bigpoppa
Well-known member
lol, compared to gtam its oxford.
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COVID and the housing market
- Thread starter mimico_polak
- Start date
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Deleted member 50930
Guest
Lots of drama here too
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Deleted member 50930
Guest
The Canadian National Housing Protest — We’re fighting for better housing
Protesting for a fairer housing market for all Canadians.
www.canadahousingcrisis.com
Wtf. A protest with no purpose? I havent seen anyone put forward a good idea on how to "fix" this. Telling politicians to do something is a complete waste unless there is a useful "something" that they can do. Not everybody needs to agree but there should be a selection of viable options brought forward.The Canadian National Housing Protest — We’re fighting for better housing
Protesting for a fairer housing market for all Canadians.www.canadahousingcrisis.com
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Deleted member 50930
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So what should they do?
Use the energy to come up with a viable option. I literally haven't seen one remotely workable solution. Hell, the majority of people can't even agree on a goal yet alone a path to get there. Obviously you can't speak for the group. As an individual, what would you like to see happen? Eg. unlimited supply of 200k condos, median house price to be cut in half, dedicate 35% of gross income to housing and that gets you a detached house, etc. Next, what can the government do to help your goal become reality? Cheap condos may work if gov't owns the land and you are just buying the box in the sky. Appreciation on it will suck though as the land is where the money is. Very good chance you could never make the jump up. Actually, appreciation will be zero because there is an unlimited supply at 200K. You don't have to deal with a landlord but it is a crap investment.
blackcamaro
Well-known member
I remember the listing for the other side of that semi, sold for $546,000 in December and was listed for quite a while. Don't know what they are thinking with those asking prices.
They bought 450 Murray in January 2021 for 550 and listed it in May for 750. You're right 448 Murray sold for 546 in Dec 2020.
Problem with this issue is the people wanting to buy housing want prices to drop back to affordability (I assume) at which point you screw with the gains of those who already own houses.
So what’s the solution?
So what’s the solution?
Market correction for everyone.
True. Not like the 400k I made the last 2 years tax free help me out much…
blackcamaro
Well-known member
I bought around the same time and I do believe the place I bought has gone up a bit since then but nothing like that. Probably enough to cover the transaction costs and squeak out a small 5 figure profit.
Thinking they would make close to $200,000 in a matter of months on a semi in Penetang is just dumb. Nice enough street though, I ride sleds past those houses.
There’s a cottage on Orr Lake that has me kind of shaking my head also. The front door is 30’ off of 93, needs some updating, and the water looks swampy (to be fair I haven’t been on Orr Lake so could be wrong). $1.2 ask, I don’t get the appeal at all.
blackcamaro
Well-known member
Why is that protest only focused around home ownership? Why no mention of the high cost of rent? I think that's the bigger issue here. People don't need to own a house, they do need affordable shelter.
They go hand in hand. Mortgage on that f’in baller property gets passed down to the renter.
There is a reasonable argument that the gains were unwarranted and the result of govt meddling so losing them could be deemed acceptable. What about someone that just bought though? They had no gain and would get kicked in the nuts. What about people that have been flipping houses every 18 months for the last decade? He would those gains become fair game to be grabbed by the govt?
If they missed the boat that’s on them. People who’ve been flipping and gaining for years played the game well.
Tale as old as time.
Exactly @GreyGhost there are so many variables there is no easy solution.
I’m against flipping and using the capital gains tax exemption…but I’m for flipping so long as people pay their tax.
I bought 2 years ago and take a 30% correction…I’m still ahead.
Guy next door buys yesterday and takes a 30% hit…oops. Some would loop a noose around their necks or that type of hit (on paper or not).
Go after those abusing the capital gains exemption as a start. My opinion.
I’m against flipping and using the capital gains tax exemption…but I’m for flipping so long as people pay their tax.
I bought 2 years ago and take a 30% correction…I’m still ahead.
Guy next door buys yesterday and takes a 30% hit…oops. Some would loop a noose around their necks or that type of hit (on paper or not).
Go after those abusing the capital gains exemption as a start. My opinion.
It's not abuse, its piss poor government policy. Implement a lifetime capital gains exemption of 500k starting tomorrow. That kills flipping as a career (and the associated price jacking and destruction of quality housing stock). The exemption was supposed to help you get ahead by buying a house. People making six figures a year tax free us offensive. I wish we had a one page tax code. Tax a percentage if incoming money and do not distinguish how you made it. That instantly reduces the gap between the haves (investments and property) and the have nots (employment income).
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bigpoppa
Well-known member
I dont think ya'll understand, no normal/regular first time buyers are buying in today's market.
None. Zip. Nada.
(1)Everyone buying in todays market is either on his 3rd property, (2)or someone who entered the market many years ago and just sold his old house , and is flush with cash, or(3) flips professionally for a living, or (4)is bringing cash from china from dubious sources.
Average joe first time buyers are completely priced out of the market.
Any seemingly new first time buyers likely fall under subsection (2) (aka parents sold their house and gave kids a leg up with the down payment/mortgage)
None. Zip. Nada.
(1)Everyone buying in todays market is either on his 3rd property, (2)or someone who entered the market many years ago and just sold his old house , and is flush with cash, or(3) flips professionally for a living, or (4)is bringing cash from china from dubious sources.
Average joe first time buyers are completely priced out of the market.
Any seemingly new first time buyers likely fall under subsection (2) (aka parents sold their house and gave kids a leg up with the down payment/mortgage)
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