Winners and Losers from last night's election

Loser:[COLOR=#333333] Anyone under 35. If you aren’t part of what Spectator editor Fraser Nelson has called the “assetocracy[COLOR=#333333]” — that is, if don’t already own a home or have a nest egg incubating warmly in an investment account — sorry, you’re out of luck. You will be paying to keep the boomers in the manner to which they have become accustomed for the rest of their lives, and long after, even as inflation and rising interest rates mean a similar quality of life will keep receding ever further out of reach for you.

You Will Own Nothing And Be Happy - Klaus Schwab

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Originally Posted by werner.reiche

You will be paying to keep the boomers in the manner to which they have become accustomed for the rest of their lives, and long after, even as inflation and rising interest rates mean a similar quality of life will keep receding ever further out of reach for you.

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And if they think there is going to be an inheritance...think again. The cost of Assisted living and LTC will eat up the equity they built up in the Family Home.

The problem with Socialism and a 'Cradle to Grave' society, is that the next generation has to pay for it.

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Originally Posted by werner.reiche

Loser:[COLOR=#333333][FONT="] Anyone under 35. If you aren’t part of what Spectator editor Fraser Nelson has called the “[/FONT]assetocracy[COLOR=#333333]” — that is, if don’t already own a home or have a nest egg incubating warmly in an investment account — sorry, you’re out of luck. You will be paying to keep the boomers in the manner to which they have become accustomed for the rest of their lives, and long after, even as inflation and rising interest rates mean a similar quality of life will keep receding ever further out of reach for you.

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I'd add to that any "middle class" immigrants ... I have friends recently located from South Africa ... they are trying to figure out how to scrounge up enough cash to just pay the deposit on a home ... forget about everything else!

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Originally Posted by MarkB

I'd add to that any "middle class" immigrants ... I have friends recently located from South Africa ... they are trying to figure out how to scrounge up enough cash to just pay the deposit on a home ... forget about everything else!

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From what I see in the burbs like Barrhaven in Ottawa, Immigrants are doing well...$400K homes and new SUV's in the driveway...I often wonder 'How?" HaHa..

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Originally Posted by MikePal

$400K homes ...

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Mike, when was the last time you looked into real estate prices??

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Originally Posted by rf2

Mike, when was the last time you looked into real estate prices??

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North Kanata you can't buy a townhouse for under 600k. These are properties that went for 300k four years ago.
200 acre farm near Eganville 50 cleared/150 hard maple. Auctioned for 1.2m.

...and I do like the word "assetocracy"... it's a very accurate way of describing the current economic situation.
It really separates the the haves and have nots.

I have two daughters - both engineers, 4 years apart in age.
That 4 years puts the older one into the "assetocracy", while the other is one of the "have nots".
History will will be very, very harsh with the boomers.

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Originally Posted by MikePal

From what I see in the burbs like Barrhaven in Ottawa, Immigrants are doing well...$400K homes and new SUV's in the driveway...I often wonder 'How?" HaHa..

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Are they new immigrants or a generation or 2 from that? Makes a big difference.

So much gloom and doom, I just got my son into his first property here in the GTA, not a big deal. In Edmonton you can get into a condo for under$200,000. Outside Edmonton in a place called Spruce Grove you can get a new semi detached home for $350,000.

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Originally Posted by Fox

Are they new immigrants or a generation or 2 from that? Makes a big difference.

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I'd didn't go door to door to ask if that's what you mean.. HaHa.

Row after row of young couples with young kids..two cars in the driveway. One must assume they're doing alright to have the finances to live like that.

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Originally Posted by rf2

Mike, when was the last time you looked into real estate prices??

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Like Werner said..a few years back when they were building new areas and the signs said 'Houses starting at $420K" :)

edit add: I just looked and there are plenty of homes under $500K..on the second page (51-76)

The last 4 are townhouses under $400K..

https://www.ottawarealestate.ca/barr...et-statistics/

I'm thinking I will build my last house out of those shipping containers and put them on a slab. Lot faster then building out of wood.

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Originally Posted by MikePal

From what I see in the burbs like Barrhaven in Ottawa, Immigrants are doing well...$400K homes and new SUV's in the driveway...I often wonder 'How?" HaHa..

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My banking buddies told me that the vast majority of "new" Canadians have brought vast amounts of cash assets with them,especially,those who came from Hong Kong,southeast and central Asia. That helps a lot when they apply for financing. We all know that when it comes to banks,money talks and BS walks.

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Originally Posted by werner.reiche

North Kanata you can't buy a townhouse for under 600k. These are properties that went for 300k four years ago.
200 acre farm near Eganville 50 cleared/150 hard maple. Auctioned for 1.2m.

...and I do like the word "assetocracy"... it's a very accurate way of describing the current economic situation.
It really separates the the haves and have nots.

I have two daughters - both engineers, 4 years apart in age.
That 4 years puts the older one into the "assetocracy", while the other is one of the "have nots".
History will will be very, very harsh with the boomers.

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You guys would be shocked at the prices in Oxford County. Lol

Quote:

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Originally Posted by werner.reiche

North Kanata you can't buy a townhouse for under 600k. These are properties that went for 300k four years ago.
200 acre farm near Eganville 50 cleared/150 hard maple. Auctioned for 1.2m.

...and I do like the word "assetocracy"... it's a very accurate way of describing the current economic situation.
It really separates the the haves and have nots.

I have two daughters - both engineers, 4 years apart in age.
That 4 years puts the older one into the "assetocracy", while the other is one of the "have nots".
History will will be very, very harsh with the boomers.

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200 acre farm for $1.2M........that is a deal!

Still a buyers market right now until the rates start to creep up. Had a house list on my street for $2.2 and the guy sold it for $2.7 three days later. I have no clue who bids $500k over asking but apparently he, or his wife must have loved the house.

$6000 a acre sure is unless it’s under water