Housing costs | Page 8 | GTAMotorcycle.com

Housing costs

Allistonfjr said:
True you just added value. Add a house = more value. Problem with vacant land is it cost more to build a custom home then to buy one already built. Assuming the owner isn't adding their own sweat.
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I had my wife do most of the hard work.
 
K20EF8 said:
Thats how you think modern day immigrants live? Some in the past did but that was the exception not the rule.
The europeans that came here in the 50s and 60s certainly didnt live that kind of life. None of the woman even worked back then
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I’m an immigrant and I didn’t even have a butler until 8 years ago.

One thing people need to remember is that just because past generations had something doesn’t mean future generations are also entitled to that something plus extra too. All sorts of things change, house prices and wage disparity is one. To do something about it you need to vote for change or be active somehow. Otherwise you’re just a passive whiner.
 
why do millennials think they have it so bad?

us X'ers raised ourselves while our self indulgent
boomer parents indulged every self fulfilling whim

we were out of the house by age 18 and by 30 doing better than our parents
no one handed us a fooking thing!

ya'll need to quit whining and buckle down!
 
JavaFan said:
why do millennials think they have it so bad?

us X'ers raised ourselves while our self indulgent
boomer parents indulged every self fulfilling whim

we were out of the house by age 18 and by 30 doing better than our parents
no one handed us a fooking thing!

ya'll need to quit whining and buckle down!
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A whole lot of truth there. I was out of the house by 21.
Yes for us gen X'ers!
 
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crankcall said:
So my great-great-great-great grandfather showed up in Ontario in 1809 , kicked out of Scotland. He was gifted 100 acres and given a printed guide to what plants and animals you can eat, basic recipes and spent his last money on a shovel and axe, the deal being if you clear it and farm it , its yours. 200 yrs later we still have some property ties to the Scotch Block north of Milton.
Immigrants work hard , oy vey.
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My dad and a friend of the family bought 200 acres at 25 and 10 in Scotch Block in 1980, it's now a golf course. I remember dad thinking he won the lottery when he and his partner sold the land in '85 for a whopping $3,000/acre -- $1000 an acre more than he bought it for.
 
Allistonfjr said:
True you just added value. Add a house = more value. Problem with vacant land is it cost more to build a custom home then to buy one already built. Assuming the owner isn't adding their own sweat.
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In my neighborhood the land is worth more if the house has been removed.
 
Is there any waterfront on that rural land? How about drinking water? Worth a lot more with one and almost useless without either.
 
black_CG2 said:
Banks told me no, my accountant told me no. But of course, there is a limit in contribution towards your tfsa. TFSA gains are tax free as far I know.
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Correct for now. I cant imagine it will stay that way forever. A future government will have to institute some taxation on tfsa once the contribution room has increased to the point that people are avoiding rrsp and unregistered investments.

Instead of parents giving a down payment on a house, toss that in a tfsa, buy an index fund and it will be your tax-free pension.
 
black_CG2 said:
Banks told me no, my accountant told me no. But of course, there is a limit in contribution towards your tfsa. TFSA gains are tax free as far I know.
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Just log into your CRA account you can figure out your limit there. (maybe you know this)
 
sburns said:
Just log into your CRA account you can figure out your limit there. (maybe you know this)
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I think he was saying that advisors he talked to told him to keep risky investments out of tfsa as you can't write off the downside. At that point, you are losing post-tax money which really sucks.
 
Mad Mike said:
In my neighborhood the land is worth more if the house has been removed.
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most neighborhoods are like that, if the house was destined to be a teardown anyway and some body else paid for the demo permit and taking the house away , thats value added.
 
I know three single people, two of them with kids who have bought houses in the not too distant past.

Don't get me started on Gen-Xers.
 
Allistonfjr said:
A whole lot of truth there. I was out of the house by 21.
Yes for us gen X'ers!
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Out at 18, bought my first house 5 years later at 23. It was tough, I was very frugal for a few years, old car, camping vacations, no toys so I could get that down payment together. For the first few years I rented out part of the house -- a must or I'd have starved.

Was it worth it? Hell ya. 3 years later my salary grew a bunch, kicked out the renter, interest rates plummeted -- all got good.
 
Mad Mike said:
Out at 18, bought my first house 5 years later at 23. It was tough, I was very frugal for a few years, old car, camping vacations, no toys so I could get that down payment together. For the first few years I rented out part of the house -- a must or I'd have starved.

Was it worth it? Hell ya. 3 years later my salary grew a bunch, kicked out the renter, interest rates plummeted -- all got good.
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Yup good for you! My first house was at 22. Couldn’t afford Bramalea so tried Newmarket. Couldn’t afford that either. I could afford Alliston so bought a townhouse for $95000. 25% down. I think my rate was %11.5. Was broke.


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We all did it. I bought my first home for $114k , my mom lost her mind. You'll never pay off a house you just paid over 100K for !!! your crazy!! 3 years later it sold for $168K , but then I had to buy another house...…. the cycle continues.
 
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