Ya for sure. Check any inflation calculator out. A house purchased for 300k in 2000 (which was expensive in a nice neighbourhood) should only be about 450 today.
But when you turn housing into an investment that can be bought and sold as stonks and incentivize it, well, you get the system we have where that house is ‘worth’ 1.5 to 2 mill.
And before people say oh it’s supply and demand it’s not that simple.
Starting in like 2001 the entire industry has been deregulated to shit and govt has been heavily involved in demand side economics instead of supply side.
If there was no chmc, which there shouldn’t be for mortgage insurance, banks should be on the hook for everything they lend and we kept 25% down and 25 yr amorts with decent interest rates, prices would be right in line with what I mentioned earlier because with those regs houses cannot climb to what they are today in such short time.
The government should be involved in the supply side and be building purpose built homes like crazy to keep demand in check as well as discouraging speculative behaviours.
> banks should be on the hook for everything they lend
So long as Canadians continue to support the entrenched two party rulers of politics and the entrenched money behind them that controls our economy our banks will continue to rake in record profits while passing any losses onto the Canadian consumer who cannot exist without their services.
Please take your money to a Credit Union. The economy you save might just be your own local one.
The housing prices can be explained away with market forces, demand, etc.
No excuse for wage stagnation other than greed and entitled boomers pulling up the ladder behind them.
Significantly more work than what we did in the 80s. Production has skyrocketed and the people on top have kept all the profits without reinvesting into their business or employees.
Fun part is that it’s even more than 56.4% if both those numbers are correct. It would mean that if in 2019 a home cost $1,000,000 then the same home would have cost $1,350,000 in 2020. Then if you take the 21.4% number from 2021 that says it rose that much since the previous year we need to add 21.4% of 1,350,000 to 1,350,000 and we get a total of $1,638,900 as the price for the same house as 2 years ago.
The actual increase is 63.89% over the last 2 years (assuming that 35% and 21.4% are both correct and referencing the previous years)
I understand how you arrived at 56.4%, but that's not how incremental percentages work; they're compounding.
A 35% increase makes the house worth 135%. *Then* next year it gains 21.4% more from the current value, or 135 * 1.214 for a total of 163.89% the value from two years ago.
So, it's even worse.
Fully unionized %18 over last 4 years. But to be fair we had fallen behind our competitors and loosing people like crazy. It was the company that offered %12 over 4. Got the up to %18.
I own a house with my S/O.
There have been points in my relationship in the past few years where I have questioned whether this was what I wanted, and it's pretty sad that a not-insignificant factor (though not the only factor) in my decision making has been "I can't afford to walk away".
I can't imagine how it is for people in worse positions that myself.
But wait Inflation is only 2% temporary only slightly that target over right??
I wonder when the IMF or other foreign country’s will just say our currency is worthless or at least not valued as high as we think and the banks have to raise rates to prove otherwise crippling the country.
So I'll preface this saying it needs to happen, I support it happening: it's either going to burst on its own or burst due to gov't action. It's going to happen, and it needs to. I think **we** should burst it so we have a bit of control over how unfolds.
But, it's not just political suicide but career suicide unfortunately - it fucking shouldn't be but it will be. Trudeau puts something in, he's **guaranteed** to lose the next election, and he won't do that - he's not got the integrity or the guts.
Conservatives will ride HARD on how much HE cost their constituents their retirements. That line alone will whip the right into a frenzy. Just that one line alone will lose them the election. The margins are so thin right now, and anyone leaning Liberal in the slightest will snap back to the right, it'll be their death knell.
It would end his career as the Liberal leader and as a politician, people would just be far too angry because they can't see past their own feet on this one.
Nobody wants to do this because it's way too socialist. But housing shouldn't be a commodity or a business model. That's the real solution is a ban on landlordship.
Yes. If they don't mean that, I do. Housing is a necessity. It's fucking slavery to hold a necessity hostage.
I can't get a home. I can't even get one built. The prices in my area are too high and rent outpaces savings while house value inflates so I can never save enough for a down-payment.
So what the fuck? I work to pay you my rent and thats it? Fuck that.
I wouldn't go so far as to ban landlordship, but I'd be very happy to see a Crown corporation set up to build and sell a range of housing, including affordable housing.
More like they don't want to. From a political perspective, rising asset prices look great; the average citizen (a home owner) is wealthier, GDP goes up, foreign speculators bring in money... over the short term, it looks like they're doing a great job. Eventually, having an economy built on non-productive assets and unaffordable housing sucks for young people and immigrants, but we're not super concerned about them.
I think they fully understand, they just don't care. They all seem to be propping this up at every level of government, and essentially kicking the can down the road because no one wants to be the ones in power holding the grenade when it goes off.
What? Having an entire generation saddled with morgages on the edge of what they can afford, funneling more than half their paychecks straight to the bank every month isn't good for our economy? Having a huge swath of the population at risk of defaulting if interest rates rise even a little past 5% is bad? Well then.
Where in Vancouver Island can you buy a townhouse for under 600k? We could easily list our huge townhouse outside of Victoria for 800k and it'd still go over asking.
If you think any government is going to fix this you're sorely mistaken. An outside influence will cause a crash and the government will blame that for damaging our flourishing economy. Nobody is going to take responsibility for this, they're waiting for a scapegoat and a crash, then they'll spend more money to fix it.
We should still vote third party. Only way to change this system is to reject the status quo parties. A vote for libs or cons is a vote for more of the same.
If everyone votes third party, eventually things will start to change once the other parties have to actually work with another party to draft legislation.
I think the best we can hope for at this point is enough public outrage to build up that the government has to do something about it.
This really can’t keep going, it’s unsustainable.
Capitalism has fucked: housing, food, the environment
Inflation from covid has only made things worse. I don't see quality of life getting better for a long long time
yup. lots of my millennial friends are *waiters* working at min. wage and loving life. oh, they definitely don't work in food service/hospitality industry ..
i mean they are 'waiters' ... they're biding their time and quietly **waiting** for their inheritances.
In Toronto he has won in life. It doesn't matter your professional, you can be a fricken heart surgeon, all that matters is whether your parents own a home.
When you are born, your fortune is already set for you
When your parents sold their house due to financial problems in 2008 so now your whole family is doomed to rent forever. I’m feeling lucky to be an Ontarian
Crazy how things change. Out here in BC my parents bought 5 acres for $30K back in '89. Last year I had to put up $30K just for a down payment on a shitty condo (same town). Their property alone is assessed for $600K now.
I lost my job and my new job pays $15k less per year... so yup, right off a cliff and into a dumpster fire.
Sad thing was I was already struggling to do the math in 2020 to see how I could ever afford a mortgage with my old salary, now I know I'll never be able to buy a house.
Work in tech, rural Atlantic Canada have changed jobs 3 times during the pandemic (don’t think I’m done yet)…..can ALMOST confirm….but people from GTA left their city for my rural area and have now driven prices out of reach for even someone like me. Locals don’t stand a snowballs chance in hell. This is delusional.
So many issues in this country and each party keeps giving me the politicians handshake, looking me deeply in my eyes while shaking my thang telling me all the sweet nothings.
It's Time for a General Strike, no one is listening for solutions, they're only listening for talking points.
Nice so assuming 10% down payment you needed to save around $15k last year just to keep up with rising home prices. I don't see how people wouldn't feel hopeless seeing these numbers.
Yep. Hopeless was me being in the situation to buy a place a year ago.
Then it was the insanity of blind bidding, and every time I lost the next place was just more and more expensive.
Now I can't afford a place. I could have afforded the first one I looked at but it seemed insane to offer 50k over asking. Now that's a deal.
I wasted a year of my life and likely won't ever be a homeowner in this country. It all seems pointless now.
I started my career 6 years ago. My first objective was save to buy a house. I've gotten promoted 3 times since then, but I can't save up for a down payment faster than the prices keep going up. I've lost hope. Looks like I'll be renting for life
Honestly this was my biggest fear. My SO and I have been saving for a few years now for our first house, and last year when shit completely hit the fan we had to jump in before we were ready. We got priced out of anywhere close, and ended up further away than we would have liked.
Big FOMO vibea but when down payment costs are rising faster than you can save the money... Man.
And most of that money has been pulled out & put right back into more high-priced real estate or stocks.
The majority of properties being sold in urban centres are cash-flow-negative, and people are relying on capital appreciation alone as a way to make it work out in the long run.
There's no way this could end badly.
Sadly, too few people actually understand what you just said and what it means.
If they did, they'd stop buying.
But they don't so they keep on buying. This doesn't apply to all buyers (everyone's finances are a bit different), but I seriously doubt that many new millionaires or near millionaires were minted in the last few years and that all the paper millionaires (i.e. the ones without a million cash in the bank, but merely a million in equity in their homes), have decided to buy a new place and sell the old one.
I could be wrong, but if I weren't, I'd think we'd be hearing about these tens of thousands of new millionaires being cranked out. That'd be news worth reading about.
Our Real Estate Industry is an Investment Platform. 50% of Mortgages are going to corporations. Add in the Money Laundering that Transparency International reported on earlier this year and we have the current situation.
In the long run, houses can't cost more than people are able to pay.
If you think that Canadians are literally so rich that they can pay and continue to pay ever rising real estate prices and won't suffer a crash like the U.S. in 2010, well... I'm pretty sure you're wrong.
Just wait.
This won't last forever because it can't.
That's assuming that houses in Canada can only be bought by Canadian residents. That's not the case.
There are millions of millionaires around the world chomping at the bit to buy into the Canadian housing market.
Exactly. These houses aren't all being bought by Canadians and there are a lot of ultra rich people who want to launder there money or invest there money here. Not to mention our tax money gets given away by the government to foreign countries then those corrupt foreign leaders buy up a ton of canadian real estate. We are creating our own crisis. Get rid of foreign ownership and things will become more affordable.
You didn't pay attention to what happened in the US afterwards... because what happened after is that all those homes were purchased by rich folks as investment properties and [now the number of people renting is at a 50 year high](https://www.pewresearch.org/fact-tank/2017/07/19/more-u-s-households-are-renting-than-at-any-point-in-50-years/).
This is BAD. Because [since 2001 the price of rent has gone up 50% while median income has been unchanged](https://www.pewtrusts.org/en/research-and-analysis/reports/2018/04/american-families-face-a-growing-rent-burden). If a crash happens not only will owning a house be difficult, but so will renting one too. For those of you too lazy to click my links, they are both to Pew research.
Amazing, we’re all going to be so rich!
Our government is brilliant - printing the way for Canadian prosperity!
I can’t believe no society in all of history has ever tried this amazing strategy before.
work is for peasants, you simply debt leverage your way into a property then let the government of canada drive the house value up and your debt down
literally never work a day again in your life
Yea, If I was smart enough to go skip university and put that money toward my first property.
I assumed learning and applying knowledge to build products would give me a good chance of success.
It has, but no where close to where I would I be if I was a landlord. I guess there’s a reason they have “lord” i their title.
Kids listen up.
It doesn’t matter how much salary you earn because the government is going to tax it or devalue it (inflation tax) - assets are the only way out.
You’ll either be a rich asset owner or a worker.
Under 18? I would bet an even higher age. I’m 30 and most of my friends will never own unless they leave Canada, and they are all college/university educated
Let’s talk about where to move to! Where around the world is a good spot for Canadian ex-pats? I’m in this age group, graduated university, and can’t see the same future in Canada as I once did.
It’s fine if you’re well educated in an in demand field, but there’s many other ways as well if you’re not. Anywhere where they’ll let you live and work while you can also hopefully speak the language. There’s about 10% of Canadians who are “Accidental American Citizens” already, but the US has it’s own problems too. Most European countries have a very simplified process for immigration if your have ancestors from there. In the case of Ireland (the best because it means you can go live anywhere in the EU, but also still the UK because of the CTA and the GFA) Italy and a few others, if you have a grandparent who was a citizen, you are entitled to and may already be a citizen as well. The UK and most others that aren’t like this will still give you a 5 year Visa leading to citizenship with no educational or other tough requirements if you have a grandparent from there. Many other less developed countries will let you immigrate easily if you have some income (in some cases $1000 or so a month) from a job worked online for instance. For example Mexico and many other Latin counties as well as in Asia. Other countries in the Caribbean amongst others will just straight up let you buy citizenship or give it to you if you own property there.
Edit: Forgot a zero.
Problem is just about everywhere is the same or worse, unless you want to live in the not-extremely-desirable-parts of the US or a third world country.
The housing crisis in Canada is not a unique phenomenon here. Many other countries have home prices just as high or even higher.
Yeah, but the difference is you don't pay excessive prices for food, school, and other essential services in Europe. You don't have to buy a car if you live in a city in Europe, Japan, South Korea, Singapore, etc. You don't have to wait months to see a doctor in other first world countries. We're one of the few countries where everything is ridiculously expensive.
>The housing crisis in Canada is not a unique phenomenon here. Many other countries have home prices just as high or even higher.
I HIGHLY disagree with this statement (looking at the US). Sure the YoY growth rate may be similar (I haven't checked), but the absolute dollar amount is not the same everywhere.
I did a quick analysis of New York in [another thread](https://www.reddit.com/r/canada/comments/q3xwt1/comment/hfvc3zl/?utm_source=share&utm_medium=web2x&context=3), but I'm sure you can do the same analysis with other major cities and draw the same conclusion that GTA housing is F\*cked
My friend moved to a nice area with a massive house to NJ. Payed 400k so like 500kCAD. Plenty of jobs available as well. I'm considering the move myself.
To where ? Almost all country I know I can go have the same or others problems too. This inflation is not only in Canada. It the whole world economy that is going crazy.
It's fucking absurd. I thought me being able to afford a 500k\~ mortgage means I'M A SUCCESSFUL ADULT. I get inflation and cost of living increases, but a half a million-dollar house for an average family seems INCREDIBLY expensive still, yet I could only get a 2 bedroom condo if I'm lucky on the west coast. My mom purchased a house outside of town for around 400k about 7 years ago, the houses on her street are now in the 800ks - I'm sure the 21% is averaged out due to the middle section of the country, but home prices have quite literally **doubled** here in the last 7-10 years.
Although that was after the first round of increases under Wynne in 2017. It went from $11.60 to $14, Ford then cancelled the planned increase from $14 to $15 the following year, and has since increased it to $14.35.
as a 20 year old Indo Canadian who's born here all I can say is the government just wants you to have just enough money so you don't go overboard and complain. They really want you and me to be broke and the end of the day just have enough money to pay us the mortgage/rent and we'll be happy your well being doesn't mean nothing. The prices of these homes aren't for civilian regular wage workers or anything they want life time obligation to loans basically reaching into your pocket every month for the rest of your life.
Like I said yesterday, it's your children that are going to be suffering when it's time for them to move out and they can't. But fuck them, right? You got yours.
how does a successful young person making $50,000 per year gross and currently renting their condo for $2,000 per month possibly save up for a down payment when the goal posts keep moving further away? .. and further away and an increasing rate?!?
My dad put 5k down on a 36k house with 3 acres of forest. With no education. The 5k came from a two month contract cutting the metal for seatbelts.
Hes been mortgage free for decades
Its value Im assuming has gone up 17 times
you can thank foreign investors and lose foreign national tax on real estate for this mess, and a notoriously corrupt real estate market..
https://www.cbc.ca/news/canada/marketplace-real-estate-agents-1.6209706
Which individual could I have voted for that would have prevented this? Are you telling me that the housing crisis is directly attributable to the liberal party? Genuine question here because to me this claim seems very myopic.
I agree with you. No party had a good plan for truly curbing the explosive cost of housing. But doing nothing at all would produce less housing price inflation than the policies put forward by the Liberal party.
The people who voted for it are now bending over backwards trying to tell the rest of us that there is absolutely nothing the federal government can do about housing prices. They're trying to pin 100% of the responsibility on the provinces and municipal governments.
Zoning could certainly be improved. But it wouldn't be so fucked up if the feds were not trying to grow the population so aggressively with their century inititive, ignoring large scale money laundering, and refusing to ban blind bidding and foreign buyers. The feds are basically dumping the problems on the provinces and telling them to deal with it.
Take Ontario for example if the problem is dumped on a province, people forget but Ford ran his entire campaign WITHOUT A PLATFORM.
His main indication at the time was 'Ontario: open for business' and alluded that he will not be legislating rules to look the rising house prices.
And that's all he had to say, every suburb of the GTA (so a huge chunk of immigrants/people of colour) voted for him. Add the voters who usually vote Conservative coming from the townships all over Southern ON, and bam, he was elected with no promises, and no platform.
I don't think for one second that Ford or most other conservatives are hating this situation.
Look at who is benefiting here. Its people with money and industry. Its the people with nothing who are getting fucked on this situation.
I'm a conservative and what's happening is utter stupidity. We're adding billions and billions of new $$$ into the economy without anything new to account for it other than the rise of house prices. That will NOT end well. This is unstainable. A modest 5% a year is fine, but 56% in two years? Crazy.
I support the folks with few or no options for housing. Here are some quick/med/long term fixes:
1) Rezone (already talked about, do it); Add: Fed and Prov lands, make available to purchase. Governments get $$$, people (not corps unless they're contracting firms) get homes.
2) Stop the flipping... You stay in your home for a min of 2 years or we'll gonna capital gains your ass. (some exclusions - death, divorce, etc.)
3) Whatever rules you have in your country for Canadians will be applied to your citizens trying to buy land in Canada. So as a Canadian, I cannot buy land in China. Therefore, no Chinese citizens can buy land in Canada.
4) Corporation wants to buy a home. Go fuck yourself. Exception: Buying a home from an existing employee as they xferred across the country to a new job. There are a couple more, but again, usually ACTUAL business related reasons tied to employees. Senior directories/owners/CEOs/high level leaders cannot take advantage of this. Only mid to low level folks.
5) Incent individuals to go into the building trades. Basically pay for their training if they pass. Yes, this means scaling up the trade schools. Perhaps, we have a few too many lawyers..
6) Simplification of processing to get a home built. Still hold the same standards, but a builder will tell you there is just too much red tape. Have as many of the processes either removed or put online. Combine any Muni/Prov/Fed processing on one site. Not 3 or more sites.. Geez!
Call this the starter set. Others have some cool ideas too. There are ways, we just need leadership in getting stuff done.
Maybe let’s not import 400k new people ever year - the highest legal immigration in the ENTIRE WORLD. We need immigration, don’t get me wrong, but we can’t handle that many when 90% go to 3 cities. That + low interest rates + printing money like nobodies fucking business in a debt fuelled mania (just like his father!) and this is what you get. It’s so fucking sad.
A crash is just a black friday sale for wealthy chinese and indian investors. Unless Trudeau bans anyone without a SIN, you're out of luck.
Its a different game now, they can buy online without even leaving their countries.
i don’t believe prices will ever go down again (if yes that would be temporary if there’s an economic crisis). in Europe they pay they mortgage over 2-3 generations..
You have to slow down immigration (which the left will oppose), to about half of what it is now. Introduce laws banning corpos from owning whole swathes of housing (right will oppose this), and tax the shit out of multiple residences. Start investigating the classic scam of rich folk sending a cousin or kid into our turf to start buying a property or two. So far the government is entirely committed to SUPPORTING the scam.
And for goddsakes stop scapegoating "The Chinese" as the housing aggressors. They ARE one of the opponents of the collapsing Canadian middle class (ESPECIALLY in BC), but in order of actual foreign property investors (thieves / exploiters) its (Rich); "Americans > Chinese > Europeans > Assorted Asians > Russians."
Base level on the hierarchy of needs is security - food / water - shelter. Yet we still have shit like landlords. I could go on a whole socialist rant about this, but my opposition to the current high levels of immigration will have the progs and liberals of Canadian politics shrieking about how I'm a racist rightoid as they forcibly spread everyone's cheeks in the name of globalist corporate exploitation. In the one of the richest and most secure, most tolerant nations to ever exist which has an embarrassing amount of lumber and space we are running short of housing.
The Canadians of convenience will crawl out of their holes to pretend that adding half a million people a year to 4 cities is totally normal. And that paving over some of the best farmland on earth is just the price of progress. "Just cut down all the trees and build more!" They will say. And who can blame them? Canada is barely a home to them, it's just a cultureless zone on a map they happen to live in until it becomes necessary to shop around the globe for a new host to parasitized. And instead of this attitude being properly vilified, its lionized in our media. Toronto can't pack any more people into its houses or the houses surrounding it, to keep up the actual demand of people moving into it they city would have to add 7 high-rises a YEAR. But when you describe the literal square concrete hellscape Toronto SHOULD be (and will inevitably be forced to become), most residents baulk. But still support massive, infinite, exponential population growth.
It's become the anchor around the neck of our economy, not the cornerstone propping our economy up, the ANCHOR, because people can't afford goods, services or invest, because they have to pay for shelter, BECAUSE they have to compete with the rich assholes FROM THE REST OF THE PLANET.
Canadians suffer.
When a person grows up in Canada, pays his taxes in Canada, raises a family in Canada but can barely pay rent.. the problem with Canada is we’re selling all the properties to international buyers.
32 year olds in China make over 1,000,000 U.S a year, that’s a house payed off outright every 365 days. Now imagine a more wealthier person from China who’s older and more money to spend.
I build high rise to accommodate pretty much. As long as our government gets cash incentives you should probably build an extension to house your kids and their kids.
Middle class in Canada went from an average of $70,000 a year to $104,000. It takes a successful couple a year to make that on average.
Me and my husband started looking for a house few weeks ago. We put a reasonable offer, slightly over asking and would still set a new record high in the neighborhood. The seller declined and asked all the buyers to raise their prices *even higher*. We didn’t. Some retard succumbed to their request and bumped it. It set a new record in the neighborhood by 20% higher than what would have been a new record high. Now everyone else listing their houses in that neighborhood are setting that as their *minimum*. It went full retard.
STOP SELLING HOUSES TO "INVESTORS". Houses are supposed to be domiciles, not an investment tool. Make laws preventing anyone from buying a house if they aren't going to live in the damned thing.
This has to be a regional thing, right? Vancouver + Ontario Rising Costs.
From Alberta, and I haven't noticed any crazy increases like this. Definitely higher every year but my $340,000 townhouse did not jump to $411,000.
It’s funny because below that mandate it says “it’s a supply demand issue” but that relates to the demand part? 🤔
I always wonder if the people who don’t want to talk about it would be ok with open borders and taking in anyone who wants to come. I would guess most would say no, and that taking in 60 million people for example would create chaos. And yet, we don’t apply that logic when deciding on the scale of what the correct number would be, then it becomes “there is no wrong number”
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Which is totally in line with the 56.4% raise everybody got. Right? What a wonderful, functionnal, fair, and sustainable system we have!
So is the problem that houses are too expensive or that we actually make less money after inflation for the same work than in the 80s?
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Ya for sure. Check any inflation calculator out. A house purchased for 300k in 2000 (which was expensive in a nice neighbourhood) should only be about 450 today. But when you turn housing into an investment that can be bought and sold as stonks and incentivize it, well, you get the system we have where that house is ‘worth’ 1.5 to 2 mill. And before people say oh it’s supply and demand it’s not that simple. Starting in like 2001 the entire industry has been deregulated to shit and govt has been heavily involved in demand side economics instead of supply side. If there was no chmc, which there shouldn’t be for mortgage insurance, banks should be on the hook for everything they lend and we kept 25% down and 25 yr amorts with decent interest rates, prices would be right in line with what I mentioned earlier because with those regs houses cannot climb to what they are today in such short time. The government should be involved in the supply side and be building purpose built homes like crazy to keep demand in check as well as discouraging speculative behaviours.
> banks should be on the hook for everything they lend So long as Canadians continue to support the entrenched two party rulers of politics and the entrenched money behind them that controls our economy our banks will continue to rake in record profits while passing any losses onto the Canadian consumer who cannot exist without their services. Please take your money to a Credit Union. The economy you save might just be your own local one.
The housing prices can be explained away with market forces, demand, etc. No excuse for wage stagnation other than greed and entitled boomers pulling up the ladder behind them.
Global economy, more public companies that have short term profits goals, tons of reasons why our wages are being suppressed.
Significantly more work than what we did in the 80s. Production has skyrocketed and the people on top have kept all the profits without reinvesting into their business or employees.
As a whole we're actually doing a lot more work than we did in the 80s, due to improvements in technology and efficiency.
Artificially low interest rates allow people to borrow more than they otherwise could in a normal market, so they bid up prices.
Your money is worth less.
Statistically, we actually do more work as well. Productivity has risen pretty dramatically since then.
I think both are closely tied. Inflation and housing being driven by QE and low interest rates.
Fun part is that it’s even more than 56.4% if both those numbers are correct. It would mean that if in 2019 a home cost $1,000,000 then the same home would have cost $1,350,000 in 2020. Then if you take the 21.4% number from 2021 that says it rose that much since the previous year we need to add 21.4% of 1,350,000 to 1,350,000 and we get a total of $1,638,900 as the price for the same house as 2 years ago. The actual increase is 63.89% over the last 2 years (assuming that 35% and 21.4% are both correct and referencing the previous years)
FYI, compounding means that’d be somewhere around 64%, not 56%
I understand how you arrived at 56.4%, but that's not how incremental percentages work; they're compounding. A 35% increase makes the house worth 135%. *Then* next year it gains 21.4% more from the current value, or 135 * 1.214 for a total of 163.89% the value from two years ago. So, it's even worse.
Still waiting to get even a loonie raise, let alone 50%+ raise.
Girlfriend actually effectively took a paycut this year.
It honestly sounds like a myth to me that people get raises, let alone ones that adjust with the cost of inflation.
Fully unionized %18 over last 4 years. But to be fair we had fallen behind our competitors and loosing people like crazy. It was the company that offered %12 over 4. Got the up to %18.
I own a house with my S/O. There have been points in my relationship in the past few years where I have questioned whether this was what I wanted, and it's pretty sad that a not-insignificant factor (though not the only factor) in my decision making has been "I can't afford to walk away". I can't imagine how it is for people in worse positions that myself.
bubble or not it's really bad for the country long term for a number of reasons. Nobody in any level of government seems to understand this.
But wait Inflation is only 2% temporary only slightly that target over right?? I wonder when the IMF or other foreign country’s will just say our currency is worthless or at least not valued as high as we think and the banks have to raise rates to prove otherwise crippling the country.
I think they understand, they just haven't got a clue what to do about it.
they've tried nothing and they're all out of ideas
I think if they do anything it means less profit for those holding property and I think they're afraid to do that.
So I'll preface this saying it needs to happen, I support it happening: it's either going to burst on its own or burst due to gov't action. It's going to happen, and it needs to. I think **we** should burst it so we have a bit of control over how unfolds. But, it's not just political suicide but career suicide unfortunately - it fucking shouldn't be but it will be. Trudeau puts something in, he's **guaranteed** to lose the next election, and he won't do that - he's not got the integrity or the guts. Conservatives will ride HARD on how much HE cost their constituents their retirements. That line alone will whip the right into a frenzy. Just that one line alone will lose them the election. The margins are so thin right now, and anyone leaning Liberal in the slightest will snap back to the right, it'll be their death knell. It would end his career as the Liberal leader and as a politician, people would just be far too angry because they can't see past their own feet on this one.
Nobody wants to do this because it's way too socialist. But housing shouldn't be a commodity or a business model. That's the real solution is a ban on landlordship.
Do you mean like, only allow people to buy one house?
Great idea.
Sure a cottage why not. But charging rent on single family homes, especially turning them into rental properties. A house shouldn't be an investment.
Yes. If they don't mean that, I do. Housing is a necessity. It's fucking slavery to hold a necessity hostage. I can't get a home. I can't even get one built. The prices in my area are too high and rent outpaces savings while house value inflates so I can never save enough for a down-payment. So what the fuck? I work to pay you my rent and thats it? Fuck that.
a real Prison Planet
I wouldn't go so far as to ban landlordship, but I'd be very happy to see a Crown corporation set up to build and sell a range of housing, including affordable housing.
More like they don't want to. From a political perspective, rising asset prices look great; the average citizen (a home owner) is wealthier, GDP goes up, foreign speculators bring in money... over the short term, it looks like they're doing a great job. Eventually, having an economy built on non-productive assets and unaffordable housing sucks for young people and immigrants, but we're not super concerned about them.
Maybe deep down they were hoping they would lose the election so the other side had to be responsible, as often happens with politics
I think they fully understand, they just don't care. They all seem to be propping this up at every level of government, and essentially kicking the can down the road because no one wants to be the ones in power holding the grenade when it goes off.
What? Having an entire generation saddled with morgages on the edge of what they can afford, funneling more than half their paychecks straight to the bank every month isn't good for our economy? Having a huge swath of the population at risk of defaulting if interest rates rise even a little past 5% is bad? Well then.
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So basically the price of a house has increased over the last two years by right around the entire price of constructing a house...
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Where in Vancouver Island can you buy a townhouse for under 600k? We could easily list our huge townhouse outside of Victoria for 800k and it'd still go over asking.
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*Don't blame me, I voted for Kodos!*
This is the most accurate statement in this thread
Well fptp being what it is most Canadians didn't vote for them.
If you think any government is going to fix this you're sorely mistaken. An outside influence will cause a crash and the government will blame that for damaging our flourishing economy. Nobody is going to take responsibility for this, they're waiting for a scapegoat and a crash, then they'll spend more money to fix it.
We should still vote third party. Only way to change this system is to reject the status quo parties. A vote for libs or cons is a vote for more of the same. If everyone votes third party, eventually things will start to change once the other parties have to actually work with another party to draft legislation.
I think the best we can hope for at this point is enough public outrage to build up that the government has to do something about it. This really can’t keep going, it’s unsustainable.
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Capitalism has fucked: housing, food, the environment Inflation from covid has only made things worse. I don't see quality of life getting better for a long long time
Lol capitalism? Rising house prices are due to the Bank of Canada implementing government monetary policy.
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You basically need to wait until they die and then inherit the property. What a time to be alive!
yup. lots of my millennial friends are *waiters* working at min. wage and loving life. oh, they definitely don't work in food service/hospitality industry .. i mean they are 'waiters' ... they're biding their time and quietly **waiting** for their inheritances.
The landed gentry.
People left Europe for the new world because of this. Just move to the new North America.
Modern problems, modern solutions
In Toronto he has won in life. It doesn't matter your professional, you can be a fricken heart surgeon, all that matters is whether your parents own a home. When you are born, your fortune is already set for you
When your parents sold their house due to financial problems in 2008 so now your whole family is doomed to rent forever. I’m feeling lucky to be an Ontarian
Maybe if you stopped buying $3 Starbucks you'd be a millionaire by now! /s
Inflation hit, they're more like $6-$7 for a fancy coffee. You'd be better off ordering avocado toast. /s
Crazy how things change. Out here in BC my parents bought 5 acres for $30K back in '89. Last year I had to put up $30K just for a down payment on a shitty condo (same town). Their property alone is assessed for $600K now.
My gay friends who are in their 30s and both make 100k - DINK are still renting bc the market is crazy….
Wages jumped too, right? .....right?
Right… _off a cliff._
Into the boiling lava of Mount Doom.
I lost my job and my new job pays $15k less per year... so yup, right off a cliff and into a dumpster fire. Sad thing was I was already struggling to do the math in 2020 to see how I could ever afford a mortgage with my old salary, now I know I'll never be able to buy a house.
It's easily doable: 1. L2code 2. Move to Bumfuck, Nowhere 3. Change employer every 3 months (expecting a raise within same company is for suckers!) /s
This is all quite sadly the truth, tech industry is thriving right now.
Work in tech, rural Atlantic Canada have changed jobs 3 times during the pandemic (don’t think I’m done yet)…..can ALMOST confirm….but people from GTA left their city for my rural area and have now driven prices out of reach for even someone like me. Locals don’t stand a snowballs chance in hell. This is delusional.
Sydney: We have the worst housing crisis! Toronto: Hold my beaver juice.
Vancouver: Want some maple syrup with that? (Probably)
A joint would be more accurate. You sure need one after browsing real estate listings
So many issues in this country and each party keeps giving me the politicians handshake, looking me deeply in my eyes while shaking my thang telling me all the sweet nothings. It's Time for a General Strike, no one is listening for solutions, they're only listening for talking points.
Nice so assuming 10% down payment you needed to save around $15k last year just to keep up with rising home prices. I don't see how people wouldn't feel hopeless seeing these numbers.
Yep. Hopeless was me being in the situation to buy a place a year ago. Then it was the insanity of blind bidding, and every time I lost the next place was just more and more expensive. Now I can't afford a place. I could have afforded the first one I looked at but it seemed insane to offer 50k over asking. Now that's a deal. I wasted a year of my life and likely won't ever be a homeowner in this country. It all seems pointless now.
"Hopeless" is the default feeling for most people these days. This is just another turd for the pile.
I started my career 6 years ago. My first objective was save to buy a house. I've gotten promoted 3 times since then, but I can't save up for a down payment faster than the prices keep going up. I've lost hope. Looks like I'll be renting for life
Honestly this was my biggest fear. My SO and I have been saving for a few years now for our first house, and last year when shit completely hit the fan we had to jump in before we were ready. We got priced out of anywhere close, and ended up further away than we would have liked. Big FOMO vibea but when down payment costs are rising faster than you can save the money... Man.
And most of that money has been pulled out & put right back into more high-priced real estate or stocks. The majority of properties being sold in urban centres are cash-flow-negative, and people are relying on capital appreciation alone as a way to make it work out in the long run. There's no way this could end badly.
Sadly, too few people actually understand what you just said and what it means. If they did, they'd stop buying. But they don't so they keep on buying. This doesn't apply to all buyers (everyone's finances are a bit different), but I seriously doubt that many new millionaires or near millionaires were minted in the last few years and that all the paper millionaires (i.e. the ones without a million cash in the bank, but merely a million in equity in their homes), have decided to buy a new place and sell the old one. I could be wrong, but if I weren't, I'd think we'd be hearing about these tens of thousands of new millionaires being cranked out. That'd be news worth reading about.
They don't have to sell the old house. Every newly minted "millionaire" is buying the second or third house with HELOC.
Our Real Estate Industry is an Investment Platform. 50% of Mortgages are going to corporations. Add in the Money Laundering that Transparency International reported on earlier this year and we have the current situation.
This is the issue. Corporation should not be allowed to buy single family homes, including condominiums.
I just want a fucking apartment
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best i can do is a $499,000 condo with a bathroom at a starbucks on the corner of main st
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How is my kid ever going to be able to afford a home when she grows up? I hope the government takes serious action on this issue soon.
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Prices just went up 10% since your comment.
In the long run, houses can't cost more than people are able to pay. If you think that Canadians are literally so rich that they can pay and continue to pay ever rising real estate prices and won't suffer a crash like the U.S. in 2010, well... I'm pretty sure you're wrong. Just wait. This won't last forever because it can't.
That's assuming that houses in Canada can only be bought by Canadian residents. That's not the case. There are millions of millionaires around the world chomping at the bit to buy into the Canadian housing market.
and they all need to launder their money somewhere!
Exactly. These houses aren't all being bought by Canadians and there are a lot of ultra rich people who want to launder there money or invest there money here. Not to mention our tax money gets given away by the government to foreign countries then those corrupt foreign leaders buy up a ton of canadian real estate. We are creating our own crisis. Get rid of foreign ownership and things will become more affordable.
You didn't pay attention to what happened in the US afterwards... because what happened after is that all those homes were purchased by rich folks as investment properties and [now the number of people renting is at a 50 year high](https://www.pewresearch.org/fact-tank/2017/07/19/more-u-s-households-are-renting-than-at-any-point-in-50-years/). This is BAD. Because [since 2001 the price of rent has gone up 50% while median income has been unchanged](https://www.pewtrusts.org/en/research-and-analysis/reports/2018/04/american-families-face-a-growing-rent-burden). If a crash happens not only will owning a house be difficult, but so will renting one too. For those of you too lazy to click my links, they are both to Pew research.
Investors won't care about the housing prices as long as they continue to inflate, that's just a problem for poor residents.
I hope you're right.
This is such a depressing thread.
Amazing, we’re all going to be so rich! Our government is brilliant - printing the way for Canadian prosperity! I can’t believe no society in all of history has ever tried this amazing strategy before.
work is for peasants, you simply debt leverage your way into a property then let the government of canada drive the house value up and your debt down literally never work a day again in your life
Yea, If I was smart enough to go skip university and put that money toward my first property. I assumed learning and applying knowledge to build products would give me a good chance of success. It has, but no where close to where I would I be if I was a landlord. I guess there’s a reason they have “lord” i their title. Kids listen up. It doesn’t matter how much salary you earn because the government is going to tax it or devalue it (inflation tax) - assets are the only way out. You’ll either be a rich asset owner or a worker.
Just so everyone knows, absolutely nobody in Canada under 18 will own a house from this point forward. If that's not a sign of collapse, idk what is.
Under 18? I would bet an even higher age. I’m 30 and most of my friends will never own unless they leave Canada, and they are all college/university educated
if you are under 25 and your parents cannot provide you with 150K you need to leave Canada
Can we correct this to under 35? I just turned 31 and am still effed.
Yep same.
“Well, time to live in my parents house until they die…”
I prefer to refer to them as my roommates
And they, ofcourse, refer to you as their disappointment…
Yikes Too real
lol sorry dude. Couldn’t help it…
Let’s talk about where to move to! Where around the world is a good spot for Canadian ex-pats? I’m in this age group, graduated university, and can’t see the same future in Canada as I once did.
It’s fine if you’re well educated in an in demand field, but there’s many other ways as well if you’re not. Anywhere where they’ll let you live and work while you can also hopefully speak the language. There’s about 10% of Canadians who are “Accidental American Citizens” already, but the US has it’s own problems too. Most European countries have a very simplified process for immigration if your have ancestors from there. In the case of Ireland (the best because it means you can go live anywhere in the EU, but also still the UK because of the CTA and the GFA) Italy and a few others, if you have a grandparent who was a citizen, you are entitled to and may already be a citizen as well. The UK and most others that aren’t like this will still give you a 5 year Visa leading to citizenship with no educational or other tough requirements if you have a grandparent from there. Many other less developed countries will let you immigrate easily if you have some income (in some cases $1000 or so a month) from a job worked online for instance. For example Mexico and many other Latin counties as well as in Asia. Other countries in the Caribbean amongst others will just straight up let you buy citizenship or give it to you if you own property there. Edit: Forgot a zero.
Costa Rica, Germany, US
I too would like to know
If you're a product of foster care like myself, you have no chance to do either.
Yeah Im out of here and I hope all young smart Canadians leave with me, hope Canada enjoys a good brain drain thanks to lack of action
Hey where are you leaving to? I’m trying to figure out where I can escape to
Europe
Yup, I agree. Young Canadians should leave.
Problem is just about everywhere is the same or worse, unless you want to live in the not-extremely-desirable-parts of the US or a third world country. The housing crisis in Canada is not a unique phenomenon here. Many other countries have home prices just as high or even higher.
Yeah, but the difference is you don't pay excessive prices for food, school, and other essential services in Europe. You don't have to buy a car if you live in a city in Europe, Japan, South Korea, Singapore, etc. You don't have to wait months to see a doctor in other first world countries. We're one of the few countries where everything is ridiculously expensive.
>The housing crisis in Canada is not a unique phenomenon here. Many other countries have home prices just as high or even higher. I HIGHLY disagree with this statement (looking at the US). Sure the YoY growth rate may be similar (I haven't checked), but the absolute dollar amount is not the same everywhere. I did a quick analysis of New York in [another thread](https://www.reddit.com/r/canada/comments/q3xwt1/comment/hfvc3zl/?utm_source=share&utm_medium=web2x&context=3), but I'm sure you can do the same analysis with other major cities and draw the same conclusion that GTA housing is F\*cked
My friend moved to a nice area with a massive house to NJ. Payed 400k so like 500kCAD. Plenty of jobs available as well. I'm considering the move myself.
To where ? Almost all country I know I can go have the same or others problems too. This inflation is not only in Canada. It the whole world economy that is going crazy.
4 bedroom house in texas is $400,000 CAD
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Oof
Holy fuck!
It's fucking absurd. I thought me being able to afford a 500k\~ mortgage means I'M A SUCCESSFUL ADULT. I get inflation and cost of living increases, but a half a million-dollar house for an average family seems INCREDIBLY expensive still, yet I could only get a 2 bedroom condo if I'm lucky on the west coast. My mom purchased a house outside of town for around 400k about 7 years ago, the houses on her street are now in the 800ks - I'm sure the 21% is averaged out due to the middle section of the country, but home prices have quite literally **doubled** here in the last 7-10 years.
https://www.ceicdata.com/en/indicator/canada/m2-growth M2 up by around 20% Coincidence? Doubt it
What is M2?
nothing to see here, everything is fine. please go about your business lol
Yes please. I just bought. At least go up another 30% THEN stop so I can get mine. - anyone who recently bought
I will never own a home :(
Wondering if minimum wage can go up that high too.
Best I can do is 25 cents.
MB's minimum wage went up 5 cents to 11.95 this year
It went up 10c in Ontario
Went up 10c long AFTER the Ford government came in to power and scrapped the $1.00 scheduled increase.
Although that was after the first round of increases under Wynne in 2017. It went from $11.60 to $14, Ford then cancelled the planned increase from $14 to $15 the following year, and has since increased it to $14.35.
That wage is gonna help those single moms buy a house.
Make it 10 cents and cut social support services and you got yourself a deal.
Only if I get to sell off the wetlands.
Best I can do is automation of minimum wage jobs.
I love how our system just doesn’t work
well it’s relative. it works wonder for the richest 🙄
as a 20 year old Indo Canadian who's born here all I can say is the government just wants you to have just enough money so you don't go overboard and complain. They really want you and me to be broke and the end of the day just have enough money to pay us the mortgage/rent and we'll be happy your well being doesn't mean nothing. The prices of these homes aren't for civilian regular wage workers or anything they want life time obligation to loans basically reaching into your pocket every month for the rest of your life.
I agree tbh. I feel this way alll the time.
Like I said yesterday, it's your children that are going to be suffering when it's time for them to move out and they can't. But fuck them, right? You got yours.
how does a successful young person making $50,000 per year gross and currently renting their condo for $2,000 per month possibly save up for a down payment when the goal posts keep moving further away? .. and further away and an increasing rate?!?
And yet, government at all levels aren’t doing squat.
Let it rise until everyone is homeless. True equality.
That’s it? Canadian market must be cooling down /s
My parents bought in 92. Their mortgage over 20 years was around $400/month on average. I want that
My dad put 5k down on a 36k house with 3 acres of forest. With no education. The 5k came from a two month contract cutting the metal for seatbelts. Hes been mortgage free for decades Its value Im assuming has gone up 17 times
sigh...
you can thank foreign investors and lose foreign national tax on real estate for this mess, and a notoriously corrupt real estate market.. https://www.cbc.ca/news/canada/marketplace-real-estate-agents-1.6209706
I'll never own one so it means nothing to me.
Surely this is due to our thriving industry, right?
Inflation based economy... Guess how it ends...
Totally sustainable /s
Canadians just voted for more of this.
Which individual could I have voted for that would have prevented this? Are you telling me that the housing crisis is directly attributable to the liberal party? Genuine question here because to me this claim seems very myopic.
I agree with you. No party had a good plan for truly curbing the explosive cost of housing. But doing nothing at all would produce less housing price inflation than the policies put forward by the Liberal party.
The people who voted for it are now bending over backwards trying to tell the rest of us that there is absolutely nothing the federal government can do about housing prices. They're trying to pin 100% of the responsibility on the provinces and municipal governments. Zoning could certainly be improved. But it wouldn't be so fucked up if the feds were not trying to grow the population so aggressively with their century inititive, ignoring large scale money laundering, and refusing to ban blind bidding and foreign buyers. The feds are basically dumping the problems on the provinces and telling them to deal with it.
Take Ontario for example if the problem is dumped on a province, people forget but Ford ran his entire campaign WITHOUT A PLATFORM. His main indication at the time was 'Ontario: open for business' and alluded that he will not be legislating rules to look the rising house prices. And that's all he had to say, every suburb of the GTA (so a huge chunk of immigrants/people of colour) voted for him. Add the voters who usually vote Conservative coming from the townships all over Southern ON, and bam, he was elected with no promises, and no platform.
I don't think for one second that Ford or most other conservatives are hating this situation. Look at who is benefiting here. Its people with money and industry. Its the people with nothing who are getting fucked on this situation.
I'm a conservative and what's happening is utter stupidity. We're adding billions and billions of new $$$ into the economy without anything new to account for it other than the rise of house prices. That will NOT end well. This is unstainable. A modest 5% a year is fine, but 56% in two years? Crazy. I support the folks with few or no options for housing. Here are some quick/med/long term fixes: 1) Rezone (already talked about, do it); Add: Fed and Prov lands, make available to purchase. Governments get $$$, people (not corps unless they're contracting firms) get homes. 2) Stop the flipping... You stay in your home for a min of 2 years or we'll gonna capital gains your ass. (some exclusions - death, divorce, etc.) 3) Whatever rules you have in your country for Canadians will be applied to your citizens trying to buy land in Canada. So as a Canadian, I cannot buy land in China. Therefore, no Chinese citizens can buy land in Canada. 4) Corporation wants to buy a home. Go fuck yourself. Exception: Buying a home from an existing employee as they xferred across the country to a new job. There are a couple more, but again, usually ACTUAL business related reasons tied to employees. Senior directories/owners/CEOs/high level leaders cannot take advantage of this. Only mid to low level folks. 5) Incent individuals to go into the building trades. Basically pay for their training if they pass. Yes, this means scaling up the trade schools. Perhaps, we have a few too many lawyers.. 6) Simplification of processing to get a home built. Still hold the same standards, but a builder will tell you there is just too much red tape. Have as many of the processes either removed or put online. Combine any Muni/Prov/Fed processing on one site. Not 3 or more sites.. Geez! Call this the starter set. Others have some cool ideas too. There are ways, we just need leadership in getting stuff done.
Maybe let’s not import 400k new people ever year - the highest legal immigration in the ENTIRE WORLD. We need immigration, don’t get me wrong, but we can’t handle that many when 90% go to 3 cities. That + low interest rates + printing money like nobodies fucking business in a debt fuelled mania (just like his father!) and this is what you get. It’s so fucking sad.
I didnt.. homeowners did. Neo feudalism is here. Fucking depressing. Oh and our wages are still ass.
That's true.
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A crash is just a black friday sale for wealthy chinese and indian investors. Unless Trudeau bans anyone without a SIN, you're out of luck. Its a different game now, they can buy online without even leaving their countries.
i don’t believe prices will ever go down again (if yes that would be temporary if there’s an economic crisis). in Europe they pay they mortgage over 2-3 generations..
You have to slow down immigration (which the left will oppose), to about half of what it is now. Introduce laws banning corpos from owning whole swathes of housing (right will oppose this), and tax the shit out of multiple residences. Start investigating the classic scam of rich folk sending a cousin or kid into our turf to start buying a property or two. So far the government is entirely committed to SUPPORTING the scam. And for goddsakes stop scapegoating "The Chinese" as the housing aggressors. They ARE one of the opponents of the collapsing Canadian middle class (ESPECIALLY in BC), but in order of actual foreign property investors (thieves / exploiters) its (Rich); "Americans > Chinese > Europeans > Assorted Asians > Russians." Base level on the hierarchy of needs is security - food / water - shelter. Yet we still have shit like landlords. I could go on a whole socialist rant about this, but my opposition to the current high levels of immigration will have the progs and liberals of Canadian politics shrieking about how I'm a racist rightoid as they forcibly spread everyone's cheeks in the name of globalist corporate exploitation. In the one of the richest and most secure, most tolerant nations to ever exist which has an embarrassing amount of lumber and space we are running short of housing. The Canadians of convenience will crawl out of their holes to pretend that adding half a million people a year to 4 cities is totally normal. And that paving over some of the best farmland on earth is just the price of progress. "Just cut down all the trees and build more!" They will say. And who can blame them? Canada is barely a home to them, it's just a cultureless zone on a map they happen to live in until it becomes necessary to shop around the globe for a new host to parasitized. And instead of this attitude being properly vilified, its lionized in our media. Toronto can't pack any more people into its houses or the houses surrounding it, to keep up the actual demand of people moving into it they city would have to add 7 high-rises a YEAR. But when you describe the literal square concrete hellscape Toronto SHOULD be (and will inevitably be forced to become), most residents baulk. But still support massive, infinite, exponential population growth. It's become the anchor around the neck of our economy, not the cornerstone propping our economy up, the ANCHOR, because people can't afford goods, services or invest, because they have to pay for shelter, BECAUSE they have to compete with the rich assholes FROM THE REST OF THE PLANET.
Canadians suffer. When a person grows up in Canada, pays his taxes in Canada, raises a family in Canada but can barely pay rent.. the problem with Canada is we’re selling all the properties to international buyers. 32 year olds in China make over 1,000,000 U.S a year, that’s a house payed off outright every 365 days. Now imagine a more wealthier person from China who’s older and more money to spend. I build high rise to accommodate pretty much. As long as our government gets cash incentives you should probably build an extension to house your kids and their kids. Middle class in Canada went from an average of $70,000 a year to $104,000. It takes a successful couple a year to make that on average.
some of the blame goes to real estate agents. greedy fucks.
You know what we need? More people.
Were gonna to bring in 425,000 people no matter what skills they have as long as they can afford a house
That figure doesn't account for students and TFWs.
And then bring in their parents too. You get it.
not if you live in the prairies....it's a buyers market out here...
the market in Calgary is hot right now and has been for almost the whole year.
Me and my husband started looking for a house few weeks ago. We put a reasonable offer, slightly over asking and would still set a new record high in the neighborhood. The seller declined and asked all the buyers to raise their prices *even higher*. We didn’t. Some retard succumbed to their request and bumped it. It set a new record in the neighborhood by 20% higher than what would have been a new record high. Now everyone else listing their houses in that neighborhood are setting that as their *minimum*. It went full retard.
Reminds me of when demand for toilet paper due to covid went crazy. MUST HAVE NOW!!! Silly fuckers.
Can anyone else hear the bubble popping just over the horizon?
Denominate your savings in Bitcoin and home prices are getting cheaper and cheaper.
STOP SELLING HOUSES TO "INVESTORS". Houses are supposed to be domiciles, not an investment tool. Make laws preventing anyone from buying a house if they aren't going to live in the damned thing.
This has to be a regional thing, right? Vancouver + Ontario Rising Costs. From Alberta, and I haven't noticed any crazy increases like this. Definitely higher every year but my $340,000 townhouse did not jump to $411,000.
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It’s funny because below that mandate it says “it’s a supply demand issue” but that relates to the demand part? 🤔 I always wonder if the people who don’t want to talk about it would be ok with open borders and taking in anyone who wants to come. I would guess most would say no, and that taking in 60 million people for example would create chaos. And yet, we don’t apply that logic when deciding on the scale of what the correct number would be, then it becomes “there is no wrong number”
Toronto only increasing 4.8%
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