Western in Mount Pleasant.
The city hasn't disclosed the price.
https://www.vancouverisawesome.com/v...ousing-3640199
#299
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Joined: Mar 2009
Posts: 704
Re: real estate prices in Canada sustainable?
Something wrong with those figures.
How can Canada as a whole be up 31.71%, when the only single province with a higher figure is NB, at 31.81%???
It's not as if New Brunswick swings major weight in Canadian real estate values...
How can Canada as a whole be up 31.71%, when the only single province with a higher figure is NB, at 31.81%???
It's not as if New Brunswick swings major weight in Canadian real estate values...
#300
Re: real estate prices in Canada sustainable?
https://www.crea.ca/housing-market-s...nal-price-map/