Economy 53,162 Posted May 20, 2017 Share Posted May 20, 2017 https://www.google.ca/amp/s/sec.theglobeandmail.com/report-on-business/rob-commentary/bad-policy-has-played-a-role-in-canadas-housing-crisis/article35019958/%3Fservice%3Damp The 17 year housing boom that has led to a housing bubble has only accelerated and by most measures has become worse than the 2005-2007 US Housing Bubble. The Super Heated Housing Market is now no longer only causing concerns of very high mortgage debt and a potential crash or financial meltdown but is now causing much more serious long-term issues But now alarming statistic have economists very worried that this has gone way beyond just a bad bubble. New Household formation is plumeting at an alarming rate as young people cannot afford a place to live and stay living with parents. Birth rates could plumet severely in coming years if the trends dont reverse imediately In addition the once booming Corporate sector is being threatned with young ones with degrees being locked out of living anywhere near city cores where oppurtunities are. Companies are loosing out on good talent, and ordinary people are loosing oppurtunities as they are being pushed out to live in far suburbian outskirts Link to post Share on other sites More sharing options...
Economy 53,162 Posted May 20, 2017 Author Share Posted May 20, 2017 I for one would of moved by now out of parents house if a decent place didnt cost $2000 a month to rent or $700,000 to buy I dont live right in Toronto btw, I live in Brampton, a suburbian city where its suppostu be affordable @Woolfsmck sometimes I envy your generation Link to post Share on other sites More sharing options...
Fatigay 21,237 Posted May 20, 2017 Share Posted May 20, 2017 imma read right after but.. Sports tag..? Link to post Share on other sites More sharing options...
Fatigay 21,237 Posted May 20, 2017 Share Posted May 20, 2017 Same in Montreal, like, I have a college degree but I don't see myself moving from my parents soon, considering I'm going to university in September.. Like it's extremely expensive to find somewhere to live and there are too many new condo buildings and new neighbourhoods of duplex and triplex are spreading like crazy Link to post Share on other sites More sharing options...
Economy 53,162 Posted May 20, 2017 Author Share Posted May 20, 2017 4 minutes ago, thierryrreiht said: imma read right after but.. Sports tag..? A genuine mistake 😅 1 minute ago, thierryrreiht said: Same in Montreal, like, I have a college degree but I don't see myself moving from my parents soon, considering I'm going to university in September.. Like it's extremely expensive to find somewhere to live and there are too many new condo buildings and new neighbourhoods of duplex and triplex are spreading like crazy Canada as a whole is crazy expensive its like you cant escape it. But Montreal is stil WAY cheaper than Toronto or Vancouver. I think its also cheaper than Calgary Montreal is the cheapest of the really big cities besides Ottawa which I hear is still affordable! Link to post Share on other sites More sharing options...
AlexanderMagno 10,746 Posted May 20, 2017 Share Posted May 20, 2017 Seriously, I'm kind of scared, is it that bad? Canada is supposed to be one of the best countries in the world, yet your threads are always so scary Link to post Share on other sites More sharing options...
Luc 4,776 Posted May 20, 2017 Share Posted May 20, 2017 It can all come to an end. San Francisco's already slowing down. Link to post Share on other sites More sharing options...
Economy 53,162 Posted May 20, 2017 Author Share Posted May 20, 2017 6 hours ago, AlexanderMagno said: Seriously, I'm kind of scared, is it that bad? Canada is supposed to be one of the best countries in the world, yet your threads are always so scary It is a marvelous country. Just not for housing affordability Link to post Share on other sites More sharing options...
bionic 50,112 Posted May 20, 2017 Share Posted May 20, 2017 @Economy Is Canada having the same housing crisis that Australia, UK, etc are having where Asian (Chinese?) investors buy property but don't occupy it? Link to post Share on other sites More sharing options...
Economy 53,162 Posted May 20, 2017 Author Share Posted May 20, 2017 3 hours ago, bionic said: @Economy Is Canada having the same housing crisis that Australia, UK, etc are having where Asian (Chinese?) investors buy property but don't occupy it? To an extent We dont have solid statistics on that cause only recently we started keeping track we have only estimates that say up to 10% of buyers are forein and most are Chineese. In response this year we added a forein buyers tax of 15% in Toronto and Vancouver (the hottest markets) Were also considering a vacancy tax so speculators are encouraged to at least rent them out while they hold property Link to post Share on other sites More sharing options...
Economy 53,162 Posted May 24, 2017 Author Share Posted May 24, 2017 On 2017-05-20 at 6:07 AM, Luc said: It can all come to an end. San Francisco's already slowing down. U mean from the United States? I know the US as a whole still has room to grow but, i havent looked at specific markets yet And our market in Toronto and Canada may finally be peaking. Soon we will see if the new forein taxes and even tighter lending rules will help My aunt in Toronto took 3 days to sell her house and she only got a handful of bids. She accepted asking price and didnt get over-askingn like many people got the day home goes on sale! I know 1 person doesnt say much but maybe it says something about where market is going! Link to post Share on other sites More sharing options...
baptism 2,670 Posted May 24, 2017 Share Posted May 24, 2017 This is mostly in our larger urban areas (Toronto/Vancouver/Montreal). Elsewhere there is plenty of affordable accommodation. I live on the East Coast and there is no shortage of reasonably priced properties. Those cities are absolutely ****ed though and it's because foreign buyers are saturating the market and driving prices up and Canada is too Liberal to do anything about it. Link to post Share on other sites More sharing options...
Economy 53,162 Posted May 24, 2017 Author Share Posted May 24, 2017 24 minutes ago, baptism said: This is mostly in our larger urban areas (Toronto/Vancouver/Montreal). Elsewhere there is plenty of affordable accommodation. I live on the East Coast and there is no shortage of reasonably priced properties. Those cities are absolutely ****ed though and it's because foreign buyers are saturating the market and driving prices up and Canada is too Liberal to do anything about it. Yeah but our big cities are over 70% of our population and like 80% of our young ones So... the problem is still nationwide for all intensive purposes Link to post Share on other sites More sharing options...
CanadaGoesGaga 2,253 Posted May 24, 2017 Share Posted May 24, 2017 As someone who has and currently lives in one of those cities... It's a mess. A ridiculous mess. Link to post Share on other sites More sharing options...
Delulu Rogers 7,678 Posted May 24, 2017 Share Posted May 24, 2017 1 hour ago, baptism said: foreign buyers are saturating the market and driving prices up and Canada is too Liberal to do anything about it. THISSSSSSSSSSSS. The fact that people who live in China can buy homes here, but born and raised Canadians are struggling just to rent out a place is ludicrous. Idk what will happen but if it continues everything about the low birth rates, losing job opportunities etc will happen, and it's already begun. Our generation is truly missing out on life and opportunities and idk what we'll do Link to post Share on other sites More sharing options...
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