blackcamaro
Well-known member
My dad lives just outside of Schomberg so I'm pretty familiar. They all look the same to me, I don't get it when someone is spending that kind of money.
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COVID and the housing market
- Thread starter mimico_polak
- Start date
Here you go @george__ . Article is really light on facts (maybe pure speculation?) but their premise is boomers are buying condos for their kids and driving the prices up again.
dailyhive.com
My brother has given up on buying a house and as he can't have money burning a hole in his pocket he is probably going to buy a new truck. Facepalm. Lifetime on the rent treadmill coming up and I have no idea how retirement works.
Baby Boomers are bailing out Toronto's condo market for their kids | Urbanized
After dropping into the red last year, Toronto's condo market has now come bouncing back thanks in large part to none other than baby boomers.
dailyhive.com
My brother has given up on buying a house and as he can't have money burning a hole in his pocket he is probably going to buy a new truck. Facepalm. Lifetime on the rent treadmill coming up and I have no idea how retirement works.
Freeland has done a complete 180 on the liberal position on housing of last week. Still spewing complete garbage though. "the country needs a boost in the supply of housing to help make prices more affordable". Houses are relatively cheap, land is crazy. How is she proposing to increase the supply of land? Eliminating the green-belt/ORM can do that in the GTA but obviously has some serious downsides.
I had high hopes for her when she got some power. She has squandered those hopes. She is another useless mouthpiece that says what people want to hear while doing almost nothing constructive.
www.cp24.com
“I think it's also important to be sure that there are measures in place to discourage speculation, and in particular measures in place to ensure that houses in Canada don't become vehicles for storing offshore wealth. That's not their purpose. Houses in Canada are for Canadian families to live in.”
I had high hopes for her when she got some power. She has squandered those hopes. She is another useless mouthpiece that says what people want to hear while doing almost nothing constructive.
More supply needed to ease housing price crunch, but always more to do, Freeland says
Finance Minister Chrystia Freeland says the country needs a boost in the supply of housing to help make prices more affordable, but suggests there may be other steps governments can take.
www.cp24.com
“I think it's also important to be sure that there are measures in place to discourage speculation, and in particular measures in place to ensure that houses in Canada don't become vehicles for storing offshore wealth. That's not their purpose. Houses in Canada are for Canadian families to live in.”
Here you go @george__ . Article is really light on facts (maybe pure speculation?) but their premise is boomers are buying condos for their kids and driving the prices up again.
Baby Boomers are bailing out Toronto's condo market for their kids | Urbanized
After dropping into the red last year, Toronto's condo market has now come bouncing back thanks in large part to none other than baby boomers.
My brother has given up on buying a house and as he can't have money burning a hole in his pocket he is probably going to buy a new truck. Facepalm. Lifetime on the rent treadmill coming up and I have no idea how retirement works.
Spoke to someone back in 2019 who did this, bought a condo for his kid going to ryerson to stay at and they'd just go down on the weekends to hit the city
That (was?) my theoretical plan if the kids go to school. With recent events, I doubt I will be buying an eight digit property for them to live in and rent the other rooms to students.
they (government) are essentially to blame for the housing situation at it's core, and it's all too little and too late the future generations are already fooked when it comes to owning any half decent piece of real estateFreeland has done a complete 180 on the liberal position on housing of last week. Still spewing complete garbage though. "the country needs a boost in the supply of housing to help make prices more affordable". Houses are relatively cheap, land is crazy. How is she proposing to increase the supply of land? Eliminating the green-belt/ORM can do that in the GTA but obviously has some serious downsides.
I had high hopes for her when she got some power. She has squandered those hopes. She is another useless mouthpiece that says what people want to hear while doing almost nothing constructive.
More supply needed to ease housing price crunch, but always more to do, Freeland says
Finance Minister Chrystia Freeland says the country needs a boost in the supply of housing to help make prices more affordable, but suggests there may be other steps governments can take.
“I think it's also important to be sure that there are measures in place to discourage speculation, and in particular measures in place to ensure that houses in Canada don't become vehicles for storing offshore wealth. That's not their purpose. Houses in Canada are for Canadian families to live in.”
I watched something really interesting yesterday that was directly applicable. Basically crazy returns in housing makes people feel rich and be paper rich but at its core serves to distance the haves from the have nots and destroy the economic viability of a country. If I can make 30% return on housing, why would I invest in innovation or growing a business? If most of my money is tied up in housing, where would I get money to invest in innovation or growing a business? Housing is having sex your sister. You may think it's fun now but you will regret it later. You need to spread your wings and interact with the outside world to actually create something of value instead of mutant children.
Even with taxable capital gains the rates are IMO too generous if there is no value added.
Assume a property sale making the owner $300,000. Only 50% is taxable so the government goes after $150,000. There is a sliding scale from 15% to 33% federally and 9.15% to 13.6% provincially. The most the person is going to pay is 46.6%, $69,900 on the deal.
If a person got a T-4 for $300,000 the taxes could be as high as $139,800.
The 50% tax write off is understandable on investments where there is value added and risk.
Entirely agree. Especially for monstrosities liked I showed above. That is not a principal residence. That is an eight figure tax free investment.
D
Deleted member 50930
Guest
It is true...
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between his roasts of trudeau and this, starting to really like PP. feel like he should've been the cons. pick over O'toole
'have nots and have yachts' - using this
The best I can figure, the cons figured a loss to JT was inevitable independent of their leader. Save PP for the next round where he has a chance to whip the man child.
O’Toole loses to JT, gets kicked out by the Party, PP takes over....profit?
D
Deleted member 50930
Guest
Daniel Tencer: Want to avoid U.S.-style populism? Put a lid on house prices
A housing market downturn, even with the economic pain that comes with it, might actually be the better scenario here.
theline.substack.com
^^ Bit too dramatic but interesting
bigpoppa
Well-known member
anyone remember the twitter thread someone put on here by a liberal federal housing minister? They actively WANT a housing bubble propped up as much as possible, fueled by various things but mainly dark foreign money, they dont even want a small 10% correction, because as they put it, home equity is just a large bank account from which you fund toys and retirement(???)
Home prices go up, on paper the GDP and economy looks good, who cares about anything else?
Effectively the liberals are trying to solve a cracked foundation by covering it with cheap paint
Not to mention their policies are essentially ageism
Home prices go up, on paper the GDP and economy looks good, who cares about anything else?
Effectively the liberals are trying to solve a cracked foundation by covering it with cheap paint
Not to mention their policies are essentially ageism
ugh another 4 years. I may have to relocate temporarily or to stop reading the news.
PP apparently stepped out of the race due to family reasons. If JT gets a minority again and Covid is under control Justie could get the boot for any number of reasons. The longer Covid lasts the longer the NDP backs him.
The NDP is adrift and needs more time to come up with a platform not based on recreational drugs. No rush to the polling stations.
Justin's daddy brought "Cop an attitude" to Canadian politics and socialism can't keep paying for the increasing burdens. "At some point you run out of other people's money to spend," Thatcher
Everyone wants to feel important and the manipulators pushed the "You deserve" mantra without a mention of the word "RESPONSIBILITY"
Without responsibility you can't have rights. Rights will starve to death without responsibility.
If anyone is contemplating a move. Seriously look into the the CRA rules around moving 40 km closer to a new job (or new role). There are a number of boxes that must be checked but you get to write off lawyering, real estate commission, moving expenses etc. and take them out of pre-tax income. You can carry forward unused amounts so if you moved closer to a part-time side gig, there is a real possibility that it would be tax free for a very long time. Looking at the rules before looking for houses is key. If you move 39 km closer, don't have a new job (or new role), or a few other boxes, you get nothing.
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