Most homes sold in Canada for the month of July ever. Considering we're in bad recession.....never seen this coming Lol.
Housing market is hot
- Thread starter Bigdaug
- Start date
Believe it's new home owners trying to get in the market. I have a few friends that are agents and they told me it's the entry level houses that are super hot especially durham. I like to invest my money in rental units and the peterborough/ city of kawartha lakes is red hot. I've tried to buy to 5 houses in the last month or so and either people went way over asking or/ both took off conditions. This area is famous for asbestos and theres no way im paying 40 over asking for real estate out this way with no home inspection. By the time you Reno after paying that much no way your getting your money back for a while. Places around the GTA are famous for big growth like Barrie. Now is not the time to buy and let the other guys take the chance and overpay.
San Francisco prices are falling.
ca.news.yahoo.com
San Francisco's mass exodus: Twice as many homes are for sale compared to last year as people look to leave the city
Inventory is up 96% from this time last year, the latest data point in a growing trend that remote work is allowing people to leave San Francisco.
i was looking at homes in Texas what would cost here over 1 mil you can purchase for around 280US> i belive prices should be in this range. How the hell are canadian kids going to buy a house one day? our governments should make sure they can. making 40-60K a year cannot get you one of these starter homes. They need to raise interest rates to 5% and 30-50% price reduction on homes
They won't raise interest rates. They pay those same rates on the national and provincial debts. And are addicted to borrowing.
Canada is a hot spot for real estate because we are a safe nation. With healthcare, low crime, and good jobs. And Toronto is the financial hub, provincial capital, largest city, tech hub, and steadily becoming Internationally recognized.
And all the land for houses has been developed. Prices won't be coming down.
I own quite a bit of realestate which I purchased and still purchase at market prices. Why when I sell should I sell lower than the market bares to help Canadian kids wanting to buy a property? Obviously you're not a property owner because if you were I'm sure you do not want to see a 30-50% reduction in your investment.
Imagine you just purchased a home at today's prices and the government manipulates a 50% downturn, would you be jumping for joy in the streets?
Sure places like Vancouver and Toronto are pricey but there are plenty of places across Canada for young people to buy a house. Living in one of these big cities is not a right bestowed on people because of citizenship. People should simply live where they can afford to live. This is not an issue and certainly not one any government needs to be involved with. The market will take care of itself.
BD
^^^^^
The problem is the government like Trudeau giving away freebies. Toronto and Vancouver housing market is expensive and has been for many years due to over population. There simply too many people entering the city leaving the rest of Canada where the population is needed sparsely populated. Montreal is now headed the way of Toronto. Till government stops interfering it will keep on getting worse. Stop giving freebies and all these immigrants will stop entering and people will stop having 5 kids. Government should not be encouraging population increase at all it will make everyone poorer except the rich owners and corporations.
The problem is the government like Trudeau giving away freebies. Toronto and Vancouver housing market is expensive and has been for many years due to over population. There simply too many people entering the city leaving the rest of Canada where the population is needed sparsely populated. Montreal is now headed the way of Toronto. Till government stops interfering it will keep on getting worse. Stop giving freebies and all these immigrants will stop entering and people will stop having 5 kids. Government should not be encouraging population increase at all it will make everyone poorer except the rich owners and corporations.
Actually in Canada we need the population increase.
As well the government does not give freebies to immigrants at least not most of the immigrants I know they worked very hard to get to where they are in this country my family included.
My dad came here with $1000 in his pocket, found a job within 4 months of being here found 2 other part time jobs to work on weekends and during the weekdays during his time off.
We were here through the recession and my dad still managed to purchase a property within 4 years of being in Canada. He is now retired and done very well for himself here starting from absolutely nothing.
If my dad who moved here in his 40's with almost no English known to him, his degree and expertise from back home not being accepted here or useful to getting a job, and him succeeding in two different industries can buy a property with 4 years of being here to buying multiple properties across Canada within a short time, so can other people who were born or raised or educated in this country.
Most if not all of the immigrants that I know or our family members that moved here did the exact same. Unfortunately it's easier for some people to complain about others success to compensate for their own failures and falsely attribute it to a government handout.
BTW most of the immigrants coming into this country now are coming in with a lot of money, buying homes cash, starting businesses with their own money or investing in other established businesses.
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This doesn't work because all the jobs are in the big cities. So now all the young people are forced to buy overpriced condos the size of a one car garage.
The market will take care of itself = We are all being eased into poverty.
Doggystyle99,
What you wrote was true in the 90's but not anymore especially under Trudeau. Let me explain they often sell their property in this country and come here the reason they do is first Canada pays you to have kids, universal healthcare, and pension for their retired parents plus free healthcare even though they never worked in this country. Trudeau went to India and went to this parties dancing like a clown and that is to make a special deal he would bring many of them to this country but they all got to vote for him. Since 2016 the amount of Indian immigration has tripled and we both know that Toronto is full of them everywhere especially at Brampton. Then Trudeau brought in many asylum seekers and refugees and they come with 5-6 kids and are paid very well many do not need to work and get subsidized housing. I can go on and on. As per population you look at Canada as a whole but that is not seeing the big picture. All the immigrants are settling in the major cities of Canada leaving the rest sparsely populated. Toronto's 401 has got the worst traffic. The population density is high and that is bad for everyone. People got to be dispersed equally everywhere then your argument about not having enough population would make sense.
What you wrote was true in the 90's but not anymore especially under Trudeau. Let me explain they often sell their property in this country and come here the reason they do is first Canada pays you to have kids, universal healthcare, and pension for their retired parents plus free healthcare even though they never worked in this country. Trudeau went to India and went to this parties dancing like a clown and that is to make a special deal he would bring many of them to this country but they all got to vote for him. Since 2016 the amount of Indian immigration has tripled and we both know that Toronto is full of them everywhere especially at Brampton. Then Trudeau brought in many asylum seekers and refugees and they come with 5-6 kids and are paid very well many do not need to work and get subsidized housing. I can go on and on. As per population you look at Canada as a whole but that is not seeing the big picture. All the immigrants are settling in the major cities of Canada leaving the rest sparsely populated. Toronto's 401 has got the worst traffic. The population density is high and that is bad for everyone. People got to be dispersed equally everywhere then your argument about not having enough population would make sense.
So you're saying all the people that don't live in Toronto or Vancouver are out of work? That's about 75% of the population. That's not going to be good for the economy.
BD
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If you don't live in one of the major 5 cities, yes you will most likely be a young person out of work.
Like I said, they will ease us into poverty.
The solution is very simple ban foreign and corporate ownership of residential housing. Additionally, implement steep taxes (double or triple existing property tax) on secondary residences unless they go into registered and regulated rental market. I get the argument that not all houses are sold to foreigners etc. but they are the ones scaring the shit out of people with their 100+k over ask offers forcing people to try and enter market no matter what.
Good for homeowners bad for 1st time home buyers. Imagine people just finishing college and university and now they need to pay these crazy prices for homes. I guess it helps variable rate is 1.45. Just waiting now for any signs of inflation or hyperinflation.
