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Old 02-16-2024, 01:08 PM
 
1,221 posts, read 491,363 times
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Quote:
Originally Posted by MarisaAnna View Post
It is common here with Asian families but also has been common with Greek, Italian and other southern European immigrants who also come from enmeshed rather than individualistic cultures. Those cultures provided a huge number of post WW2 immigrants for Australia and I thought also for Canada.

The thing is, those original European immigrants are dying off and often their modest homes in the inner cities of Sydney and Melbourne are worth several million dollars as the areas have gentrified. They generally had only small families so people are inheriting very large amounts which are often being passed on to grandkids to help buy homes.

So the real estate market remains buoyant here despite the apparent lack of affordability.

How long do you think that will that last?


Quote:

Soaring Sydney Housing May Lead to City ‘With No Grandchildren’

(Bloomberg) -- Sydney’s eye-watering house prices are driving an exodus of young families and a failure to reverse the trend could see Australia’s harbor city become known as the place “with no grandchildren,” the New South Wales state productivity commissioner warned.

Between 2016 and 2021, Sydney lost twice as many people in the 30- to 40-year age group as it gained, highlighting the need for increased housing density, Peter Achterstraat said in a video on Tuesday accompanying a new Productivity Commission report.
https://www.bnnbloomberg.ca/soaring-...dren-1.2034053
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Old 02-16-2024, 01:22 PM
pdw pdw started this thread
 
Location: Ontario, Canada
2,674 posts, read 3,091,599 times
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There’s so many impacts of this. I don’t think someone should have to stay with an abusive spouse because they’ll end up broke and renting a shared room in a basement apartment if they leave the relationship, but that’s what’s happening. Divorce is frowned upon in many cultures that tend to have similar collectivist approaches to family finances, but it just doesn’t work like that for most people and we shouldn’t have that the only avenue to affording shelter for you and your family.
How much of a burden would it be for the CMHC to start building rentals again? They don’t have to have like $600 rents, just something reasonable people can afford. This could be at cost or even a small profit to pay the interest off.
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Old 02-16-2024, 07:11 PM
 
Location: Canada
7,309 posts, read 9,316,797 times
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Quote:
Originally Posted by pdw View Post
There’s so many impacts of this. I don’t think someone should have to stay with an abusive spouse because they’ll end up broke and renting a shared room in a basement apartment if they leave the relationship, but that’s what’s happening. Divorce is frowned upon in many cultures that tend to have similar collectivist approaches to family finances, but it just doesn’t work like that for most people and we shouldn’t have that the only avenue to affording shelter for you and your family.
How much of a burden would it be for the CMHC to start building rentals again? They don’t have to have like $600 rents, just something reasonable people can afford. This could be at cost or even a small profit to pay the interest off.
Are you advocating more for multi family dwellings or single detached housing?
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Old 02-16-2024, 07:13 PM
 
Location: Sydney Australia
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Quote:
Originally Posted by Luisito80 View Post
How long do you think that will that last?



https://www.bnnbloomberg.ca/soaring-...dren-1.2034053
That is quite an exaggeration, what often happens as it did with my kids, is that people return to Sydney in their late thirties/early forties when they have young kids. Often to access help from their parents. Physical and also financial.

The article has had a lot of coverage here and is part of the debate on how much high density housing is appropriate for the city.
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Old 02-16-2024, 07:16 PM
 
Location: Canada
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Quote:
Canadian policymakers are sprinting across the country to rain cash to stimulate homebuilding. Unfortunately, it’s not working with new housing starts actually falling further from targets in January. BMO wrote to investors to explain this is predictable, since the targets were unrealistic and will never be hit. Partially due to the lack of resources available to build at that scale, but also the fact that homebuilders build for the market, not policymakers.
https://betterdwelling.com/canadian-...er-be-hit-bmo/
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Old 02-16-2024, 07:17 PM
 
1,221 posts, read 491,363 times
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Quote:
Originally Posted by MarisaAnna View Post
That is quite an exaggeration, what often happens as it did with my kids, is that people return to Sydney in their late thirties/early forties when they have young kids. Often to access help from their parents. Physical and also financial.

The article has had a lot of coverage here and is part of the debate on how much high density housing is appropriate for the city.
Which part is an exaggeration? The insanely high home prices or the amount of 30-40 year olds sydney is losing?
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Old 02-17-2024, 09:16 AM
pdw pdw started this thread
 
Location: Ontario, Canada
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Quote:
Originally Posted by netwit View Post
Are you advocating more for multi family dwellings or single detached housing?
We need more of both, I’d say. Proportionally though more multi family needs to be built. NIMBYs have too much power. Many of the new subdivisions here in S Ontario, I’d imagine BC as well are effectively detached houses being used for multi family accommodation as the basements are often rented out as well as having multiple couples splitting the rest of the house. Not uncommon to have 5-6 cars in each driveway. The rules weren’t so strict in the 60s in 70s which is why every community practically has low rise walk ups from that era but nothing like that gets built nowadays because of restrictive zoning and setback, square footage laws. No one is saying build 40 storey towers in the suburbs but come on, a 3 storey building is not a big deal. That’s how I feel about it. As far as public housing goes, I don’t think detached makes sense unless it’s small prefab tiny home type places in a complex. Townhouses make more sense I think, there’s a lot of old townhouse complexes from the 70s but nothing like that built for rentals anymore
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Old 02-17-2024, 08:57 PM
 
Location: Sydney Australia
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Quote:
Originally Posted by Luisito80 View Post
Which part is an exaggeration? The insanely high home prices or the amount of 30-40 year olds sydney is losing?
The number of 30-40 year olds moving away. A net loss of 7,000 per year and the figures are up to 2021, which includes the two years of Covid restrictions. Elsewhere it has been reported that quite a lot of people who moved away in those two years are returning.
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Old 02-17-2024, 10:01 PM
 
1,221 posts, read 491,363 times
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Quote:
Originally Posted by MarisaAnna View Post
The number of 30-40 year olds moving away. A net loss of 7,000 per year and the figures are up to 2021, which includes the two years of Covid restrictions. Elsewhere it has been reported that quite a lot of people who moved away in those two years are returning.
OK thanks for clearing that up. Reading that article it seems like Sydney is going through the same thing as several Canadians cities are when it comes to housing. I am curious is Sydney(australian cities in general) also experiencing a high spike in drug addiction and homelessness like Vancouver?
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Old 02-18-2024, 02:47 AM
 
Location: Sydney Australia
2,295 posts, read 1,513,381 times
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Quote:
Originally Posted by Luisito80 View Post
OK thanks for clearing that up. Reading that article it seems like Sydney is going through the same thing as several Canadians cities are when it comes to housing. I am curious is Sydney(australian cities in general) also experiencing a high spike in drug addiction and homelessness like Vancouver?
Apparently cocaine use is high in Sydney and heroin in Melbourne. I really do not know too much about whether the use is spiking.
Again it is hard to give a definite answer on homelessness as the definition is quite unclear. It covers people staying temporarily with family right through to people on the streets.
We got a shock when we went to Vancouver quite a few years ago when we encountered a whole area of homeless people. Here the climate is not as severe and people are probably more spread out in parks etc. Not as visible.
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