real estate prices in Canada sustainable?
Mar 1st 2021, 6:19 pm
#151
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Re: real estate prices in Canada sustainable?
Mar 1st 2021, 10:18 pm
#152
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Re: real estate prices in Canada sustainable?
Another hotel has been purchased to house homeless. Former Day's Inn on Kingsway. I used to work there about 10 years ago.
Will be able to house 65 people and ready by November to house people.
https://www.cbc.ca/news/canada/british-columbia/vancouver-days-inn-rapid-housing-initiative-homeless-1.5932046
https://www.citynews1130.com/2021/03/01/vancouver-days-inn-hotel-homeless/
Now if we could just get more housing built for those who are not homeless but also need affordable housing, such as those on disability.
Added another article with a bit more details.
Does suck for the hotels employees though being tossed onto unemployment in a bad economy with few jobs.
Will be able to house 65 people and ready by November to house people.
https://www.cbc.ca/news/canada/british-columbia/vancouver-days-inn-rapid-housing-initiative-homeless-1.5932046
https://www.citynews1130.com/2021/03/01/vancouver-days-inn-hotel-homeless/
Now if we could just get more housing built for those who are not homeless but also need affordable housing, such as those on disability.
Added another article with a bit more details.
Does suck for the hotels employees though being tossed onto unemployment in a bad economy with few jobs.
Didn't know they'd purchased hotels so that's a huge step forward imo, didn't necessarily mean to single out the Patricia, just it seems ideally placed to deal with the issue on it's doorstep and doesn't fit the bill as a hotel really any more.
Once you get past that stage to one like yours it becomes considerably more difficult to solve, as you deserve and need something more than a subsidised hotel room, building government housing in large numbers would help people on the list but would perpetuate the problem - since the market dictates the acceptable price based on supply and demand, the increase in supply of government housing may initially mean private rentals are unfilled. But soon they are filled and the fact that the city provides housing to a large number of its struggling residents means more will likely the flock there.
To fix that (short of socialism) it needs to either become undesirable so there is no demand, or province/country wide there needs to be a huge increased supply - trouble is as soon as the prices in BC drop lower (and not necessarily to a sensible level for yourself) there will be a large number of folk in NB/SK etc who have settled there as BC was too expensive - once it's not they may well come in and push the demand back up.
Once you get past that stage to one like yours it becomes considerably more difficult to solve, as you deserve and need something more than a subsidised hotel room, building government housing in large numbers would help people on the list but would perpetuate the problem - since the market dictates the acceptable price based on supply and demand, the increase in supply of government housing may initially mean private rentals are unfilled. But soon they are filled and the fact that the city provides housing to a large number of its struggling residents means more will likely the flock there.
To fix that (short of socialism) it needs to either become undesirable so there is no demand, or province/country wide there needs to be a huge increased supply - trouble is as soon as the prices in BC drop lower (and not necessarily to a sensible level for yourself) there will be a large number of folk in NB/SK etc who have settled there as BC was too expensive - once it's not they may well come in and push the demand back up.
Last edited by scrubbedexpat091; Mar 1st 2021 at 10:29 pm.
Mar 4th 2021, 3:39 am
#153
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Re: real estate prices in Canada sustainable?
Will be interesting to see how many NIMBY's come out against this project, hopefully it will proceed, good on Vancity (credit union) for stepping in and providing the land for it.
Only 30% of the units are actually going to be at BC Housing rates, 70% will be secured rentals which will rent closer to market rate.
https://dailyhive.com/vancouver/5590...social-housing
Looks like David Eby is ruffling some feathers.
https://www.cbc.ca/news/canada/briti...pute-1.5934431
Only 30% of the units are actually going to be at BC Housing rates, 70% will be secured rentals which will rent closer to market rate.
https://dailyhive.com/vancouver/5590...social-housing
Looks like David Eby is ruffling some feathers.
https://www.cbc.ca/news/canada/briti...pute-1.5934431
Last edited by scrubbedexpat091; Mar 4th 2021 at 3:57 am.
Mar 7th 2021, 3:41 am
#154
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Re: real estate prices in Canada sustainable?
I dont know if this is true, there are sources cited, but if it is accurate, pretty sad on the household income front.
Tiny little shoe box
https://www.realtor.ca/real-estate/2...reet-vancouver
Tiny little shoe box
https://www.realtor.ca/real-estate/2...reet-vancouver
Last edited by scrubbedexpat091; Mar 7th 2021 at 4:27 am.
Mar 7th 2021, 2:55 pm
#155
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Re: real estate prices in Canada sustainable?
Mar 7th 2021, 3:05 pm
#156
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Re: real estate prices in Canada sustainable?
Because its Vancouver. Be interesting to see how much one of that size would go for in Toronto.
Meanwhile I am quite happy with my 1 bedroom with den of 1088 sq ft which is probably worth $350 to $375,000 and only just over 5 years old.
Meanwhile I am quite happy with my 1 bedroom with den of 1088 sq ft which is probably worth $350 to $375,000 and only just over 5 years old.
Mar 7th 2021, 3:19 pm
#157
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Re: real estate prices in Canada sustainable?
Our condo is less than 1K sq ft, 2 beds.
Last edited by Jerseygirl; Mar 7th 2021 at 5:48 pm.
Mar 7th 2021, 4:01 pm
#158
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Re: real estate prices in Canada sustainable?
That was the size of my apartment in Yonkers, NY. I could have bought the apartment as a co-op (which I never would do ... buy a co-op that is) for $90K without improvements. Of course,it was a rent stablized apartment that I lived in for 40 years and hindsight wishes I had succumbed to temptation and bought it outright without a loan and just the monthly maintenance fee.
Our small home of 1600 sq. ft. with 3/4 of an acre was purchased for $89,900 and has a value today of $126,500 after 7 years. Of course, a lot is the land and our improvements, i.e. new energy efficient windows, french drains, new gutters and leaders, power washing, repaired front porch, etc. It is a nice little 3 bedroom, 2 bath, home with a 2car garage and a perfect retirement home. Mississippi isn't a bad place to live, especially where we are in a university town.
Why did you post statistics on major cities and home purchases, Jsmith? There are ample millenniums with careers that can well afford those prices.
Lower middle class and middle middle class have to seek home ownership outside of major cities and their adjoining suburbs. Why is that such a bad thing?
I know that you and the lovely Mrs. are not in the home ownership sphere. Neither of you can hold employment for a long term in order to qualify for a mortgage and cannot really save monthly on a disability check for a down payment.
I could not have done it if I hadn't been able to save money through my career and moving to a State where home ownership for me was possible. Otherwise, I would have remained an apartment renter until the day I died.
Last edited by Jerseygirl; Mar 7th 2021 at 5:47 pm. Reason: Edit to quote
Mar 7th 2021, 4:16 pm
#159
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Re: real estate prices in Canada sustainable?
I got the realtor link from this reddit post, interesting conversation and makes one question the quality of all these high rises going up.
https://www.reddit.com/r/vancouver/c...ilding_by_the/
Ground level photo here, homeless are starting to build a small camp nearby.
https://www.reddit.com/r/vancouver/c...ncouver_house/
And this thing under one of the bridges there, it was paid for by a developer but eh 4 million dollar waste of money if you ask me regardless of who paid for it.
You will get more bang for your buck in places like Kelowna for the price range, almost 1,000 sq feet for 569,000 if your in the income group that can afford 500,000+ condos.
https://www.realtor.ca/real-estate/2...-kelowna-north
https://www.reddit.com/r/vancouver/c...ilding_by_the/
Ground level photo here, homeless are starting to build a small camp nearby.
https://www.reddit.com/r/vancouver/c...ncouver_house/
And this thing under one of the bridges there, it was paid for by a developer but eh 4 million dollar waste of money if you ask me regardless of who paid for it.
You will get more bang for your buck in places like Kelowna for the price range, almost 1,000 sq feet for 569,000 if your in the income group that can afford 500,000+ condos.
https://www.realtor.ca/real-estate/2...-kelowna-north
Mar 7th 2021, 4:31 pm
#160
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Mar 7th 2021, 4:51 pm
#161
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Re: real estate prices in Canada sustainable?
Not the best of places to stay. I was on Bronx River Road in SE Yonkers near to the Bronx. Actually a nice neighborhood, now Irish, from Italian when I moved there. Very low crime rate in that area.
Last edited by Rete; Mar 7th 2021 at 5:11 pm.
Mar 7th 2021, 5:48 pm
#162
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Mar 7th 2021, 6:12 pm
#163
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Re: real estate prices in Canada sustainable?
Considering 50% of the population lives within the lower mainland area which includes Metro Vancouver it was an interesting statistic and post.
BC doesn't really have affordable suburbs surrounding a major city, there is Metro Vancouver which includes the City of Vancouver and basically nothing is affordable anymore there, then you have smaller city's like Victoria on the Island which also not affordable, and Kelowna biggest city in the Interior but not a major city by any stretch, but still expensive especially when cost of rent and general lack of rentals, evening finding a rental can be an uphill battle as many city's/regions have under 2% and at times under 1% rental vacancy rates which further inflates rents.
Eh if I had access to the skills training I need to get a better job, I may not need to be on disability, skills lead to better employment opportunities which can lead to owning a house or at least renting a house somewhere cheaper. Not like I haven't researched it, I selected the training I want to do awhile ago, obviously I cant say 100% I will succeed but I am fairly confident I could succeed in the training, I just haven't been able to access said training.
If the housing and rent issue in BC was isolated to just Vancouver it would be a much simpler issue to tackle, but its a widespread issue, especially rents even where houses are 50% cheaper than Vancouver (rent is is often not much cheaper.)
The housing problem is also becoming a bigger and bigger issue coast to coast and doesn't just include price to buy but rents as well, rents are becoming unsustainable for more and more people. There is a reason homeless population keeps growing. Even places like where Bristol lives rents are increasing to a point people are being pushed out of housing although still at a lower scale there, its not something isolated to just 1 or 2 city's its a widespread issue.
Canada simply cannot house its population and the population is growing quicker than housing can be built causing a strain on supply jacking up the cost.
BC doesn't really have affordable suburbs surrounding a major city, there is Metro Vancouver which includes the City of Vancouver and basically nothing is affordable anymore there, then you have smaller city's like Victoria on the Island which also not affordable, and Kelowna biggest city in the Interior but not a major city by any stretch, but still expensive especially when cost of rent and general lack of rentals, evening finding a rental can be an uphill battle as many city's/regions have under 2% and at times under 1% rental vacancy rates which further inflates rents.
Eh if I had access to the skills training I need to get a better job, I may not need to be on disability, skills lead to better employment opportunities which can lead to owning a house or at least renting a house somewhere cheaper. Not like I haven't researched it, I selected the training I want to do awhile ago, obviously I cant say 100% I will succeed but I am fairly confident I could succeed in the training, I just haven't been able to access said training.
If the housing and rent issue in BC was isolated to just Vancouver it would be a much simpler issue to tackle, but its a widespread issue, especially rents even where houses are 50% cheaper than Vancouver (rent is is often not much cheaper.)
The housing problem is also becoming a bigger and bigger issue coast to coast and doesn't just include price to buy but rents as well, rents are becoming unsustainable for more and more people. There is a reason homeless population keeps growing. Even places like where Bristol lives rents are increasing to a point people are being pushed out of housing although still at a lower scale there, its not something isolated to just 1 or 2 city's its a widespread issue.
Canada simply cannot house its population and the population is growing quicker than housing can be built causing a strain on supply jacking up the cost.
That was the size of my apartment in Yonkers, NY. I could have bought the apartment as a co-op (which I never would do ... buy a co-op that is) for $90K without improvements. Of course,it was a rent stablized apartment that I lived in for 40 years and hindsight wishes I had succumbed to temptation and bought it outright without a loan and just the monthly maintenance fee.
Our small home of 1600 sq. ft. with 3/4 of an acre was purchased for $89,900 and has a value today of $126,500 after 7 years. Of course, a lot is the land and our improvements, i.e. new energy efficient windows, french drains, new gutters and leaders, power washing, repaired front porch, etc. It is a nice little 3 bedroom, 2 bath, home with a 2car garage and a perfect retirement home. Mississippi isn't a bad place to live, especially where we are in a university town.
Why did you post statistics on major cities and home purchases, Jsmith? There are ample millenniums with careers that can well afford those prices.
Lower middle class and middle middle class have to seek home ownership outside of major cities and their adjoining suburbs. Why is that such a bad thing?
I know that you and the lovely Mrs. are not in the home ownership sphere. Neither of you can hold employment for a long term in order to qualify for a mortgage and cannot really save monthly on a disability check for a down payment.
I could not have done it if I hadn't been able to save money through my career and moving to a State where home ownership for me was possible. Otherwise, I would have remained an apartment renter until the day I died.
Our small home of 1600 sq. ft. with 3/4 of an acre was purchased for $89,900 and has a value today of $126,500 after 7 years. Of course, a lot is the land and our improvements, i.e. new energy efficient windows, french drains, new gutters and leaders, power washing, repaired front porch, etc. It is a nice little 3 bedroom, 2 bath, home with a 2car garage and a perfect retirement home. Mississippi isn't a bad place to live, especially where we are in a university town.
Why did you post statistics on major cities and home purchases, Jsmith? There are ample millenniums with careers that can well afford those prices.
Lower middle class and middle middle class have to seek home ownership outside of major cities and their adjoining suburbs. Why is that such a bad thing?
I know that you and the lovely Mrs. are not in the home ownership sphere. Neither of you can hold employment for a long term in order to qualify for a mortgage and cannot really save monthly on a disability check for a down payment.
I could not have done it if I hadn't been able to save money through my career and moving to a State where home ownership for me was possible. Otherwise, I would have remained an apartment renter until the day I died.
Last edited by scrubbedexpat091; Mar 7th 2021 at 6:58 pm.
Mar 7th 2021, 7:06 pm
#164
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Re: real estate prices in Canada sustainable?
Eh if I had access to the skills training I need to get a better job, I may not need to be on disability, skills lead to better employment opportunities which can lead to owning a house or at least renting a house somewhere cheaper. Not like I haven't researched it, I selected the training I want to do awhile ago, obviously I cant say 100% I will succeed but I am fairly confident I could succeed in the training, I just haven't been able to access said training.
Mar 7th 2021, 7:22 pm
#165
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Re: real estate prices in Canada sustainable?
https://www.theglobeandmail.com/real...priced-market/
https://www.bnnbloomberg.ca/hamilton...says-1.1537565
https://www.cmhc-schl.gc.ca/en/data-...ket-assessment
Hamilton prices have risen more than Toronto or Vancouver - pricing many people out of the market..
https://www.bnnbloomberg.ca/hamilton...says-1.1537565
https://www.cmhc-schl.gc.ca/en/data-...ket-assessment
Hamilton prices have risen more than Toronto or Vancouver - pricing many people out of the market..
“Whatever CMHC suggests, I assure you that those of us who deal with homeowners every day, we see debt stalking middle- to lower-class people,” said Ron Butler, lead broker for Butler Mortgage Inc. “We constantly hear of next generation Hamiltonians having to buy in Grimsby or Welland. And the existing residents often feel the effects of rising food, utility and gas prices and they generally earn less than those in the GTA.”