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Cost of housing in Canada

YZT580 said:
2075 will cover an approximate 350,000 mortgage. with average prices floating near 900,000 in the burgs where is your customer going to get the additional 550? 7 years ago that same average house was less than 500. Is it any wonder that kids are giving up?
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I moved to the boonies and bought what most would consider a mansion for $320,000.

I put a large downpayment and my payments are approx $700 on an accelerated biweekly plan.

I am also making really great money out here being involved in the management of the supply chain/resource extraction industries.

You can have a very good life in certain parts of Canada. I am in Toronto for a business trip right now and I don't really understand how people can live like this tbh?

My peers here are all making the same amount of money as I am but have nothing to really show for it.
 
Humphrey Bogart said:
I moved to the boonies and bought what most would consider a mansion for $320,000.

I put a large downpayment and my payments are approx $700 on an accelerated biweekly plan.

I am also making really great money out here being involved in the management of the supply chain/resource extraction industries.

You can have a very good life in certain parts of Canada. I am in Toronto for a business trip right now and I don't really understand how people can live like this tbh?

My peers here are all making the same amount of money as I am but have nothing to really show for it.
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Yes, but… you’re likely within that same top couple percent of income earners as a number of us here, no? I’m not sure how many jobs there are where you are that would support the necessary income to own a single family residence. I’m sure there are more, presumably a bunch within your own company, but your successes isn’t necessarily an attainable average.
 
brihard said:
Yes, but… you’re likely within that same top couple percent of income earners as a number of us here, no? I’m not sure how many jobs there are where you are that would support the necessary income to own a single family residence. I’m sure there are more, presumably a bunch within your own company, but your successes isn’t necessarily an attainable average.
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I don’t know about that. HB has worked hard to get where he is, but what he did isn’t impossible, either.

There are lots of resource jobs wanting workers.
 
You can run an engine in some of those nice Canadian towns for $66.77 / hr.

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brihard said:
Yes, but… you’re likely within that same top couple percent of income earners as a number of us here, no? I’m not sure how many jobs there are where you are that would support the necessary income to own a single family residence. I’m sure there are more, presumably a bunch within your own company, but your successes isn’t necessarily an attainable average.
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For income, I am well compensated 😎, compensation is a little different than just straight salary. In terms of opportunities up in the badlands, there are a lot.

My Unionized employees all make over $100k a year. In terms of jobs in the town, if you've got a skill in a trade and want to work in forestry or want to get in to mining, you're set.

A massive gold mine just opened up here and they are paying big beaucoup $$$$ to everyone.

They are renting out a senior citizens home which the owner converted to apartments and are paying $5000.00 a month per room to the owner to house their workers, they do not care. There is money to be made up here, that much is certain.

There is nothing particularly special about what I did to get here. I sucked it up and learned the craft first. This was the hardest part because I was used to being treated like an Officer. It's a hard go eating humble pie everyday when you are used to being the boss. Everything else I got, I just saw opportunities and took them when others would not or hesitated.

Pissed a lot of Union guys off along the way who who felt "I hadn't put my time in". It's business, don't hate the player, hate the game.
 
Furniture said:
Locals looking at $3K/month rent, and foreign investors looking for a safe place to park their money.

Edit: The average rent for a 1 bedroom apartment in Ottawa is $1890/month right now, 2 bedrooms apartments are about $2075.
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Lots of local investors also looking for places to park money. "Brown" people in this part of Canada aren't necessarily foreign.
 
Brad Sallows said:
Lots of local investors also looking for places to park money. "Brown" people in this part of Canada aren't necessarily foreign.
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Most of my top dogs are brown guys. They are the people keeping the economy moving. We owe them a huge debt.

I was reminded of this yesterday:


20230807_123554.jpg
20230807_123706.jpg

This Country was forged by blood and iron. It was also built off the backs of immigrants working in less than ideal conditions. They have as much right to call themselves Canadian as we do.
 
Brad Sallows said:
Lots of local investors also looking for places to park money. "Brown" people in this part of Canada aren't necessarily foreign.
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I wasn't implying any nationality, or ethnicity. Canada is a "safe" place for white people from other places to park money as well.

You are correct though, wealthy Canadians are also benefiting from the inflated housing prices.
 
Furniture said:
I wasn't implying any nationality, or ethnicity. Canada is a "safe" place for white people from other places to park money as well.

You are correct though, wealthy Canadians are also benefiting from the inflated housing prices.
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I stuck the comment in because some of the claims I come across (not here, I'll stipulate) seem to be based on the appearances of the people who drop low offers on houses in these parts, hoping for a score.
 
Brad Sallows said:
I stuck the comment in because some of the claims I come across (not here, I'll stipulate) seem to be based on the appearances of the people who drop low offers on houses in these parts, hoping for a score.
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A live offer is a live offer. The seller can accept it , counter it, refuse it or ignore it.

Getting “offended” over the opening bid should never enter into it.
 
SeaKingTacco said:
A live offer is a live offer. The seller can accept it , counter it, refuse it or ignore it.

Getting “offended” over the opening bid should never enter into it.
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It's not a matter of offense; it's the assumption that the person is "foreign". Part of what sustains unhelpful myths - things "everyone just knows" - is what gets passed around in everyday conversation.
 
Remius said:

A good analysis of the housing issue.

In particular I like the thesis that while not primarily a federal responsibility, it is their problem to help solve.
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Not really much different than health…Canada has 13 provincial and territorial health care systems, yet the Federal government takes a rather active role in our health.

Shelter, food and health figure prominently in life needs.

One could be pardoned for asking about a mathematical perspective to the housing challenge. Existing housing + current shortfall + projected needs based on immigration and natural growth = Total housing needs. Break it down by categories capturing the range of housing type (detached, semi-detached, apartment (low-rise, high-rise) and region, and determine where the projected increase/investment is best supported.
 
Good2Golf said:
Not really much different than health…Canada has 13 provincial and territorial health care systems, yet the Federal government takes a rather active role in our health.

Shelter, food and health figure prominently in life needs.

One could be pardoned for asking about a mathematical perspective to the housing challenge. Existing housing + current shortfall + projected needs based on immigration and natural growth = Total housing needs. Break it down by categories capturing the range of housing type (detached, semi-detached, apartment (low-rise, high-rise) and region, and determine where the projected increase/investment is best supported.
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And that is the biggest issue. Supply. I like the new first home tax free savings account idea. But without supply, cost will be a big barrier still.

I’d like to see a massive building program similar to what they did after WW2 to deal with the housing shortage.

Build affordable small homes. Create an entry scheme into the market that leads to home ownership but also increase the supply in certain areas of the country under pressure. And yes, this would be a government initiative. The real estate builders can’t be trusted to do this without oversight.
 
Remius said:
And that is the biggest issue. Supply. I like the new first home tax free savings account idea. But without supply, cost will be a big barrier still.

I’d like to see a massive building program similar to what they did after WW2 to deal with the housing shortage.

Build affordable small homes. Create an entry scheme into the market that leads to home ownership but also increase the supply in certain areas of the country under pressure. And yes, this would be a government initiative. The real estate builders can’t be trusted to do this without oversight.
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Even though government, at all levels, is responsible for the housing problems you would still call on them to solve the issue? Isn't that one of the definitions of insanity? Repeating the same process over and over whilst expecting a different result. It would require the use of either currently owned land or government to confiscate significant parcels. It would require municipal councils to forgo their development taxes on new builds. Quality control would be a nightmare: thousands of houses, apartments built by the lowest bidder. It would require an agreement on a standard design and a standard density. Eastern Europe in particular is littered with government built housing that is a blight on the planet. After the last 8 years I would think that we had had enough of government meddling in society.
 
Federal government is the least likely to do much that is useful because one-size-fits-all, which is almost always the limit of their capability, isn't suited to problems for which the circumstances differ from one place (municipality, neighbourhood) to another. All they can really do is identify and remove impediments they have created. They could also throw money at the problem, but that will turn out about as well as health care and day care - great for the winners who manage to access it; poor for the taxpaying chumps who are paying for others and cannot access it themselves.
 
YZT580 said:
Even though government, at all levels, is responsible for the housing problems you would still call on them to solve the issue? Isn't that one of the definitions of insanity? Repeating the same process over and over whilst expecting a different result. It would require the use of either currently owned land or government to confiscate significant parcels. It would require municipal councils to forgo their development taxes on new builds. Quality control would be a nightmare: thousands of houses, apartments built by the lowest bidder. It would require an agreement on a standard design and a standard density. Eastern Europe in particular is littered with government built housing that is a blight on the planet. After the last 8 years I would think that we had had enough of government meddling in society.
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We were able to do it before. We aren’t actually repeating anything over and over. But we certainly are not taking best practices that existed before.

Status quo isn’t working either now is it?

Federal government has its part to play in the solution yes.
 
Remius said:
We were able to do it before. We aren’t actually repeating anything over and over. But we certainly are not taking best practices that existed before.

Status quo isn’t working either now is it?

Federal government has its part to play in the solution yes.
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that is because they created the status quo without thinking it through. It WAS working
 
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