Economy 53,071 Posted April 7, 2019 Share Posted April 7, 2019 This Toronto news reporter couldn't afford her rent despite a decent income when her rent was increased by $950 a month in just one year She does house sitting and crashes her dad's place when she has no where to go. She also keeps her clothes in her trunk since she is always moving She's become an advocate for the Toronto housing crisis which is forcing people out of the city, and remaining residences struggling to get by on surging rents. People who make less than $180,000 a year can no longer buy a place in most of Toronto According to estimates Toronto is short in housing units for 1.4 Million people. Many homes have multiple families per house or up to 4 room mates in order for people to afford housing The second video goes into more detail then takes her back to news room ∆∆∆ Link to post Share on other sites More sharing options...
dynamite 67,480 Posted April 7, 2019 Share Posted April 7, 2019 by HOW MUCH? Like a poem said by a neydy in red Link to post Share on other sites More sharing options...
LilMonst3r 5,688 Posted April 7, 2019 Share Posted April 7, 2019 *Loses Link to post Share on other sites More sharing options...
Economy 53,071 Posted April 7, 2019 Author Share Posted April 7, 2019 Just now, myluis617 said: *Loses Thanks. I fixed it Link to post Share on other sites More sharing options...
Economy 53,071 Posted April 7, 2019 Author Share Posted April 7, 2019 @Woolfsmck this is what happens when government beaureaucracy becomes excessive That fact that it takes up to 10 years and 52 studies to get a project approved in Toronto and then the Government tries to fix housing crisis by subsidizing mortgages and coming up with small government funded construction projects to add housing supply that won't make a difference Maybe cut red tape and fix this mess Link to post Share on other sites More sharing options...
TheJoanneJoker 3,866 Posted April 7, 2019 Share Posted April 7, 2019 why did that happen what Link to post Share on other sites More sharing options...
Economy 53,071 Posted April 7, 2019 Author Share Posted April 7, 2019 Just now, Beytwice said: why did that happen what Vacancy rates are super super low in Toronto and so land Lord can charge whatever they want. And people can't buy houses cuz everything is over $1 Million I live in a suburb city beside Toronto and even here in the suburbs we couldn't find a single vacant apartment every single building we looked at was full without empty rooms. Only a few overpriced basements My wife is going with her parents to London Ontario for a few months while I stay with my parents so I can still commute to work so we can save some money. A temporary solution That's how bad it's getting here no one can afford anything Toronto grows over 100,000 people a year and construction has never kept up. Even now with insane housing prices home builders are still short 20% of supply needed every year for population growth Vacancy rates keep falling every year and families either have to rent just 1 floor of a house or if your single you have like 3 or 4 room mates It's getting really bad. Many people who work in Toronto are commuting 1.5 to 2 hours each way because they were forced out of the city and to afford a place they had to go far It's not a pretty situation at all The government even now came up with a $10 Billion budget plan to build more houses in addition to paying 10% of first time buyers mortgages but that won't fix the issue Link to post Share on other sites More sharing options...
Lord Temptation 11,209 Posted April 7, 2019 Share Posted April 7, 2019 Meanwhile house prices in Sydney have fallen 13.7% from their peak at a whopping $1.1 million. More falls are predicted, and they’re spreading to all cities and towns. Gravity vs greed...gravity always wins Link to post Share on other sites More sharing options...
Economy 53,071 Posted April 7, 2019 Author Share Posted April 7, 2019 5 minutes ago, Lord Temptation said: Meanwhile house prices in Sydney have fallen 13.7% from their peak at a whopping $1.1 million. More falls are predicted, and they’re spreading to all cities and towns. Gravity vs greed...gravity always wins I know I've read about the falling housing prices in Australia I wish it was happening here to the same degree We finally got a tiny drop in prices this last year (not rents tho) cuz the government made lending rules so strict to try to cool the market It's like the 5th or 6th time they tighten lending rules. U basically need near perfect credit score and a big income buffer to qualify (you need to qualify for higher rates than what u are actually getting now too in case they rise) All these rules got prices down like 1.5% You can't fight supply and demand. They either need to reduce the 330,000 a year immigration rate, or relax the complicated zoning laws that slow down construction so much Personally I think immigration is good for the economy so I think the second solution to not make construction approvals so complicated is the better solution The fact that it can take over 10 years for a construction project in Toronto to be approved is beyond mind boggling to me My grandparents neighbour sold their house for $1.6 Million and the house despite a few renovations is 120 years old Link to post Share on other sites More sharing options...
Lord Temptation 11,209 Posted April 7, 2019 Share Posted April 7, 2019 2 minutes ago, Economy said: I know I've read about the falling housing prices in Australia I wish it was happening here to the same degree We finally got a tiny drop in prices this last year (not rents tho) cuz the government made lending rules so strict to try to cool the market It's like the 5th or 6th time they tighten lending rules. U basically need near perfect credit score and a big income buffer to qualify (you need to qualify for higher rates than what u are actually getting now too in case they rise) All these rules got prices down like 1.5% You can't fight supply and demand. They either need to reduce the 330,000 a year immigration rate, or relax the complicated zoning laws that slow down construction so much Personally I think immigration is good for the economy so I think the second solution to not make construction approvals so complicated is the better solution The fact that it can take over 10 years for a construction project in Toronto to be approved is beyond mind boggling to me Canada’s strength is proximity to American markets. As much as this cult site hates Trump he has been a miracle for the US economy. Record low unemployment, record high confidence and stock market. If the US takes a hit (eg from a slowing China or something else out of it’s control) then I think that is when Canadian prices will cool. Canada and the US are in a symbiotic relationship, like Australia ans New Zealand. I know what you mean about how slow development projects can take. Here it’s quite normal for a single new house application taking 6 months to a year to get council approved. As an extreme example Sydney is finally getting a second international airport - which has been planned since 1986! It won’t open till 2026, 40 years later!!! Link to post Share on other sites More sharing options...
Economy 53,071 Posted April 7, 2019 Author Share Posted April 7, 2019 Just now, Lord Temptation said: Canada’s strength is proximity to American markets. As much as this cult site hates Trump he has been a miracle for the US economy. Record low unemployment, record high confidence and stock market. If the US takes a hit (eg from a slowing China or something else out of it’s control) then I think that is when Canadian prices will cool. Canada and the US are in a symbiotic relationship, like Australia ans New Zealand. I know what you mean about how slow development projects can take. Here it’s quite normal for a single new house application taking 6 months to a year to get council approved. As an extreme example Sydney is finally getting a second international airport - which has been planned since 1986! It won’t open till 2026, 40 years later!!! I mean Trump is a small part of the reason why the economy in the US is the way it is tbh But yeah both economies tend to go in random. The last 6 recessions in Canada happened at the same time as the US A Recession would certainly drop home prices as incomes fall but only by so much I think... If there isn't a enough housing supply, bidding wars won't go away Link to post Share on other sites More sharing options...
LadariousGarage 1 Posted April 7, 2019 Share Posted April 7, 2019 1 hour ago, Economy said: I know I've read about the falling housing prices in Australia I wish it was happening here to the same degree We finally got a tiny drop in prices this last year (not rents tho) cuz the government made lending rules so strict to try to cool the market It's like the 5th or 6th time they tighten lending rules. U basically need near perfect credit score and a big income buffer to qualify (you need to qualify for higher rates than what u are actually getting now too in case they rise) All these rules got prices down like 1.5% You can't fight supply and demand. They either need to reduce the 330,000 a year immigration rate, or relax the complicated zoning laws that slow down construction so much Personally I think immigration is good for the economy so I think the second solution to not make construction approvals so complicated is the better solution The fact that it can take over 10 years for a construction project in Toronto to be approved is beyond mind boggling to me My grandparents neighbour sold their house for $1.6 Million and the house despite a few renovations is 120 years old Dang what is happening in Toronto. The housing prices in Australia have been a relief from recent years, but that comes with the decline of the economy. But my grandparents who live in Melbourne recently rented a new apartment that they wouldn't have been able to afford a few years ago. Lets do it baby I know the Law Link to post Share on other sites More sharing options...
Nemo 4,414 Posted April 7, 2019 Share Posted April 7, 2019 1 hour ago, Lord Temptation said: As much as this cult site hates Trump he has been a miracle for the US economy. BS. Trump's own economic policy proposals would be pretty much disastrous if they ever went anywhere, which fortunately, they mostly haven't. Link to post Share on other sites More sharing options...
Lord Temptation 11,209 Posted April 7, 2019 Share Posted April 7, 2019 58 minutes ago, Nemo said: BS. Trump's own economic policy proposals would be pretty much disastrous if they ever went anywhere, which fortunately, they mostly haven't. Fact 1: US has it’s lowest unemployment rate in 49 years. Fact 2: The Dow Jones is at an all time high. But don’t let facts get in the way of your own bias sweetie Link to post Share on other sites More sharing options...
uo111 5,283 Posted April 7, 2019 Share Posted April 7, 2019 29 minutes ago, Lord Temptation said: Fact 1: US has it’s lowest unemployment rate in 49 years. Fact 2: The Dow Jones is at an all time high. But don’t let facts get in the way of your own bias sweetie Imagine thinking the only possible explanation for this is trump being elected. Good thing Killary wasn’t elected! Her menopause would’ve put a Pause on the economy, amirite? Link to post Share on other sites More sharing options...
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