Cost of housing in Canada

[Remius]

I don’t know about you guys but the hoses I drank from back then had a metallic taste to the water.

 

[Cloud Cover]

I don’t know about you guys but the hoses I drank from back then had a metallic taste to the water.

Are you from Northern Ontario. Our ground water was laced with PCB from a train derailment and yes indeed it did taste a little weird.

 

[Furniture]

In grade 5 I was in a cardboard enclosure at the back of the class, I could hear but I wasn't allowed to see, the other students. So glad I was born back then because today I'd just get doped up, and I've seen enough lads in jail over the years that started their drug journey with those 'lets make it easy on us' medications.

When I was in school they handed out "in school suspensions", where your desk would be moved into one of the large supply closets, and you'd get your day's work to go through sitting by yourself.

The thing was, I was disruptive in class because I was bored. I could read fast and well enough to get ahead of the lessons, so I'd talk and joke around in the class. The in school suspensions gave me an entire day to get even further ahead, and be more bored when I was in class the next day... I was lucky, my teachers realized what the problem was, so I was never considered to have ADD, ADHD, etc., requiring drugs.

 

[daftandbarmy]

Any takers for 'Tiny Town'? My guess is the other municipalities will 'lose' that letter

Victoria looks for another municipality to host Tiny Town​

Mayor Marianne Alto will write to other councils and electoral area representatives in Greater Victoria to determine if there is any interest in hosting the Caledonia Place facility starting next year

Victoria is hoping to broker a deal to move a supportive housing project at Royal Athletic Park — previously known as Tiny Town — to another municipality in the region.

Council unanimously endorsed having Mayor Marianne Alto write to other councils and electoral area representatives in Greater Victoria to determine if there is any interest in hosting the Caledonia Place facility starting next year.

Coun. Jeremy Caradonna said it’s important to start the conversation now as the housing project, established during the pandemic, will have exhausted its temporary-use permit at 940 Caledonia Ave. in October 2025.

He noted there is a vulnerable group of people living in the facility and he did not want council to find itself scrambling for options as it faced a fall deadline.

He said the most prudent move is to invite other jurisdictions that have the space to take it on.

“Many of our neighbours have a lot more land than we do. They have hardscapes, they have parking lots,” he said, noting the facility requires about 20,000 square feet of space and access to electrical and plumbing.

Tiny Town was established in 2021 as a temporary home for those in need while more permanent units were being built.

Victoria looks for another municipality to host Tiny Town

Mayor Marianne Alto will write to other councils and electoral area representatives in Greater Victoria to determine if there is any interest in hosting the Caledonia Place facility starting next year

www.timescolonist.com

 

[Good2Golf]

Any takers for 'Tiny Town'? My guess is the other municipalities will 'lose' that letter

Victoria looks for another municipality to host Tiny Town​

Mayor Marianne Alto will write to other councils and electoral area representatives in Greater Victoria to determine if there is any interest in hosting the Caledonia Place facility starting next year

Victoria is hoping to broker a deal to move a supportive housing project at Royal Athletic Park — previously known as Tiny Town — to another municipality in the region.

Council unanimously endorsed having Mayor Marianne Alto write to other councils and electoral area representatives in Greater Victoria to determine if there is any interest in hosting the Caledonia Place facility starting next year.

Coun. Jeremy Caradonna said it’s important to start the conversation now as the housing project, established during the pandemic, will have exhausted its temporary-use permit at 940 Caledonia Ave. in October 2025.

He noted there is a vulnerable group of people living in the facility and he did not want council to find itself scrambling for options as it faced a fall deadline.

He said the most prudent move is to invite other jurisdictions that have the space to take it on.

“Many of our neighbours have a lot more land than we do. They have hardscapes, they have parking lots,” he said, noting the facility requires about 20,000 square feet of space and access to electrical and plumbing.

Tiny Town was established in 2021 as a temporary home for those in need while more permanent units were being built.

Victoria looks for another municipality to host Tiny Town

Mayor Marianne Alto will write to other councils and electoral area representatives in Greater Victoria to determine if there is any interest in hosting the Caledonia Place facility starting next year

www.timescolonist.com

Saw that on the local news when I was out there visiting.

My inside voice said “take your Tiny Town and your bike lanes, and shove them up your wazoo, Victoria! You broke it, you fix it!”

 

[Kirkhill]

Saw that on the local news when I was out there visiting.

My inside voice said “take your Tiny Town and your bike lanes, and shove them up your wazoo, Victoria! You broke it, you fix it!”

Looking at those things I was reminded of these post-WW2 "villages".

When Edinburgh families lived in 'tin huts' during a housing crisis in the city

The dramatic images of the old huts was recently released online and some older local residents recalled just life was like inside for the families who had to live there

www.edinburghlive.co.uk

I was born in 1956. The war ended in 1945. I can remember people still living in those so that must have been well into the early 60s. Temporary accommodation.

They were replaced by these upgrades

Factory-made homes: How prefabs sprouted from the ashes of war

The temporary housing that helped rebuild Britain in body and spirit.

www.bbc.com

Some of those have survived into the modern day.

 

[mariomike]

Thinking of little things people can do.

After raising her kids, and my grandfather passed away, Grandma was left alone in her bungalow.

It had a nicely finished basement apartment, and now ( according to MLS ) has 5 bedrooms and four bathrooms.

Rather than sell it, she rented out the basement apartment to a very nice single woman.

Because it was only 1 km. from Emergency Services H.Q., I was able to find her renters that I knew from work.

Because of their 12-hour shifts, they only stayed seven nights every six week cycle.

Even less if sick time, vacation etc. was calculated.

Grandma served each of her "boys" one hot meal and a packed lunch ( if they wanted one ) every day.

She didn't charge much, and they mowed the lawn, shovelled snow, washed her car and were generally cheerful and helpful.

She eventually sold the house and moved into a retirement home, but it was a good thing for all concerned at the time.

 

[Quirky]

Some those Covid-era mortgages are due for renewals starting this year. Interesting times ahead.

Canada could see a wave of mortgage renewals in 2025. Here is how some homeowners plan to navigate the payment shock.

At least 1.2 million Canadians are facing a mortgage renewal in 2025, and 85 per cent of those existing home loans were contracted when the Bank of Canada’s interest rate was at or below one per cent. Here's how some homeowners are planning to navigate the increased payments.

toronto.ctvnews.ca

On average, Bourassa-Ochoa says a Canadian homeowner renewing their mortgage this year can expect to see a roughly 30 per cent increase. And because Canadians generally prioritize mortgage payments above all other bills, those could be the last link in the chain to break when household spending becomes more constrained.

 

[rmc_wannabe]

Some those Covid-era mortgages are due for renewals starting this year. Interesting times ahead.

Canada could see a wave of mortgage renewals in 2025. Here is how some homeowners plan to navigate the payment shock.

At least 1.2 million Canadians are facing a mortgage renewal in 2025, and 85 per cent of those existing home loans were contracted when the Bank of Canada’s interest rate was at or below one per cent. Here's how some homeowners are planning to navigate the increased payments.

toronto.ctvnews.ca

I renewed in December at a lower rate than in 2022. Still not as good as my 2018 initial rate, though.

It also depends greatly on Term Length, Fixed vs. Variable, and what your equity is looking like.

Then again, buying a house at 200K over asking, being shocked when the value drops, but still having to float the mortgage from 2022..... thats the bigger problem.

 

[Eaglelord17]

Then again, buying a house at 200K over asking, being shocked when the value drops, but still having to float the mortgage from 2022..... thats the bigger problem.

This is where the issue is. It isn’t so much the interest rates thats the issue it is that people have over extended themselves on the principal amount and credit.

Our interest rates are still fairly low in the grand scheme of things. It is just the end of the world when your already maxed out and everything else other than your wage is increasing dramatically.

Rent, mortgage payments, food, cars, basically your staples, have gone up. Taxes, CPP contributions, etc. have gone up. The only things which seem to not have is luxury items like TVs.

 

[rmc_wannabe]

This is where the issue is. It isn’t so much the interest rates thats the issue it is that people have over extended themselves on the principal amount and credit.

Our interest rates are still fairly low in the grand scheme of things. It is just the end of the world when your already maxed out and everything else other than your wage is increasing dramatically.

Rent, mortgage payments, food, cars, basically your staples, have gone up. Taxes, CPP contributions, etc. have gone up. The only things which seem to not have is luxury items like TVs.

This video explains why "cutting out Starbucks and electronics" isn't a valid CoA in 2024

View this content on Instagram

View this content on Instagram

 

[Good2Golf]

What about Disney+?

 

[IKnowNothing]

Some those Covid-era mortgages are due for renewals starting this year. Interesting times ahead.

Canada could see a wave of mortgage renewals in 2025. Here is how some homeowners plan to navigate the payment shock.

At least 1.2 million Canadians are facing a mortgage renewal in 2025, and 85 per cent of those existing home loans were contracted when the Bank of Canada’s interest rate was at or below one per cent. Here's how some homeowners are planning to navigate the increased payments.

toronto.ctvnews.ca

Very next quote after your excerpt

However, a tidal wave of mortgage defaults and home foreclosures is unlikely, Bourassa-Ochoa underscored.

“We anticipate that this pressure will be felt for sure, however, we're not anticipating that all of these borrowers will be going delinquent. On the contrary, you know, Canadians have shown a lot of resiliency, historically speaking, and so we expect to see that kind of resiliency,” she said.

Canada’s bank regulator previously said that homeowners in this country had managed the current credit cycle – which saw the Bank of Canada’s interest climb to five per cent and stay there for nearly a year – “quite well(opens in a new tab).”

“There is no evidence to suggest credit’s going to really deteriorate in a material way that might affect the broader economy or might affect the housing market,” Superintendent of Financial Institutions Peter Routledge said in October.

Moreover, in their own report, CIBC predicted that overall, mortgage payment “shock” will be felt at a micro level, instead of macro.

As I posted before, the big pinch point is the later 2021 and 2022 mortgages after the Covid runup. There might be some edge cases in the 2020 cohort that spent themselves into a corner and have had their situations worsen- but:

• they purchased at a much lower price (on average) than the 2021 and early 2022 buyers
• they should have enough equity in the home to leave them options with their lender, even at today's housing prices
• rates have fallen significantly from peak, and are well within their stress test

It may be tight, but most 2020's will be able to find a path through. They're not in for near the pinch that the variable rate crowd got hit with over the last few years.

As an aside- is a 62 year old with a million dollar mortgage at a ski resort seriously the best example that would talk to them? My heart bleeds for her, seriously.

 

[Quirky]

is a 62 year old with a million dollar mortgage at a ski resort seriously the best example that would talk to them?

That's called fiscal responsibility, in Canadian terms.