More And More Difficult
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Boubou
Well-Known Member
Who is buying the houses then?
It actually is harder.
Requires 40% of your gross income as opposed to 30% when i bought.
A doordash Souvlaki is 30% more expensive than when you pick it up at the restaurant and probably 60% more expensive than when you cook it yourself. I never order food, always cooked, my nieces who cant afford houses never cook always order. I didnt even have cable ,never mind Netflix and Prime. Didnt rent cottages at $1000 a night , i went camping.
And i walked to school uphill in 3 feet of snow.
I also had 13% interest on my mortgage when i bought, borrowed my dads lawn mower for the first summer.
I keep hearing that but at least in the Montreal area, a young couple with decent jobs can buy a house, yes it involves sacrifices and yes it wont be your dream house in your dream location.
It actually is harder.
Requires 40% of your gross income as opposed to 30% when i bought.
A doordash Souvlaki is 30% more expensive than when you pick it up at the restaurant and probably 60% more expensive than when you cook it yourself. I never order food, always cooked, my nieces who cant afford houses never cook always order. I didnt even have cable ,never mind Netflix and Prime. Didnt rent cottages at $1000 a night , i went camping.
And i walked to school uphill in 3 feet of snow.
I also had 13% interest on my mortgage when i bought, borrowed my dads lawn mower for the first summer.
I keep hearing that but at least in the Montreal area, a young couple with decent jobs can buy a house, yes it involves sacrifices and yes it wont be your dream house in your dream location.
gball
Ambassador of Boogie
Corporations. To rent to people that can't afford to buy them.
Here's how bad it is: even at my age (59) the younger people in my office are shocked that I was able to buy my house instead of renting.
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Boubou
Well-Known Member
Well if no one is able to buy the houses, we are going to have to give them away at some point.
It depends where you live, house prices vary a lot depending on where you live. It will also depend on your profession/salary.
They keep building high rise "condos" here and yes i kind of heard that they actually are not condos but just rented apartment. They use a french name which roughly translate to "rental condo" but all it means is its an apartment. owned by a corporation.
I am retired and dont interact with a lot of younger people. those i do , i know they could afford to buy, but are not willing to do the sacrifices necessary to do so.
Hey . the houses near my work were 250k, i bought at 100k. went through 3hours of traffic everyday for 25 years. Had to renovate the whole house because it was not a new one. a small modest one.
ANyways, YES it is NOT easy, no matter what I say but it is doable
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gball
Ambassador of Boogie
The corporate entities here are buying the homes at top dollar in cash, so a first or even second time buyer has no way to compete with them.
What I see with the younger folks is this: they can afford the mortgage, it would actually be less than the rent they are paying. But they can't afford the down payment, mostly because the cost of living has increased so much as a percentage of income they have no reasonable hope of saving enough to do so. "Tightening their belts" is not going to overcome the disparity when so many buyers are coming in with cash.
The dynamics have simply changed over the last 20-30 years, and even moving to the far suburbs/near rurals (at least here in SoCal) is not a cheaper option like it used to be. Besides, a 3-hour commute is not a realistic option for a lot of people, primarily those that have young families or other obligations.
Jethro Rocker
Ambassador of Live & Loud Action
New housing and areas here are popping up huge. There are people building new and buying. Granted our housing is far less than major urban centres but has gone up dramatically the last decade. I think the average is around $350 k CDN or higher now whicn includss teardowns to million $ ones.
In downtown Toronto a million $ is essentially a teardown.
In downtown Toronto a million $ is essentially a teardown.