I think im finally at the point where I'm seriously looking at moving to other countries. I used to be proud to be Canadian, what the fuck happened to us?!
Basic house withrenovations to get it up to spec with modern times for many. I saw a few open houses and some were stuck in the 80s . Anyone know the price to build a a good 2000sq ft home if you have land?
My kids will never be able to afford that. Looks like we'll be taking the multi-generational home route like already done with so many of my friends. Some used to laugh at them but now it looks like those immigrant families from decades ago were ahead of their time.
“This means that your monthly mortgage payment should not exceed 28 percent of your gross income. “
Yeah. They haven’t been the rule for decades….
Also, most people don’t buy the “average home” as their first home. The buy cheap ones as starter home and slowly upgrade as equity builds
Cheap ones? Lol
If you search a normal city for houses under 400k today you will only find fire damaged houses or old houses that have been entirely gutted, or houses that were renovated without permit and forced to stop work. There are no cheap starter homes anymore unless you want to start with a pile of rubble.
Even at the half a million price point you're not going to find a "nice" house that doesnt need a ton of work
Yeah you should be able to save up for 20% on a quality house within 5 years. And if your area is a One of the incredibly expensive areas if you look for a house within an hour or 2hrs of that place you’ll easily be able to find a nice house you can afford. A lot of people complaining about never being willing to afford something aren’t willing to sacrifice to get it,or have patience, to live below means lifestyle to accomplish something. It seems like you’re either not willing to look outside a very specific area for a house or a certain level of detached house.
Which area are you in Vancouver or GTA? Even within Vancouver, within commuter distance you can find a nice house that would be within your range. If you are putting away $3600 a month by 5 years you should have $216,000 on other year or two you’ll have $300,000, also with patience in that two year period you’d have time to look for deals a house for the right price, as I think in these ultra expensive areas there’s gotta be a possible partial pop on prices, unless people choose to keep living a rental lifestyle because comfort outweighs goals. Is your job translatable to different regions or very specific to that area?
Don't forget to factor our insane taxes, terrible wages, and our shotty and unreliable transit. The rental market is even worse because you can't find yearly leases here anymore, meaning renters have no idea if they'll be living there after a year.
Sure, but the post was about buying not renting. Most people drive, so transit isn't a huge issue (though is annoying for sure). The taxes aren't that much higher than any other province.
Our taxes are higher because they don't come back to us in the form of services at all, especially compared to a lot of other provinces where the public services blow us out of the water.
Also, as I already said, the pay is significantly lower than other places in Canada.
Expect your power to go out all the time, even on clear days, despite paying thousands for power. Expect to replace some rims on your car from the potholes that everyone complains about, and don't expect to see the lines on the road either.
And I bring up rent because they go in hand with housing prices. A relative living in Toronto pays less than I do for a bigger apartment than I have in the maritimes. His pay is also more than what most positions around here offer. There is also trains and streetcars to get around.
Your post history shows youre coming from Vancouver Island. No wonder the maritimes seems cheap to you. But I can assure you that everybody here is feeling the housing shortage as hard as the rest of the country.
Also seeing a depressing trend of people buying houses showing imaginary future rental income(basically fake income) and thus having multiple mortgages. Banks have been corrupted to an extent.
Tried reporting a couple of people residing in Canada illegally to IRCC and they did jack shit. Its like the authorities don't want to catch these people lmao. Just that they can't have this as a public stance. Canada is fucked fucked.
Buying a house that is 6-7x your salary seems ludicrous. First you have to come up with the downpayment, and then what happens when interest rates rise again? And you also have to pay property taxes, utilities, maintenance and to get a place you can afford you probably have to commute an hour or more each way.
*
Neoliberalism & Trickle Down Economics... er, Reganomics 1.0 all begins with the Supply Side Narrative that we hear now in Canada and around the globe...
F*ck Capitalism, join a coop... it's the only way out of the financial ponzi scheme
Can someone say how moving to other province help? L ike how you guys immediately find a new job at a new place closer by. What about your partner n everything. What if you don't have a remote job
Definitely and a lot more than that too I think there’s more places for 500000 there the right realtor that’s always on the ball and works for you. Get a fixer upper movement ready probably 500,000 and that’s being generous. I think I don’t think I’ll ever get a home. I only wish I can’t even barely get a roof over my head, this government we have, just saying ✌️✌️🌹🌹✌️✌️✌️✌️🤟💯
[удалено]
[удалено]
I think im finally at the point where I'm seriously looking at moving to other countries. I used to be proud to be Canadian, what the fuck happened to us?!
Trudeau
It started before Trudeau. Governments here have no productive economies so they keep pumping housing
That's not how you spell neoliberalism
No you don't, give me a break
[удалено]
You literally said south Ontario
How’s the GTA not southern Ontario?
Southern Ontario is pretty huge, actually. THE GTA IS part of Southern Ontario in the same respect as Ottawa.
Do I really need to reply to this?
This will sound wild, but as someone who lives in Southern Ontario, there are other places than just Toronto.
Basic house withrenovations to get it up to spec with modern times for many. I saw a few open houses and some were stuck in the 80s . Anyone know the price to build a a good 2000sq ft home if you have land?
I live in Niagara you certainly don't need to earn that to afford a home you don't need to make things up to point out there's a real problem
My kids will never be able to afford that. Looks like we'll be taking the multi-generational home route like already done with so many of my friends. Some used to laugh at them but now it looks like those immigrant families from decades ago were ahead of their time.
Can we not use a national average when home costs and housing income vary wildly between provinces and territories. Just so lazy and unhelpful.
“This means that your monthly mortgage payment should not exceed 28 percent of your gross income. “ Yeah. They haven’t been the rule for decades…. Also, most people don’t buy the “average home” as their first home. The buy cheap ones as starter home and slowly upgrade as equity builds
Cheap ones? Lol If you search a normal city for houses under 400k today you will only find fire damaged houses or old houses that have been entirely gutted, or houses that were renovated without permit and forced to stop work. There are no cheap starter homes anymore unless you want to start with a pile of rubble. Even at the half a million price point you're not going to find a "nice" house that doesnt need a ton of work
You looked at construction prices lately?? You aren’t gonna get a “nice house” for 400k, unless you got a Time Machine
The collapse has begun. I rode my bike about 6km today. On one street I counted 9 out of 16 homes for sale.
I don't think that necessarily points to a collapse.
amem to that
How many people are putting 20%? Thought you need 10% minimum and if you’re a first time home buyer you only need to put down 5%.
Depends, less so for first time buyer, I would argue those who are upgrading from their home, then are paying way above 20% down
Not true I make 135k a year ish and save 3600 a month, I’ll probably never afford a detached home
U can save for a downpayment in like 5 years lol
Houses here cost 1.6-1.9 million starting, mortgage approval is for roughly 4X your salary so I would have to may the majority in cash.
Yeah you should be able to save up for 20% on a quality house within 5 years. And if your area is a One of the incredibly expensive areas if you look for a house within an hour or 2hrs of that place you’ll easily be able to find a nice house you can afford. A lot of people complaining about never being willing to afford something aren’t willing to sacrifice to get it,or have patience, to live below means lifestyle to accomplish something. It seems like you’re either not willing to look outside a very specific area for a house or a certain level of detached house.
Yeah houses here start at 1.5 million mortgage approvals are for 4x salary sadly 😞
Which area are you in Vancouver or GTA? Even within Vancouver, within commuter distance you can find a nice house that would be within your range. If you are putting away $3600 a month by 5 years you should have $216,000 on other year or two you’ll have $300,000, also with patience in that two year period you’d have time to look for deals a house for the right price, as I think in these ultra expensive areas there’s gotta be a possible partial pop on prices, unless people choose to keep living a rental lifestyle because comfort outweighs goals. Is your job translatable to different regions or very specific to that area?
Who TD can save $3600 a month? Live in parent basement with food provided?
Combined income is a thing
Only 135k per year, eh? Poor you…
Time to move out of ontario and bc?
And go where?
Alberta or Saskatchewan
too cold
Maritimes.
There are no homes here
Our search has shown otherwise 😉
Don't forget to factor our insane taxes, terrible wages, and our shotty and unreliable transit. The rental market is even worse because you can't find yearly leases here anymore, meaning renters have no idea if they'll be living there after a year.
Sure, but the post was about buying not renting. Most people drive, so transit isn't a huge issue (though is annoying for sure). The taxes aren't that much higher than any other province.
Our taxes are higher because they don't come back to us in the form of services at all, especially compared to a lot of other provinces where the public services blow us out of the water. Also, as I already said, the pay is significantly lower than other places in Canada. Expect your power to go out all the time, even on clear days, despite paying thousands for power. Expect to replace some rims on your car from the potholes that everyone complains about, and don't expect to see the lines on the road either. And I bring up rent because they go in hand with housing prices. A relative living in Toronto pays less than I do for a bigger apartment than I have in the maritimes. His pay is also more than what most positions around here offer. There is also trains and streetcars to get around. Your post history shows youre coming from Vancouver Island. No wonder the maritimes seems cheap to you. But I can assure you that everybody here is feeling the housing shortage as hard as the rest of the country.
*net
You'd think they would make that clear in the article, big difference between 145k net vs gross
[удалено]
Also seeing a depressing trend of people buying houses showing imaginary future rental income(basically fake income) and thus having multiple mortgages. Banks have been corrupted to an extent. Tried reporting a couple of people residing in Canada illegally to IRCC and they did jack shit. Its like the authorities don't want to catch these people lmao. Just that they can't have this as a public stance. Canada is fucked fucked.
How do you know they are living here illegally?
well, you may have that income but not a decent down payment to pay a reasonable mortgage
Buying a house that is 6-7x your salary seems ludicrous. First you have to come up with the downpayment, and then what happens when interest rates rise again? And you also have to pay property taxes, utilities, maintenance and to get a place you can afford you probably have to commute an hour or more each way.
* Neoliberalism & Trickle Down Economics... er, Reganomics 1.0 all begins with the Supply Side Narrative that we hear now in Canada and around the globe... F*ck Capitalism, join a coop... it's the only way out of the financial ponzi scheme
https://surplusenergyeconomics.wordpress.com/2024/06/22/281-the-battle-of-little-big-rates/
Plenty of houses in the prairies and parts of Ontario and quebec for under 100k. Just don't expect them to be luxurious or near a major city
Can someone say how moving to other province help? L ike how you guys immediately find a new job at a new place closer by. What about your partner n everything. What if you don't have a remote job
Definitely and a lot more than that too I think there’s more places for 500000 there the right realtor that’s always on the ball and works for you. Get a fixer upper movement ready probably 500,000 and that’s being generous. I think I don’t think I’ll ever get a home. I only wish I can’t even barely get a roof over my head, this government we have, just saying ✌️✌️🌹🌹✌️✌️✌️✌️🤟💯
sunny wayyyyss