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BOC Hits 5%

crankcall said:
Um no , the immigration drives business . Many do jobs CDN won’t. They then open thier own business and generally thrive . They contribute to community and all that involves .

And yes they usually buy houses . And pay them off .


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Also the CPP ponzi scheme relies on ever more people paying in. Kill immigration completely and CPP would collapse relatively quickly.
 
Mad Mike said:
Immigration has a number of purposes, some serve the country's economic interests some are benevolent.

The problem Canada faces is lousy planning and targeting. The feds are responsible for this area, their focus has been to attract wealthy immigrants who bring capital to fuel businesses, plus they are less likely to overload the social system -- that makes sense as long as it's done in moderation and with a plan. The main problem is people are arriving faster than we can build homes, medical supports, and civic infrastructure AND there is no plan to settle people where the county needs them -- the majority end up in Toronto, Vancouver and Montreal.

As a result, we have juiced the demand for things like housing and medical care faster than we can build those things. Wealthier people consume those resources -- so when they are in short supply basic economics drives up the prices for free market things like housing, and stresses gov't services like health care.

Up until 2015 Canada did a pretty good job of balancing entry rates, immigration across the spectrum brought a balance of immigrants needed to swing hammers and build businesses. After 2015, not so good. Today we have major supply issues in housing and health care, cities are being overwhelmed with newcomers and there has been no real effort to recruit immigrants for the roles or places that are needed.

I have said before we need to slow down so we can catch up. That's the high level, we also need a better planning -- targeting the workers we desperately need, unlocking licensing roadblocks for specialized workers (doctors, nurses), and better geographic distribution for newcomers.

Elect me as your next Prim Minister and I'll take care of those things.
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lol you will do corporate bidding in your first week.
 
crankcall said:
Um no , the immigration drives business . Many do jobs CDN won’t. They then open thier own business and generally thrive . They contribute to community and all that involves .

And yes they usually buy houses . And pay them off .


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Tell us how to pay off a million dollar house on a combined income of 110 000.
 
crankcall said:
Um no , the immigration drives business . Many do jobs CDN won’t. They then open thier own business and generally thrive . They contribute to community and all that involves .

And yes they usually buy houses . And pay them off .


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Click to expand...
suckers....https://www.cbc.ca/news/canada/immigration-housing-fears-economy-construction-labour-shortage-targets-1.6641463

"To help, Canada has just announced record immigration targets — 1.5-million new Canadians within the next three years — with plans to bring in 500,000 people in 2025. Federal officials say that will help boost the economy"

www.readthemaple.com

Find Out If Your MP Is A Landlord Or Invested In Real Estate

The federal government forces members of parliament to publicly disclose their sources of income, properties owned and investments.
www.readthemaple.com www.readthemaple.com
 
SnazzyBalkan said:
Tell us how to pay off a million dollar house on a combined income of 110 000.
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1) Get rid of credit cards, loans on cars and toys.
2) Get better jobs -- $1M appetite needs a combined income of about $200K
3) Lower expectations -- many first-time buyers enter the market at far less than 'average' by either looking for a place that needs some attention or isn't in a geographic sweetspot.
4) Move. Thunder Bay, Calgary, Regina, Moncton (and lot of other places) all have great employment opportunities, excellent pay and much lower house prices.

There really isn't any magic. 25 years ago the average price for a house was $229,635 in Toronto. Interest rates were $13%, and the average family income was $57,800 -- that income would only support borrowing 45% of the average home's value. It has become worse in the last 3 years, an average income only finances 32% of the average home's price, but real estate values do go up and down, so maybe that will change.

Either way, the average family income in Toronto hasn't financed the average family home for decades.



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The guy who owned the local variety store move here from Greece. To start, three families lived in the same house. His store was open from 7-11 and it was usually him there. The families got jobs saved and bought a second and then a third house.
 
SnazzyBalkan said:
Tell us how to pay off a million dollar house on a combined income of 110 000.
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Buy a $500k dwelling (400k mortgage, 100 down), sell for 850 (paid off about 50k, equity gained ~250k). Buy a 1M house (~600k mortgage), sell for 1.4 (paid off equity ~50k, equity gain ~300k). Buy a 1M house (~250K mortgage, obviously smaller or further than house two). 250K mortgage is in the ballpark of 1500/mo. Add in property tax and maintenance and housing is in the ballpark of $2500. It's hard to get much cheaper than that these days and you are in a 1M house.

Buying 1M right out of the gate works for very few. FWIW, a friend bought their first house for 1.4M. No gifts or family money. Lived in a cheap apartment, two incomes, saved like hell for years before buying house.
 
Baggsy said:
The guy who owned the local variety store move here from Greece. To start, three families lived in the same house. His store was open from 7-11 and it was usually him there. The families got jobs saved and bought a second and then a third house.
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Apples and oranges compared to that era....do the math.
 
GreyGhost said:
Buy a $500k dwelling (400k mortgage, 100 down), sell for 850 (paid off about 50k, equity gained ~250k). Buy a 1M house (~600k mortgage), sell for 1.4 (paid off equity ~50k, equity gain ~300k). Buy a 1M house (~250K mortgage, obviously smaller or further than house two). 250K mortgage is in the ballpark of 1500/mo. Add in property tax and maintenance and housing is in the ballpark of $2500. It's hard to get much cheaper than that these days and you are in a 1M house.

Buying 1M right out of the gate works for very few. FWIW, a friend bought their first house for 1.4M. No gifts or family money. Lived in a cheap apartment, two incomes, saved like hell for years before buying house.
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I appreciate the story but as you already know for every friend we all have that did it, there are hundreds that do not and collapse.
 
When I bought my first house average was far from attainable. I was looking for cheapest inhabitable house, old everything ****** paint, kitchen and floors but still functional. No one wants that anymore it seems bit it should be the goal for first time.

Sent from the future
 
Scuba Steve said:
When I bought my first house average was far from attainable. I was looking for cheapest inhabitable house, old everything ****** paint, kitchen and floors but still functional. No one wants that anymore it seems bit it should be the goal for first time.

Sent from the future
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To be fair, there are far less of those around. Those were the flipper targets. They could outbid people that planned on living there as they only planned to carry for a few months, polish the turd and sell for hundreds of thousands more.
 
Scuba Steve said:
When I bought my first house average was far from attainable. I was looking for cheapest inhabitable house, old everything ****** paint, kitchen and floors but still functional. No one wants that anymore it seems bit it should be the goal for first time.

Sent from the future
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I built my first one. It was 1100sq' on a nice lot in the swamps of Riverdrive Park, 1 hr commute to work. I needed 2 roommates to cover the 12% mortgage for the first 2 years.
 
No one gives you any sympathy when you say your first mortgage was 12% because its harder to buy a house now (need a much much greater down payment, mortgage payment is larger, your income needs to be higher, and salaries haven't kept up with inflation).

My dads talks about how he was excited on his first home that he got an interest rate of only 13% (on a <$100k house). At the time he worked at a parts desk and made $16/hr. Which is $45/hr in today money, but that same parts desk job now pays $20/hr... Good luck in todays world even affording an apartment in most of the province on $20/hr.

Scuba Steve said:
When I bought my first house average was far from attainable. I was looking for cheapest inhabitable house, old everything ****** paint, kitchen and floors but still functional. No one wants that anymore it seems bit it should be the goal for first time.

Sent from the future
Click to expand...

Like GG said, those are the ones with bidding wars on them. Every boomer whose built a deck before think they will make $300k by painting the house grey and installing laminate floors and an ikea kitchen. The only fixer-uppers I see sitting on the market for more than a few days around me are the ones you can see from the photos have serious issues.
 
I agree with @48Connor as I've had this discussion so many times with the older generation.

'You guys have it so easy! When I bought my house I paid 20%'
'Ya, but your house cost 100k, and you could afford it on one salary'
'But 20%. You're so lucky at 2%'
'But this house is 1M...do the math of 80k@ 20%, and then 800K @ 2%....'

Usually the conversation ends after I tell them to do the math.

EDIT:
Just for kicks....

80k @ 20% 5 year / 25yr amort = $592/bi-weekly
800k @ 2% 5 year / 25yr amort = $1,558/bi-weekly

100k @ 10% 5 year / 25yr amort = $410/bi-weekly
 
Baggsy said:
The guy who owned the local variety store move here from Greece. To start, three families lived in the same house. His store was open from 7-11 and it was usually him there. The families got jobs saved and bought a second and then a third house.
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Step one. Try to get a bank mortgage. If you can borrow from relatives and do without all that is expected, cable, internet, unlimited cell plans, car, food other than rice and beans, privacy, kids before forty, side jobs. DIY everything.

Try finding a partner that can stick it out for ten to twenty years. (Sooner or later many envy friends that got back from a cruise.)

Someone in Winnipeg asked me how people in Toronto afforded houses. I said we mortgage our youth.

Is it worth it? Some day we’ll all be sitting in rocking chairs pooping our pants. The group at one table is comparing how many bones they’ve broken getting caught in ruts or how many boats they sank and laughing at the best story. The group at the other table is discussing how much they made on the stock market.
 
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