Real-estate market 'almost at a crisis situation'

JBen I get what you are saying. Right time right place. I grew up in Scarborough , the top of the bluffs near Bluffers Park, which was a landfill site in my youth. I live just across the border from Scarborough and I pay twice the tax for the same size house. I also pay taxes in Kawartha Lakes, over 2 grand for a bunch of garbage bag tags, so I can take my own garbage to the dump, I am on an island, so no road to plow, no mail delivery. I do subsidize what goes on in Fenelon Falls even though I cannot vote there.

haha, was hoping you'd understand theres winkys in there.
Similar arguments can be made "everywhere"with respect to land taxes and thats one area where I suspect the great evil one (Mike Harris) was "right". By downloading a lot onto municipalities, it put more onus on the residents of that area to be more responsible for themselves. Aka pay for the things they want/need.......... Or live within their means......That said, fast forward to today and its brutally obvious how (searches for right words) inequitable it is. Whether its blatant vote buying, corporate welfare (catch all phrase to describe subsidizing companies for hoped for job creation) or infrastructure spending. All these things relate, and are part of the equation with RE prices.

Great cities don't get that way by accident.
Kingston, London/Waterloo, so many others...Have they grown even remotely close? Many in fact have gone the other way..........
just saying.

So as it pertains to RE.
Well there are reasons demand>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>su pply, and those same reasons are directly tied to "property values" in and around the GTA.

What a mess

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Originally Posted by fishermccann

Bought my present house in 1998 for 220 thousand , houses on our street go for over 1.2 million now. I don't know I will have to ask JBen , but is investing 200 thousand to make 1 mill in 18 years a good return on investment. Over that time would any other investment have increased as much as real estate?

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we got ours in 96 for $ 173,000. and probably in the Million range now . maybe more as we are on a dead end street in Port Credit on a 50 x 200' lot and rear neighbors have 50x200' lot so lots of privacy. will wait and see when we sell in the summer...

As I'm trying to purchase my first home here in Peterborough it's becoming super difficult. People are coming here from the GTA and over bidding on every house that comes up. The most I've seen here is $130,000 over the asking price so far. Locals here cant afford that and meet what they are offering. The average home here now is around the $400,000 range and rising.

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Originally Posted by Bonkers

As I'm trying to purchase my first home here in Peterborough it's becoming super difficult. People are coming here from the GTA and over bidding on every house that comes up. The most I've seen here is $130,000 over the asking price so far. Locals here cant afford that and meet what they are offering. The average home here now is around the $400,000 range and rising.

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once the 407 connects to 115, you won't be able to afford a house just like in Toronto or GTA. people commute as far from Barrie to Orilla to Toronto on daily terms. this is insane.

I read this entire thread and never have I been so glad to live in rural Eastern Ontario (between Renfrew and Arnprior in the Ottawa Valley).

The sums of money being discussed are just mind blowing to me.

Many of these people would be better off relocating to other areas of the country where housing is 10 - 50% as expensive and working lesser paying jobs - they would be further ahead.

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Originally Posted by buckchaser

I read this entire thread and never have I been so glad to live in rural Eastern Ontario (between Renfrew and Arnprior in the Ottawa Valley).

The sums of money being discussed are just mind blowing to me.

Many of these people would be better off relocating to other areas of the country where housing is 10 - 50% as expensive and working lesser paying jobs - they would be further ahead.

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Big smile.
As mentioned when the company was seized this time last year, I decided it was time to get out of the asylum. I grew up in the beaches, spent my misspent youth in the wrong places, moved to sleepy Ajax when I was 27. In short, I am a product of it all, and the reality is the vast majority of residents, the vast.........Are neither cityiots, are neither "Libtards", or some other cute names. They are though

self centred.
When it comes to politics and things like this. They don't see, or can't be bothered to see how so much, affects so much.Busy lives, corporate ladders, keeping up with the Jones's, health problems, unruly teens, maybe their own jobs on thin ice, etc, etc. In short they are just people like everyone else.

Caught up in the trappings of modern day life, lemmings in the rat race.
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Problem Buckchaser is when you make that move for a better quality of life, a saner life, where chasing the almighty greenback isn't so important.......These days

There are few jobs.
My plan when I moved out of the centre of the Universe ( many reasons why many in Canada think TO is full of themselves), was given my knowledge, my qualifications, 20+ years in advanced investment, capital markets, it would be an easy slide into becoming a CFP ( certified Financial Planner) and work at a branch within a 90 minute circle...North Durham, to Peterborough, Lindsay, Orillia, Uxbridge/Newmarket. No issues here going from 6 figures down to the median ( low 40s). Life isn't about $$.

Know idea how may applications at this point.
Not 1 phone call
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It's just nuts, how often will people from the GTA say " Well we raise everyone else standard of life"..."We pay the most taxes", blah blah blah.
Never realizing they by far get the most ( infrasture, corporate wealth fare, have the most Hospitals and thus Drs, Nurses, more...........the most schools boards and thus schools/Teachers, the two biggest slices of the budget). On the topic of Hydro they are pigs ( look at Ontario from the moon at night) so they use and pollute the most (yet Rural Ontario pays for it all). So all these wind farms that so much $$ has been pissed away on...Its not for the rest of Ontario..............Yet all pay for it....And thats before boondoggles, and outright vote buying.

300,000,000,000 in debt and climbing, making the GTA the "greater"...ta. Obviously like the laws of supply/demand. Expenses>>>>Revenue, or ability pay>>>>demand.

Why does the GTA get 30% of all immigration, why are property values exploding, etc, etc...Demand>>>Supply.
So much infrastructure, so much subsidized public transit like the TTC/Go Service, so many Hospitals and Schools and more......Aka see above and 300b in debt.

Getting the heck of it was the best decision Ive ever made in my life.
Now just need a job
;)

If the City of Toronto raised their municipal tax mill rate to the same level as the rest of the province,their fiscal troubles would come to a screaming halt providing the lefties didn't blow that out of the water in one fell swoop,too.

Land transfer tax in Toronto crazy though. The tax on a 500,000 dollar house is roughly 6 grand anywhere else in the province but the tax on that same house in Toronto (as if you could even get a house for half a mill in TO) is about double.

Just sold a lovely 1400 sq foot house 35 minutes from downtown Ottawa. Move in condition on a half acre lot for 255K. Fenced yard, 3 dog kennel.
Just missed out on a 320k 1800 sq foot bungalow on 2 wood acres in Dunrobin - 15 minutes from Kanata.
I don't miss Toronto craziness.