Housing costs | Page 10 | GTAMotorcycle.com

Housing costs

There was one of those in the Shoppers World Brampton parking lot as well back in the 70's.
 
He should build a tower.
 
Want to see the nicest house in Toronto:
DSC00407.JPG
(y) is still there.
 
When and if ever that time comes, I think I will buy a property strictly for renting out. My current rent is $1296 in East York. 1 Bedroom 1 washroom, all utilities + parking in, with a pool.
 
black_CG2 said:
When and if ever that time comes, I think I will buy a property strictly for renting out. My current rent is $1296 in East York. 1 Bedroom 1 washroom, all utilities + parking in, with a pool.
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Not bad,

i'm renting in North York; 2 bedroom townhouse with finished basement, 1 bathroom, $1,550 all in (rent has remained the same for 3 years :cool:). Guy i ride with (nice guy), told me he just bought a condo near Don Mills and York Mills, 1bedroom/1 bath. Wants to rent it out for $2200, i laughed. Sad thing is he'll probably find someone desperate enough.
 
Mr.K said:
$250K+ is far from normal. You'd have to move to the Bay Area and have considerable experience and/or a nice resume for that. The programmers I work with make ~$100K (I haven't asked for exact details). Your friend is either trying to draw extremely top talent, you're remembering incorrectly, or he's exaggerating slightly.

The parents -> kids thing is how most kids are getting ahead these days, since despite what some folks are claiming in this thread, it was easier to get ahead as a boomer and they are able to shell massive amounts of cash out to fund kids' fancy cars or nice apartments. It was actually common in my wife's program to have people's parents cover their costs, which equated to about $150-180k of loans not being required. These kids now don't have any debt, so their amount of disposable income is substantially higher than someone carrying that debt. My point is that these sorts of things are furthering the income gap and the space between the haves and have nots.

My mom worked in a factory and was able to make six figures. In some of her peak years she made up to $120k. She only had her GED.
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Its going to be tough convincing some of the people here. They dont seem to understand how housing being 10-20 times what the average person earns makes it FAR harder than when they bought and it was 2-4x.
They certainly didnt have "investors" from China buying several houses at a time back then either, nor did they have our real estate advertised in Chinese magazines.
All the "young" people I know who bought the past several years all had help from their parents.
One guy lived at home until age 32, has never payed a penny for rent or food at home, parents paid off his whole engineering + master degrees.
Another guy isnt even educated but his parents gave him 100K for a down payment.

You wont find many people in their mid 20s that are able to afford rent, pay off education debt and save for the massive down payment required.
Is it do-able? Yeah maybe if your making 100K+. But what % of 25-30 years olds make 100K? Id venture a guess at around 5%.
 
K20EF8 said:
Its going to be tough convincing some of the people here. They dont seem to understand how housing being 10-20 times what the average person earns makes it FAR harder than when they bought and it was 2-4x.
They certainly didnt have "investors" from China buying several houses at a time back then either, nor did they have our real estate advertised in Chinese magazines.
All the "young" people I know who bought the past several years all had help from their parents.
One guy lived at home until age 32, has never payed a penny for rent or food at home, parents paid off his whole engineering + master degrees.
Another guy isnt even educated but his parents gave him 100K for a down payment.

You wont find many people in their mid 20s that are able to afford rent, pay off education debt and save for the massive down payment required.
Is it do-able? Yeah maybe if your making 100K+. But what % of 25-30 years olds make 100K? Id venture a guess at around 5%.
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It depends how hard you want to work. I have 2 kids in their 20s working, they both make $100, they work hard and smart. One is a tradesman, he invested in a company which he now owns, he pays himself $3K a week and reinvests some into his company every month. The younger one is 3 years out of university, he hit 6 figures this year as a regional unit manager for a very large building supply company. They work hard and reap the rewards.

My kids hang with their high school friends, the ones who work hard are doing well. The whiners... not so well. Funny thing is this was the same for my dad in the 60,s and me in the 80s. Work hard, be dependable, and take the tough assignments nobody wants -- the path to $100K isn't that hard.
 
Evoex said:
Not bad,

i'm renting in North York; 2 bedroom townhouse with finished basement, 1 bathroom, $1,550 all in (rent has remained the same for 3 years :cool:). Guy i ride with (nice guy), told me he just bought a condo near Don Mills and York Mills, 1bedroom/1 bath. Wants to rent it out for $2200, i laughed. Sad thing is he'll probably find someone desperate enough.
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I rent in Barrie, 3 bed 1.5 bath townhouse with a big garage. $1560+ everything. So far rent hasn't risen in 3 years.

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Mad Mike said:
It depends how hard you want to work. I have 2 kids in their 20s working, they both make $100, they work hard and smart. One is a tradesman, he invested in a company which he now owns, he pays himself $3K a week and reinvests some into his company every month. The younger one is 3 years out of university, he hit 6 figures this year as a regional unit manager for a very large building supply company. They work hard and reap the rewards.

My kids hang with their high school friends, the ones who work hard are doing well. The whiners... not so well. Funny thing is this was the same for my dad in the 60,s and me in the 80s. Work hard, be dependable, and take the tough assignments nobody wants -- the path to $100K isn't that hard.
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There is a lot of missing info here, and I don't know if you're really understanding the point that some people are making.

Did you help your kids out with their education and/or living costs? The difference between being able to study while having a job and not having a job is big, and having no debt when finishing school is a big help. I'm also not sure what their home ownership situation is, which is basically what this thread was originally about. The tradespeople I know are not in a similar situation; they managed to buy into the housing market early and with the help of their parents, and most of their "wealth" is from home equity, but their income is not fantastic by itself. Anyways, we're just talking anecdotes and not averages anyways.

Again, there is no doubt that people can get to making 100K, it's an issue of that 100K not going nearly as far as even 60-70K 20 years ago. I managed to hit 100K a few years ago as well, so I'm familiar with "working hard", but it has also been partially being in the right place at the right time. My wife has worked just as hard, or harder, and the income is not what you'd expect for her level of education and level of effort. We also managed to get into the housing market a few years ago; our house was built and nearly tripled in value within 6 years.

100k after taxes = 72,437/12= 6036 - $2000/mnth mortgage = $4036
70k after taxes 52,707/12= 4392 - $1000/mnth mortgage = $3392

So about 600 more per month, and that's ignoring the additional cost of living increases and general inflation that's taken place in the past 20 years.
 
Mad Mike said:
In my neighborhood the land is worth more if the house has been removed.
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A couple of years ago a bungalow in our neighbourhood sold for $800K, 50 X 120 lot. I was doing some work for a builder who bought houses on under-utilized lots and asked him what he would have done. Basically he would have flattened the existing and put up a 3000 SF house. The trouble is that he would have about 1.7 million invested in a $1.2 million area. It could work for someone who really wanted to be in the area and was going to stay long enough for it to pan out. Fixing up to sell isn't worth it in some cases.
 
It’s all relative. 30 years ago, Milton was farm land and anyone living there was considered living in the country. Land was cheap. And no one wanted to live there. The burbs was Mississauga.

The trick is to find the next “Milton” for today.

The corridor from St Catharines to Hamilton has developed quite a bit in the last decade.

Stoney Creek to Grimsby was kinda of a waste land. New housing projects and commercial development from the lake spanning up the escarpment.

One day they will consider Fort Erie the next place to be. For me, it’s still a dump. Lol.

40 years ago, you bought a house. You maintained the house. Friends helped build a fence or fix a roof. Need a toilet, everyone had a friend that could do it or maybe you did it yourself?

You lived within your means. Want a new stove for the missus? Talk the Forman, ask for some overtime. Keep the extra check in the lunch box and buy that fancy harvest gold oven.

I don’t need to say what we do today.

Shoes? One nice pair and the other for work and everything else.

Today? We have shoes for everything.

40 years ago, it was 50 or Blue. Maybe Ex or OV and killed a case over the weekend with the buddies from work. Special occasion? A 40 of Canadian Club. Boss coming? Get the Crown.

Wine? The neighbour made some and used pop shoppe bottles.

Today? At least a half dozen varieties of Single malt. Craft beer, flavoured vodka/gin etc. Coolers and wines from all over the world.

Today’s Housing costs have increased. No doubt? Does everyone need to own a home? I don’t think so.

Are there folks struggling and homeless? I’m sure. But, they struggled 40 years ago too. No one talked about it, shared it on social media etc.

I’m just not sure if it’s actually that bad?









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nakkers said:
It’s all relative. 30 years ago, Milton was farm land and anyone living there was considered living in the country. Land was cheap. And no one wanted to live there. The burbs was Mississauga.

The trick is to find the next “Milton” for today.

I grew up around here (milton) and loved living here 30yrs ago. Land was cheap, we had maxed out the water supply so new construction was very limited.
Now we are growing south and will hit Oakville soon, there is a green space buffer between Mississauga and us, but who knows for how long??

The trick for me is to find the next 'milton' , not for value, to have the quiet life back....











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It's all a scam. You rifle the country full of immigrants and it creates all kinds of consumer demand, including housing. Rather than cultivate a birth rate the way they did in the 1950s. Trudeau just said he's going to let migrant workers do other jobs, creating more pressure on wages to keep them low. The younger generation of Canadians is getting royally screwed.
 
One of my kids has a job. He orders McDonalds from UberEats!?!
 
Riverdale Zoo!! lions and elephants in downtown Toronto in a zoo sort of managed by inmates of the Don Jail. How could anything be sketchy in that place?? almost forgot it existed till about '75? '76?
 
Don Jail inmates never managed Riverdale Zoo, they just provided the manpower to build it a very long long time ago. Donnybrook tower was the original guard tower that was built to oversee the site from a good vantage point, there is very little left of the tower now but a little bit of it is still standing.
 
Roadghost said:
Trudeau just said he's going to let migrant workers do other jobs, creating more pressure on wages to keep them low. The younger generation of Canadians is getting royally screwed.
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My recruiter in IT said the exact same thing. The real estate owner I work for, said the same but he said he likes it. He said that strong supply of people in professional field where skills are transferrable (such as IT, Tech etc) is lowering wages for similar jobs and increasing housing prices because those people bring huge cash from back home, YAY!

I had no words....

Also, the gridlock on 401, Gardiner and DVP is going out of control. I believe government should provide incentives to big companies to move their big offices scattered around GTA. I wonder how much pressure can this city take. I start at 3 pm and I leave home at 1:45. I barely make it from East York to Dixie & 401.
 
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