Welcome to City-Data.com Forum!
U.S. CitiesCity-Data Forum Index
Go Back   City-Data Forum > General Forums > Economics
 [Register]
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
View detailed profile (Advanced) or search
site with Google Custom Search

Search Forums  (Advanced)
Reply Start New Thread
 
Old 10-30-2022, 11:02 PM
 
Location: Formerly New England now Texas!
1,708 posts, read 1,088,266 times
Reputation: 1561

Advertisements

Lauren Southern recently put up a video explaining how a 30 year old male in Canada making 100K Canadian will be unable to purchase a home until he is 50. It demonstrates issues of inflation of housing vs income.



What do you folks think?
Reply With Quote Quick reply to this message

 
Old 10-30-2022, 11:03 PM
 
Location: Tricity, PL
61,132 posts, read 85,956,304 times
Reputation: 130800
All depends on spending habits.

The average monthly cost for a single person in Canada is $2,771 per month. Thus, a single person needs to earn around $45,000 after-tax salary to live comfortably. This covers expenses such as housing, transportation, food, healthcare, utility bills, and entertainment. This may vary by location.

https://www.springfinancial.ca/blog/...ving-in-canada
The average salary in Toronto is $52,268, which is 10.1% higher than the Canadian average salary of $47,487
To buy a house:

https://www.moneysense.ca/spend/real...me-in-toronto/

Some sources say:
Quote:
For a single-family detached home, the median income in Canada was $54,630 in 2021; the average home price was $1,408,500, with an approximate monthly mortgage payment of $5,160. To qualify for a home, you must make over $230,000 per year. If you have other debts, you may not be able to qualify.
Small towns and rural area should be much cheaper, though.

https://www.modernmississauga.com/ma...e-toronto-area

But:
CMHC mortgage loans are available to people with low income and a credit-worthy financial history. To get approved for a CMHC Loan with 5% down to purchase a house with low income, you must have a minimum debt-to-income ratio of 40% or less.

Also - for single-income buyers, condo apartments are the most affordable option across the board, with seven different regions having lower benchmark prices than the maximum affordability in those areas.

Last edited by elnina; 10-30-2022 at 11:20 PM..
Reply With Quote Quick reply to this message
 
Old 10-30-2022, 11:21 PM
 
17,877 posts, read 15,739,155 times
Reputation: 11650
Not if you are in Calgary


https://www.youtube.com/watch?v=ceenI_mrOZ0&t=1s
Reply With Quote Quick reply to this message
 
Old 10-31-2022, 11:14 AM
 
10,864 posts, read 6,327,398 times
Reputation: 7956
does he plan to stay in Calgary forever?
Reply With Quote Quick reply to this message
 
Old 10-31-2022, 11:27 AM
 
Location: Formerly New England now Texas!
1,708 posts, read 1,088,266 times
Reputation: 1561
Something is increasingly wrong with housing and rental markets imo.
Reply With Quote Quick reply to this message
 
Old 10-31-2022, 11:37 AM
 
Location: Formerly New England now Texas!
1,708 posts, read 1,088,266 times
Reputation: 1561
I found the site she used https://www.padmapper.com/ to be somewhat informative. It seems to cover a lot of places. Rents are imo out of control.
Reply With Quote Quick reply to this message
 
Old 10-31-2022, 12:23 PM
 
10,864 posts, read 6,327,398 times
Reputation: 7956
Quote:
Originally Posted by functionofx View Post
Something is increasingly wrong with housing and rental markets imo.
ME TOO,I recall back in early 2000,everyone wants to buy a house and then in 2008 the housing market collapsed,forclosures is every where and you cant give away a house?
and now there is not enough houses to go around?
Reply With Quote Quick reply to this message
 
Old 10-31-2022, 12:44 PM
 
Location: North Idaho
32,493 posts, read 47,458,225 times
Reputation: 77724
Quote:
Originally Posted by functionofx View Post
Something is increasingly wrong with housing and rental markets imo.
The problem with the rental market in Canada is too much woke culture that is hostile to landlords, so few people are willing to provide rental housing. The same thing that is happening in the USA.

If you make private parties support deadbeat tenants out of their own pocket, they soon decide that owning a rental isn't a good idea.

Anytime that government messes too much with private business, the result turns out to be not as expected and not good for the people that the government is claiming that they are helping. The result in Canada and the USA is a lack of rental housing. No one wants to provide it since the government want so make them personally financially responsible for deadbeats and tries to force them to provide housing for destructive criminal people.
Reply With Quote Quick reply to this message
 
Old 10-31-2022, 04:27 PM
 
Location: Toronto
15,109 posts, read 15,723,347 times
Reputation: 5191
Quote:
Originally Posted by oregonwoodsmoke View Post
The problem with the rental market in Canada is too much woke culture that is hostile to landlords, so few people are willing to provide rental housing. The same thing that is happening in the USA.

If you make private parties support deadbeat tenants out of their own pocket, they soon decide that owning a rental isn't a good idea.

Anytime that government messes too much with private business, the result turns out to be not as expected and not good for the people that the government is claiming that they are helping. The result in Canada and the USA is a lack of rental housing. No one wants to provide it since the government want so make them personally financially responsible for deadbeats and tries to force them to provide housing for destructive criminal people.
The general problem with the housing market in Canada is there isn't enough supply of housing to meet demand. 'woke' culture has little to do with it really.

For a small time landlord, it is highly risky renting to tenants due to tenant rights that I agree with, but you do have to have both landlord and tenant rights anywhere or one side would always take advantage of the other. That said, rental companies are having no problem renting out units and they are charging an arm and a leg for them, due to heavy demand and little supply.

Additionally, now that interest rates have risen significantly in the last year, the rental market is even hotter now as even fewer people can afford to buy a home.

So the issues are multifaceted but to blame it on woke culture is just opportunistic imo.
Reply With Quote Quick reply to this message
 
Old 10-31-2022, 07:03 PM
 
Location: Vallejo
21,642 posts, read 24,775,047 times
Reputation: 18864
Quote:
Originally Posted by fusion2 View Post
The general problem with the housing market in Canada is there isn't enough supply of housing to meet demand. 'woke' culture has little to do with it really.

For a small time landlord, it is highly risky renting to tenants due to tenant rights that I agree with, but you do have to have both landlord and tenant rights anywhere or one side would always take advantage of the other. That said, rental companies are having no problem renting out units and they are charging an arm and a leg for them, due to heavy demand and little supply.

Additionally, now that interest rates have risen significantly in the last year, the rental market is even hotter now as even fewer people can afford to buy a home.

So the issues are multifaceted but to blame it on woke culture is just opportunistic imo.
Are they building apartments in Canada?

SF market they aren't doing many apartments. It's condos and then of course PJs. In the case of PJs the developers don't really care as it's government money which is why PJs end up getting rundown so quickly.

The big thing in SF is condo conversions. It's limited to smaller buildings though and there's rules so LLs sell at fire sale prices to conversion companies who drive the tenants out and then dissolve before the subsequent litigation from driving the tenants out catches up with them. New construction is down around 60% in SF and 80% in Oakland. If you're an existing larger LL it's not really like you have much choice in the matter. You can let the property sit empty and pay the vacancy tax, estimated 40,000 units have opted for that although it's likely mostly SFH/TIC and not large apartments and they're just holding them for the appreciation before putting them on market, or you can rent. The restrictions on going condo mean you can't go condo but yeah, new construction down 60% in SF and 80% in Oakland. There is a tremendous amount of nope when it comes to developing new apartments.

Then there's just NIMBYs. There's a 5-story PJ a couple blocks from me that the NIMBY cohort has been delaying. It's been approved but now with interest rates it's probably dead anyway.

Last edited by Malloric; 10-31-2022 at 07:12 PM..
Reply With Quote Quick reply to this message
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.

Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.


Reply
Please update this thread with any new information or opinions. This open thread is still read by thousands of people, so we encourage all additional points of view.

Quick Reply
Message:


Over $104,000 in prizes was already given out to active posters on our forum and additional giveaways are planned!

Go Back   City-Data Forum > General Forums > Economics
Similar Threads

All times are GMT -6.

© 2005-2024, Advameg, Inc. · Please obey Forum Rules · Terms of Use and Privacy Policy · Bug Bounty

City-Data.com - Contact Us - Archive 1, 2, 3, 4, 5, 6, 7, 8, 9, 10, 11, 12, 13, 14, 15, 16, 17, 18, 19, 20, 21, 22, 23, 24, 25, 26, 27, 28, 29, 30, 31, 32, 33, 34, 35, 36, 37 - Top