Housing Market

It is everywhere but some areas feel it more than others. I spoke to the guy selling this house down the street from me.

https://www.realtor.ca/real-estate/2...eet-burlington

It is more of a cottage than a house on a street of houses that have been torn down and re-built or heavily renovated - there are three cottages left and this is latest to go up for sale. The owner figures it will sell in the $1.1 to $1.2M range and be town down to make way for a new build.

Young families without $500k plus down do not stand a chance living downtown Burlington. Shame really.

While there are a number of things driving it. Stats like this. Well ask yourself if you believe in coincidences..if yes, nothing to see. If no, ask yourself what happened 2008-2012

https://toronto.listing.ca/real-esta...ce-history.htm


Fiancé’s team shared the average prices in Durham last night.

Detached: $994,000
Semi $740,000
Town:$760,000
Condo $500,000

If a young couple somehow have 20% down for an average semi/town. They are still going to have a mortgage of $600,000

At 2.1% that’s about $2,800/month. Which is before land taxes, car payments, utilities, food, children etc, finding a nickel to save.

rental market?
not much different.

job market?
see 2008-2012

Vote buying, pandering, turning blind eyes, building a world class city ( great ), but ignoring all else.

GM vs manufacturing or Greyhound.

70% of all immigration

etc.

if you build it, they will come.

answers?
who knows at this point. But generally speaking, the MC and have nots are screwed. Which for a region/province/country that professes to be left of Center.......

some gripe about the 1%.
it’s the 20%.

JBen
Well said.......going to be an interesting couple of years when things settle down

https://i.imgur.com/cfucyBf.jpg

Quote:

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Originally Posted by JBen

While there are a number of things driving it. Stats like this. Well ask yourself if you believe in coincidences..if yes, nothing to see. If no, ask yourself what happened 2008-2012

https://toronto.listing.ca/real-esta...ce-history.htm


Fiancé’s team shared the average prices in Durham last night.

Detached: $994,000
Semi $740,000
Town:$760,000
Condo $500,000

If a young couple somehow have 20% down for an average semi/town. They are still going to have a mortgage of $600,000

At 2.1% that’s about $2,800/month. Which is before land taxes, car payments, utilities, food, children etc, finding a nickel to save.

rental market?
not much different.

job market?
see 2008-2012

Vote buying, pandering, turning blind eyes, building a world class city ( great ), but ignoring all else.

GM vs manufacturing or Greyhound.

70% of all immigration

etc.

if you build it, they will come.

answers?
who knows at this point. But generally speaking, the MC and have nots are screwed. Which for a region/province/country that professes to be left of Center.......

some gripe about the 1%.
it’s the 20%.

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2.1%. Is like free money compared to 70-80’s

Quote:

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Originally Posted by js4fn

2.1%. Is like free money compared to 70-80’s

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So is 279% increase in a homes value in a year.

Fort Erie 680% change!!!!

JB, just a comparison to some of your figures.........we bought our second house in '68 for $52,000, 1300 sq ft backsplit. We sometimes struggled to make payments but still lived our basic lifestyle. Which simply meant no extravagent vacations, no shopping perks, no new vehicles or toys of any type. But we always planned for the day that the house would be paid off. Fast forward to today and I see homes that will never be paid off and thats a huge difference.

With prices like that a young couple might be better to buy an RV - one thing this whole thing tells you is that investing in real estate can be a winner - there are times when the market drops but eventually it goes back and beyond where it was - a good hedge against inflation too

It is crazy...I just saw an episode of All in the Family where Edith was preparing for a mortgage burning property...wont see any of those anymore lol
I am interested to see what will happen in 5 years when these mortgages will need to be renewed and times are tougher...banks are going to own alot of properties I think

Quote:

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Originally Posted by sawbill

Which simply meant no extravagent vacations, no shopping perks, no new vehicles or toys of any type. But we always planned for the day that the house would be paid off. Fast forward to today and I see homes that will never be paid off and thats a huge difference.

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Sadly today, they want all the toys RIGHT NOW! And they want the big house RIGHT NOW! Many of them are spending mommy and daddy's money these days. Their children..... not so much I anticipate?