Housing crisis in Canada

[steaky]

Would add savings to put towards a down payment and many don’t want to be a landlord for a variety of reasons and don’t have the time to be a landlord. You can hire someone to manage your property but that often means losing a good amount of your profits and you will often still need to get involved with any problems.

Don't want to be landlords? Then keep it as a personal use property. Flip when time is ripe.

 

[canuck78]

Don't want to be landlords? Then keep it as a personal use property. Flip when time is ripe.

Most people can’t hold a property while empty.

 

[steaky]

Most people can’t hold a property while empty.

Doesn't mean empty. Can be use as a home for parents, adult children, relatives, etc.

 

[steaky]

There are a number of factors contributing to the housing crisis, including the supply chain snarls that are driving up material costs, and city councils that refuse to rapidly approve new housing projects.

But without the skilled workers who can take these construction materials and build these projects, Canada's hope of building 3.5 million homes by 2031 may never become a reality.

https://www.msn.com/en-ca/news/newspolitics/canada-wants-to-build-400000-homes-a-year-whos-going-to-build-them/ar-AAW6Tsz?ocid=mailsignout&li=AAggNb9

 

[canuck78]

There are a number of factors contributing to the housing crisis, including the supply chain snarls that are driving up material costs, and city councils that refuse to rapidly approve new housing projects.

But without the skilled workers who can take these construction materials and build these projects, Canada's hope of building 3.5 million homes by 2031 may never become a reality.

https://www.msn.com/en-ca/news/newspolitics/canada-wants-to-build-400000-homes-a-year-whos-going-to-build-them/ar-AAW6Tsz?ocid=mailsignout&li=AAggNb9

The biggest reason for higher housing prices is low interest rates and lax lending rules that allow investors to take out significant equity from one home to purchase others.

 

[canuck78]

Doesn't mean empty. Can be use as a home for parents, adult children, relatives, etc.

Unless those family members are covering all the carrying costs most can not afford a second property.

 

[steaky]

Unless those family members are covering all the carrying costs most can not afford a second property.

Then how would the "Multigenerational home renovation tax credit" support families living with parents, grandparents and children under one roof?

 

[Western Mountain Man]

There are a number of factors contributing to the housing crisis, including the supply chain snarls that are driving up material costs, and city councils that refuse to rapidly approve new housing projects.

But without the skilled workers who can take these construction materials and build these projects, Canada's hope of building 3.5 million homes by 2031 may never become a reality.

https://www.msn.com/en-ca/news/newspolitics/canada-wants-to-build-400000-homes-a-year-whos-going-to-build-them/ar-AAW6Tsz?ocid=mailsignout&li=AAggNb9

The city councils have to be careful and listen to their constituents otherwise they may find themselves out of a job. They should keep their focus on developments around the transportation and shopping hubs and stop trying to increase their tax base in the residential areas.
If you live in a nice area, who wants to have a high rise or land assembly as your new neighbour?

 

[figaro2]

canadian market is so different of the usa market,
I don't beleive a crush will happen
in canada real estate is following a pattern that started in Vancouver for many years now and it didn't stop at all
so the same investors who flew vancouver to toronto, went to ottawa and then montreal
i saw houses go double prices in one year... the inverstors are taking a lot of the market versus classical trading of families who want to buy a house...
so.. the solution is to build more and more so the market could coool off. maybe the exageration will slow but it will not stop and it will not crash... people hide their money in real estate

 

[figaro2]

There are a number of factors contributing to the housing crisis, including the supply chain snarls that are driving up material costs, and city councils that refuse to rapidly approve new housing projects.

But without the skilled workers who can take these construction materials and build these projects, Canada's hope of building 3.5 million homes by 2031 may never become a reality.

https://www.msn.com/en-ca/news/newspolitics/canada-wants-to-build-400000-homes-a-year-whos-going-to-build-them/ar-AAW6Tsz?ocid=mailsignout&li=AAggNb9

they love saying (we are working on it)
building wood houses was a decision north america did for quick and cheap growth in housing... not the case today... the workers are paid slightly more and the materials aren't that expansive but the builders aren't building enough
I live in a new neighberhood, all houses are sold, only few are occupied buy owners, the majority rentred by investors, and still 1/3 is empty and owners are waiting to re sell it with inflation

 

[tfox72]

What do you mean by 'encourage'? Do they pull a gun out and force 20 people to bid? Houses are worth what people are willing to pay for them. A "shitty house" that goes today for one million, might go for more in the future if it's more in demand. Agents have nothing to do with this, they are simply surfing the wave.

Agents lie about bids. You might be the only buyer, but they will say that 2 others have bid 20k more than you, so you should up your offer by 30k. Then the imaginary bidders up their bid by another 15k.....and so on.

 

[steaky]

Agents lie about bids. You might be the only buyer, but they will say that 2 others have bid 20k more than you, so you should up your offer by 30k. Then the imaginary bidders up their bid by another 15k.....and so on.

The vendor told you about this?

 

[tfox72]

The vendor told you about this?

Its a known issue: https://financialpost.com/personal-finance/mortgages-real-estate/phantom-real-estate-bids-are-enough-of-a-problem-that-ontario-is-cracking-down

 

[steaky]

Its a known issue: https://financialpost.com/personal-finance/mortgages-real-estate/phantom-real-estate-bids-are-enough-of-a-problem-that-ontario-is-cracking-down

If I am the vendor, I wished every sole buyer will act like that. But it isn't.

 

[mattjp1]

Agents lie about bids. You might be the only buyer, but they will say that 2 others have bid 20k more than you, so you should up your offer by 30k. Then the imaginary bidders up their bid by another 15k.....and so on.

Thanks for the laugh buddy.