Cost of housing in Canada

[Kirkhill]

Press accounts in Canada and the UK both indicate that there was a conscious decision to open the doors to more immigrants because the governments feared a downturn in GDP. The immigrants boosted GDP but trashed productivity. The reason for the downturn in GDP was the same governments told the existing population to stay home because of the pandemic. I believe this line of thinking was common across the West. Housing shortages, school shortages, doctor shortages, wage competition, locals staying home and abandoning the labour market are all common complaints. Along with many others.

Except in Sweden.

They have different problems but they decided

a) to ride out the pandemic
b) to ride out the accompanying recession

They are back to "normal" - whatever that means.

 

[Quirky]

I think this adequately describes one of the key points of tension

View attachment 83124

This is what the Liberals and Steven 'No more funding for roads' Climate Extremist want Canadians to live in:

 

[Kirkhill]

Don't forget the weldable doors.

https://www.cbc.ca/player/play/1703503427818

 

[Good2Golf]

This is what the Liberals and Steven 'No more funding for roads' Climate Extremist want Canadians to live in:

View attachment 83128

… but with free-Weibo/wifi

 

[mariomike]

Regarding the cost of housing in Canada,

Readers saving for a starter home in Canada may, or may not, find this helpful.

If you're a single person in Toronto who hopes to one day own a home, you may want to consider jumping on the "buying with friends and family" bandwagon, because a new report says you'll likely be saving for most of your life otherwise.

Single people need to save for almost their entire adult lives to afford a home in Toronto

If you're a single person in Toronto who hopes to one day own a home, you may want to consider jumping on the "buying with friends and family&qu…

www.blogto.com

they are more likely to find something more affordable in places like Regina, Edmonton, Cape Breton, Quebec City, and others

 

[RangerRay]

If what’s covered in this story is true, it is probably much more widespread than we know, and no amount of tinkering at the edges of housing supply and easing municipal regulation and zoning will ease house prices in this country.

Bankers verified Fake Chinese Income mortgages for banned money laundering suspects in Toronto: HSBC Leaks

International Bank "Offshore Verification Team" allegedly confirmed forged Chinese docs

www.thebureau.news

 

[mariomike]

Anyone in the market for a condo may find this helpful.

The most expensive cities in Ontario and Canada to buy a condo

The most expensive cities in Ontario and Canada to buy a condo | insauga

The landscape of home ownership in Canada has without a doubt seen some drastic shifts over the years, and Ontario is no exception. Interest rates, high borrowing fees and an overall cost of living crisis have sabotaged many people’s dreams and even more down payments. However, certain property...

www.insauga.com

 

[mariomike]

According to Royal LePage, 23 Feb., 2024:

This includes houses and condos.

Here’s how much house $1 million can buy in Canada’s major real estate markets today​

• Nationally, a typical $1-million home boasts an average of 3.2 bedrooms, 2.6 baths and almost 1,800 square feet of living space.
• Remote work has given homebuyers greater flexibility to choose where they want to live, including more affordable cities where a million-dollar budget may stretch farther.
• $1-million homes in the Greater Toronto Area and Greater Vancouver offer less square footage and fewer bedrooms and bathrooms than the national average.
• Unlike Canada’s two other largest metropolitan centres, the Greater Montreal Area boasts an average home size that is 523 square feet larger than the national average.
• Halifax, Edmonton and Winnipeg boast the largest average square footage of all major cities in Canada at this price point.

Compare that to Houston, Texas

https://www.realtor.com/realestateandhomes-search/Houston_TX?cid=sem_7219905398_20039856195_148712271499_656590446157:G:s&s_kwcid=AL!15120!3!656590446157!e!!g!!houston%20tx%20real%20estate&gad_source=1&gclid=CjwKCAiA_tuuBhAUEiwAvxkgTk-EW0U9Kj7Jw7u1VCAL11C3UxrMdP9MWDIAI_FfOfL2NuDf-hg97RoCwTEQAvD_BwE&gclsrc=aw.ds

 

[Aper]

Who can afford a 1M mortgage these days ? Especially with a high interest rate like we're having lately ?

 

[Halifax Tar]

Who can afford a 1M mortgage these days ? Especially with a high interest rate like we're having lately ?

Agreed. Seems to be a silly baseline to use. Use a good pre pandemic Halifax number like 250K and see how that runs now.

 

[mariomike]

Who can afford a 1M mortgage these days ?

Who knows.

The summary was courtesy of Royal LePage, yesterday, in case anyone is looking to buy or sell at today's market value.

Bargain hunters may be able to take advantage of this,

Remote work has given homebuyers greater flexibility to choose where they want to live,

 

[Aper]

Believe me, where I live here in Quebec, even Canada, would be my last choice to remote-work and having that much money to spend on housing.

 

[Aper]

Agreed. Seems to be a silly baseline to use. Use a good pre pandemic Halifax number like 250K and see how that runs now.

I recently resigned my mortage last year in August. I went from a 2.3% to a 5.99% rate, which brings my monthly payments to an extra 250$ / month.

I'm a single dad with 3 kids, and that spike killed the extra savings I had at the end of the months. And i'm not even talking about the rise of gas, groceries and so on.

 

[Kirkhill]

Agreed. Seems to be a silly baseline to use. Use a good pre pandemic Halifax number like 250K and see how that runs now.

Because Toronto is the Centre of the Universe.

Toronto Housing Market: Oct. 3rd, 2024 Update | Interactive Map - WOWA.ca

September 2024 saw a surge of new home listings in the Greater Toronto Area (GTA) housing market, pushing inventory levels to the highest they've been since November 2008.

wowa.ca

Vancouver exists in an Alternative Universe

• Detached Homes: $2,123,678 (7.2% YoY increase, -5% MoM)
• Attached Homes: $1,219,306 (7.2% YoY increase, 0.5% MoM)
• Condo Apartments: $794,211 (3.1% YoY increase, -2.1% MoM)

Vancouver Housing Market Trends And Forecast 2024-2025

Discover the latest trends in the Vancouver housing market for 2024, including home prices and forecast analysis. Stay informed with our report.

www.noradarealestate.com

 

[YZT580]

Who can afford a 1M mortgage these days ? Especially with a high interest rate like we're having lately ?

Chinese immigrant workers

 

[mariomike]

Toronto Housing Market: Oct. 3rd, 2024 Update | Interactive Map - WOWA.ca

September 2024 saw a surge of new home listings in the Greater Toronto Area (GTA) housing market, pushing inventory levels to the highest they've been since November 2008.

wowa.ca

Vancouver Housing Market Trends And Forecast 2024-2025

Discover the latest trends in the Vancouver housing market for 2024, including home prices and forecast analysis. Stay informed with our report.

www.noradarealestate.com

Quite a difference between the two.

GTA average detached home price $1.35M.

Vancouver average detached home price $2,123,678.

 

[Blackadder1916]

Compare that to Houston, Texas

https://www.realtor.com/realestateandhomes-search/Houston_TX?cid=sem_7219905398_20039856195_148712271499_656590446157:G:s&s_kwcid=AL!15120!3!656590446157!e!!g!!houston%20tx%20real%20estate&gad_source=1&gclid=CjwKCAiA_tuuBhAUEiwAvxkgTk-EW0U9Kj7Jw7u1VCAL11C3UxrMdP9MWDIAI_FfOfL2NuDf-hg97RoCwTEQAvD_BwE&gclsrc=aw.ds

The devil is in the details. There could be lots of factors in making a comparison. One of the properties that was near the top of your search was a condo listed for $60,000. It's been on the market for over a year and has dropped considerably in asking price. Why? And could a similar factor be involved for other properties' valuation? I googled the street name and added a single word, "crime". The first two results led to the exact address.

Investigation into Fatal Shooting at 5625 Antoine Drive (26 Aug 23)
Investigation into Fatal Shooting at 5625 Antoine Drive (13 Sep 21)

The neighbourhood is quite the shooting gallery.

 

[Good2Golf]

I recently resigned my mortage last year in August. I went from a 2.3% to a 5.99% rate, which brings my monthly payments to an extra 250$ / month.

I'm a single dad with 3 kids, and that spike killed the extra savings I had at the end of the months. And i'm not even talking about the rise of gas, groceries and so on.

Sorry to hear that, Aper. We renewed in early-Dec and tripled our interest rate…. …and with Freelance self-authorizing another $517Billion of debt, I don’t think it’s getting much better any time soon.

Chinese United Front immigrant workers

You mean….?

 

[Colin Parkinson]

Agreed. Seems to be a silly baseline to use. Use a good pre pandemic Halifax number like 250K and see how that runs now.

We had a $250,000 mortgage at 5.65% (which we thought was a good rate at the time) Costs was roughly $1700 a month.

 

[Aper]

Sorry to hear that, Aper. We renewed in early-Dec and tripled our interest rate…. …and with Freelance self-authorizing another $517Billion of debt, I don’t think it’s getting much better any time soon.

It's OK. This is one of the reasons why I decided to join back the CAF as a Reservist to have that extra income to compensate