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BOC Hits 5%

48Connor said:
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.



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.
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Spot on! Don't expect any help either from your non-proportional representation-elected MPs At least 20% of Canadian MPs hold rental, investment real estate amid housing crunch - National | Globalnews.ca
 
48Connor said:
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.



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.
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I'm sure dad told you his walk to work was thru 10' of snow, uphill there and back.

When mortgages were 12%, you couldn't get a house in Keswick for $100k. If you did, you'd need 40% down, $16/hr would limit a mortgage to $60k.

You should go hug some boomers. They doubled your inheritance in less than 5 years.
 
I really don’t know what the answer is to affordable housing . Cheap builds just cost more to maintain later , mortgage money costs what it costs , and according to Toronto Life magazine, a $220k family income is required to buy a house in Toronto . That’s a lot of dough to a lot of people .


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crankcall said:
I really don’t know what the answer is to affordable housing . Cheap builds just cost more to maintain later , mortgage money costs what it costs , and according to Toronto Life magazine, a $220k family income is required to buy a house in Toronto . That’s a lot of dough to a lot of people .


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There isn't affordable housing.

Obc obviously requires more and more (more insulation, tighter air sealing, mechanical fresh air exchange, co detectors, etc), it all adds up. Sure, its a better dwelling but the costs to build it are not affordable. Add in land that is not affordable and government fees that by themselves exceed the affordability threshold for many and here we are.

Sadly, the best route we have short-term is smaller units on less land (or rented land) (which still doesn't deal with the government fee mess).

Longer term, if you could build dwellings faster than you add people and if you could control ownership so they remain housing and not investments, you can chip away at prices.

I still think there should be a housing product that can only be a primary residence. That keeps the huge pool of investors out. That pool will appreciate slower but could provide stable housing.
 
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GreyGhost said:
There isn't affordable housing.

Obc obviously requires more and more (more insulation, tighter air sealing, mechanical fresh air exchange, co detectors, etc), it all adds up. Sure, its a better dwelling but the costs to bud it are not affordable. Add in land that is not affordable and government fees that by themselves exceed the affordability threshold for many and here we are.

Sadly, the best route we have short-term is smaller units on less land (or rented land) (which still doesn't deal with the government fee mess).

Longer term, if you could build dwellings faster than you add people and if you could control ownership so they remain housing and not investments, you can chip away at prices.

I still think there should be a housing product that can only be a primary residence. That keeps the huge pool of investors out. That pool will appreciate slower but could provide stable housing.
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Rates to 15%, stop immigration asap, enforce financial money laundering rules and rezone. aka emigrate!
 
GreyGhost said:
There isn't affordable housing.

Obc obviously requires more and more (more insulation, tighter air sealing, mechanical fresh air exchange, co detectors, etc), it all adds up. Sure, its a better dwelling but the costs to bud it are not affordable. Add in land that is not affordable and government fees that by themselves exceed the affordability threshold for many and here we are.

Sadly, the best route we have short-term is smaller units on less land (or rented land) (which still doesn't deal with the government fee mess).

Longer term, if you could build dwellings faster than you add people and if you could control ownership so they remain housing and not investments, you can chip away at prices.

I still think there should be a housing product that can only be a primary residence. That keeps the huge pool of investors out. That pool will appreciate slower but could provide stable housing.
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So many of our tax laws have been perverted from keeping a roof over a seniors head to making a killing. IMO the original set up was to take care of housing for the seniors so they didn't become a burden on society or their family.

Now the kids drool over granny's place, pushing her into a home. Just what the tax free bit was supposed to prevent.

Granny goes into a home, the house is sold and the money gifted to the kids. Granny goes on social assistance.
 
SnazzyBalkan said:
Rates to 15%, stop immigration asap, enforce financial money laundering rules and rezone. aka emigrate!
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So you made your money flipping and f$@k everyone else now right? Lol Great plan.

The first thing they should do is tax the poo out of flippers who abuse the system. I have seen plenty of homes for 'families' sit empty as they wait for the capital gains exemption to kick in. Let the kid / cousin / uncle / mom / whoever live rent free so the house is a primary residence and capital gains exempt.

Sorry. Flippers are the primary cause of this. Housing has become an 'investment' not a place to live.
 
mimico_polak said:
So you made your money flipping and f$@k everyone else now right? Lol Great plan.

The first thing they should do is tax the poo out of flippers who abuse the system. I have seen plenty of homes for 'families' sit empty as they wait for the capital gains exemption to kick in. Let the kid / cousin / uncle / mom / whoever live rent free so the house is a primary residence and capital gains exempt.

Sorry. Flippers are the primary cause of this. Housing has become an 'investment' not a place to live.
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I've got a crisp Twenty here that says you're talking to a sock puppet. Most people that join a MC forum root around in the MC threads (at first). Buddy here came in and went straight to this thread (18 of 19 posts). Tells me it's someone familiar with the forum and the member wants to hide and take pot shots.
 
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FullMotoJacket said:
I've got a crisp Twenty here that says you're talking to a sock puppet. Most people that join a MC forum root around in the MC threads (at first). Buddy here came in and went straight to this thread (18 of 19 posts). Tells me it's someone familiar with the forum and the members who wants to hide and take pot shots.
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Ya you're most likely right. I'm not going to bother removing my reply as it stands.

I have zero issue with 'flippers' that do it properly, pay tax, and get it done as they do bring value. But flippers that just sit on properties, throw lipstick on a pig, and escape the capital gains...diff story.
 
FullMotoJacket said:
I've got a crisp Twenty here that says you're talking to a sock puppet. Most people that join a MC forum root around in the MC threads (at first). Buddy here came in and went straight to this thread (18 of 19 posts). Tells me it's someone familiar with the forum and the member wants to hide and take pot shots.
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What is a sock puppet?
 
mimico_polak said:
Ya you're most likely right. I'm not going to bother removing my reply as it stands.

I have zero issue with 'flippers' that do it properly, pay tax, and get it done as they do bring value. But flippers that just sit on properties, throw lipstick on a pig, and escape the capital gains...diff story.
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mimico_polak said:
So you made your money flipping and f$@k everyone else now right? Lol Great plan.

The first thing they should do is tax the poo out of flippers who abuse the system. I have seen plenty of homes for 'families' sit empty as they wait for the capital gains exemption to kick in. Let the kid / cousin / uncle / mom / whoever live rent free so the house is a primary residence and capital gains exempt.

Sorry. Flippers are the primary cause of this. Housing has become an 'investment' not a place to live.
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Best I leave this topic, but I assure you I joined and this was in Whats New and I know it well so I commented. No need for me to continue. Please work harder, save and try to compete with foreign capital if you wish.
 
SnazzyBalkan said:
Best I leave this topic, but I assure you I joined and this was in Whats New and I know it well so I commented. No need for me to continue. Please work harder, save and try to compete with foreign capital if you wish.
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Entertain me, as I'm genuinely curious how you would do this NOW in the current climate. Feel free to DM me to take it offline.

I've been a landlord before, and would love to again, but I don't see a way back into it at this current time.
 
mimico_polak said:
Entertain me, as I'm genuinely curious how you would do this NOW in the current climate. Feel free to DM me to take it offline.

I've been a landlord before, and would love to again, but I don't see a way back into it at this current time.
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go ride!
 
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