Toronto real estate bubble

[aashay12]

For a long time I have been watching the prices for toronto real estate
And I always wonder a detached house costs almost 1.3 million CAD that's 1 mn usd
How in the world can anybody afford to live on a 100,000 salary with 2 kids, high taxes
Less jobs, jobs uncertainty. I hate to make comparisons but in US you can get a detached house in chicago
For 500 k in a nice area, chicago has lot of jobs and mostly stable economy.
How in the world can anyone make a living in Canada?
I blame the goverment for it but how did it get out of control.
To be honest canada population shud be atleast( according to its size) in the habitable area...atleast 100 million...so that the prices go down. Canada needs more cities....it's practically impossible to make a living....
If one make a living how about saving some money for retirement.
Not a of people make 100,000 a year.
I don get it. Canada should merge with the US....it's seems ridiculous.....
Most of my fear is to come there and not find a job and lose my savings.

What r your thoughts forum? Am I wrong to assess it? any ideas or solutions to the problem.

 

[steaky]

If you compare to Manhattan NY, those 1 bedroom condo (without parking) costs more or less 1 million usd. Manhattan is still in the US. Why don't you compare Chicago with Manhattan? How about Chicago merge with Manhattan? Not every US residents makes $100K a year.

 

[vivek901]

https://www.facebook.com/CanadianDesi901/

I found this page on facebook which has a good video on Real Estate in Toronto

 

[xpressentry]

you will have to try for a life changing lottery

 

[aashay12]

The salaries don't add up in nyc and toronto, if u lose a job how difficult it's to get one.
How many broad sectors of the economy can anyone one get a job and relative to the price of condo...
if its foreign investment is driving up the price then I fear the price effect on the citizens, getting priced out.
People might have to live in Hamilton or Oshawa to commute to work to make a decent living.
Leave Toronto, vancouver does not have 200k-300k jobs....to call it multi million dollar condo...
How can anyone survive the price increase and expenses, without job growth and good salaries.

 

[DEEPCUR]

Canada is nowhere close to US in any terms. I shouldn't be saying this on a Canadian forum, but cannot resist from saying so.

Apart from this real estate thing, you will have to tackle high cost of living too. Imagine paying $6 - $8 (USD) for a gallon of milk. In stores like Aldi, you can get a gallon for as cheap as $2, and even organic milk would cost only $6 something. Same with eggs too. And a sales tax of 13% is unimaginable! All this with much lower wages. I believe less population drives this thing. We all can hope that our kids would have much better economy when they grow up.

 

[steaky]

Canada is nowhere close to US in any terms. I shouldn't be saying this on a Canadian forum, but cannot resist from saying so.

Apart from this real estate thing, you will have to tackle high cost of living too. Imagine paying $6 - $8 (USD) for a gallon of milk. In stores like Aldi, you can get a gallon for as cheap as $2, and even organic milk would cost only $6 something. Same with eggs too. And a sales tax of 13% is unimaginable! All this with much lower wages. I believe less population drives this thing. We all can hope that our kids would have much better economy when they grow up.

Go to Alberta (which is still Canada) and enjoy no provincial tax shopping!

 

[DEEPCUR]

Go to Alberta (which is still Canada) and enjoy no provincial tax shopping!

Just checked it out. Even there Federal govt. takes 5% from shoppers! There is no concept of Federal sales tax in US at all.

In US, states like NH truly have zero sales tax. And yeah, in NH, income tax is zero too! Still it has great infrastructure!

 

[steaky]

Just checked it out. Even there Federal govt. takes 5% from shoppers! There is no concept of Federal sales tax in US at all.

In US, states like NH truly have zero sales tax. And yeah, in NH, income tax is zero too! Still it has great infrastructure!

That's why I enjoy shopping in Montana and Oregon for zero sales tax.

 

[aashay12]

Canada shud join US, like Puerto Rico. It's the right thing to do for reducing taxes and making it a bigger economy and having more jobs for Canadians and bigger market.
The current immigration model is unsustainable and does not help citizens and immigrants.
People are going to costco every weekend in US for cheaper goods and gas, milk.
Canada just needs more people, industries, service industry.....all things, times 5.

 

[Buletruck]

You would also have to assume a higher public debt (104% vs 85%...not stellar, but 20% is nothing to sneeze at), higher foreign debt ratio to GDP (300% vs 105%), higher crime rate, no social safety net, give up you social medicine and face limits on treatments, unmanageable military spending, etc.

If you plan on joining someone, better to shop it around a bit and get the best deal for the citizens? Why tie yourself to a floundering ship in a storm? Let's be creative! Here's some examples and benefits:

China: under 5% GDP ratio. Next big powerhouse economy. Large local community with close ties to both countries.

India: right behind china in terms of GDP ratio and growth. Large local community with close ties.

Singapore ( my preference): 11% GDP ratio. Very good government and nice location (hmmm, should we do Banff, the Laurentians or the tropics this weekend?)

Brazil: 16% GDP debt ratio, good weather and nice beaches.....also Mardigras! Also shares similar time zones.

These are just a few. We could shop it around a bit or maybe divide it up between competing countries. Or maybe auction it off with the revenue split equally amongst Canadians and they can use the money to go where ever they want!

Probably the single biggest factor in not having ourselves annexed is the fact we don't want to! It's been mentioned for centuries and it's never happened. We don't want to be Americans, any more than we want to be Chinese or German or French or Swahili.

Edit- you don't seem to spend much time here, so why not just apply for US immigration instead. Your conundrum would be resolved if you did that. I hear there are lots of jobs in Chicago.

 

[scylla]

Canada shud join US, like Puerto Rico. It's the right thing to do for reducing taxes and making it a bigger economy and having more jobs for Canadians and bigger market.

This is never going to happen.

You may think it's the right thing to do - however the majority of us living here are fine with things just the way they are (especially now).

Sounds like you might be better off forgetting about Canada and focusing on immigrating to the US.

 

[xpressentry]

Canada shud join US, like Puerto Rico. It's the right thing to do for reducing taxes and making it a bigger economy and having more jobs for Canadians and bigger market.

Definitely not. JT is much better than Donald Trump. Why can't USA join canada.

The current immigration model is unsustainable and does not help citizens and immigrants.
People are going to costco every weekend in US for cheaper goods and gas, milk.
Canada just needs more people, industries, service industry.....all things, times 5.

 

[aashay12]

I am stuck in a backlog for years and it's getting worse...for h1b.
So my question to myself is is it worth going to Canada and be
Under a job limbo or stay in US by hook or crook and have financial stability.
My wife already lost her PR, at least her RO.
Now it's my turn in November, either to come there or
Stay in the visa mess in US.
My assessment of Canada is based completely
On the jobs there and the people struggling to get
Decent jobs... And it's not getting any better for
Most of them....
Even if they have decent jobs, it's always
A double edge sword......about job security.
Canada is a great country and respected by the world,
Even the Americans think highly about Canada...
It's always in worlds good book
But the facts about jobs also do not lie....and the expensive
Cost of living....

 

[xpressentry]

I am stuck in a backlog for years and it's getting worse...for h1b.
So my question to myself is is it worth going to Canada and be
Under a job limbo or stay in US by hook or crook and have financial stability.
My wife already lost her PR, at least her RO.
Now it's my turn in November, either to come there or
Stay in the visa mess in US.
My assessment of Canada is based completely
On the jobs there and the people struggling to get
Decent jobs... And it's not getting any better for
Most of them....
Even if they have decent jobs, it's always
A double edge sword......about job security.
Canada is a great country and respected by the world,
Even the Americans think highly about Canada...
It's always in worlds good book
But the facts about jobs also do not lie....and the expensive
Cost of living....

Don't compare your American salary with Canadian one. Compare your home country with your country of residence. Lower your expectations and you will be a happier person. You sound like you are from india so I am going to take the liberty to assume so due to your name. I'm an Indian too and decided to contemplate canada due to brexit uncertainty. My stay in the uk is connected to my job. If I were to lose my job, I would be packing home to India. If I move to Canada, my salary will be lower but at least I have the freedom to work for whoever I want and if I lose my job, I can get another job without any visa issues and I won't be sent home. If you choose to stay in USA, do you see yourself returning to india? If you have a house and kids, you'd probably have to sell your house and get your kids out of school. Canadian PR will give you surety and security. See what your priority and go with that option.