5321 replies to this topic

[Citified.ca]

2,200 units of condominiums are currently under construction. That's compared to over 5,000 units of rentals.

 

Over 2,200 condominiums are under construction throughout Greater Victoria, in addition to 5,000 rentals

https://victoria.cit...-5-000-rentals/

[LJ]

I wonder if we could build more homes per worker if we built Soviet style apartment blocks instead of SFD housing.

Exactly, build some projects on government owned land, provide good bus transportation, build them cheap and fast. 

And have some rules, you damage it, you're out.

[Mike K.]

The BoC just raised the lending rate by 25 points to 4.75%.

[dkuitu]

Perhaps today's new arrivals to Canada should dwell in sod houses in the middle of Saskatchewan as earlier generations did.

 

We have the internet now that tells us what Saskatchewan is like in the wintertime, and we have airplanes so we can just fly right over Saskatchewan.

[Barrrister]

I think it is reasonable to expect a couple more hikes before the end of the year.

[max.bravo]

Great for retired folks with paid off mortgages and investments earning double digit returns.

Bad for young folks trying to get into the market.

[Barrrister]

Where can I get those double digit returns?

[Mike K.]

I’m at RBC right now. 5% on a million bucks. I can’t imagine what you’d have to throw down for 7%.

[Barrrister]

Why do people say things without thinking. 

[max.bravo]

Yeah not in GICs from your bank teller. But VGRO is up 9.2% year over year. There are several ETFs >10% YTD.
https://www.bankrate...ting/best-etfs/

[Mike K.]

$408k USD to build a custom 2,800 square foot home in a Detroit suburb, on a 3-acre lot, price of the lot included in the price above. Converted at 1.33, that’s $543k. Link: https://youtube.com/...Y?feature=share

You can’t even buy the buildable LOT for that price on Vancouver Island. A 3-acre parcel is $1 million, at least, in Cowichan or Otter Point. In the city, you can’t even buy a 1/4 acre for a million.

What exactly is your government doing, to make life more affordable for you? Now before you dump on Detroit, the suburbs are not the city, and vice versa. Detroit remains a major economic hub in the US (4.3M people), but you certainly wouldn’t want to live in the city core.

That aside, you’ll find comparable prices throughout much of the US. In Canada the average price of a re-sale home nationwide, is $800k.

We are failing.

[Barrrister]

Caqlculate the total tax load (include the income taxes paid by the labour force as well) and you might be shocked how much of a house is pure tax.

[Victoria Watcher]

$408k USD to build a custom 2,800 square foot home in a Detroit suburb, on a 3-acre lot, price of the lot included in the price above. Converted at 1.33, that’s $543k. Link: https://youtube.com/...Y?feature=share

You can’t even buy the buildable LOT for that price on Vancouver Island. A 3-acre parcel is $1 million, at least, in Cowichan or Otter Point. In the city, you can’t even buy a 1/4 acre for a million.

What exactly is your government doing, to make life more affordable for you? Now before you dump on Detroit, the suburbs are not the city, and vice versa. Detroit remains a major economic hub in the US (4.3M people), but you certainly wouldn’t want to live in the city core.

That aside, you’ll find comparable prices throughout much of the US. In Canada the average price of a re-sale home nationwide, is $800k.

We are failing.

Most Canadians own homes. Many own more than one. Almost all of them are happy with increasing values. Why would they support efforts to stop that?

[Mike K.]

There’s no benefit to increasing values of your primary residence even at the rate they’re increasing today, unless you own more than one house. But what’s the percentage of people who do?

2% of the population?

[Victoria Watcher]

As if. Millions of Canadians borrow against their home value - sometimes to buy more homes!

But they generally like the increasing value, even if it’s just to pass to those that inherit.

[Victoria Watcher]

More than 10% of Canadians own more than one home. 7% own a vacation home.

[Mike K.]

So you think the Americans are doing the housing market wrong?

[Victoria Watcher]

Il just saying some Canadians are screaming loud for more affordable housing, but 90% of the politicians and 70% of the general public would be hurt by such.

[Victoria Watcher]

So you think the Americans are doing the housing market wrong?

Your example was about supply / demand areas.

Canada had far fewer areas of low demand.


Despite the ridiculous size of our country.

No other country in the world imports so many immigrants as we do.

Edited by Victoria Watcher, 15 June 2023 - 12:06 PM.

[Mike K.]

Detroit seems like a high demand area, with 4.3 million people.

Across the river is Windsor, with 400,000 people. But it has more demand for housing than Detroit? I don’t think that’s right.