Canada's 'housing bubble' deemed close to bursting

[Acajack]

Originally Posted by kwoldtimer

I'm not a typical retiree in any way, shape or form, other than that "no longer woring for a living" thing! And Ottawa offers a stellar quality of life, especially if, like me, you plan to spend extended periods of winter visiting the southern hemisphere.

I thought you were moving to Ottawa to do some "double-dipping": post-career government contracts PLUS government pension.

[kwoldtimer]

Originally Posted by Acajack

I thought you were moving to Ottawa to do some "double-dipping": post-career government contracts PLUS government pension.

Nah, that would be dreary. I have dedicated the remainder of my life, be it long or short, to sybaritic pleasures!

[urbandreamer]

I'd probably move to Vancouver Island if I had to stay in Canada during my retirement. Either Victoria or maybe a smaller town or island community. I've always wanted to live on a house boat.

[lio45]

Originally Posted by urbandreamer

I'd probably move to Vancouver Island if I had to stay in Canada during my retirement.

If I had to retire and remain in Canada, after giving it some thought, I think my first choice would be to buy most of downtown Saint John as my retirement playground and try to help improve/preserve it.

[kwoldtimer]

Originally Posted by lio45

If I had to retire and remain in Canada, after giving it some thought, I think my first choice would be to buy most of downtown Saint John as my retirement playground and try to help improve/preserve it.

I think a certain family already owns downtown Saint John....

[lio45]

Originally Posted by kwoldtimer

I think a certain family already owns downtown Saint John....

Well, I meant I'd be interested in taking it off their hands at current fair market values based on my MLS samples

You raise a good point though -- unless they're really in a bad financial position, why aren't they snapping up all those $35k sixplexes in order to truly own the inner city at some point?

I recall an English village for sale years ago (my gf at the time was the one who had sent me the link, I was starting in real estate then), something like 30 houses and a few commerces for a few million pounds, the cap rate was actually decent. Landlord is for once truly worthy of the literal name in that case -- I've always found it amusingly pompous in English, in French it's just "owner" -- as you own all the land and all the improvements. The entire population of the place rents from you.

Maybe the Irvings could do that, but with a city, not merely a village.

[kwoldtimer]

Originally Posted by lio45

Well, I meant I'd be interested in taking it off their hands at current fair market values based on my MLS samples

You raise a good point though -- unless they're really in a bad financial position, why aren't they snapping up all those $35k sixplexes in order to truly own the inner city at some point?

I recall an English village for sale years ago (my gf at the time was the one who had sent me the link, I was starting in real estate then), something like 30 houses and a few commerces for a few million pounds, the cap rate was actually decent. Landlord is for once truly worthy of the literal name in that case -- I've always found it amusingly pompous in English, in French it's just "owner" -- as you own all the land and all the improvements. The entire population of the place rents from you.

Maybe the Irvings could do that, but with a city, not merely a village.

As I understand it, the Irvings could pretty much do that with a province....

[lio45]

Originally Posted by kwoldtimer

As I understand it, the Irvings could pretty much do that with a province....

By my quick back of napkin calculation, Bill Gates actually could (barely) hope to buy the entirety of privately-held property available in New Brunswick, but few others would be able to do that.

Not sure if swapping Microsoft for New Brunswick would be a good investment though

[RueBulmer]

My brother and his wife recently their townhouse in Toronto. I believe it was built in the 80s or 90s, near the corner of Davenport and Spadina. They're retiring to Paris.

They listed low hoping for a bidding war and neither of them will tell me what they got for it, but it was sold in 36 hours and was listed on the MLS site for about a minute.

It has four floors but is only about 16 feet wide, considerably deeper, no land to speak of, garage accessed by a back alley. Apparently inspired by the Royal Terrace in Bath, England.

[rousseau]

Originally Posted by RueBulmer

My brother and his wife recently their townhouse in Toronto. I believe it was built in the 80s or 90s, near the corner of Davenport and Spadina. They're retiring to Paris.

They listed low hoping for a bidding war and neither of them will tell me what they got for it, but it was sold in 36 hours and was listed on the MLS site for about a minute.

It has four floors but is only about 16 feet wide, considerably deeper, no land to speak of, garage accessed by a back alley. Apparently inspired by the Royal Terrace in Bath, England.

Your last sentence makes the location obvious.

[RueBulmer]

Originally Posted by rousseau

Your last sentence makes the location obvious.

It's on Walmer. Do you know it? My sister said it was like living in a theme park when they first moved in, just over 15 years ago.

[rousseau]

Originally Posted by RueBulmer

It's on Walmer. Do you know it? .

Yep.

https://www.google.ca/maps/@43.6756242,-...TKTNzwNfK-OYA6d3j1X8g!2e0!7i13312!8i6656

[RueBulmer]

Originally Posted by rousseau

Yep.

https://www.google.ca/maps/@43.6756242,-...TKTNzwNfK-OYA6d3j1X8g!2e0!7i13312!8i6656

That's it. They didn't do many improvements, hardwood on the upper floors and granite or a composite in the kitchen but I assume they've at least doubled what they paid. Theirs has one of the more traditional floor plans and no elevator and no deck on the garage roof.

[LeftCoaster]

Originally Posted by Pinion

BS, almost my entire 1998 high school grad class is gone - not counting the Chinese kids of course. You have to move if you have kids with normal incomes.

Gone to where? The vast majority of my grad class is still there, in fact I'm one of the few I know who has left, and I'm toying with going back. Several are raising kids in condos/townhomes, many have moved to Squamish or the tri-cities with the rest all still in the city.

The latest statistics all point to the anecdotal hollowing out of the millennials to be just that, anecdotal. The hard statistics all point the exact opposite, they show an increase in young people.

The working age population is growing about 70 per cent faster than the national average in Vancouver

http://www.huffingtonpost.ca/2016/04/12/employment-canada-house-prices_n_9670750.html

The population of millennials in the City of Vancouver grew by 15,800 individuals, or 9.5%, between 2005 and 2015.

With even more growth in the metro:

In Metro Vancouver, there was an increase of 86,000 individuals, or 18%, between 2005 and 2015. The percentage increase is almost twice as high as the increase in the City of Vancouver alone.

https://www.biv.com/article/2016/4/real-estate-prices-are-not-pushing-millennials-out/

Where it goes from here I'm not too sure, but so far the housing madness you guys are experiencing on the west coast has not pushed everyone out like some have been stating.

[WhipperSnapper]

Originally Posted by RueBulmer

That's it. They didn't do many improvements, hardwood on the upper floors and granite or a composite in the kitchen but I assume they've at least doubled what they paid. Theirs has one of the more traditional floor plans and no elevator and no deck on the garage roof.

They are fairly well known not to mention tv celebrities

[RueBulmer]

Originally Posted by WhipperSnapper

They are fairly well known not to mention tv celebrities

My brother and his wife are not tv celebrities but I believe there was a well known politician right across the street. Can't think of his name.

Before that they lived in what I thought was a much cooler place on Markham near Queen, an old factory converted to multi-level lofts.

[MolsonExport]

.

[RueBulmer]

Originally Posted by MolsonExport

.

"Yes. That town where they don't believe in panties"

Signed:

Wendy M.

[MolsonExport]

_esley

[ssiguy]

I use to live on Walmer Road in the 80s when I was going to U.of T. It was about a 15 story apt tower right at Spadina and Walmer.