Economy 52,840 Posted December 28, 2018 Share Posted December 28, 2018 https://www.bnnbloomberg.ca/rental-lottery-with-50-1-odds-reveals-dark-side-of-toronto-s-housing-boom-1.1173162 https://www.bnnbloomberg.ca/why-2019-could-be-one-of-toronto-renters-toughest-years-yet-1.1188250 Toronto's low vacancy and extreme unaffordability is worsening as construction particularly in rentals is failing to keep up with population growth It took 7 rounds of rule tightening, rising rates and a stress test to finally keep prices flat and despite people being locked out of the market with such strict mortgage rules the market refuses to cool any further Rents are due to rise another 7.6% in 2019 after rising almost 10% in 2018 Toronto's population grew 100,000 last year but new unit completions were only 10,000 in 2018 as misplaced fears of a housing crash made developers pull back from construction making the shortage worse Link to post Share on other sites More sharing options...
GeeYewWhai 2,382 Posted December 28, 2018 Share Posted December 28, 2018 51 minutes ago, Economy said: https://www.bnnbloomberg.ca/rental-lottery-with-50-1-odds-reveals-dark-side-of-toronto-s-housing-boom-1.1173162 https://www.bnnbloomberg.ca/why-2019-could-be-one-of-toronto-renters-toughest-years-yet-1.1188250 Toronto's low vacancy and extreme unaffordability is worsening as construction particularly in rentals is failing to keep up with population growth It took 7 rounds of rule tightening, rising rates and a stress test to finally keep prices flat and despite people being locked out of the market with such strict mortgage rules the market refuses to cool any further Rents are due to rise another 7.6% in 2019 after rising almost 10% in 2018 Toronto's population grew 100,000 last year but new unit completions were only 10,000 in 2018 as misplaced fears of a housing crash made developers pull back from construction making the shortage worse this is why I live outside the city Nothing Happened Link to post Share on other sites More sharing options...
Economy 52,840 Posted December 28, 2018 Author Share Posted December 28, 2018 1 hour ago, GeeYewWhai said: this is why I live outside the city Country? Link to post Share on other sites More sharing options...
StarstruckIllusion 53,563 Posted December 28, 2018 Share Posted December 28, 2018 2 hours ago, Economy said: https://www.bnnbloomberg.ca/rental-lottery-with-50-1-odds-reveals-dark-side-of-toronto-s-housing-boom-1.1173162 https://www.bnnbloomberg.ca/why-2019-could-be-one-of-toronto-renters-toughest-years-yet-1.1188250 Toronto's low vacancy and extreme unaffordability is worsening as construction particularly in rentals is failing to keep up with population growth It took 7 rounds of rule tightening, rising rates and a stress test to finally keep prices flat and despite people being locked out of the market with such strict mortgage rules the market refuses to cool any further Rents are due to rise another 7.6% in 2019 after rising almost 10% in 2018 Toronto's population grew 100,000 last year but new unit completions were only 10,000 in 2018 as misplaced fears of a housing crash made developers pull back from construction making the shortage worse Mississauga outsold anyway. I’ll just move there. Link to post Share on other sites More sharing options...
Economy 52,840 Posted December 28, 2018 Author Share Posted December 28, 2018 2 hours ago, Wigless said: Mississauga outsold anyway. I’ll just move there. Mississauga is so expensive AF too what kinda of place to run away to affordability to... What's next? Brampton? Vaughan? Oakville? Link to post Share on other sites More sharing options...
StarstruckIllusion 53,563 Posted December 29, 2018 Share Posted December 29, 2018 53 minutes ago, Economy said: Mississauga is so expensive AF too what kinda of place to run away to affordability to... What's next? Brampton? Vaughan? Oakville? oh my god the entire GTA is cancelled? I already live in one of those and oof I didn’t know it was that bad (under my parents tho) guess the city east of Toronto is cancelled too huh... sigh. they better fix this before I’m out of college. Link to post Share on other sites More sharing options...
Economy 52,840 Posted December 29, 2018 Author Share Posted December 29, 2018 46 minutes ago, Wigless said: oh my god the entire GTA is cancelled? I already live in one of those and oof I didn’t know it was that bad (under my parents tho) guess the city east of Toronto is cancelled too huh... sigh. they better fix this before I’m out of college. Bush my wife and I wanna buy a house... Why do u think we plan to move to London Link to post Share on other sites More sharing options...
StarstruckIllusion 53,563 Posted December 29, 2018 Share Posted December 29, 2018 15 minutes ago, Economy said: Bush my wife and I wanna buy a house... Why do u think we plan to move to London I was thinking either Vancouver or Montreal but id be annoyed to always be 3 hours behind and so many contests exclude Quebec and idk why but it’s dumb Link to post Share on other sites More sharing options...
Economy 52,840 Posted December 29, 2018 Author Share Posted December 29, 2018 Just now, Wigless said: I was thinking either Vancouver or Montreal but id be annoyed to always be 3 hours behind and so many contests exclude Quebec and idk why but it’s dumb Vancouver is even more expensive than Toronto Link to post Share on other sites More sharing options...
StarstruckIllusion 53,563 Posted December 29, 2018 Share Posted December 29, 2018 11 minutes ago, Economy said: Vancouver is even more expensive than Toronto Guess I’m off to the United Kingdom bc America has BEEN cancelled. Link to post Share on other sites More sharing options...
Economy 52,840 Posted December 29, 2018 Author Share Posted December 29, 2018 45 minutes ago, Wigless said: Guess I’m off to the United Kingdom bc America has BEEN cancelled. I feel like everywhere is cancelled tbh Link to post Share on other sites More sharing options...
Chuckles 2,549 Posted December 29, 2018 Share Posted December 29, 2018 Mississauga is full too? I visited last week, and I saw a lot of spaces yet to be constructed on but it did seem that everywhere was occupied. Is it the concentration around the actual city that cause these rises? Link to post Share on other sites More sharing options...
Economy 52,840 Posted December 29, 2018 Author Share Posted December 29, 2018 6 minutes ago, Chuckles said: Mississauga is full too? I visited last week, and I saw a lot of spaces yet to be constructed on but it did seem that everywhere was occupied. Is it the concentration around the actual city that cause these rises? Most cities around Toronto are pretty full too - Mississauga - Brampton (my city) - Vaughan - OakVille - Milton Real estate is a nightmare in all of those even to rent most of the time... Now Cambridge and Guelph are getting tight too and Hamilton is starting to feel the effects as well tho Hamilton for now is still more affordable by comparison It keeps rippling further and further out it seems. I just Hope London doesn't get affected when I'm ready to buy cuz it seems like prices are starting to go up there now and that's worrying me Link to post Share on other sites More sharing options...
Chuckles 2,549 Posted December 29, 2018 Share Posted December 29, 2018 7 minutes ago, Economy said: Most cities around Toronto are pretty full too - Mississauga - Brampton (my city) - Vaughan - OakVille - Milton Real estate is a nightmare in all of those even to rent most of the time... Now Cambridge and Guelph are getting tight too and Hamilton is starting to feel the effects as well tho Hamilton for now is still more affordable by comparison It keeps rippling further and further out it seems. I just Hope London doesn't get affected when I'm ready to buy cuz it seems like prices are starting to go up there now and that's worrying me Interesting, and are jobs also in those cities or do people tend to commute to Toronto for work? Hope you can snatch something in London Link to post Share on other sites More sharing options...
Economy 52,840 Posted December 29, 2018 Author Share Posted December 29, 2018 15 minutes ago, Chuckles said: Interesting, and are jobs also in those cities or do people tend to commute to Toronto for work? Hope you can snatch something in London All those cities I listed have jobs too and industrial areas but Toronto has the fast growing high tech sector and the financial district so Toronto has the high paying jobs Anyway ppl keep being pushed further and further out to afford homes and commute times are insufferable now. In fact Toronto has one of the longest commute times in the world because people are moving to cities over an hour away for affordability issues and commuting to Toronto I love Toronto and all but I've concluded if I want a house and family I have no future here that's why we have plans to pack and go My grandparents 110 year old house in Toronto is valued at over $1.2 Million. I just can't Of course in suburbs say in Brampton where I live a nice house is more like $700,000 but that's still too much Link to post Share on other sites More sharing options...
.thumb.jpg.99c40bc2a10ded8236a48b4fe15c6be8.jpg)
Featured Posts
Archived
This topic is now archived and is closed to further replies.