JamesM

It makes some sense as they are a bit more affordable to Toronto and still proper sized. Hamilton has become a destination for people who are only required to be Downtown part time can move to.

Hamilton in many parts is going through a gentrification process. I've had 3 different friends move there over the years because they could actually buy a house for new families although they have had to swallow the commute to Toronto to do so.

The challenge for Hamilton as its own entity is it still needs more jobs.

I do think Collective Arts is the fastest growing distillery/brewer in this part of the world!

scrubbedexpat091

That is the challenge with many suburbs of major city's, BC is no different, sure people could move outside the Lower Mainland, but their profession may not permit that, if your high tech working for Amazon or Microsoft in Vancouver, living in Kelowna probably wont be an option, or if your in movie/TV industry, living in Campbell River probably wont work.

Just 2 examples, the jobs are centric to Vancouver area so most will need to live in the Vancouver area.

CanadaJimmy

The rise of remote tech work has been a game changer there though, and likely why prices have shot up in the smaller towns as people with big salaries/budgets move in.

Interestingly Microsoft have said in a lot of their recently Vancouver office job ads they want everyone to be in the office post-pandemic, so yeah, maybe things will return to normalcy if that happens across the industry.

scrubbedexpat091

I just assume based on the massive amount of office space Amazon has leased in downtown Vancouver and that they have basically leased the entire building they will occupy, that they plan on having a good chunk of their employees working in the office.

https://dailyhive.com/vancouver/amaz...elopment-lease

scrubbedexpat091

‘Nowhere to go’: Canadian homebuyers without family help are running out of options

"But despite having two solid paycheques and few significant financial outlays for years, Treacy and his partner lack what is increasingly a prerequisite for homeownership in Canada: a generous loan or gift from the bank of mom and dad, also known as BOMAD."

dbd33

Ahem. They have a combined income of $150,000 and want to buy in Toronto. The example is silly as that wasn't enough income, without having a deposit, when I first bought a house in Toronto, umpteen decades ago.

scrubbedexpat091

To be fair they said they were willing to move a couple hours outside of Toronto.

dbd33

Yes, they mentioned Guelph. If they were to save $45,000, not a ridiculous sum to save from $150,000, then they would have the choice of a range of properties. None of them detached houses within walking distance of the train station, admittedly. Guelph though is not a cheap option, if they were to look at Brantford, well now, it may be scary to step outside but one can have a lot of inside.

scrubbedexpat091

If we could make 150,000 a year, could save a down payment in under a year..

Maybe not for Vancouver or Toronto, but a 100k down payment and 150k a year in places like Kelowna goes pretty far, although 150,000 combined may also not be feasible in Kelowna, who knows.

scilly

Is that $150,000 pre-tax or after tax???

Could make a big difference!!!

Stumpylegs

Honestly - I think its made the problem worse, since covid I've seen some of the places I was hopefully looking at in 2019 move way outside my comfortable budget. Talking 10-15% on a nice fairly large family home in a town within a few hours of Vancouver or Calgary.

Perhaps worse though is the lower end of the housing market, its got even worse, previously I'd debated buying a park home, or a run down house/small apartment outright to get settled in before moving into a "forever" home if we liked the town, once I'd got a job that'd support a decent mortgage etc. With the idea I could either paint it and sell it to at worst break even, or keep it and rent out (although i'm ethically stuck on that one, as it would make me part of the problem) - those places have now gone up 20-30% at a glance, and that pinch is hitting your small families, single parents, minimum wage jobs in the town etc.

Meanwhile maybe Vancouver has calmed down a bit(not sure it has, its not a market I keep to much of an eye on) - but it hasnt really helped those that need it, as crucially a house dropping from 900k to 850k, doesnt have the impact on society that a 120k place going to 135k does.


Think there's very much a level, where you get to middle management and above there isn't that much pressure to return, partly cos you've got a direct link to the top bosses to put a word in there ear, and partly because its viewed people at that level are self motivated etc/disciplined. Admin workers, lower management, juniors etc - there's a large view that they are spending half their day watching netflix rather than working.

scrubbedexpat091

This billboard is apparently popping up in Toronto.

JamesM

That's Toronto full stop.

Very little wealth is generated by the people who work in it because of the low salaries.

I've known many younger folk who will work two or three jobs to get by up to and into their 30's.

It's a trust fund City that really highlights the failed state of Canada's closed economy.

Shard

Closed economy ?

Isn't it just runaway property prices in an economically stable country? Toronto/Vancouver the same boat.

dbd33

Salaries aren't low in Toronto compared with the rest of the country. I think that's a fair complaint about Vancouver but not Toronto.