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Old 02-10-2024, 12:34 PM
 
1,221 posts, read 494,498 times
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I think subsidized housing might be the only way to keep people from being homeless in the future. Canada is headed for a social structure similar to the third world. Home ownership will only be for the top upper crust of society. The middle class will need subsidized homes or live in cramped apartments. Our major cities are pretty much like that already. The middle class Canadian dream is finished in places like Toronto and Vancouver.

Quote:
Experts say Canada is somehow about to get even less affordable.

As most people in Toronto already struggle to afford keeping a roof over their head as the cost of living continues to surge, financial experts are saying that residents of the city — and Canada as a whole — can only expect things to get worse.

A new report from TD is warning that, at the current rate, housing and other basic costs for both renters and owners are on track to get far higher, which the institution is blaming largely on our current immigration policies.

The document, released Wednesday, notes that Canada's population has increased by 1.2 million in the last year, which is more than double the expansion we saw in 2019 and in all years prior.
https://www.blogto.com/city/2023/07/...ss-affordable/

The difficult part is Canada has to bring in massive amounts of immigrants. With the way things are now, the government knows they we will only be able to retain maybe about a 1/ 3 of them. For highly skilled immigrans, why stay here when there are places with better wages, affordable homes, better weather, safer cities and places that still value things like families and having children?

Last edited by Luisito80; 02-10-2024 at 01:06 PM..
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Old 02-10-2024, 12:37 PM
 
Location: Vancouver
18,504 posts, read 15,545,978 times
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Quote:
Originally Posted by netwit View Post
BC already has penalties on vacant homes, or so my stepdaughter informs me.
Depends where you live.

The Speculation and Vacancy Tax is now applied in 13 different communities. 99 percent of homeowners in BC don't need to pay, since they are exempt. For instance, if it's your primary residence, you don't pay. All owners must declare it once a year.

https://www2.gov.bc.ca/gov/content/t...ax/individuals

Vancouver has another tax called The Empty Home Tax. Again, exemptions if you live in your primary residence. Again, you declare this once a year and comes with your property tax notice.

https://vancouver.ca/home-property-d...homes-tax.aspx

So if you live in town or city outside of those affected, there are no Speculation or Empty Home taxes.

BC also has the Home Owner Grant, which reduces your property taxes if you live in a property that is assessed at $2,150,000 or less.

https://www2.gov.bc.ca/gov/content/t...me-owner-grant

I bumped into this while clicking away. The Federal Government has this.

https://www.canada.ca/en/services/ta...using-tax.html

Have those taxes helped? Is the government expanding the program because it works, or are they expanding the program because they get more money?

In Vancouver's instance, prices certainly haven't come down. Rents that never used to be crazy, are now. I do believe that people who bought properties for investment have more of an incentive to rent them out, but it's not the poor living in these places.

IMO I think the city restricting Airbnb and VRBO type rentals has done more to make places for people to live full time, rather than a week or two as a holiday rental. However, again, prices just seem to go up.

Last edited by Natnasci; 02-10-2024 at 01:02 PM..
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Old 02-10-2024, 12:55 PM
 
Location: Canada
7,680 posts, read 5,525,023 times
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I wouldn’t call the U.K. a third world country.

Public housing in the United Kingdom
Quote:
Since 1979 council housing stock has been sold to private occupiers under the Right to Buy legislation, and new social housing has mainly been developed and managed by housing associations. A substantial part of the UK population still lives in council housing; in 2010, about 17% of UK households. Approximately 55% of the country's social housing stock is owned by local authorities. Increasingly the stock is managed on a day-to-day basis by arms-length management organisations rather than directly by the authority, and by housing associations.
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Old 02-10-2024, 02:24 PM
 
Location: Canada
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We should study what other countries have done and what has worked or hasn’t worked for them.

Kind of off-topic, but I was recently reading about a popular type of housing in a European country (Netherlands?) which I haven’t seen in Canada. It a building with 4 apartments on each floor. Each apartment has a corner and each front door opens to a common stairway and elevator shared by all residents. That seems like an interesting design for a low/medium rise infill project in a residential neighborhood.
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Old 02-10-2024, 02:33 PM
 
1,221 posts, read 494,498 times
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Quote:
Originally Posted by cdnirene View Post
I wouldn’t call the U.K. a third world country.

Public housing in the United Kingdom
Every country has public housing including canada. Public housing however, is usually catered to low income families, single parents, refugees etc etc. Our current housing and affordabilty crisis effect everyone except for the wealthy. So yes you can buid more housing for the poor, that is great but where does that leave the middle and upper middle class? They will start to leave in droves, specially if subsidized housing is whats being offered.
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Old 02-10-2024, 02:59 PM
 
Location: Canada
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I think builders are holding back right now because of high borrowing costs. Unfortunately, it now appears that interest rates won’t start to come down until perhaps June. Inflation has been stubborn.
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Old 02-10-2024, 03:45 PM
pdw pdw started this thread
 
Location: Ontario, Canada
2,674 posts, read 3,092,968 times
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Quote:
Originally Posted by cdnirene View Post
I think builders are holding back right now because of high borrowing costs. Unfortunately, it now appears that interest rates won’t start to come down until perhaps June. Inflation has been stubborn.
I’m a bit pessimistic about interest rates making a difference. It may convince builders to build more, but I don’t see affordability improving for renters or prospective home buyers with lower interest rates. Home prices will go up to new record highs likely and rents will increase as well. This will improve affordability for the existing mortgage payers but with market rates for rent and home prices being so high, I don’t see this alone making things better. I do like your mention of the Dutch apartment style. Older cities tend to have of lot of these, but with the rise of the condo in the 80s things like that don’t tend to get built here anymore: Maybe some kind of zoning/approval fast track program could make building this type of dwelling more enticing to developers.
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Old 02-10-2024, 03:52 PM
 
Location: Canada
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This should never happen https://www.cbc.ca/news/canada/hamil...tion-1.7108994
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Old 02-10-2024, 04:40 PM
 
Location: Canada
7,309 posts, read 9,321,218 times
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Quote:
Originally Posted by cdnirene View Post
I wouldn’t call the U.K. a third world country.

Public housing in the United Kingdom
The UK has the most unaffordable housing in Europe https://www.theguardian.com/society/...ng-says-report
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Old 02-10-2024, 05:33 PM
 
Location: Canada
7,680 posts, read 5,525,023 times
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Quote:
Originally Posted by netwit View Post
The UK has the most unaffordable housing in Europe https://www.theguardian.com/society/...ng-says-report
Do you think that’s due to public housing there?
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