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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.
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.
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.
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.
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?
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.
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.
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..
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