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real estate prices in Canada sustainable?

real estate prices in Canada sustainable?

Old Oct 6th 2021, 10:47 pm
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Default Re: real estate prices in Canada sustainable?

It's looking like it really depends what kind of profession your in and where on the pay scale you are, because nowhere I have ever worked had any hestitation to fire people, infact it happened on a regular basis, so much so in some workplaces joinkly guessed who would be fired next.

I have never in 26 years of working, worked anywhere in the US or Canada that was shy or hesitant about firing people, granted these were all lower wage jobs, so seems there might be fairly big difference between lower paying employees and higher paying employees?

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Old Oct 6th 2021, 11:33 pm
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Default Re: real estate prices in Canada sustainable?

Originally Posted by Jsmth321
granted these were all lower wage jobs, so seems there might be fairly big difference between lower paying employees and higher paying employees?

I don't work with the really highly paid but there's no difference up to the level of employee I deal with.
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Old Oct 6th 2021, 11:50 pm
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Default Re: real estate prices in Canada sustainable?

Originally Posted by dbd33
I don't work with the really highly paid but there's no difference up to the level of employee I deal with.
I didn't said really highly paid, just higher paid, which isn't hard when your someone only making 25k-35k in a typical year.
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Old Oct 8th 2021, 9:57 pm
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Default Re: real estate prices in Canada sustainable?

RBC housing report.

RBC’s aggregate affordability measure worsens the most in more than 30 years.

Every market and housing category got less affordable, with Toronto, Vancouver and Ottawa leading the pack with the worst deteriorations.

Prairies and parts of Atlantic Canada ownership costs not an overly burden, burden is heaviest in Vancouver, Toronto and Victoria.

Affordability to become even more strained, affordability deterioration is poised to moderate with prices expected to continue to rise in the near term, maybe prices flattening out in 2022.

Obviously being RBC is may have some bias leaning towards the banks perspective.

https://thoughtleadership.rbc.com/ca...ing-away-fast/

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Old Oct 8th 2021, 10:05 pm
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Default Re: real estate prices in Canada sustainable?

Originally Posted by Jsmth321
RBC housing report.

RBC’s aggregate affordability measure worsens the most in more than 30 years.

Every market and housing category got less affordable, with Toronto, Vancouver and Ottawa leading the pack with the worst deteriorations.

Prairies and parts of Atlantic Canada ownership costs not an overly burden, burden is heaviest in Vancouver, Toronto and Victoria.

Affordability to become even more strained, affordability deterioration is poised to moderate with prices expected to continue to rise in the near term, maybe prices flattening out in 2022.

Obviously being RBC is may have some bias leaning towards the banks perspective.

https://thoughtleadership.rbc.com/ca...ing-away-fast/
We have viewed a few condos around here in the last few months. Prices have now reached $1,200 sq ft. They don’t stay on the market very long.
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Old Oct 8th 2021, 11:29 pm
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Default Re: real estate prices in Canada sustainable?

Originally Posted by Jerseygirl
We have viewed a few condos around here in the last few months. Prices have now reached $1,200 sq ft. They don’t stay on the market very long.
Presumably being bought by either retiree's who have already made their money or else those who have well paid employment. Oh how the other half live!
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Old Oct 9th 2021, 2:11 am
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Default Re: real estate prices in Canada sustainable?

Originally Posted by Jerseygirl
We have viewed a few condos around here in the last few months. Prices have now reached $1,200 sq ft. They don’t stay on the market very long.
Cheap finance and speculation.

The boomers now remortgage and add properties.

if the Bank of Canada put interest rates up to 5% tomorrow it would end this.

No government can afford it to end though so they'll keep coming up with ways to keep it going until they are outsmarted by the market.

And when the market outsmarts them. And it will. Then god help us.
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Old Oct 9th 2021, 11:47 am
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Default Re: real estate prices in Canada sustainable?

Originally Posted by JamesM
Cheap finance and speculation.

The boomers now remortgage and add properties.

if the Bank of Canada put interest rates up to 5% tomorrow it would end this.

No government can afford it to end though so they'll keep coming up with ways to keep it going until they are outsmarted by the market.

And when the market outsmarts them. And it will. Then god help us.
There's a scene in The Big Short, the protagonist has gone to Florida to see if there's really a bursting property bubble. Shocked by the acres of unsaleable plastic houses, he retreats to a strip joint where, in an imaginative plot device, he gets chatting to his lap dancer about mortgage finance. As the conversation builds to a climax, he realizes that the stripper isn't talking about the high ratio mortgage on her one property but on one of her half dozen properties. We don't see the investigator's trousers but we do see him rushing to a phone to buy puts on bank shares.

I wonder, has your knowledge of the Toronto housing market been enriched at Hooters?

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Old Oct 9th 2021, 12:21 pm
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Default Re: real estate prices in Canada sustainable?

Originally Posted by dbd33
I wonder, has your knowledge of the Toronto housing market been enriched at Hooters?
Hooters may provide some guidance on buying and holding, but for advice on condos and rental properties The Zanzibar is the place to go.
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Old Oct 9th 2021, 12:50 pm
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Default Re: real estate prices in Canada sustainable?

Originally Posted by caretaker
Hooters may provide some guidance on buying and holding, but for advice on condos and rental properties The Zanzibar is the place to go.
Jilly's surely, not just a place of knowledge of condos, but actually condos now.
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Old Oct 11th 2021, 12:19 am
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Default Re: real estate prices in Canada sustainable?

Can Ontario do it?

Ontario needs to add 1 million homes over the next 10 years just to keep up with population growth.

Currently it appears in a typical year 70,000 housing units of all times are added, but this needs to be 100,000/yr to keep up with growth.

https://www.cbc.ca/news/canada/toron...omes-1.6204829

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Old Oct 14th 2021, 3:40 am
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Default Re: real estate prices in Canada sustainable?

Originally Posted by Jsmth321
Can Ontario do it?

Ontario needs to add 1 million homes over the next 10 years just to keep up with population growth.

Currently it appears in a typical year 70,000 housing units of all times are added, but this needs to be 100,000/yr to keep up with growth.

https://www.cbc.ca/news/canada/toron...omes-1.6204829
So Ontario housing will slowly get more intensively occupied then...

And not as per foamer-bait like:
"If we're not able to build these homes, it's more people living in tents, getting evicted from parks. It's more families having to drive further and further away from Toronto, further away from their jobs in order to afford a home. It's more people moving to other provinces. It's us losing talent from around the world. "

Or more houses might get built, perhaps.
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Old Oct 14th 2021, 9:19 am
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Default Re: real estate prices in Canada sustainable?

Originally Posted by Jsmth321
Can Ontario do it?

Ontario needs to add 1 million homes over the next 10 years just to keep up with population growth.

Currently it appears in a typical year 70,000 housing units of all times are added, but this needs to be 100,000/yr to keep up with growth.

https://www.cbc.ca/news/canada/toron...omes-1.6204829
What odds are Ladbrokes or Vegas offering? I have a new shiny five dollar bill and dependent on the odds I would put down on not being built.
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Old Oct 14th 2021, 4:31 pm
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Default Re: real estate prices in Canada sustainable?

Originally Posted by Jsmth321
Can Ontario do it?

Ontario needs to add 1 million homes over the next 10 years just to keep up with population growth.

Currently it appears in a typical year 70,000 housing units of all times are added, but this needs to be 100,000/yr to keep up with growth.

https://www.cbc.ca/news/canada/toron...omes-1.6204829
Think about it like the covid vaccine. In the beginning demand was high and everybody wanted to get it. Now there is more than enough available and everyone can get it.

It's the same with housing.

The thing is to keep prices up, they would have to keep interest rates on the lower end, ( not like in the 70ies and 80ies ) keep bringing in immigrants and keep building not enough to satisfy demand and also keep the economy going so that people or at least certain professional fields can have a good income....

Given the fact that land transfer tax and annual property tax are calculated by the value of the property, I don't see any motivation of politicians and lawmakers to make housing more affordable.

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Old Oct 14th 2021, 5:04 pm
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Default Re: real estate prices in Canada sustainable?

Originally Posted by Jsmth321
Can Ontario do it?

Ontario needs to add 1 million homes over the next 10 years just to keep up with population growth.

Currently it appears in a typical year 70,000 housing units of all times are added, but this needs to be 100,000/yr to keep up with growth.

https://www.cbc.ca/news/canada/toron...omes-1.6204829
There are around 70 new highrise tower blocks being put up in Hamilton over the next little while - plus a load of mid-rise buildings and town houses... so that will no doubt go towards them! https://urbanicity.com/hamilton/real...ower-projects/
- the ones in the link are just for the 'downtown core' - not up the mountain or outskirts of the all encompassing 'City of Hamilton' - which now includes Stoney Creek, Dundas, Ancaster etc.,

https://www.buzzbuzzhome.com/ca/plac...lton-county-on
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