Real-estate market 'almost at a crisis situation'

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Originally Posted by gbk

What would you recommend to solve this issue?

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Not sure if you can! The new generation is toast by the time they are young teens , having not been properly parented/raised. For the most part, they don't have a clue how to be independent , confident and responsible for the state in life that they find themselves. Perseverance in "adverse" life conditions in order to obtain a goal by your own means essentially doesn't exist anymore. If you as a parent have managed to instill this value in your kid today then I guess you better thank your parents for rubbing off on you! If I lived in an urban setting where real estate was ridiculously priced, then I'd use common sense and get the hell out of Dodge. Face reality and relocate to somewhere that is affordable. You'll be happier and healthier as well by getting the hell out of the city. I have a lot of friends who have children who have made this move in life eg. get the hell out of the GTA and move to Nova Scotia, New Brunswick, or rural Ontario. Avoid the $1.5 million dollar starter home crap and live somewhere where that 1.5 will get you a fantastic $700k home, a job, happiness, and $800K to invest for your family's future. Here's just few choices/moves that were done by young people (23-35) I personally know :
Leave Kitchener - now in St. John, NM - hydro linesman and cop - beautiful $700K house with acreage
Leave Toronto - now in Kenora - teacher and teacher - hose right on the water with 40 acres for about $650k
Leave GTA - cop and CO - now in Timmins
Leave Toronto - municipal planner and teacher - now in North Bay
Etc., etc, etc.

Both my kids own a home as of 2 years ago, one is 28yrsold and the other is 32.

They bought it on their own with no financial help from us and they have just slightly above average paying jobs.

We must have done something right when razing them... lol

My daughter has clients who are laying out $350K in down payment and trying to figure out how to juggle two more mortgages for another $800K using every trick in the book to close. The payments will be so high that they'll be into 30 years of massive payments. The scary thing is that when people try talking to them,they aren't interested in listening.

Here are my thoughts. My Dad came to this country in 69-70 from Europe for a better life for him and his young family. He had no education, didn't speak the language, but was able to work in construction and bought a house in downtown Toronto. With him and my mother working they paid that house off, sold it, and moved uptown to North York where they bought and paid off that house as well in a very short period of time.

They were also able to send me to school and pay for my education.....which wasn't much cause I only did 2 years of college. I myself was able to work, buy a house, raise a family, pay off that house to move into something bigger, and then pay off my second house in less than 10 years. Now I'm putting my kids through school and paying for their education, which all 3 are in university.

Why can't my kids be able to do the same thing I did and my parents before me? How did we as canadians allow this to happen?

It was forced upon us on purpose by the gov.

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Originally Posted by Fenelon

Not sure if you can! The new generation is toast by the time they are young teens , having not been properly parented/raised. For the most part, they don't have a clue how to be independent , confident and responsible for the state in life that they find themselves. Perseverance in "adverse" life conditions in order to obtain a goal by your own means essentially doesn't exist anymore. If you as a parent have managed to instill this value in your kid today then I guess you better thank your parents for rubbing off on you! If I lived in an urban setting where real estate was ridiculously priced, then I'd use common sense and get the hell out of Dodge. Face reality and relocate to somewhere that is affordable. You'll be happier and healthier as well by getting the hell out of the city. I have a lot of friends who have children who have made this move in life eg. get the hell out of the GTA and move to Nova Scotia, New Brunswick, or rural Ontario. Avoid the $1.5 million dollar starter home crap and live somewhere where that 1.5 will get you a fantastic $700k home, a job, happiness, and $800K to invest for your family's future. Here's just few choices/moves that were done by young people (23-35) I personally know :
Leave Kitchener - now in St. John, NM - hydro linesman and cop - beautiful $700K house with acreage
Leave Toronto - now in Kenora - teacher and teacher - hose right on the water with 40 acres for about $650k
Leave GTA - cop and CO - now in Timmins
Leave Toronto - municipal planner and teacher - now in North Bay
Etc., etc, etc.

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Thanx Fenelon-makes sense.

I was thinking more to see solution/solutions from Fishfood.

He appears so enveloped in all this-seems unlikely that he did not come up with some solution( pro or contra)

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Originally Posted by gbk

What would you recommend to solve this issue?

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I don't have a recommendation but I know bad policy's and neglect brings devastating consequences.
The 2 latest does nothing but keep the prices higher.

30 years mortgages for new owners pay longer not less.

Adding 1.3 million people in 2023 when in 2022 they knew there was a household shortage. That too will not make housing more affordable. Bad policy's. Running a narrative not a country .

But that is why I bring these discussions so we can talk about them. Not just blame the lazy when it takes more than twice the amount income than our elders. You can't just buy a house on a single income and start a family like it was in the old days. Maybe that's why people are having less kids.

When you have a finance minister who has watch the middle class shrink for years. Rights a book about the ultra rich complains about them. Then only to serve on the border of trustee's within the ultra rich organization. Every year she doesn't mind gathering with them sipping champagne and eating lobster rolls.

Watching the middle class separate for years is neglect. Why are they not trying to better our economy as a hole?

Why is Russias economy growing 3 times more than Canada economy this year? In fact Russias economic growth will be stronger than any g7 countries including the United States.

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Originally Posted by Fenelon

Not sure if you can! The new generation is toast by the time they are young teens , having not been properly parented/raised. For the most part, they don't have a clue how to be independent , confident and responsible for the state in life that they find themselves. Perseverance in "adverse" life conditions in order to obtain a goal by your own means essentially doesn't exist anymore. If you as a parent have managed to instill this value in your kid today then I guess you better thank your parents for rubbing off on you! If I lived in an urban setting where real estate was ridiculously priced, then I'd use common sense and get the hell out of Dodge. Face reality and relocate to somewhere that is affordable. You'll be happier and healthier as well by getting the hell out of the city. I have a lot of friends who have children who have made this move in life eg. get the hell out of the GTA and move to Nova Scotia, New Brunswick, or rural Ontario. Avoid the $1.5 million dollar starter home crap and live somewhere where that 1.5 will get you a fantastic $700k home, a job, happiness, and $800K to invest for your family's future. Here's just few choices/moves that were done by young people (23-35) I personally know :
Leave Kitchener - now in St. John, NM - hydro linesman and cop - beautiful $700K house with acreage
Leave Toronto - now in Kenora - teacher and teacher - hose right on the water with 40 acres for about $650k
Leave GTA - cop and CO - now in Timmins
Leave Toronto - municipal planner and teacher - now in North Bay
Etc., etc, etc.

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My point was people need to work twice as hard now than our elders. A Toronto home was 4.5 the average salary now 13 times the average salary meeting they are working way harder today than before.

When we talk about reckless spending our government is just as bad as the consumers. What's our interest payment just as big as our latest budget. When the budget balances itself economy's fall. Reckless spending just gets past down to us.

I know a few people who moved away others can't do that for other reasons. Some even left the country after lockdowns.

I know someone with their house up for sale now again leaving the country. Reasons bad health care , bad education his kids a Wizz all advanced classes they took all the advanced course out of our region as everyone gets a ribbon. Also the affordability of our housing he wants his kids to have the same opportunity as he did .

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Originally Posted by bellerivercrossbowhunter

Both my kids own a home as of 2 years ago, one is 28yrsold and the other is 32.

They bought it on their own with no financial help from us and they have just slightly above average paying jobs.

We must have done something right when razing them... lol

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That's awesome. 32 is a crazy age to get into a to be starting out no wonder why people are having less children.

I have 3 girls the oldest will never own she want to vote for what they can give her lol.

My middle 20 has a good job and I see her getting in the next few years. The younger is only 12 .

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The good news about housing is that we could see prices hit 2017 levels . It's within its range. 100 thousand dollar increase and decrease we have already witnessed.

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