I'm just guessing but the modest places won't suffer like the mega ones. So the entry level guy gets a couple of hundred off the price but at a higher interest rate. It could be a tie. The big stuff has further to fall but they're unlikely to appeal to the starter crowd.
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COVID and the housing market
- Thread starter mimico_polak
- Start date
This may have been posted earlier, just read in Toronto Life magazine that since the Toronto average hit 1.3m that an annual household income of 228,000. Is required as per the bank of Canada . That’s a lot of money for a lot of people .
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Dammnnn
Sort of but also sort of fake news. To use those numbers, that would assume that the average first time buyer is buying the average dwelling and it is happening now. That is grossly detached from reality. Most first time buyers are scrabbling for the bottom 10%(?) of the market. Once someone sells an existing property to climb the ladder, the property price and income detach as the buyer is going in with a ton of capital.
Similarly, calling barrie or hamilton among the most expensive places to rent in canada is also misleading as they are comparing local income to prices. In most locations, people cannot afford to live where they work. Run the hamilton rental prices with toronto incomes and it disappears off the list. People working in hamilton will be renting in caledonia or brantford to save money. It's stupid and wasteful but reality.
I’d argue it’s sound , you can say first timers are chasing the bottom 10% , but a lot were not , they just wanted in . They wanted a home .
Is it nutty ? Well yes sort of , for everyone making $300 k as a family, and there are a enough, there is a couple eyeballing Owen Sound . Tim’s in Owen sound will pay what Tim’s in Dundas / trafalgar pay . It’s not fake news , it’s just the line in the sand this week .
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Is it nutty ? Well yes sort of , for everyone making $300 k as a family, and there are a enough, there is a couple eyeballing Owen Sound . Tim’s in Owen sound will pay what Tim’s in Dundas / trafalgar pay . It’s not fake news , it’s just the line in the sand this week .
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Mikedezo44
Well-known member
Watched this on CBC a couple of months ago. Glad they finally put some charges on these guys. Wonder how long until they move onto the next business name or numbered company. Surprised they haven't come face to face with a baseball bat yet. A lot of well behaved people they've ripped off.
Similar scams were all over Toronto a couple years ago , they would load your goods , arrive at your new house and demand xxx in cash to off load . Sometimes taking the money leaving your stuff on your lawn and leaving . It’s an unregulated industry , a lot of cash , and a lot of crooks .
Another case of “ do your homework “ and you get what you pay for .
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Another case of “ do your homework “ and you get what you pay for .
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Have heard of this happen so often and I feel for the victims. Stressful time and these mofos take advantage regardless.
Seems like an industry that should be regulated by the gov't (I know I know).
As we get older our friend group has slowed down...but we still do all of our moving on our own simply because we're good at it, and we're efficient.
Seems like an industry that should be regulated by the gov't (I know I know).
As we get older our friend group has slowed down...but we still do all of our moving on our own simply because we're good at it, and we're efficient.
There's another one with housing.....roofing.
Largely unregulated, all you need is a few thousand in compressors, ladders and nailers. A large number of the workers are ex-cons that can't get other work. Quote low and then find "Unforeseen obstacles" once the roof is stripped.
Agree to pay or they walk away with the roof open.
I got an indication of price from a legit contractor yesterday. I told him the roof replacement was $3900 in 2005 and inflation was 33% since then which works out to $5200. The number is fairly accurate if you double it.
Last move I did I hired independent guys recommended to me. I rented the truck and had them load and unload it. Part of that was it was loaded on the 31st and unloaded on the 1st but it was also to be safe.
My buddy has a business he set up. Rent a moving truck, hire a few guys from the local mens shelter that are down and out of their luck and job gets done, lads get paid, and he makes some coin.
Your roof cost will be much more than inflation, asphalt shingles are petroleum and resin bases and transport fees are on the moon . And now that “ working at hieghts “ are enforced , it adds a bit to the project .
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Sat with banker briefly yesterday , quoting 5.5 on mortgages ( Scotia) and seeing people that took 5 yr variable last yr getting green looks. A lot of folks he turned down in the last 6 months found tier 2 financing and bought , and are now panicking. And it starts …..
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F that at renewal I will be paying in full. At 2 something percent it made sense to have a mortgage but not at 5.
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Unless someone dies or I win the lottery, that's not an option for me. I agree with your logic. I dont have enough available capital to do it.
Likewise. I can weather the storm for a while. But as costs go up and up I’ll have to remove from some accounts to pay down the mortgage.
RESPs will be first. But we’re nowhere near that stage yet.
RESPs will be first. But we’re nowhere near that stage yet.
Tfsa has almost enough for me rest will come from unregistered account 50 percent tax hit will suck
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I've got an empty TFSA because was focused on housing, life, and the RSPs / RESPs.
Now I'm planning on focusing on the TFSA as I have OMERS so will pull back on RSP contributions (maybe a few k just to lower the tax bracket).
Maybe I should've come work for you! Or stayed in BC FIFO for another 2 years (they literally just finished up...3 years behind schedule).
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