Half Of Canadians Willing To Take Higher Credit Cost To End Housing Madness

[Economy 52,853]

https://www.bnnbloomberg.ca/freaked-out-canadians-open-to-rate-hikes-to-cool-hot-housing-market-1.1602741

 

A major poll study has found that at least half of Canadians support and are willing to endure higher interest rates in the economy which affects lines of credot, car loans etc if it means helping to end Canadas housing madness

 

Canada has been in a 21 year old housing boom that has reached such epic proportions that by most measures even the US housing boom up till 2007 doesnt compare

 

Housing is going well into the 7 digits in most major metros (even in suburbs) especially in Vancouver and Toronto while homes selling for hundreds of thousands over asking is not uncommon

 

Housing has become so out of reach that millenials still living with their parents often have given up entirely at the prospect of owning their own place

[Economy 52,853]

My family can relate...

 

My boomer grandparents selling house in Toronto for over $2 million:

 

 

Me the millenial looking to start my life:

[PunkTheFunk 125,703]

It is so crazy here and it needs to stop. I will never be able to afford my own place at this rate, and I'm starting to think renting forever is probably the way to go.

[Economy 52,853]

8 minutes ago, PunkTheFunk said:

It is so crazy here and it needs to stop. I will never be able to afford my own place at this rate, and I'm starting to think renting forever is probably the way to go.

Its ludicrus. I dont get how its possible for prices to get THIS high

 

I saw TYT post a video on a possible US housing bubble and how ppl struggle and i was so triggered cuz average US housing prices are not much more than 60% of Canadian home prices rn and thats adjusting for currency

 

Im like come to Canada and see what really expensive housing is... in the US California and NYC are the hot spots... in Canada its the whole dam Country 

[Kadikaado 4,302]

Gentrification is doing this all over the world.

[GoldenPonyboy 2,434]

20 minutes ago, Economy said:

My family can relate...

 

My boomer grandparents selling house in Toronto for over $2 million:

 

 

Me the millenial looking to start my life:

Same, at my office all people under 30 are working side jobs on evening and weekends while senior staff is like just stop spending on coffee and buy a house which is ver frustrating

[Economy 52,853]

3 minutes ago, GoldenPonyboy said:

Same, at my office all people under 30 are working side jobs on evening and weekends while senior staff is like just stop spending on coffee and buy a house which is ver frustrating

This insane housing mania in Canada is creating an insane generational gap in wealth... and more specifically to long time home owners (but they disproportionately tend to be older people)

 

Like my grandparents basically made $2M sitting on their asses

[GagaSine 7,464]

My friend recently bought a beautiful house in Michigan and it was so cheap. Her dad is a roofer so she doesn't even come from a particularly well off background 

The saddest thing for me is I cannot even move back to my hometown because even RENTING is unaffordable. It's unaffordable where I live now as well but because I  have lived in this apartment for five years the limit on rent increases makes it much more affordable.

[Benji 20,113]

I feel for everyone wanting to buy their own home, we’re in a very similar situation in the UK.

I’ve got a good job that pays well, have been saving for the deposit on my own home for years and years and it has now only happened because I’ve been very lucky that my parents have been able to help.  It really just comes down to luck these days which is sad.  If you work full time, being able to live comfortably in your own home shouldn’t be unachievable.

[HuffsAhoy 7,433]

This is just one of the many reasons why my fiancé is immigrating to the States and why I'm not going up there. We can buy multiple  3 bed 2 bath houses here in NC for the price of one in some parts of Ontario

[chromatic puzea 10,653]

at this rate imma be moving to alberta in the future

i know its a conservative province but i can afford to be gay in my own house in the mountains at least

[Economy 52,853]

4 minutes ago, chromatic puzea said:

at this rate imma be moving to alberta in the future

i know its a conservative province but i can afford to be gay in my own house in the mountains at least

They are conservative but not THAT conservative especially in the cities. I think ur safe

[Emvee 8,829]

I’ve heard in other circles that the one of factors that go into skyrocketing cost of housing in California is foreign investment in the real estate here. Foreign rich elite use American real estate to play with their money, which pushes out domestic buyers. Is this also the case in Canada? 

[VasilisVas 5,213]

1 hour ago, PunkTheFunk said:

It is so crazy here and it needs to stop. I will never be able to afford my own place at this rate, and I'm starting to think renting forever is probably the way to go.

This is the same thing I’m experiencing in New Jersey. Prices of homes are ridiculous. Even small homes in mediocre areas are crazy expensive. I want to buy my own place so badly, but seems like I’ll have to resort to renting and I’m so upset about it. 

[GagaSine 7,464]

13 minutes ago, Fan Favorite said:

I’ve heard in other circles that the one of factors that go into skyrocketing cost of housing in California is foreign investment in the real estate here. Foreign rich elite use American real estate to play with their money, which pushes out domestic buyers. Is this also the case in Canada? 

I have heard it very much is a factor but idk how true it is, haven't seen any data just anecdotes. I do know a shelter for youth in my hometown that had been operating for 25+ years was forced to close bc the building got sold to a chinese businessman. Very very sad. Now the downtown is overrun with people sleeping on the streets & the line ups at soup kitchens are longer than ever.