Economy 52,839 Posted April 22, 2017 Share Posted April 22, 2017 https://www.google.ca/amp/www.cbc.ca/amp/1.4077117 A mother of 3 came out telling her story about how the housing bubble is affecting families such as herself She and her husband who have 3 children and work in Toronto had to leave when rent became unaffordable in the town of Orangeville where they lived (40km from Toronto in suburbs) "We looked at many homes but kept getting outbid. We even tried forgoing inspections but we never won" In the end, they ended up having to move to Shelbourn an even smaller town further up north that has only 8000 people and now must get up at 4:30am everyday to commute to work. They purchased a home in this small town for $482,000. While the long commute is unpleasent, the mother of 3 and her husband are happy they now have a place for they and her children to call home Link to post Share on other sites More sharing options...
Economy 52,839 Posted April 22, 2017 Author Share Posted April 22, 2017 To think my parents bought a house in the suburbs for $226,000 just 15 years ago and now its worth $800,000 Glad they didnt decide to stay renting cuz now renting would be more than their mortgage and buying would be impossible Link to post Share on other sites More sharing options...
DeanWinchester 41,390 Posted April 22, 2017 Share Posted April 22, 2017 That's really terrible. They need to act fast Flyin' like a 1000 Doves Link to post Share on other sites More sharing options...
Economy 52,839 Posted April 22, 2017 Author Share Posted April 22, 2017 Just now, DeanWinchester said: That's really terrible. They need to act fast They tried acting several times. And once again they are putting more measures Nothing has been working Link to post Share on other sites More sharing options...
Delulu Rogers 7,656 Posted April 22, 2017 Share Posted April 22, 2017 4 minutes ago, Economy said: To think my parents bought a house in the suburbs for $226,000 just 15 years ago and now its worth $800,000 Glad they didnt decide to stay renting cuz now renting would be more than their mortgage and buying would be impossible Sameeee. We bought in East York for $220,000 17 years ago and now our house is worth $1,000,000 How i'll be able to afford a house is beyond me Link to post Share on other sites More sharing options...
Economy 52,839 Posted April 22, 2017 Author Share Posted April 22, 2017 2 minutes ago, ChrisC said: Sameeee. We bought in East York for $220,000 17 years ago and now our house is worth $1,000,000 How i'll be able to afford a house is beyond me Hopefully it will crash when im ready to buy im in Brampton in a semi-detatched and its not in one of the new areas my house is not even among the most expensive Link to post Share on other sites More sharing options...
Delulu Rogers 7,656 Posted April 22, 2017 Share Posted April 22, 2017 2 minutes ago, Economy said: Hopefully it will crash when im ready to buy im in Brampton in a semi-detatched and its not in one of the new areas my house is not even among the most expensive People have been saying it will crash for over 10 years, I don't think it'll ever happen Link to post Share on other sites More sharing options...
Economy 52,839 Posted April 22, 2017 Author Share Posted April 22, 2017 3 minutes ago, ChrisC said: People have been saying it will crash for over 10 years, I don't think it'll ever happen I know. Its defied expectations but these prices cannot be sustained. Incomes just dont allow for it also rising interest rates in US will start spilling over into Canada making these rates even more unaffordable however supply is an issue. For that reason alone it will never crash as bad as in US i dont think because u wont have several sellers for every buyer like in the US @Luc didnt u say the netherlands also had supply housing issues? Or was it sweden? Link to post Share on other sites More sharing options...
Mr Judas 4,106 Posted April 22, 2017 Share Posted April 22, 2017 And here i am, living in Chennai, an Indian Metro, With housing prices not even close to 1/10th of these numbers. The world is a funny place I'll make a mental note not to move to Canada for this sole purpose. Link to post Share on other sites More sharing options...
Economy 52,839 Posted April 22, 2017 Author Share Posted April 22, 2017 3 minutes ago, vrajesh said: And here i am, living in Chennai, an Indian Metro, With housing prices not even close to 1/10th of these numbers. The world is a funny place I'll make a mental note not to move to Canada for this sole purpose. Unless its like Montreal or Ottawa... Its the only 2 major cities in the Country where the housing market hasnt overheated so much for some reason Link to post Share on other sites More sharing options...
Guest Posted April 22, 2017 Share Posted April 22, 2017 In countries with "heavy" neoliberalism housing isn't a human right but a luxury! Here where I recenlty moved in everybody should take part in a kind of "casting" process in order to be chosen to rent a f___g expensive flat (in the best case) or even a room (!!!). Of course the foreigners are second or third choices (even if you have a job), natives are the 1st choice and in many cases you have to prove that you are not an elephant. 4 or 5 ppl are sharing an apartment. Some landlords are renting even living rooms as bedrooms (I know cases when you have to pass through other roomate's room in order to go to the bathroom or kitchen!) and pay 400 euros for this room! That's HUGE EXPLOITATION! The whole "casting" process is really inhuman and humiliating sometimes! And this happens also to ppl with Bachelors, Masters and Phd's... But ppl like Capitalism! Enjoy it then! Link to post Share on other sites More sharing options...
Luc 4,776 Posted April 22, 2017 Share Posted April 22, 2017 2 hours ago, Economy said: I know. Its defied expectations but these prices cannot be sustained. Incomes just dont allow for it also rising interest rates in US will start spilling over into Canada making these rates even more unaffordable however supply is an issue. For that reason alone it will never crash as bad as in US i dont think because u wont have several sellers for every buyer like in the US @Luc didnt u say the netherlands also had supply housing issues? Or was it sweden? Yeah. They built too many houses for the upper middle class and basically forgot about government-funded housing (rent) and smaller houses. 2008 crisis led to a lot of jobs in the construction sector lost. Now there's a big supply problem with demand wayy too high (especially in major cities). Outside of major cities prices are still flat, tho. I really don't understand why rising housing prices are seen as such a big pro by many govts and economic bureaus/statistical institutes/media. Paying more, yay? Link to post Share on other sites More sharing options...
Economy 52,839 Posted April 22, 2017 Author Share Posted April 22, 2017 2 minutes ago, Luc said: Yeah. They built too many houses for the upper middle class and basically forgot about government-funded housing (rent) and smaller houses. 2008 crisis led to a lot of jobs in the construction sector lost. Now there's a big supply problem with demand wayy too high (especially in major cities). Outside of major cities prices are still flat, tho. I really don't understand why rising housing prices are seen as such a big pro by many govts and economic bureaus/statistical institutes/media. Paying more, yay? I dont get it either... Some things like food, gasoline, housing and medicine i dont see any benefit to inflation people need these things. They will not stop from getting it even if you got deflation. Higher prices only steal income they could use on other stuff Link to post Share on other sites More sharing options...
Mr Judas 4,106 Posted April 23, 2017 Share Posted April 23, 2017 7 hours ago, Economy said: Unless its like Montreal or Ottawa... Its the only 2 major cities in the Country where the housing market hasnt overheated so much for some reason Noted. Thanks. Link to post Share on other sites More sharing options...
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