Canadian housing bubble thread

Discussion in 'Economics' started by m22au, Apr 11, 2017.

  1. The canadian home market is a joke. Once canadians realize how easy it is to own a home in sunny Arizona or Florida they'll sell or down size and buy a winter home south of the border. For example a sell their 1980 sqft home in kitsilano for 2.4 million.
    Buy a nice vancouver condo for 700k
    and winter home is scotsdale for 300k.
    And retire with additional 1.4 million in the bank
    #131     Aug 4, 2017
    murray t turtle likes this.
  2. %%
    Hard TO LOSE MONEY, in real estate, Nine ender,unless one uses insane leverage, or excess leverage, or gets in a hurry on buys; easy to lose money paying rent. We cant really blame the muzzies for goofing up much of Detroit, the socialists did that years ,before the muzzzies got there:D:caution:
    #132     Aug 4, 2017
  3. ironchef


    That is why so many Chinese, Japanese, Koreans, Russians..... are buying homes in the US of A. The Canadians, well, that is why they are called snowbirds.
    #133     Aug 4, 2017
  4. Nine_Ender


    You have a rather limited self centered perspective. In reality, Canada has far more interest in people immigrating to Canada then Canadians wishing to move to the US. Our population is growing, especially in the Toronto area. Canada has numerous characteristics that differentiate it from the US.

    Given that you often quote money, size of property, boats and other "showcases" of wealth as your main motivators in your life, Florida may be a fit for you. Others value things like family, safety, sports activities, ethnic community or an interesting job at a higher level then money. Even given your biases, you still ended up in Toronto at some point. You were an owner in a market that you term a "joke".
    #134     Aug 4, 2017
  5. Gotcha


    Actually, getting into the US in terms of working papers is very difficult. Most Canadians do not work in the areas where obtaining working papers for the US would be easy.

    The growth in Toronto is not actually beneficial to anyone in Toronto, other than developers perhaps. There is already enough of everything there. More people just makes the traffic worse, and clearly the housing more expensive. Maybe some businesses are benefiting from the influx of more talent, but I don't think Toronto overall is benefiting at all.

    If you gave Canadians the choice to move down to the US, especially a nice climate area, where their housing dollar would go so much further, I think most would jump at the opportunity. Its true that healthcare is a huge benefit in Canada, but this can either be solved by having a good employer, or simply purchasing it from the money saved on taxes and cheaper housing.

    Those people getting into these huge mortgages right now really have no idea how long it will follow them. Seriously, people used to buy property that was about 4 times their annual gross family income which allowed for paying off your mortgage, adding to savings and pensions, and have discretionary spending. Now the number is 8-10 times annual income, and all that spending is just added on as debt. This will not end well and is not sustainable.

    Of course people are forced to do it because the jobs are where they are, and they have to live somewhere, and they are mostly competing with people who have unlimited funds or don't actually work in the city. But the fundamentals mean that it will be a long hard road with very little to show for it at the end. The generation buying property now will not be rich like the generation that is now retiring.

    So I think most would happily choose to move if they could but there is very little ability to work outside of Canada for most Canadians, and most jobs are in big cities and hence most people are stuck where they are having to load up debt and pay insane prices for properties that will have implications for decades to come.
    #135     Aug 5, 2017
    murray t turtle likes this.
  6. It's self righteous people like you that turn Canada and being Canadian into a joke. Just like The Canadian government, you have no right what so ever to tell people how to live. I get a feeling you must work for the provincial government, one of the fat cats feeding off tax payers. BTW fyi this is financial form, you know that means, right? You should take your none money related views somewhere else, perhaps a liberal form. Where you're appreciated but I'm sure you'll pick on people there and get on there nerves. Or may you've been there, and they threw you out...
    #136     Aug 5, 2017
  7. If you think your canadian home is not in a bubble, dream on. Here's an international view. Canada eh. You'll swallow your punk when you see this..
    Can't find a buyer eh!
    #137     Feb 17, 2018
    i960 and dealmaker like this.
  8. ironchef


    New York City and Singapore near the bottom? Unbelievable.
    #138     Feb 19, 2018
  9. New York City and Singapore are regional financial centers. Not sure what Toronto has to offer from a global perspective. Maybe just realtor hype and over zealous foreign buyers with lots of cash to wash. Canada's attractive due to foreign investor visa with no global income reporting. USA will figure out soon enough.
    #139     Feb 20, 2018
    murray t turtle likes this.
  10. %%
    Higher taxes, in Canada; but that can be a good thing to kill growth or if one is a greedy gov. BUT compared to micromanage in CA, Canada could be a dream come true.LOL??:D
    #140     Feb 20, 2018
    dealmaker likes this.