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Old 02-15-2024, 11:25 PM
 
1,221 posts, read 493,579 times
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Quote:
Originally Posted by Zoisite View Post
Okie dokie. I'm finished with 'derailing' now if that's what you want to call it. LOL.

.
Call it what ever you want, unhinged rant, denial etc, ?? What ever makes you feel good.

Good night.
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Old 02-16-2024, 03:09 AM
 
Location: Sydney Australia
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Quote:
Originally Posted by Luisito80 View Post
ok and What does a middle class family in vancouver do if they want to purchase a home? I am asking because you wrote this...



Those are your words.
I imagine they do what is done here in Sydney. They tap into the bank of Mum and Dad.And often of Grandpa and Grandma. Like Canada, many of our newer residents come from countries where it is absolutely the norm for families to help each other financially.

Obviously this makes it difficult for those who cannot receive financial help, but here 70% of first home buyers get help from families.
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Old 02-16-2024, 07:55 AM
 
Location: Gatineau, Québec
26,875 posts, read 38,010,075 times
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Quote:
Originally Posted by Luisito80 View Post
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.
If we're lucky we might end up like a nicer, colder version of Brazil. If we're really unlucky, maybe South Africa.
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Old 02-16-2024, 08:07 AM
pdw pdw started this thread
 
Location: Ontario, Canada
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Originally Posted by Acajack View Post
If we're lucky we might end up like a nicer, colder version of Brazil. If we're really unlucky, maybe South Africa.
There’s no chance of that happening. We’re one of the world’s biggest economies and all projections show long term growth. We’re in a tough spot but things will get better and we’ll stay one of the best countries in the world to live in as we are now. The only places that compare are Australia, New Zealand, Western Europe and the United States. We have lots of issues but so does everywhere. I’m optimistic about Canada’s future, we just need to get serious about housing in this country. Developers and private investors are not providing the homes we can afford, so it’s time for the government to step in and ensure those get built.
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Old 02-16-2024, 08:12 AM
pdw pdw started this thread
 
Location: Ontario, Canada
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Quote:
Originally Posted by MarisaAnna View Post
I imagine they do what is done here in Sydney. They tap into the bank of Mum and Dad.And often of Grandpa and Grandma. Like Canada, many of our newer residents come from countries where it is absolutely the norm for families to help each other financially.

Obviously this makes it difficult for those who cannot receive financial help, but here 70% of first home buyers get help from families.
Common in Asian families, but clashes with Western individualist culture. As a Canadian born with Canadian born parents, it’s very surprising to me the amount of first and second generation immigrants who live with their parents into their 30s and how the whole family is expected to pool money together to buy houses, restaurant franchises and other investments. Personal autonomy and setting your own life goals free from your parents’ wishes is hard to do and have the same level of money needed to buy a house in this country.
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Old 02-16-2024, 08:26 AM
 
Location: Gatineau, Québec
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Quote:
Originally Posted by pdw View Post
There’s no chance of that happening. We’re one of the world’s biggest economies and all projections show long term growth. We’re in a tough spot but things will get better and we’ll stay one of the best countries in the world to live in as we are now. The only places that compare are Australia, New Zealand, Western Europe and the United States. We have lots of issues but so does everywhere. I’m optimistic about Canada’s future, we just need to get serious about housing in this country. Developers and private investors are not providing the homes we can afford, so it’s time for the government to step in and ensure those get built.
Oh I still think we'll continue to have decent growth.

I just think that our society and especially cities will become more stratified and polarized, and more chaotic and with more breakdowns in civility, between rich and poor and also between various demographic groups.

I also think it will get much harder to move from the poorer classes to the middle and upper classes, something which has been one of the best things about Canada for several generations.

There are all sorts of signs that what I am talking about is already happening.

But yeah, our economy will still continue to grow.
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Old 02-16-2024, 09:13 AM
 
1,221 posts, read 493,579 times
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Quote:
Originally Posted by MarisaAnna View Post
I imagine they do what is done here in Sydney. They tap into the bank of Mum and Dad.And often of Grandpa and Grandma. Like Canada, many of our newer residents come from countries where it is absolutely the norm for families to help each other financially.

Obviously this makes it difficult for those who cannot receive financial help, but here 70% of first home buyers get help from families.

The only person I know that actually bought a home in Vancouver was an aquiantance from Nova Scotia. Yes, he got help from his parents, but these weren't middle class people,they are wealthy. Would be interesting to know what the average down payment for a home in Vancouver is these days.

You may have a point though about new residents. They probably make up a significant portion of people buying homes in Vancouver.
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Old 02-16-2024, 09:14 AM
 
3,950 posts, read 3,298,594 times
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Originally Posted by pdw View Post
There’s no chance of that happening. We’re one of the world’s biggest economies
Brazil isn't it??

Quote:
We’re in a tough spot but things will get better and we’ll stay one of the best countries in the world to live in as we are now.
"Best country in the world to live in" is highly subjective.
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Old 02-16-2024, 09:18 AM
 
Location: Gatineau, Québec
26,875 posts, read 38,010,075 times
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Another point I should mention is that Canada will be far from alone in its relative decline in livability. It's happening to most western countries in fact, and if you look closely societal conditions of affluent western countries are slowly but surely starting to converge with those in the middle income group of countries.
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Old 02-16-2024, 09:19 AM
 
Location: Canada
7,679 posts, read 5,524,010 times
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Quote:
Originally Posted by pdw View Post
There’s no chance of that happening. We’re one of the world’s biggest economies and all projections show long term growth. We’re in a tough spot but things will get better and we’ll stay one of the best countries in the world to live in as we are now. The only places that compare are Australia, New Zealand, Western Europe and the United States. We have lots of issues but so does everywhere. I’m optimistic about Canada’s future, we just need to get serious about housing in this country. Developers and private investors are not providing the homes we can afford, so it’s time for the government to step in and ensure those get built
Market prices are determined by demand and supply. So if supply exceeds demand, prices will come down on their own without government interference. Affordability also depends on mortgage rates. If mortgage rates drop, mortgages become more affordable.
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