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Old 02-15-2024, 04:39 PM
 
1,225 posts, read 498,842 times
Reputation: 765

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Quote:
Originally Posted by pdw View Post
Average price of a condo in Canada is $541,500. Source: https://dailyhive.com/vancouver/cond...oogle_vignette

Income required to get approved for a mortgage on a $500k condo: $136 000 Souece: https://pierrecarapetian.com/what-is...500k-mortgage/ sound like normal first time homebuyer starting a family income to you?

That income of $136k puts you in the 95th percentile of earners in Canada. Source: https://www.thekickassentrepreneur.c...ce-for-canada/

Bear in mind that’s just for condos. That would be the bear minimum of affordability. For all homes it’s even more impossible.

If you own a million dollar home you are in the 99th percentile of net worth individuals globally. Congrats, Toronto and Vancouver homeowners you’re part of the global 1%. Source: https://www.visualcapitalist.com/glo...-distribution/



The young generation is beyond screwed without subsidized housing
For once I agree with PDW
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Old 02-15-2024, 04:53 PM
 
3,950 posts, read 3,304,606 times
Reputation: 1693
Quote:
Originally Posted by pdw View Post
Average price of a condo in Canada is $541,500. Source: https://dailyhive.com/vancouver/cond...oogle_vignette

Income required to get approved for a mortgage on a $500k condo: $136 000 Souece: https://pierrecarapetian.com/what-is...500k-mortgage/ sound like normal first time homebuyer starting a family income to you?

That income of $136k puts you in the 95th percentile of earners in Canada. Source: https://www.thekickassentrepreneur.c...ce-for-canada/

Bear in mind that’s just for condos. That would be the bear minimum of affordability. For all homes it’s even more impossible.

If you own a million dollar home you are in the 99th percentile of net worth individuals globally. Congrats, Toronto and Vancouver homeowners you’re part of the global 1%. Source: https://www.visualcapitalist.com/glo...-distribution/



The young generation is beyond screwed without subsidized housing

Not to mention the fact that half mil in major cities like Van and Toronto will get you a 6-700 sq/ft at most shoebox....hardly a family friendly space.

Urban citizens of the second largest country in the world with a sub 40 mil population are being forced to live like Hong Kongers.....

I follow on and off the Canada RE market for the high amusement content....I would love sometimes to go to an open house for some of these obscenely overpriced cardboard boxes and taunt the realtor with a serious face "Why so cheap?? How come it hasn't sold yet??"
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Old 02-15-2024, 06:45 PM
 
Location: Saskatoon - Saskatchewan, Canada
827 posts, read 866,342 times
Reputation: 757
I don’t understand how some really expensive cities like Toronto and Vancouver apparently did not really collapse yet. Even if most people still manage to pay rent somehow, the disposable income for other expenses might be falling drastically. People need to cut expenses with entertainment, restaurants and even groceries in order to have enough money to pay rent. That could be a problem for the local economy, I believe.

Probably there are hundreds of thousands paying a thousand bucks to share a basement with someone else, instead of paying 3k for a whole apartment. But that’s sad.
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Old 02-15-2024, 07:22 PM
 
Location: Canada
7,309 posts, read 9,330,165 times
Reputation: 9859
Quote:
Originally Posted by pdw View Post
Average price of a condo in Canada is $541,500. Source: https://dailyhive.com/vancouver/cond...oogle_vignette

Income required to get approved for a mortgage on a $500k condo: $136 000 Souece: https://pierrecarapetian.com/what-is...500k-mortgage/ sound like normal first time homebuyer starting a family income to you?

That income of $136k puts you in the 95th percentile of earners in Canada. Source: https://www.thekickassentrepreneur.c...ce-for-canada/

Bear in mind that’s just for condos. That would be the bear minimum of affordability. For all homes it’s even more impossible.

If you own a million dollar home you are in the 99th percentile of net worth individuals globally. Congrats, Toronto and Vancouver homeowners you’re part of the global 1%. Source: https://www.visualcapitalist.com/glo...-distribution/



The young generation is beyond screwed without subsidized housing
There seem to be a lot of condos for sale in Winnipeg for under 200k.

https://www.realtor.ca/mb/winnipeg/condos-for-sale
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Old 02-15-2024, 08:06 PM
pdw pdw started this thread
 
Location: Ontario, Canada
2,674 posts, read 3,096,864 times
Reputation: 1820
Quote:
Originally Posted by netwit View Post
There seem to be a lot of condos for sale in Winnipeg for under 200k.

https://www.realtor.ca/mb/winnipeg/condos-for-sale
“Go West, young man” is really still true today. Winnipeg is a great city. Amazing music and arts scene. Great restaurants. Summers are warm and pretty long which is rare for most of Canada. Very multicultural too. Long established Jewish, Indian, Italian, Eastern European communities. No matter what country you’re from, you’ll feel welcome in Winnipeg. The winters are insanely crazy cold but things like ice fishing, pond hockey, skiing and snowboarding won’t get ruined by the snow all melting every other week. A lot of reasons to move there. The time I’ve spent in Manitoba, I had an amazing time and met amazing people.

I’m worried though as the housing crisis continues to spread, it won’t be long until Winnipeg gets crazy expensive too. It happened to Halifax and Montreal, investors are looking for new pastures in this country to make a quick buck. It’s ok to invest in real estate, but it shouldn’t come at the cost of working people’s ability to put a roof on their head.

If the government can build, say 500 000 public housing units every decade we can really take the pressure off renters. A young family having access to a 2 bedroom townhouse to raise their kids in for , say, $1500 a month would make a huge difference in millions of people’s lives in this country.
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Old 02-15-2024, 08:15 PM
 
1,225 posts, read 498,842 times
Reputation: 765
Quote:
Originally Posted by EduardoFinatto View Post
I don’t understand how some really expensive cities like Toronto and Vancouver apparently did not really collapse yet. Even if most people still manage to pay rent somehow, the disposable income for other expenses might be falling drastically. People need to cut expenses with entertainment, restaurants and even groceries in order to have enough money to pay rent. That could be a problem for the local economy, I believe.

Probably there are hundreds of thousands paying a thousand bucks to share a basement with someone else, instead of paying 3k for a whole apartment. But that’s sad.
It's happening slowly. As some one else said before in a decade or two those cities will be more like third world countries. Lots of rich people and even more people at the very bottom. Not much in the middle. Professionals that have been priced out will get fed up, lose hope and leave for other provinces and countries.
You are correct about the basement apartments.
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Old 02-15-2024, 08:17 PM
 
1,225 posts, read 498,842 times
Reputation: 765
Quote:
Originally Posted by netwit View Post
There seem to be a lot of condos for sale in Winnipeg for under 200k.

https://www.realtor.ca/mb/winnipeg/condos-for-sale
Winnipeg is still somewhat reasonable for now. We are doing better than the rest of the country. That will change though. Who wants to live in a Condo on the prairies though? There is so much wide open room here it would be a shame.

Montreal is not crazy expensive though. I am not sure why people keep saying that. It is still much more reasonable than Toronto and Vancouver. Montreal is also more friendly towards families. The average home price is more in Halifax than it is Montreal.

Last edited by Luisito80; 02-15-2024 at 08:27 PM..
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Old 02-15-2024, 09:00 PM
 
Location: Canada
14,735 posts, read 15,048,498 times
Reputation: 34871
Quote:
Originally Posted by Luisito80 View Post
DO you really have no idea? I will when you answer where you got the 80% figure from and adress the articles that directly contradict your comment about homeslessness that you ignored all together.
Don't be so defensive and antagonistic. I answered you already where the 80% figure came from. And neither you or anyone else has posted any articles for me about homelessness so why wouldn't I ignore something that isn't there for me?

Just admit you can't answer the question of "what is the Canadian Dream?" because you don't know what it is. You want to know why? It's because there is no such thing as the Canadian Dream for Canadian citizens who already live in Canada. So I will tell you what the reference means.

The term the "Canadian Dream" is a reference to something dreamed of by desperate immigrants, refugees and asylum seekers in other poor and/or war torn countries who hope to be able to be given refuge in Canada so they can experience Canadian values and avail themselves of the freedom of choice, personal safety, and social benefits that are already enjoyed by all Canadian residents. It has nothing to do with whether or not they have pipe dreams of coming to Canada so they can become wealthy upper crust people who will own a big house with lots of bedrooms in whatever city they think they should be entitled to live in. It doesn't mean they expect to have a land of milk and honey and riches dished out to them on a silver platter. They just want to be in Canada where they can be safe.

The Canadian Dream is also the name of a book about the immigration of people to Canada from the year 1500 until this era ..... and it's the name of a sad song about -40 degree temperatures during the winters in parts of Canada.

.
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Old 02-15-2024, 10:51 PM
 
1,225 posts, read 498,842 times
Reputation: 765
[quote]
Quote:
Originally Posted by Zoisite View Post
Don't be so defensive and antagonistic. I answered you already where the 80% figure came from. And neither you or anyone else has posted any articles for me about homelessness so why wouldn't I ignore something that isn't there for me?
I am answering you the same way you answer me. I did post links, you even quoted the same post I put them in. Maybe your eye sight is poor? You didn't provide any link at all to where you got that number from.



Quote:
Just admit you can't answer the question of "what is the Canadian Dream?" because you don't know what it is. You want to know why? It's because there is no such thing as the Canadian Dream for Canadian citizens who already live in Canada. So I will tell you what the reference means.
Talk about being defensive and antagonistic. lol


Quote:
The term the "Canadian Dream" is a reference to something dreamed of by desperate immigrants, refugees and asylum seekers in other poor and/or war torn countries who hope to be able to be given refuge in Canada so they can experience Canadian values and avail themselves of the freedom of choice, personal safety, and social benefits that are already enjoyed by all Canadian residents. It has nothing to do with whether or not they have pipe dreams of coming to Canada so they can become wealthy upper crust people who will own a big house with lots of bedrooms in whatever city they think they should be entitled to live in. It doesn't mean they expect to have a land of milk and honey and riches dished out to them on a silver platter. They just want to be in Canada where they can be safe.
Maybe you are right , the Canadian dream doesn't exist. It's definitely dead in Vancouver where even the upper middle class (nonimmigrant) can't even afford a small home. Infact immigrants are doing better in Vancouver. Most of the homeless and drug addicts in Vancouver are not "desperate immigrants' or even refugees.

Did you really have to derail the thread again? Stay on topic please.

Last edited by Luisito80; 02-16-2024 at 12:15 AM..
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Old 02-15-2024, 11:12 PM
 
Location: Canada
14,735 posts, read 15,048,498 times
Reputation: 34871
Quote:
Originally Posted by Luisito80 View Post

Maybe you are right , the Canadian dream doesn't exist. It's definitely dead in Vancouver where even the upper middle class (nonimmigrant) can't even afford a small home. Infact immigrants are doing better in Vancouver. Most of he homeless and drug addicts in Vancouver are not "desperate immigrants' or even refugees.

Did you really have to derail the thread again? Stay on topic please.
Okie dokie. I'm finished with 'derailing' now if that's what you want to call it. LOL.

Ciao for now, y'all have a nice evening.

.
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