Housing Market

Houses around me are going for hundreds of thousands over asking with multiple offers. One neighbor was asking one million, took threee hundred thousand over asking. House beside him sold nearly two hundred thousand over asking.
Crazy times.

“ I think kids these days need to understand that living in big urban areas isn’t worth it.”

Yesterday, Greyhound folded. That spawned some discussion.

A few days ago, 4100 started a thread about remote work, and potential land mines.

Since 2008, there have been hundreds of threads, about manufacturing, or Hydro, Carbon taxes, shrinking middle class, this, that and the other..

We are hearing, that much like stupid R/E prices, the rental market is as bad, worse in ways. These days, landlords run credit checks. All else equal, who would you rent to. Someone that’s prime, or someone not quite prime......banks will at least finance both...would be renters, desperate for a place to live, are offering landlords cash, to rent to them...

What choice “really”, do young people have these days. Where’s the “work”? The Maritimes? The West?

The median duo....duo income in Peterborough is $65,000....

I think, if I were 25-30 again. I’d look to the US. There, housing affords is trending down. Lots of places to choose from.

Canada is fast going down the toilet.

I know someone looking to buy a first house right now.


Finally finds one in his price range. Phones real estate agent and says ill take the house for your asking price.


Agent says, Thanks for the offer we will let you know what the highest bid is soon.

He says No, I'm willing to pay what your ASKING right now.

Nope, won't sell, Its highest bidder now.

He feels pretty defeated. So glad I bought my "dump" back in 2012.

Could sell for 4x what I paid but I can't replace it unless I move 4hr+ north. No thanks

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problem is they watch those TV shows property brothers , love it or list it and think they need to start with

The only way to take advantage inside this bubble is if you are mortgage free and you put the equity into an investment account and have the dividends pay for an your assisted living apartment :)

House prices have been going nuts for probably 3 or 4 decades. But right now, it's like on crack cocaine ....

Quote:

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Originally Posted by Birdbuff

Did the same here. Got married and bought a starter home, a 2 bedroom bungalow. House was listed as is, so I knew it would need work, but it was the right price. Worked all day, then went to the house and worked all night. Many nights spent on the floor. It took us 1.5 years to complete but we made it our castle. We finally grew out of it (3 kids) last year and sold the place. Upgraded to a bigger home and lot, but nothing fancy. I will still be working at it to make it my own.

I think kids these days need to understand that living in big urban areas isn’t worth it. They should at least be willing to travel, strike out on their own and make a new life somewhere else. Family and friends will always be there for you, wherever you are.

As far as these price wars go, it just doesn’t add up. I don’t think wages are keeping up with these inflated prices. Not sure where ppl are getting the money, but if you’re borrowing a bunch from the bank, it’s going to be a long road.

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Thats the way the world is supposed to work, start small, work and grow. The kids now seem to think they should have it all at once.

The old lady and myself have worked long and hard to get where we're at, it's not ideal but a far better place to grow from. I don't need the mad dash life anymore. If anyone needs me, I will be somewhere in the middle of 250 acres with no cell service!

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I have a daughter in Guelph and she was saying the Chinese are buying up every house/property they can get their hands on. Guelph is a University town so one can expect the rates for student accomodations wil go way up. And they are the people who can least afford it.

The farmer that parcelled off the land for our street ( A 1 street sub division) 30-40 years ago.Is selling another 200 acres at the North end of the street. Asking $10,000,000 or $50,000/acre. That's before a single septic is dug, or a single $100 sheet of plywood is bought.
https://www.realtor.ca/real-estate/2...little-britain

Some might call this a starter home. It's in Lindsay. One of Five regions the province designated as economically depressed ( no jobs) and was going to use as a pilot for a form of UBI. A relatively cheap and mere $400,000 doesn't buy much, even on the wrong side the tracks. Let alone in the GTA. A house, very comparable to this, just sold for $1,700,000 in Brooklin.
https://www.realtor.ca/real-estate/2...-lakes-lindsay

I sincerely doubt, the majority of young couples are buying 2,000 or more square foot homes in the GTA.
New build townhomes, from what I see when I'm in Whitby/Oshawa start in the 700s..........

Are the Chinese snapping up all the properties? Likely some, but imoo, they are just an easy target. Not unlike being an easy target to blame the Wuhan Flu.

Supply <<<<<<<<<<<<<<<<<<<<<<<<<Demand.
And imo, when trying to figure out why Demand is soooooooooooooooooooo high, that's when things start getting uncomfortable.

As well, or concurrently, fear and greed are the two most powerful emotions/motivators in humans.So, whether it's things like blind bidding, bidding wars, not accepting offers at ask (greed), or vote buying (greed), pandering (greed), and or just utter lack of foresight and planning and not diversifying.....Giving people reasons to want to live and work anywhere else, but the centre of the universe....

Over the next 3 years, 1,200,000 more will be flooding the GTA. let alone Canadian/Ontarian youth wanting a better life. I'm going to step out on a limb, and make an assumption that Sawbills daughter grew up in the north...but...

https://www.stcatharinesstandard.ca/...mended_for_you




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