Just as the title says, wanted to discuss why Canada is messed up with housing prices. It can surely become more "livable" country if people can afford to live here. On average, property prices are 40% higher in Canada compared to US: https://storeys.com/canada-average-home-prices-40-percent-over-usa-bmo/#:~:text=In%20December%2C%20the%20seasonally%20adjusted,a%20gap%20of%20approximately%2046%25. Also, salaries are way lower and taxes are way higher and then there is the dreaded winter. If Canada really wants immigrants to stay here, build companies and prosper, it first needs to fix this real estate ponzi scheme that is is running in multiple cities. I am talking here based on experience, a decent one bedroom apartment one hour away from Vancouver still cost approximately 400K. In Toronto, the same can cost anywhere between 450K to 600K depending on where you live. Mind you this is entry level housing we are talking about with apartments of approximately 500 sq feet. Most people here have TC less than 100K or maybe even 75K(non-tech). The population of Canada is 37 million and it is the second largest country in the world. Even if you consider all land above 55th parallel as useless, there is still lot of land for 37 million people. Even Vancouver and Toronto have large empty spaces which can be used for housing. Something seems really wrong here.
Canada sells land and citizenships to support its economy
All those citizenships are going to be useless as people head over to US on TN visas.
It’s a revolving wheel- the next batch of immigrants will be there when the current set of folks leave to the US
You haven’t understood the way the Canadian economy works. Upto the early 2000s Canadian economy was a hotbed of innovation, natural resources and even decent finance jobs. But now once innovation dried up( brain drain to the US, no support for entrepreneurs) and natural resources can’t be exploited beyond a certain point the economy is based on selling real estate and citizenships As a result over the past ten years “investors “ plunged in black money across Vancouver and Toronto. Most of these houses are unoccupied and hence prices skyrocketed. Vancouver was ranked the second most unaffordable place to live recently
Idk but a lot of the times houses aren't bought because people want to live in them but rather they're used as investment opportunities. Seems ridiculous to me that average citizens have to run on this hamster wheel of rent or move 2 hours out of the city because our government is spineless and lets rich fucks and foreign buyers push the price through the roof
U should raise this awareness among community. When I was searching for rental home in Vancouver for my wife's brief stay there, I noticed lot of properties were owned by chinese investors who were not even in Vancouver. That's crazy!
I agree that prices are high but at the same time people are still managed to afford it.. Even though salaries are not high, with dual income family can easily afford 1M house if they make 100k each. Plus lot of people are doing small businesses which definitly gives them more purchasing power... People will keep conplaining about RE in canada but at the same time other people buying significant RE in canada which is only growing up.. Instead of whining about how country is fucked up,its depend on individual choice how to make best use of available system.. PS: I own 48 doors in Ontario...
The thing about a Ponzi scheme is when it collapses everyone loses except the early investors.
@nokia, what do you mean by 48 doors? Do you mean 48 properties?
Canada is in the business of human trafficking I.e it sells its motherland for $$$
It’s not messed up it’s beautiful. avg Canadians are multi millionaires
Lol huh?
Is it because of the low interest rates that makes monthly payments cheaper?
It's because of offshore investors plunging money into Canadian cities
Do you have any reference for this claim or Is it just some random flying opinion? Vancouver is known for lot of chinese investor investing money over there. But for other cities ,thats not the case and prices are high over there as well. Its supply and demand. There is very low inventory for housing in country right now. Because of skilled immigration policies canada has, they mainly welcome people with good financial background,those people come to canada and with dual income and some home country saving they buy housing. Many immigrants who come to canada are in age range of 25-35. People usually in this range want to settle ,so they look for housing right away within years so there is demand but not enough supply. Thats what imbalance is and causes high bidding on prices.
The real estate prices are insane pretty much everywhere. And who profits from this the most? The institutions and the people that control the money, a.k.a. the banks. The poor bankers wouldn't have anything to eat if our entire generation could afford to buy houses without a 30 year mortgage. Just buy a piece of land far enough from the cities and build your own house gradually. Will be cheaper and also very rewarding.
with free healthcare, Canadians will go back and live in comfort when the high TC party in the US is over
It will only get over once US dollar is no longer the reserve currency. Until then the party in the US will continue. It might as well very well continue for next 20 years.
Prob around 10... Much enough to STACK
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It's less about Canada messing up and more about foreign desirability.
still, the laws are in the hands of the country. They can easily create rules for lets say high property taxes if you don't actually use the place to live there.
You're right and your point is tangential. Incidentally Vancouver did recently raise tax .. on empty homes? Not enough, but not the point.