Housing crisis in Canada

[steaky]

I partly agree but Canada's housing crisis is quite exceptional in my opinion. I had the chance to travel a bit and I rarely saw a ratio annual salary to house prices that bad, even in cities that have always topped the high cost of living rankings. I mean Toronto and Vancouver have been out of reach for the "normal" working class for quite some time, but we are now adding Ottawa and Montreal to the list. Frankly in Ottawa is becomes difficult to find anything decent for less than 600K (advertised), plus bidding war fees, plus taxes and other fees etc... easily 700K in the end + most probably strata fees to pay every month. It's just absurd compared to the average salary in Ottawa. Sure there are other cities but as you said it depends if you can find a job there.

Do you own a home in Japan before you move to Ontario? Is there a housing crisis in Tokyo? How' the annual salary there compare to Ontario?

 

[mattjp1]

Then what are you complaining?

I've seen people find normal jobs and afford homes in Calgary.

Btw, I quoted you because of this statement: "Again - noone forced us to immigrate to Canada". Shouldn't you say immigrate to Ontario instead?

I don't really like the tone of your messages. I am not complaining about anything, I am reacting to the OP's observation in his/her initial post, which I agree with. We are having a discussion and I would suggest you behave. Not interested in discussing with you any further, have a wonderful evening.

Edit: The guy even went on my profile to see my messages history to see where I lived before. Creep alert.

 

[steaky]

I don't really like the tone of your messages. I am not complaining about anything, I am reacting to the OP's observation in his/her initial post, which I agree with. We are having a discussion and I would suggest you behave. Not interested in discussing with you any further, have a wonderful evening.

Edit: The guy even went on my profile to see my messages history to see where I lived before. Creep alert.

If you don't want anyone to look at your past messages and profile you, you should go over your account settings in this forum. Btw, I behave normally. Can someone call you "Creep"?

 

[arhue]

For Ottawa, Gatineau is also a good option to consider. Prices are half of that of Ontario side, but you also pay the Quebec tax. There are also lots of smaller cities like Moncton or something more rural that are really cheap to consider if your job does not tie you to a larger city.

 

[Canadaforever350]

Look at the other side of the housing crisis. There are people making hundreds of thousands of dollars profiting from the increase in real estate. If you own multiple properties or even one, you're golden. Why would you want the market to go the other way? Keep the status quo, immigrants won't stop coming here and the government wants to keep the flow coming. Keep increasing housing prices and our homes will keep increasing in value and people who own live like kings

 

[foodie69]

Look at the other side of the housing crisis. There are people making hundreds of thousands of dollars profiting from the increase in real estate. If you own multiple properties or even one, you're golden. Why would you want the market to go the other way? Keep the status quo, immigrants won't stop coming here and the government wants to keep the flow coming. Keep increasing housing prices and our homes will keep increasing in value and people who own live like kings

Sure works for me...but!

Property taxes go up as well and I know a lot of older people, 70+ that struggle to pay the tax on their multi million dollar houses in Vancouver. If you are on CPP only, it does not look exciting and they have to sell and leave their neighborhood of 40 odd years.

 

[Canadaforever350]

Sure works for me...but!

Property taxes go up as well and I know a lot of older people, 70+ that struggle to pay the tax on their multi million dollar houses in Vancouver. If you are on CPP only, it does not look exciting and they have to sell and leave their neighborhood of 40 odd years.

I've been seeing the opposite. You have seniors 65-70 who retire, have CPP and sell their property with immense TAX-FREE gains on their primary residence and move out of Toronto/Vancouver to the countryside or other parts of the country (Halifax, Winnipeg, etc.). Buy a smaller property for a fraction of their multi-million property in GVA/GTA and live like kings for the rest of their life. They can even afford to go into private LTC homes later in life without worrying since their gains are immense from their primary residence.

Basically, this housing "crisis" is only a crisis for maybe half the population. The other half is living and hoping for more price increases to capitalize on more gains for their properties. Sucks for new immigrants or people not in the housing market yet but lots of immigrants are bringing money from their home country by selling land and buying real estate here. So its still possible to get into the market for immigrants.

 

[canuck78]

I've been seeing the opposite. You have seniors 65-70 who retire, have CPP and sell their property with immense TAX-FREE gains on their primary residence and move out of Toronto/Vancouver to the countryside or other parts of the country (Halifax, Winnipeg, etc.). Buy a smaller property for a fraction of their multi-million property in GVA/GTA and live like kings for the rest of their life. They can even afford to go into private LTC homes later in life without worrying since their gains are immense from their primary residence.

Basically, this housing "crisis" is only a crisis for maybe half the population. The other half is living and hoping for more price increases to capitalize on more gains for their properties. Sucks for new immigrants or people not in the housing market yet but lots of immigrants are bringing money from their home country by selling land and buying real estate here. So its still possible to get into the market for immigrants.

Housing crisis is a major issue and there is certainly pressure to stop prices from increasing. Not having young people afford to purchase homes creates huge issues for the economy and population growth plus less people to purchase homes when seniors go to sell. Many have also overleveraged themselves purchasing too much real estate. The issue is that interest rates have been so low for such a long time. It isn’t normal to only have price increases for 25 years. You see many parents taking out equity in their houses, when they can’t afford to, in order to gift their children down payments. Many have not saved enough for retirement and most do not want to sell, downsize and move to a cheaper community because that usually means leaving friends, family, services like healthcare, etc. Most are downsizing when they are pretty frail. No Canadian should be happy with the state of housing sector. It hurts Canada on various fronts. We are not alone in this mess. Would add that China’s real estate market is about to take a huge hit and we’ll need to see what the international repercussions will be.

 

[Canadaforever350]

Housing crisis is a major issue and there is certainly pressure to stop prices from increasing. Not having young people afford to purchase homes creates huge issues for the economy and population growth plus less people to purchase homes when seniors go to sell. Many have also overleveraged themselves purchasing too much real estate. The issue is that interest rates have been so low for such a long time. It isn’t normal to only have price increases for 25 years. You see many parents taking out equity in their houses, when they can’t afford to, in order to gift their children down payments. Many have not saved enough for retirement and most do not want to sell, downsize and move to a cheaper community because that usually means leaving friends, family, services like healthcare, etc. Most are downsizing when they are pretty frail. No Canadian should be happy with the state of housing sector. It hurts Canada on various fronts. We are not alone in this mess. Would add that China’s real estate market is about to take a huge hit and we’ll need to see what the international repercussions will be.

To be honest, I don't see any pressure coming. The Liberal government is happy to keep things status quo and frankly, if you are a home owner, you have no problem seeing these prices keep going up. There are tons of young people in the housing market that own 2 or more properties (I think the figure was 20%) and another big chunk own a primary residence. Quite frankly, keeping the status quo and encouraging further growth will continue to occur, especially in the GTA/GVA. And besides, who doesn't like to own a nice Range Rover or Jaguar when houses are making 6 figure tax-free gains year over year

 

[The Robust]

I suggest you move to Calgary. It is still in Canada. Housing prices is almost the same as in the early 2010s and some even less.

Rental prices are even lower than it was in the early 2010s.

I agree, but what about Job opportunities and the weather

 

[steaky]

To be honest, I don't see any pressure coming. The Liberal government is happy to keep things status quo and frankly, if you are a home owner, you have no problem seeing these prices keep going up. There are tons of young people in the housing market that own 2 or more properties (I think the figure was 20%) and another big chunk own a primary residence. Quite frankly, keeping the status quo and encouraging further growth will continue to occur, especially in the GTA/GVA. And besides, who doesn't like to own a nice Range Rover or Jaguar when houses are making 6 figure tax-free gains year over year

Furthermore, this liberal party candidate flipped dozens of homes for profit after ownership for less than a year since 2005:

https://www.cbc.ca/news/politics/vancouver-liberal-homes-flipped-1.6158955

Btw, this person is the MP of his riding after the recent federal election.

 

[steaky]

I agree, but what about Job opportunities and the weather

There are job opportunities and the weather is getting cold.

 

[steaky]

No Canadian should be happy with the state of housing sector. It hurts Canada on various fronts. We are not alone in this mess. Would add that China’s real estate market is about to take a huge hit and we’ll need to see what the international repercussions will be.

If so, why would he became mp of the riding after the recent federal election?

https://www.cbc.ca/news/politics/vancouver-liberal-homes-flipped-1.6158955

 

[foodie69]

I've been seeing the opposite. You have seniors 65-70 who retire, have CPP and sell their property with immense TAX-FREE gains on their primary residence and move out of Toronto/Vancouver to the countryside or other parts of the country (Halifax, Winnipeg, etc.). Buy a smaller property for a fraction of their multi-million property in GVA/GTA and live like kings for the rest of their life. They can even afford to go into private LTC homes later in life without worrying since their gains are immense from their primary residence.

That is what I said. You just painted the same situation pink.. of course you sell your house and move to somewhere cheap. But they are still leaving their familiar surroundings and start somewhere new. Some do it voluntarily, others because of not being able to afford their house any longer.

 

[Canadaforever350]

That is what I said. You just painted the same situation pink.. of course you sell your house and move to somewhere cheap. But they are still leaving their familiar surroundings and start somewhere new. Some do it voluntarily, others because of not being able to afford their house any longer.

Fair. My point is, rather keep the status quo than do anything. Quite frankly, its helping me too so I ain't complaining either