Million Dollar Mortgages

[jeff2]

Islington area now, first place was in Rosedale. I have very large dogs so I couldn't go condo like I did in Asia. I couldn't find any buildings with penthouses with private elevators.

I imagine James Gardens or Thorncrest Village but I won't pry.

 

[jeff2]

Men's salaries are more needed than ever. That's one thing the rich understand all too well. They are more likely to marry and less likely to divorce. The more women have, the more they're for this "patriarchal" institution even though they could best afford not to partake. And they lock up the alphas.

"The more women have, the more they're for this "patriarchal" institution even though they could best afford not to partake"
I agree with that statement, but when there are not enough alpha males, the built in software program that women have does not work, it usually ends in a stalemate.

 

[rtg311]

I

I imagine James Gardens or Thorncrest Village but I won't pry.

It's all good.

I think realtor didn't really consider Yorkville because it is way too far from where I need to be for work. Downtown just ended up not being an option for me, unfortunately. I'll take an easier commute over DT life in Toronto anyways, I'm older now and I don't find Toronto to be very interesting.

Ive lived all over the world and Toronto is really low on my list now of places I want to be. I was expecting to like it more than I do.

I honestly took this rotation as a hedge against another Trump presidency - so I can have a back up plan if that happens. Looking for plan C now

 

[sprite09]

I


It's all good.

I think realtor didn't really consider Yorkville because it is way too far from where I need to be for work. Downtown just ended up not being an option for me, unfortunately. I'll take an easier commute over DT life in Toronto anyways, I'm older now and I don't find Toronto to be very interesting.

Ive lived all over the world and Toronto is really low on my list now of places I want to be. I was expecting to like it more than I do.

I honestly took this rotation as a hedge against another Trump presidency - so I can have a back up plan if that happens. Looking for plan C now

If you're making lots of money as an older single guy, there are certainly much better places to be than Toronto, NYC being one of them. But, I dont think NYC is all that great either--prefer the warmer cities in the States or Asia.

At least the strip clubs are (were) decent.

What are your fav. cities?

 

[sprite09]

The nuclear family is an historic aberration that came to prominence in the West in the 20th century due to unusual prosperity combined with a mass exodus of people from the farms to the cities. Before then most western families were extended/multigenerational families and the family farm was a joint enterprise. Since the post WW2 boom has wound down, historical norms are reasserting themselves and once again it will be the families that work multi generationally that thrive. It's long been too expensive to have a good home on one income, which means two working spouses, which means daycare costs, etc, plus the costs of the grand parents' homes and care. Far more economical to pool resources in one multi generational home with everyone doing their share and the home isn't doomed if one person loses a job or takes reduced hours, etc. Who is excellent at this? Asian and East European countries where this practice never ended. Who are our main sources of immigration? Asian and East European countries. Asians especially are coming here with big resources and no problems living together. Markham and Richmond Hill are half Chinese. Brampton and Misissauga are dominated by Indians and other Asians. Woodbridge/Vaughan has long been Ital central.

And Toronto and other cities are sourcing people from all over, plus the ultra rich from everywhere who still find Toronto cheap compared to other major cities around the world. Canada is an investor's dream due to its stability, boring but welcoming government, embrace of foreign money and the people behind it, and few barriers to owning property. We are routinely on top of lists of best / most desirable places to live, economic opportunity, quality of life, etc. It should be no surprise then that people with means are flocking here. Our way of life is our best product and people are willing to buy. The only way this ever gets affordable for middle class people again is if we build a shit tonne more housing fast and/or we limit immigration. The latter is a non starter in any material way for various reasons so if we don't get building, the only alternative is leveraging the whole family's resources as we used to and as others are. Otherwise you can't compete on financing.

Concur.

Yep, the gov't (doesn't matter which party) loves rich immigrants (or people in general), regardless of the source of wealth, lol.

Yep, the wealthy are always looking for investment opportunites, and it was only a matter of time that Canadian cities would become the focus as they looked undeveralued versus other metropolitan cities in the world (e.g., NYC, LA, London, Hong Kong, Seoul, etc.).

Not even a Conservative government would significantly slow down immigration since there's a labour shortage in certain sectors and the aging working population would only make it worse. Plus, there's that catch 22--lower immigration levels, fewer developments.

More supply would be the solution in theory, but it would take an unrealistic amount. Whenever there's a push for more supply, all I see are investors rubbing their hands in excitement and saying "gimme" (e.g., friend working for construction company for developers did a development in the GTA where an investor bought nearly 50 units alone).

For cheaper rents, you need more rental builds, but that requires gov't incentives--ditto for affordable house prices. I've never myself seen affordable housing done in Toronto without turning into ghettos or becoming slums (e.g., Jamestown, Regent Park where a huge portion of the area eventually turned into condos). I'll listen to this later, though:

https://www.cbc.ca/listen/live-radio/1-45-ontario-today/clip/15996980-where-seen-affordable-housing-work

Comes back to that whether housing should be a public good vs private gain debate; I'd say, as long as it's treated like a financial product, I don't really see the issue ever getting resolved.

 

[rtg311]

"The more women have, the more they're for this "patriarchal" institution even though they could best afford not to partake"
I agree with that statement, but when there are not enough alpha males, the built in software program that women have does not work, it usually ends in a stalemate.

Loll

If you're making lots of money as an older single guy, there are certainly much better places to be than Toronto, NYC being one of them. But, I dont think NYC is all that great either--prefer the warmer cities in the States or Asia.

At least the strip clubs are (were) decent.

What are your fav. cities?

Hong Kong, Bangkok, Singapore, Lisbon, but since I got covid the second time I do better in the colder climates. I've considered retiring to Norway or another Nordic country.

I am from NYC and I love it but much prefer to be in a drivable city because I love cars. My favorite cities in the US are Boston, NYC, Seattle and San Francisco. I also have a soft spot for Chicago because I have friends and family there.

I'm not super old - mid 40's but I could retire anytime I think and be ok. Have had some health issues since I got some mild covid 2 years ago and it has me rethinking everything. Toronto just has the perfect match of awful humidity, cold weather, and everything is overpriced. It's more expensive than any place in the US. Luckily I get paid in freedom bucks.

Where would you go if you retired tomorrow?

 

[sprite09]

Loll


Hong Kong, Bangkok, Singapore, Lisbon, but since I got covid the second time I do better in the colder climates. I've considered retiring to Norway or another Nordic country.

I am from NYC and I love it but much prefer to be in a drivable city because I love cars. My favorite cities in the US are Boston, NYC, Seattle and San Francisco. I also have a soft spot for Chicago because I have friends and family there.

I'm not super old - mid 40's but I could retire anytime I think and be ok. Have had some health issues since I got some mild covid 2 years ago and it has me rethinking everything. Toronto just has the perfect match of awful humidity, cold weather, and everything is overpriced. It's more expensive than any place in the US. Luckily I get paid in freedom bucks.

Where would you go if you retired tomorrow?

lol, if I were single, Tokyo !

 

[rtg311]

lol, if I were single, Tokyo !

The partner and I haven't been there at all. We talk about it constantly and it's the next place we will travel to. What makes you like it so much?

 

[sprite09]

The partner and I haven't been there at all. We talk about it constantly and it's the next place we will travel to. What makes you like it so much?

It's a dynamic city which looks cool and I like Japanese girls.

Actually, Seoul is pretty good, too; nightlife is great in both cities.

Girls generally don't speak good English in either city, though .

 

[Soccersweeper]

"The more women have, the more they're for this "patriarchal" institution even though they could best afford not to partake"
I agree with that statement, but when there are not enough alpha males, the built in software program that women have does not work, it usually ends in a stalemate.

True, they paint themselves in a corner. This was first observed with black women decades ago when so many black men were in jail or otherwise earning less than they were. Men will date down (and have had to for most of civilization) but women generally will not. So as their incomes rise the pool of acceptable men shrinks. Then a greater portion of the acceptable men realize their worth and become players, shrinking the pool further. So they go it solo and don't have or even deprive their kids of a present father while having to shoulder the financial burden solo. Hard before, far worse with housing/renting going through the roof.

 

[torontotexas]

It's a dynamic city which looks cool and I like Japanese girls.

Actually, Seoul is pretty good, too; nightlife is great in both cities.

Girls generally don't speak good English in either city, though .

Seoul is a very expensive city.

 

[Soccersweeper]

Dirt cheap housing prices 3 years from now guaranteed if only interest
rate remains this high beyond 2026.

I'll take that bet, even if interest rates remain high, which they won't. We have a massive shortage of housing due to decades of under building. Since 2015 the Canadian population has grown twice as fast as housing supply, and Toronto welcomes 80,000 new people a year alone. Even if we didn't increase our population by one person and churned out housing like crazy for 10 years we still wouldn't balance supply and demand. And it's not like other countries are looking like they're going to offer better value any time soon. Canada is safe, stable and friendly. You can't even say that about most of Europe or the US right now, much less the less democratic world. Higher prices 3 years from now, guaranteed. They've been rising all year despite higher rates, which are really just within historical norms.

 

[sprite09]

Seoul is a very expensive city.

lol, yep, but totally worth it! lol, love k girls, they know how to party, move, and bang.

 

[Not getting younger]

I'll take that bet, even if interest rates remain high, which they won't. We have a massive shortage of housing due to decades of under building. Since 2015 the Canadian population has grown twice as fast as housing supply, and Toronto welcomes 80,000 new people a year alone. Even if we didn't increase our population by one person and churned out housing like crazy for 10 years we still wouldn't balance supply and demand. And it's not like other countries are looking like they're going to offer better value any time soon. Canada is safe, stable and friendly. You can't even say that about most of Europe or the US right now, much less the less democratic world. Higher prices 3 years from now, guaranteed. They've been rising all year despite higher rates, which are really just within historical norms.

This is something many don’t see, or want to see ( those ripping Ford for building on green space but there’s not much else left) . They complain about house/rent prices, complain about gridlock, the homeless and plight of youth today. Not understanding we are so far behind, we can’t possibly churn out 200,000 new units for the next 3-5 years…..let alone 10-15…

There could be a cooling/off correction due to rates, and if people run into trouble should another economic downturn occur. But even if that happens…guess where people will look for work…

 

[sprite09]

This is something many don’t see, or want to see ( those ripping Ford for building on green space but there’s not much else left) . They complain about house/rent prices, complain about gridlock, the homeless and plight of youth today. Not understanding we are so far behind, we can’t possibly churn out 200,000 new units for the next 3-5 years…..let alone 10-15…

There could be a cooling/off correction due to rates, and if people run into trouble should another economic downturn occur. But even if that happens…guess where people will look for work…

Canada wants to build 400,000 homes a year. Who’s going to build them? - National | Globalnews.ca

Canada's housing supply is not keeping up with population growth — in 2016, there were 427 housing units for every 1,000 Canadians, and in 2020, there were was 424.

globalnews.ca

.

looks like it's about almost 300k per yr , but not nearly enough.

the article is right--govt is focused too much on skilled immigrants based on white-collar or temporary foreign workers , which the latter is defined as jobs that no Canadian wants to do (in other words , employing the foreigner does not harm Canadians) , given the the nature or how rural the job is (eg farming or some job up in the artic , lol)

I remember reading an article in the National Post that quoted a Stats Canada report basically saying this...there's a mismatch of skills and jobs available (1).

I do agree with someone I know who works for a construction company for developers; there are some nice-paying jobs that require little experience and/or education, but the younger generation is simply not willing to do it. they want the easy way out in life, trying to make passive income via YouTube , tiktok, etc.

(1) https://www.google.com/amp/s/nation...wcm/a3230bb4-823f-45e1-bc29-c4aa2f2ce128/amp/

 

[dirtyharry555]

Canada's future:

https://twitter.com/i/web/status/1695228897703415815

 

[dvous11]

Canada's future:

https://twitter.com/i/web/status/1695228897703415815

Sure is easy to control that many people living in one single building.

 

[firehousesubs]

Canada's future:

https://twitter.com/i/web/status/1695228897703415815

This claim of 300 000 is ludicrous.

 

[wakeforestnc]

One million dollar mortgage can no longer be afforded. So many houses will default soon.

 

[jeff2]

One million dollar mortgage can no longer be afforded. So many houses will default soon.

Construction cancellations may be tip of iceberg (thestar.com)