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Toronto's rental market is bananas Options
Харбин Хэйлунцзян 1
Posted: Tuesday, February 21, 2017 4:49:33 PM

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Location: Dzerzhinskiy, Moskovskaya, Russia
How I became a 32-year-old couch surfer

Quote:
My rent was soaring $950 a month to an astronomical $2,600.


აბა ყვავებს ვინ დაიჭერს, კარგო? გალიაში ბულბულები ზიან.
Hope123
Posted: Wednesday, February 22, 2017 11:09:38 AM

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Joined: 3/23/2015
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Location: Burlington, Ontario, Canada
And house/condo prices are absolutely ridiculous. Some say it is supply and demand, others say it is foreign speculation. Vancouver put in a 15% tax on foreign investment to try to cool the market and it worked. There was talk about Toronto doing the same but I didn't hear the end of that story.

The only ones benefiting are the realtors. Even if you sell, you have to buy elsewhere, unless you move out of the area.

I see one person did blog that he was in a slightly different area in TO and his rent was $1000. There is a Campeau response comment saying the same thing - a 15 minute subway ride away for $1250 rent. Right downtown anywhere is always more expensive. Lots of people commute hours each way.

Ignorance, allied with power, is the most ferocious enemy justice can have. -James Baldwin, writer
Харбин Хэйлунцзян 1
Posted: Wednesday, February 22, 2017 11:18:37 AM

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Location: Dzerzhinskiy, Moskovskaya, Russia
Hope123 wrote:
And house/condo prices are absolutely ridiculous. Some say it is supply and demand, others say it is foreign speculation.

It all started when Stephen Harper became prime-minister - before that prices were reasonable. Never liked him and thought the new one would do something about this. But it looks like Justin Trudeau is only interested in the affairs of refugees and doesn't care about Canadians that do not have a roof over their heads.

აბა ყვავებს ვინ დაიჭერს, კარგო? გალიაში ბულბულები ზიან.
Hope123
Posted: Wednesday, February 22, 2017 4:53:57 PM

Rank: Advanced Member

Joined: 3/23/2015
Posts: 6,383
Neurons: 37,832
Location: Burlington, Ontario, Canada
Харбин Хэйлунцзян 1 wrote:
Hope123 wrote:
And house/condo prices are absolutely ridiculous. Some say it is supply and demand, others say it is foreign speculation.

It all started when Stephen Harper became prime-minister - before that prices were reasonable. Never liked him and thought the new one would do something about this. But it looks like Justin Trudeau is only interested in the affairs of refugees and doesn't care about Canadians that do not have a roof over their heads.


Hi xap.

Did you not hear JT's speech in Germany this week?

:::

We left Vanouver in 1975 because of the cost of living there and came back to a smaller city in Ontario. Prices were not reasonable until Stephen Harper. He was not to blame. It has always been relative to location. Foreign investment has added to the increases as well. Toronto is and always has been the second highest cost of living area in Canada, Vancouver being the first. If you want to live in the big city where the pay is the highest, and the opportunities the best, you have to be prepared to pay for the convenience. It is all relative according to location. The closer you get to Toronto the more your abode is worth. And the more people who want to live in the city, the greater the competition for land.

It is called the law of supply and demand in a capitalistic economy!

My husband drove anywhere from one and a half to two and half hours each way for two years when his job was moved to Toronto. When it started affecting his health, he retired early so we did not have to move to Toronto where the col was high. We could not afford it. That was long before SH was even thought of. Someone has given you incorrect information.

Also, I think you have conflated two things that do not go together. Refugees and immigrants are needed in Canada as our birth rate is not sustainable for growth. They were not all put in to Toronto to add to the hot market. And they are already adding to our economy by working and paying taxes, even starting businesses and employing others. Besides, who would drive the taxis? :)

Saying all JT cares about is refugees is disingenuous at the very least. Caring about one group does not negate caring for another group. That is like saying I can't love BOTH my grans the same.

JT is working to help the middle class. It takes time to get things right and do what has to be done. He believes in trade and is in Germany this week signing the CETA agreement to take some of the pressure off about the US and NAFTA in case somebody accidentally irritates T and he changes his mind about trade with Canada.

Justin Trudeau has, wrongly, in my opinion, classified someone who works 70 hour weeks after spending 5 years at university and earns $200,000 annually as "rich". That person now gets to keep 47.3 cents on the dollar of his earnings. Take away the other deductions and he/she maybe ends up with 40% - and that was a political move to appease those "disaffected". It did not even bring in much revenue for the government. (And we are certainly not in that high bracket group. I just feel it is not right, that the level is too low. It is those CEOs making millions that need to have their tax loopholes removed.)

As for the feds not controlling a hot real estate market, here is what they have done. It is also a provincial and municipal responsibility too in enacting the fine print. I have never heard anyone blaming a leader for a hot real estate market. Blaming a leader is just too simple a cause for any problem - but does make a good throwaway line. What the feds can do is try through regulation to make sure people can afford what they buy if the interest rates go back up. Canada already had fairly stringent banking rules and that is why we were not affected as much by the recession in 2008.

It seems to me that young people today expect the right to get married on the islands, have a big home with all the niceties, have day care, have maternity and paternity leave, take holidays winter and summer, and all that taking place the first year or two of marriage. After two nights at a local resort we went camping for the rest of our honeymoon. Etc. As I'm sure most of my generation will tell you.

"New regulations mean that in order to qualify for a mortgage, home buyers will either have to save longer for a bigger down payment or purchase a lower-priced home," CREA chief economist Gregory Klump added."

The reality is there’s only so much a federal government can do to corral these runaway markets. They might put a cap on capital gains for primary residences to stop speculation but that would be a hard sell to the average home owner.

Canada's Hot Housing Market - Hope the Bubble Does not Burst

I don't mean to be strident here so don't take it personally but you rattled the wrong cage, xap. 😀



Ignorance, allied with power, is the most ferocious enemy justice can have. -James Baldwin, writer
almo 1
Posted: Friday, March 03, 2017 11:05:53 PM
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Joined: 10/16/2016
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Location: Fussa, Tokyo, Japan



Race and real estate: how hot Chinese money is making Vancouver unlivable




As the city grew into a mecca of leftwing politics and hippie self-expression in the 1960s and 70s, the ideals of tolerance and inclusion became central to the civic self-image. Today, more than 30% of residents claim Chinese ancestry






Hope123
Posted: Thursday, April 06, 2017 10:04:37 AM

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Joined: 3/23/2015
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Location: Burlington, Ontario, Canada
Feds are concerned about a housing bubble in TO and are trying to figure out the best way to cool a hot market. The demand is too great - too many people want to live in Toronto and there is no space.

Ignorance, allied with power, is the most ferocious enemy justice can have. -James Baldwin, writer
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