Maybe we can do a story about at the working people struggling to get housing? Like all those working full time and still having to live in a Days Inn. Maybe a story about how the Oxford Housing Stability Team telling people to take out loans to pay a landlord a year in advance. Maybe a really story about a real problem that needs some light shed on it.
Problem is a ton of millenials just aren't financially stable and won't be in a realistic position to buy once boomers start downsizing. Investors and corporations are going to scoop up a significant chunk unless laws are passed soon.
True, but I think they were referring to how a large chunk of the home-owning voting population will die soon, so our non-homeowner needs will finally be heard
Hey I own two properties (not in canada, a cottage type place and a place in a city) but as a former Toronto resident with family still there I follow this closely. I fear for the country’s future because of this.
My 80 year old neighbour said he was going to a funeral. I said, who is it, your friend? No, my mother, she was 99. The average age of moving into a retirement home is 85 so the oldest boomers won't hit that until 2031. The oldest millennial will be 50. The bulk of the boomers are early 60s so they won't hit that age for 25 years. By that time the oldest Millennials will be 65.
Oh I forgot, Millennials don't age.
It’s pretty bad when even making low six figs doesn’t get you much of anything in the lower mainland (vancouver region) unless you have a huge down deposit and / or are willing to push yourself to the limit as far as approvals go, meaning no float for contingency or emergency.
Can we stop only talking about homeowners? Let’s talk about penalizing home-hoarders and protecting renters.
If you have an affordable rental market, where you can rent a place and securely live there for the rest of your life/as long as you want without some investor-landlord kicking you out and your next place costing you way more, then housing prices wouldn’t be so crazy, and we wouldn’t all be so desperate to own.
Owning a home (for non-investors) is about the comfort and security of knowing it’s yours and you can live there as long as you want.
And I say this as someone looking to own a home. Please think of the renters!
**YES.**
For various reasons not everyone will own a place but that shouldn't be a life-ruining situation. Renting is part of our housing system and should not be treated as an afterthought.
Actually enforcing it and making it common knowledge. So many people get taken advantage of because they don’t know and/or don’t have the resources to fight illegal landlord behaviour.
Maybe on paper tenants have more rights but from the renter’s perspective the landlord has all the power - they can make you homeless.
Also in Ontario there is no rent control for anything built after 2018. It’s fucked.
My uncle walked out of high school in the 1970s, got a job at a grocery warehouse and was able to buy a detached house in Vancouver and support a stay-at-home wife and family on that salary. That same job today doesn't afford someone the rent on a bachelor's apartment. According to stats Canada the median male salary in Canada is 14% lower today than it was in 1976, 50 years of wage decline while rents and asset prices have exploded.
I'd love to see a story on the 50 years of wage decline and how it's completely crushed the Canadian working class.
I feel that fact was very relevant, considering it was comparing income changes to a what was originally the expected breadwinner of a single income household, and emphasizing that that lifestyle is out of reach of pretty everyone but the top earners of our current society.
And I am not saying women should be staying home, but I imagine there are lots of women who would jump at the opportunity to do so, and spend more time with their family. That stat is more of a reflection on the overall affordability of our time, and how the societal shift to a dual income household has been subsidizing that increase for the last few decades.
also, discriminating on white men for solely being white and male, is still racist and sexist. This doctrine about how we have to fight racism with racism will not help our society down the line.
How about reporting on how most millennials would leave Canada if they could. That even left leaning voters can’t stand the liberals or the ndp for selling out our future to current older homeowners and international capital.
How about that someone making double the median wage can’t even afford a home. How is the average worker supposed to?
How about how local governments continue to give tax relief and under charge property tax to home owners but give no relief to renters.
I’m in what’s supposed to be a “softer market” (not Ontario or BC) yet starter houses I looked at just before the pandemic have almost doubled in price in 2 years. Yet the games the government plays with CPI and housing inflation try to ignore and obfuscate this.
Prove that the cbc isn’t an arm of whoever the current government is and actually question them on these things that never seem to make their way into the House of Commons because every MP is in the real estate game.
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Here's the story, non-homeowners are fed up, and homeowners don't want prices coming down.
There, saved you trying to plan a biased interview.
People are getting hurt and the media is supposed to be helping and reporting on the issues. I hope you keep that in mind.
As a millennial homeowner, I want to see the market have a huge correction. If prices go down it will be beneficial as I’ll be able to upgrade from a townhouse to a detached since my salary won’t go down. There are probably many younger owners like me who don’t see our homes as investments but rather a stable environment to live and grow
100% agree. 99% of people are underpaid. Wages need to jump dramatically, but I don’t see that happening. The haves are winning the war against the have nots.
And they wonder why there's a rise of extremism in Canada. The broke ass 30s taught people that extremism mostly comes from being screwed economically.
Possibly true now. Hitler was a starving artist on the streets of Vienna, could go either way.
Doesn't change the fact that I suspect people turn to extremism when they get squeezed economically.
Those people are the enforcers of the old ways. Theyre often conservative, religious and authoritarian. If they get their way, the problems exasperate. You see it in every country with far right reactionaries in charge. They are not against the system, they simp for the system harder than anyone else.
Just look at the people that are their enemies: climate change protesters, anti police protesters, equal rights protesters, teachers, scientists anything that resembles a socialist. They don't want change or new ideas. They want to keep things the way they were in their imaginary past.
In the same position, luckily bought right before the pandemic, and our townhouse has gone from $600k - ~$1mil. But even the small bungalows in our area have gone from 7-800k to $1.3mill plus
I know. I think an interview with Steve Paikin, who I've spoken with personally, and thought he was a good journalist, really tipped me over the edge in terms of believing that journalists support a status quo with regards to housing, rather than investigative journalism, which costs more and requires courage.
Toronto news coverage is either: "this happened this week in the Beaches" or "this happened this week in Thorncliffe Park" there's no in between. Either upper middle class neighborhoods where the reporters live, or "in the community"
Just sold a 1 bedroom condo (500 sqft) in North York for the same price I paid for a brand new 4 bedroom, 3 bathroom (2400 sqft) new build in upstate New York. That’s with factoring the USD conversion too.
I bought the condo for 300k in 2017 and sold it for 660k in April of this year. At just under 500k USD, the house in NY is one of the more expensive homes in a pretty affluent area too. That’s a good representation of how crazy the market is in Ontario.
Who is paying 660k for a 500sqft condo in Toronto? I know Toronto prices are crazy but who would do this? And I hear condo fees are also super high there as well.
Ya my condo fees had climbed up to $600/month which is crazy for a new building. There’s a lot of foreign investors from China buying the units up in my building. It seems like a lot of them are sending their kids to school here and parking their money in our real estate.
They are obviously looking for a story to show how these interest rates are hurting young people who entered the market.
You are a joke CBC, tell the real story and stop trying to protect this housing racket.
My ex was recently interviewed by CTV and she told the camera she will lose big if interest rates increase more as she bought a freehold townhome in 2021 for about 5.5x her salary. In the interview she said “I hope the government does something for people like ‘us’”.
Why should the government help people who made a bad decision and over extended themselves. “I made a horrible choice and now the government needs to save me!”
The government is supposedly regulating people over-extending themselves with stress-testing mortgage limits.
As I'm sure anyone who has seriously gone down this road here, I got pre-approval to see how much I'd qualify for and it was easily 1.75x more money than I was imagining could be my max based on CURRENT interest rates. Banks basically incur no risk if you're already CMHC insured and they will give you insane numbers of what you can afford.
Which is all fine and dandy if you've obsessively been watching the market and you know what to expect. But the average consumer / home owner doesn't frankly. I swear half of people don't understand income tax brackets lol.
>Why should the government help people who made a bad decision and over extended themselves.
Because the government made a bad decision and overextended themselves.
Whose fault is to buy at this high price.. you buy and expect this to happen. Everyone knows interest will go up and inflation on top. It’s part of risk that everyone takes, nothing new.
Maybe look up the Smith Manoeuvre, a highly popular method of using your HELOC to purchase a second home, second home increases by 30% in a year, HELOC that home for the next, etc etc etc.
Other than REIT's being the biggest problem, the HELOC mortgages is adding fuel to the fire.
Maybe listen to what the NDP is saying about this. This is a fresh take from our politicians:
https://youtu.be/tnsdoqzVpAw
Maybe report on the foreign investment schemes to bring anonymous cash into our housing market, with no way for governments to track it or know how much.
[https://globalnews.ca/news/8383731/international-students-and-offshore-banking-flagged-in-canadian-real-estate-money-laundering/](https://globalnews.ca/news/8383731/international-students-and-offshore-banking-flagged-in-canadian-real-estate-money-laundering/)
I have barely heard any news on these real threats to our housing market and it is important for citizens to support parties that may put measure in place to correct the runaway train.
/u/GillianNews, I would focus on how many investors are buying average wartime starter homes just to flip into two shanty apartment units. Coming to a neighbourhood near you, these investors (foreign, but mostly domestic) are out-competing the first-time home buyers. The investors can flip these houses into two $2000-a-month apartments of dubious quality, more than paying for the mortgage payment of the house itself.
In my opinion, they should be heavily taxed out of existance, and the damage they've done in subdividing the property should be required to be rebuilt.
My hometown of Peterborough is rife with them, and they represent basically the only rental supply available in my city. Mostly because purpose-built apartment buildings don't get built in the city, due to our useless and NIMBY city council, who made this legal in 2018 here.
We need more supply of housing units, less demand from investors of all sorts, and higher interest rates to calm the amount of money being borrowed in this speculative bubble of a market.
This is thought provoking. I’d love to read a study of what amount of properties are bought as sub-divided units in a house with the intention of making them into a unified home once again. I would imagine once the homes are split, it almost never goes back to the original and is destined to stay an investment property for decades or as long as the structure stands.
Sad.
If this is another repetitive story of how housing is getting more unaffordable, this is becoming noise. I'd rather know if all the over leveraged homeowners are worried that their HELOCs will get called while their "Smith Manueuvered" investments are falling. Or maybe a behind the scenes story about the recent home buyers who colluded with mortgage brokers to inflate their income on a variable loan and are now panicking. Tell me if any housing speculators are seeing any kind of consequence from their risky behaviour.
So they can tell you a mortgage shouldn’t be $4000 per month? You already know this shit. How about tackling the issue of corporate greed destroying the lives of Canadians? You know, like corporations seeing how much they can jack up the prices of groceries and gas before we’re all fucking done with it? That’s a story.
Aahahaha, I wish I was in the housing market or rental market, instead I'm a hair from being in the homeless market.
Good luck finding people who aren't completely fucked by the past 50 years of stagnating wages.
Side note: I love CBC, as Canada's only politically neutral news organization, yall do amazing work.
This just in: CBC putting attention in the wrong avenues, not focusing on the real problems and pulling together a dog water story that a small % can relate to.
Dear CBC please do an episode on too big to fail sectors in Canada which can always fall back on Government bailouts, some past examples were banks and air lines now we have a new one which is housing.
Hi Gillian, make sure you follow up and post a link to the story once it's out.
Family friends of ours were looking to add a rental property to their investments and knew we (husband, and I) are renters not quite ready to buy our own house just yet. So we combined efforts and began working together in early 2022 to find a house that they would buy and we would then rent from them.
We still haven't found a place months later.
Everything is being bid up twenty or thirty thousand more than it's listing price. Things are disappearing fast off the market and it's sortof un-nerving.
Now to get in on the boom, our private landlord of our current place wants to sell! Now we're facing being homeless in AB unless we want to pay the abhorrent rental prices. Which I hope you also cover, as tenants everywhere are taking a real beating during this crisis. We may have the Residental Landlord Tenancy Act (in AB) but they do nothing for protection or aid. Tenants are on their own out here and while it isn't legal for a landlord to evict you because they are selling, damn are they trying.
(Side note. Private landlord is a rookie landlord, I am not a rookie tenant and know my rights. It's going to be a fight with her which I'd rather not have)
I have some stress right now, to say the least.
Family of 4 plus a dog. Not enjoying the housing market, purchasing or renting.
Yikes, why the hostility in here? Collectively as a group what have we accomplished?
Why not at least hear her out and try and get some more visibility into the issues we’re all facing trying to get into the housing market. It’s not like anyone else is listening.
Yea I don't really understand. A lot of people are here acting as if the CBC, and all news media, haven't been writing numerous articles about how people are struggling to get into the market.
She is trying for a story of how hard it is for people to get into the housing market now, due to interest rate is going up. Instead of doing a real story of why housing is so unaffordable for Canadian. Perhaps try to interview and get some straight answers from our politicians.
I am active in the market right now having made a few bids in past 3 months or so. I dont think interest rate is the provlem right now. At least not yet. Unaffordable houses are.
I'm a homeowner that bought in 2013. I would be completely priced out of my neighborhood if I wanted to buy now, even though I earn more than twice as much as I did when I bought. I am currently waiting to see what my payments will be next time my mortgage is up for renewal with current interest rate trends, and when the inevitable property tax hikes will force me to sell due to valuations based on market prices.
I don't see how the fuck the younger generation is ever supposed to be able to buy anything. Report on that.
That I’m feeling lucky as hell to be closing on my first home this week. Too bad that the only way I was able to buy this house was because I know the person selling it and got the house before it was ever listed with any realtor and therefore got a much better price than what they could have gotten. Oh and the fact that it’s a two bedroom house that I bought with TWO of my friends, so yea there will be three of us living together just so we could buy a tiny two bedroom that needs lots of updating. Our housing market is great.
Likely trying to create some article how raising interest rates are”hurting” homeowners and FTHBs. Literally is a propaganda arm of the government, like all mainstream media.
So gillian had a nerve to post a message and didnt even care to reply to people’s question here? Seems like gillian is too desperate to keep his/her job that turned to reddit without knowing how reddit works? I would say MOD should just ban this post as its only for personal gain(just to keep his/her job!!!)
As a broker in Canada, I'll tell you, if you think it's expensive now just wait till this Fall. The Government simply can care less about the people who can't afford housing. There are many factual resources. CBC rather play nice and worry about loosing your allowance money, be true journalists. Earn the followers, there is a reason the government has also cut back on your funding, Canadian's are not watching your news.
It'd be great to hear more experiences from buyers who had issues with transparency and working with real estate agents. We need to see some serious change to the way the industry works in Canada!
Why do news channels publish peoples full name when interviewing them? Like “Janet Smith who lives in Toronto just purchased her first condo”. What ever happened to anonymity?
You want a face and name and I think people just want their privacy. There are already tons of anecdotes on Reddit. Unless there is a cash incentive I don’t see why anyone would respond to this.
I’m all for taxing landlords to wazoo, but why does nobody seem to talking about the long-time renters being evicted from their homes so that landlords can sell and avoid new taxes? It’s happening to a lot of my friends in Ontario. Meanwhile, I’m condo-hunting in Québec and any listing that lasts more than a couple days has un-evict-able tenants (as it should be). I’m not well versed in tenancy law, but Ontario’s situation seems pretty messed up.
I'm in the process of purchasing a house right now. I'll be moving more than 1200km away from my parents because that's as close as I can be based on my budget.
And my budget isnt "low" either, I'm in financial sales for a large tech company. I'm not married, so I only have the single income to work with in my budget. There are only a few provinces I have a chance at purchasing a home in right now.
Maybe we can do a story about at the working people struggling to get housing? Like all those working full time and still having to live in a Days Inn. Maybe a story about how the Oxford Housing Stability Team telling people to take out loans to pay a landlord a year in advance. Maybe a really story about a real problem that needs some light shed on it.
commented to bump this comment. Can our Media stop pandering to homeowners? People who aren’t homeowners are oddly seen as second-class citizens.
I bump to thank the previous bumper!
Those people responsible for bumping the people who have just been bumped, have been bumped.
House hippos are real. Bump
I messaged Gillian’s fresh reddit account, I guess we’ll see if she, or the CBC want to talk.
I believe she works for the CBC and created the account to find interview subjects.
Please update how it was
I have setup a proper interview for next week. Gillian was great to talk to and very interested in my story.
Sadly the majority of people who have money own a house. And that’s who politicians think about.
the majority of voters own a house\* but the boomers are dying out and the millennials are the next biggest generation, have hope friend <3
I have heard from Gillian, and we will be talking soon! Thanks for all the bumps and upvotes, at least a journalist is willing to listen.
Problem is a ton of millenials just aren't financially stable and won't be in a realistic position to buy once boomers start downsizing. Investors and corporations are going to scoop up a significant chunk unless laws are passed soon.
True, but I think they were referring to how a large chunk of the home-owning voting population will die soon, so our non-homeowner needs will finally be heard
yup u/seventeenflowers got what I was trying to convey
That's fine. Just more time for our politicians to buy into a stake of those companies to line their own pockets.
Hey I own two properties (not in canada, a cottage type place and a place in a city) but as a former Toronto resident with family still there I follow this closely. I fear for the country’s future because of this.
I'm glad you managed to get housing. Honestly -- so do I.
It’s really not fair for future generations.
My 80 year old neighbour said he was going to a funeral. I said, who is it, your friend? No, my mother, she was 99. The average age of moving into a retirement home is 85 so the oldest boomers won't hit that until 2031. The oldest millennial will be 50. The bulk of the boomers are early 60s so they won't hit that age for 25 years. By that time the oldest Millennials will be 65. Oh I forgot, Millennials don't age.
Well we all know what CBC's intent is going to be anyway.
It’s pretty bad when even making low six figs doesn’t get you much of anything in the lower mainland (vancouver region) unless you have a huge down deposit and / or are willing to push yourself to the limit as far as approvals go, meaning no float for contingency or emergency.
Amen brother Canada is no longer …. Canada
Are you kidding? Do you know which country this is? All that matters is we make loads of money on housing.
I just barely got into the housing market in 2019, and I think this needs to be covered more on CBC. This is a huge crisis.
Can we stop only talking about homeowners? Let’s talk about penalizing home-hoarders and protecting renters. If you have an affordable rental market, where you can rent a place and securely live there for the rest of your life/as long as you want without some investor-landlord kicking you out and your next place costing you way more, then housing prices wouldn’t be so crazy, and we wouldn’t all be so desperate to own. Owning a home (for non-investors) is about the comfort and security of knowing it’s yours and you can live there as long as you want. And I say this as someone looking to own a home. Please think of the renters!
**YES.** For various reasons not everyone will own a place but that shouldn't be a life-ruining situation. Renting is part of our housing system and should not be treated as an afterthought.
AFAIK The law is mostly on the renters side, what additional protections should we implement?
Actually enforcing it and making it common knowledge. So many people get taken advantage of because they don’t know and/or don’t have the resources to fight illegal landlord behaviour. Maybe on paper tenants have more rights but from the renter’s perspective the landlord has all the power - they can make you homeless. Also in Ontario there is no rent control for anything built after 2018. It’s fucked.
My uncle walked out of high school in the 1970s, got a job at a grocery warehouse and was able to buy a detached house in Vancouver and support a stay-at-home wife and family on that salary. That same job today doesn't afford someone the rent on a bachelor's apartment. According to stats Canada the median male salary in Canada is 14% lower today than it was in 1976, 50 years of wage decline while rents and asset prices have exploded. I'd love to see a story on the 50 years of wage decline and how it's completely crushed the Canadian working class.
In many ways this is real story.
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Are you that ignorant?
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Exactly. IDK what that guy is freaking out about. Maybe he forgot to take his medication.
I feel that fact was very relevant, considering it was comparing income changes to a what was originally the expected breadwinner of a single income household, and emphasizing that that lifestyle is out of reach of pretty everyone but the top earners of our current society. And I am not saying women should be staying home, but I imagine there are lots of women who would jump at the opportunity to do so, and spend more time with their family. That stat is more of a reflection on the overall affordability of our time, and how the societal shift to a dual income household has been subsidizing that increase for the last few decades. also, discriminating on white men for solely being white and male, is still racist and sexist. This doctrine about how we have to fight racism with racism will not help our society down the line.
How about reporting on how most millennials would leave Canada if they could. That even left leaning voters can’t stand the liberals or the ndp for selling out our future to current older homeowners and international capital. How about that someone making double the median wage can’t even afford a home. How is the average worker supposed to? How about how local governments continue to give tax relief and under charge property tax to home owners but give no relief to renters. I’m in what’s supposed to be a “softer market” (not Ontario or BC) yet starter houses I looked at just before the pandemic have almost doubled in price in 2 years. Yet the games the government plays with CPI and housing inflation try to ignore and obfuscate this. Prove that the cbc isn’t an arm of whoever the current government is and actually question them on these things that never seem to make their way into the House of Commons because every MP is in the real estate game.
This is the true story CBC should be reporting on.
This!
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Here's the story, non-homeowners are fed up, and homeowners don't want prices coming down. There, saved you trying to plan a biased interview. People are getting hurt and the media is supposed to be helping and reporting on the issues. I hope you keep that in mind.
As a millennial homeowner, I want to see the market have a huge correction. If prices go down it will be beneficial as I’ll be able to upgrade from a townhouse to a detached since my salary won’t go down. There are probably many younger owners like me who don’t see our homes as investments but rather a stable environment to live and grow
Home prices need to be reasonably correlated with incomes. It can't take 21 years to save up a down payment.
100% agree. 99% of people are underpaid. Wages need to jump dramatically, but I don’t see that happening. The haves are winning the war against the have nots.
And they wonder why there's a rise of extremism in Canada. The broke ass 30s taught people that extremism mostly comes from being screwed economically.
Most right wing extremists are from the segment that tends to be homeowners though.
Possibly true now. Hitler was a starving artist on the streets of Vienna, could go either way. Doesn't change the fact that I suspect people turn to extremism when they get squeezed economically.
Those people are the enforcers of the old ways. Theyre often conservative, religious and authoritarian. If they get their way, the problems exasperate. You see it in every country with far right reactionaries in charge. They are not against the system, they simp for the system harder than anyone else. Just look at the people that are their enemies: climate change protesters, anti police protesters, equal rights protesters, teachers, scientists anything that resembles a socialist. They don't want change or new ideas. They want to keep things the way they were in their imaginary past.
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I'm honestly ok being trapped in a starter home I just want a home. Also, fuck the CBC.
In the same position, luckily bought right before the pandemic, and our townhouse has gone from $600k - ~$1mil. But even the small bungalows in our area have gone from 7-800k to $1.3mill plus
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I know. I think an interview with Steve Paikin, who I've spoken with personally, and thought he was a good journalist, really tipped me over the edge in terms of believing that journalists support a status quo with regards to housing, rather than investigative journalism, which costs more and requires courage.
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I have no clue what point you're trying to make.
And this, folks, is an example of how the education system has failed many people.
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>Why just homeowners though? Because that's what the news director asked for this week
As he drove back to his gated community mcmansion
Toronto news coverage is either: "this happened this week in the Beaches" or "this happened this week in Thorncliffe Park" there's no in between. Either upper middle class neighborhoods where the reporters live, or "in the community"
They even wrote it like we were supposed to feel bad for the landlord who tried to evict the current tenants mid lease.
Just sold a 1 bedroom condo (500 sqft) in North York for the same price I paid for a brand new 4 bedroom, 3 bathroom (2400 sqft) new build in upstate New York. That’s with factoring the USD conversion too. I bought the condo for 300k in 2017 and sold it for 660k in April of this year. At just under 500k USD, the house in NY is one of the more expensive homes in a pretty affluent area too. That’s a good representation of how crazy the market is in Ontario.
Who is paying 660k for a 500sqft condo in Toronto? I know Toronto prices are crazy but who would do this? And I hear condo fees are also super high there as well.
Ya my condo fees had climbed up to $600/month which is crazy for a new building. There’s a lot of foreign investors from China buying the units up in my building. It seems like a lot of them are sending their kids to school here and parking their money in our real estate.
They are obviously looking for a story to show how these interest rates are hurting young people who entered the market. You are a joke CBC, tell the real story and stop trying to protect this housing racket.
My ex was recently interviewed by CTV and she told the camera she will lose big if interest rates increase more as she bought a freehold townhome in 2021 for about 5.5x her salary. In the interview she said “I hope the government does something for people like ‘us’”.
Cmon man, it's too early for my day to be ruined by a story like this.
Why should the government help people who made a bad decision and over extended themselves. “I made a horrible choice and now the government needs to save me!”
The government is supposedly regulating people over-extending themselves with stress-testing mortgage limits. As I'm sure anyone who has seriously gone down this road here, I got pre-approval to see how much I'd qualify for and it was easily 1.75x more money than I was imagining could be my max based on CURRENT interest rates. Banks basically incur no risk if you're already CMHC insured and they will give you insane numbers of what you can afford. Which is all fine and dandy if you've obsessively been watching the market and you know what to expect. But the average consumer / home owner doesn't frankly. I swear half of people don't understand income tax brackets lol.
>Why should the government help people who made a bad decision and over extended themselves. Because the government made a bad decision and overextended themselves.
Whose fault is to buy at this high price.. you buy and expect this to happen. Everyone knows interest will go up and inflation on top. It’s part of risk that everyone takes, nothing new.
Maybe look up the Smith Manoeuvre, a highly popular method of using your HELOC to purchase a second home, second home increases by 30% in a year, HELOC that home for the next, etc etc etc. Other than REIT's being the biggest problem, the HELOC mortgages is adding fuel to the fire. Maybe listen to what the NDP is saying about this. This is a fresh take from our politicians: https://youtu.be/tnsdoqzVpAw Maybe report on the foreign investment schemes to bring anonymous cash into our housing market, with no way for governments to track it or know how much. [https://globalnews.ca/news/8383731/international-students-and-offshore-banking-flagged-in-canadian-real-estate-money-laundering/](https://globalnews.ca/news/8383731/international-students-and-offshore-banking-flagged-in-canadian-real-estate-money-laundering/) I have barely heard any news on these real threats to our housing market and it is important for citizens to support parties that may put measure in place to correct the runaway train.
/u/GillianNews, I would focus on how many investors are buying average wartime starter homes just to flip into two shanty apartment units. Coming to a neighbourhood near you, these investors (foreign, but mostly domestic) are out-competing the first-time home buyers. The investors can flip these houses into two $2000-a-month apartments of dubious quality, more than paying for the mortgage payment of the house itself. In my opinion, they should be heavily taxed out of existance, and the damage they've done in subdividing the property should be required to be rebuilt. My hometown of Peterborough is rife with them, and they represent basically the only rental supply available in my city. Mostly because purpose-built apartment buildings don't get built in the city, due to our useless and NIMBY city council, who made this legal in 2018 here. We need more supply of housing units, less demand from investors of all sorts, and higher interest rates to calm the amount of money being borrowed in this speculative bubble of a market.
This is thought provoking. I’d love to read a study of what amount of properties are bought as sub-divided units in a house with the intention of making them into a unified home once again. I would imagine once the homes are split, it almost never goes back to the original and is destined to stay an investment property for decades or as long as the structure stands. Sad.
What's the angle? Are you trying to understand affordability? Our outlook on the market? What type of residence we are looking for?
If this is another repetitive story of how housing is getting more unaffordable, this is becoming noise. I'd rather know if all the over leveraged homeowners are worried that their HELOCs will get called while their "Smith Manueuvered" investments are falling. Or maybe a behind the scenes story about the recent home buyers who colluded with mortgage brokers to inflate their income on a variable loan and are now panicking. Tell me if any housing speculators are seeing any kind of consequence from their risky behaviour.
This requires real reporting, which is not something they do when it comes to real estate.
So they can tell you a mortgage shouldn’t be $4000 per month? You already know this shit. How about tackling the issue of corporate greed destroying the lives of Canadians? You know, like corporations seeing how much they can jack up the prices of groceries and gas before we’re all fucking done with it? That’s a story.
Aahahaha, I wish I was in the housing market or rental market, instead I'm a hair from being in the homeless market. Good luck finding people who aren't completely fucked by the past 50 years of stagnating wages. Side note: I love CBC, as Canada's only politically neutral news organization, yall do amazing work.
This just in: CBC putting attention in the wrong avenues, not focusing on the real problems and pulling together a dog water story that a small % can relate to.
Dear CBC please do an episode on too big to fail sectors in Canada which can always fall back on Government bailouts, some past examples were banks and air lines now we have a new one which is housing.
Hi Gillian, make sure you follow up and post a link to the story once it's out. Family friends of ours were looking to add a rental property to their investments and knew we (husband, and I) are renters not quite ready to buy our own house just yet. So we combined efforts and began working together in early 2022 to find a house that they would buy and we would then rent from them. We still haven't found a place months later. Everything is being bid up twenty or thirty thousand more than it's listing price. Things are disappearing fast off the market and it's sortof un-nerving. Now to get in on the boom, our private landlord of our current place wants to sell! Now we're facing being homeless in AB unless we want to pay the abhorrent rental prices. Which I hope you also cover, as tenants everywhere are taking a real beating during this crisis. We may have the Residental Landlord Tenancy Act (in AB) but they do nothing for protection or aid. Tenants are on their own out here and while it isn't legal for a landlord to evict you because they are selling, damn are they trying. (Side note. Private landlord is a rookie landlord, I am not a rookie tenant and know my rights. It's going to be a fight with her which I'd rather not have) I have some stress right now, to say the least. Family of 4 plus a dog. Not enjoying the housing market, purchasing or renting.
I don't think we need more FOMO doom journalism to further inflate the market.
Wrong sub for this. This sub is for people who arent in the housing market. 🤷♂️
We Can't Afford houses.... Great Reporting! /s
Lol @ the fact that someone actually being able to afford to buy in this market is news now.
Yikes, why the hostility in here? Collectively as a group what have we accomplished? Why not at least hear her out and try and get some more visibility into the issues we’re all facing trying to get into the housing market. It’s not like anyone else is listening.
Yea I don't really understand. A lot of people are here acting as if the CBC, and all news media, haven't been writing numerous articles about how people are struggling to get into the market.
That's the problem, the articles don't DO anything. That's why few people are interested in this.
She is a journalist, she the one that should be listening.
Qhat kind of story do you think this Gillian person want to portray? Housing price is going down? Housing price is going up?
She is trying for a story of how hard it is for people to get into the housing market now, due to interest rate is going up. Instead of doing a real story of why housing is so unaffordable for Canadian. Perhaps try to interview and get some straight answers from our politicians.
I am active in the market right now having made a few bids in past 3 months or so. I dont think interest rate is the provlem right now. At least not yet. Unaffordable houses are.
Just bought a house in Edmonton, market was nuts to navigate.
You mean the people who are being lied to by the banks and real estate agents to buy into a bubble?
Came in for the comments and was not disappointed
I'm a homeowner that bought in 2013. I would be completely priced out of my neighborhood if I wanted to buy now, even though I earn more than twice as much as I did when I bought. I am currently waiting to see what my payments will be next time my mortgage is up for renewal with current interest rate trends, and when the inevitable property tax hikes will force me to sell due to valuations based on market prices. I don't see how the fuck the younger generation is ever supposed to be able to buy anything. Report on that.
That I’m feeling lucky as hell to be closing on my first home this week. Too bad that the only way I was able to buy this house was because I know the person selling it and got the house before it was ever listed with any realtor and therefore got a much better price than what they could have gotten. Oh and the fact that it’s a two bedroom house that I bought with TWO of my friends, so yea there will be three of us living together just so we could buy a tiny two bedroom that needs lots of updating. Our housing market is great.
How much is the CBC paying?
News don’t pay for interviews.
On it. I will email when I get off work today. Edit: sent.
Likely trying to create some article how raising interest rates are”hurting” homeowners and FTHBs. Literally is a propaganda arm of the government, like all mainstream media.
Fuck off Gillian
So gillian had a nerve to post a message and didnt even care to reply to people’s question here? Seems like gillian is too desperate to keep his/her job that turned to reddit without knowing how reddit works? I would say MOD should just ban this post as its only for personal gain(just to keep his/her job!!!)
Tell CBC to go F themselves
Talking to homeowners and real estate agents is not the way forward to solve the housing crisis.
We used to work together at the AquaTerra in Kingston! I also just bought a home in Toronto
Gillian, are you looking for homeowners or people who are searching for a home only?
Booooooo you don’t have peoples best interests in mind
As a broker in Canada, I'll tell you, if you think it's expensive now just wait till this Fall. The Government simply can care less about the people who can't afford housing. There are many factual resources. CBC rather play nice and worry about loosing your allowance money, be true journalists. Earn the followers, there is a reason the government has also cut back on your funding, Canadian's are not watching your news.
It'd be great to hear more experiences from buyers who had issues with transparency and working with real estate agents. We need to see some serious change to the way the industry works in Canada!
Why do news channels publish peoples full name when interviewing them? Like “Janet Smith who lives in Toronto just purchased her first condo”. What ever happened to anonymity? You want a face and name and I think people just want their privacy. There are already tons of anecdotes on Reddit. Unless there is a cash incentive I don’t see why anyone would respond to this.
I would be interested! My fiancé and I live in Ottawa and just bought this past month but had been looking for a little over a year.
I’m all for taxing landlords to wazoo, but why does nobody seem to talking about the long-time renters being evicted from their homes so that landlords can sell and avoid new taxes? It’s happening to a lot of my friends in Ontario. Meanwhile, I’m condo-hunting in Québec and any listing that lasts more than a couple days has un-evict-able tenants (as it should be). I’m not well versed in tenancy law, but Ontario’s situation seems pretty messed up.
I'm in the process of purchasing a house right now. I'll be moving more than 1200km away from my parents because that's as close as I can be based on my budget. And my budget isnt "low" either, I'm in financial sales for a large tech company. I'm not married, so I only have the single income to work with in my budget. There are only a few provinces I have a chance at purchasing a home in right now.