Economy 52,845 Posted January 15, 2020 Share Posted January 15, 2020 https://www.bnnbloomberg.ca/canadian-rental-vacancy-rates-last-year-the-lowest-since-2002-1.1374343 Vacancy rates dropped to 0.3% in the Vancouver condo market and 0.8% in the Toronto condo market. Across the whole Nation it dropped from 1.4% to 1% General across the board rental vacancies (including non-condo) dropped to 2.2% from 2.4% the year before Population last year grew by over half a million people or 1.6% to which construction still cannot keep up with Mortgage Stress tests introduced in 2017 to cool the market after previous regulations failed only worked for about a year, home prices have since resumed rising further Link to post Share on other sites More sharing options...
ShayCristoforo 10,607 Posted January 15, 2020 Share Posted January 15, 2020 I'm a recent home (condo) owner in Toronto. Although I'm pretty proud of that, I feel like a clown when I pay my mortgage and maintenance fee every month. Combined with feelin like a clown for LG6, I should start a comedy tour lol Get the pinot ready, because it's turtle time. Link to post Share on other sites More sharing options...
Economy 52,845 Posted January 15, 2020 Author Share Posted January 15, 2020 5 minutes ago, ShayCristoforo said: I'm a recent home (condo) owner in Toronto. Although I'm pretty proud of that, I feel like a clown when I pay my mortgage and maintenance fee every month. Combined with feelin like a clown for LG6, I should start a comedy tour lol I wish I could buy a condo I'm moving to a small town (Chatham) soon cuz I can't afford the Toronto area anymore Link to post Share on other sites More sharing options...
ShayCristoforo 10,607 Posted January 15, 2020 Share Posted January 15, 2020 19 minutes ago, Economy said: I wish I could buy a condo I'm moving to a small town (Chatham) soon cuz I can't afford the Toronto area anymore Honestly. I'd prefer to do that too, to have a bigger nicer home for similar amount of money. Get out while you can lol. Eventually my plan is to buy a house in Oshawa. Sure it's Oshawa, but that's the only way I can see myself affording a house that's close-ish to the family business. sigh lol Get the pinot ready, because it's turtle time. Link to post Share on other sites More sharing options...
Economy 52,845 Posted January 15, 2020 Author Share Posted January 15, 2020 2 minutes ago, ShayCristoforo said: Honestly. I'd prefer to do that too, to have a bigger nicer home for similar amount of money. Get out while you can lol. Eventually my plan is to buy a house in Oshawa. Sure it's Oshawa, but that's the only way I can see myself affording a house that's close-ish to the family business. sigh lol Oshawa is still more of civilization Chatham has only 100,000 people and is an hour away from each of the nearest major cities (London and Winsor) Link to post Share on other sites More sharing options...
DeanWinchester 41,390 Posted January 15, 2020 Share Posted January 15, 2020 Mortgage is hard but we’re lucky to have gotten a townhouse end of 2015 right before the market overheated Flyin' like a 1000 Doves Link to post Share on other sites More sharing options...
Economy 52,845 Posted January 15, 2020 Author Share Posted January 15, 2020 15 minutes ago, DeanWinchester said: Mortgage is hard but we’re lucky to have gotten a townhouse end of 2015 right before the market overheated Define overheating. Prices have been rising faster than incomes almost every year since 2001 Unless u mean 2016-2017 the year that there was an extreme surge in prices of almost 30% in the Toronto area... That year was crazy everything in Toronto was going $100,000 to $200,000 over asking Link to post Share on other sites More sharing options...
DeanWinchester 41,390 Posted January 15, 2020 Share Posted January 15, 2020 7 minutes ago, Economy said: Unless u mean 2016-2017 the year that there was an extreme surge in prices of almost 30% in the Toronto area... Yeah this one since it’s the most relevant to the year of our purchase Flyin' like a 1000 Doves Link to post Share on other sites More sharing options...
Whispering 18,865 Posted January 15, 2020 Share Posted January 15, 2020 Move out, away from the major cities and/or coastline to find affordable housing. Link to post Share on other sites More sharing options...
Economy 52,845 Posted January 15, 2020 Author Share Posted January 15, 2020 1 minute ago, DeanWinchester said: Yeah this one since it’s the most relevant to the year of our purchase Yeah good thing u avoided that... I dunno why people were buying houses the same year they went up 30% on top of after a decade and half of increases there was so much risk of destabilization in glad the Government introduced the stress test to at least reduce the pressure valve a little bit even tho it doesn't fix the fundamental issue of lack of supply by forcing ppl to qualify for a 2% higher rate it insures people have a margin in case rates rise and they don't default... also if rates to eventually go up a lot they can remove that stress test to compensate and the market can stay stable without a serious crash When the conservatives talked about getting rid of the stress test and re-introducing 30 year mortgages I got concerned cuz I'm like, that will only heat up the housing market further and make Canadians even more indebted in their mortgages. For that reason alone I didn't want them to win election cuz the housing market has become such a critical tipping point for the Canadian economy that in my mind housing policy was a major determining factor of who I supported and I did not like their housing plans Link to post Share on other sites More sharing options...
Economy 52,845 Posted January 15, 2020 Author Share Posted January 15, 2020 Just now, Whispering said: Move out, away from the major cities and/or coastline to find affordable housing. That's literally what I'm doing. I'm moving to Chatham. A city with only 100K people Link to post Share on other sites More sharing options...
DeanWinchester 41,390 Posted January 15, 2020 Share Posted January 15, 2020 2 minutes ago, Economy said: I dunno why people were buying houses the same year they went up 30% on top of after a decade and half of increases there was so much risk of destabilization Didn’t rent also surge during that period? Our apartment rate was going to increase from $1.1k including utilities to $1.3-1.5 excluding utilities (another $300-500). Our mortgage now is cheaper than current apartment rates. If I have to choose, I’d keep the house. We even considered selling it around 2017 (and we would have gotten amazing equity in less than 2 years) but we would have nowhere to go because of expensive rent Flyin' like a 1000 Doves Link to post Share on other sites More sharing options...
Whispering 18,865 Posted January 15, 2020 Share Posted January 15, 2020 5 minutes ago, Economy said: That's literally what I'm doing. I'm moving to Chatham. A city with only 100K people 100K is a pretty good sized city. It’s not like it’s a town with one stoplight. Lol These types of “smaller cities” will start to grow and add population as more and more people are forced to move out away from the major cities. Then, your property values will go up. This is the time to invest in small cities outside of major metropolitan areas, as home values will increase. Link to post Share on other sites More sharing options...
Economy 52,845 Posted January 15, 2020 Author Share Posted January 15, 2020 6 minutes ago, DeanWinchester said: Didn’t rent also surge during that period? Our apartment rate was going to increase from $1.1k including utilities to $1.3-1.5 excluding utilities (another $300-500). Our mortgage now is cheaper than current apartment rates. If I have to choose, I’d keep the house. We even considered selling it around 2017 (and we would have gotten amazing equity in less than 2 years) but we would have nowhere to go because of expensive rent True rents did surge as well We're not far from the National price peak of 2017 tho. The modest price drops since the stress test have been mostly outgrown already so I guess soon ull have that equity again I wish I could of bought a house years ago but I'm only 26... By the time I had an established job and consistent income prices were beyond my reach I still wanna own my own house and start a family tho. Hence why I'm leaving the GTA, I can't do that stuff here Link to post Share on other sites More sharing options...
Economy 52,845 Posted January 15, 2020 Author Share Posted January 15, 2020 3 minutes ago, Whispering said: 100K is a pretty good sized city. It’s not like it’s a town with one stoplight. Lol These types of “smaller cities” will start to grow and add population as more and more people are forced to move out away from the major cities. Then, your property values will go up. This is the time to invest in small cities outside of major metropolitan areas, as home values will increase. Yeah. It's already started to happen in London where my wife's family originally planned to move to Nice houses you could get for under $300,000 in London are now over $350,000 to $400,000 which of course is a total steal by big metro Standards but still went up quickly In Chatham many nice homes are still under $300,000 tho. We'll see how long that lasts Link to post Share on other sites More sharing options...
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