Canada's 'housing bubble' deemed close to bursting

[SignalHillHiker]

Guyyysss... I kind of want this one but I'm not ready to buy yet until mine sells...

https://www.realtor.ca/real-estate/22923470/97-cabot-street-st-johns

It's EXCEPTIONALLY nice for the price. But the location... it definitely has another house in its backyard, at the top of a VERY steep hill, and too far west for what I want... and I have NO 🞵🞵🞵🞵🞵🞵🞵 CLUE what to do with a basement? What do people even put in basements? I hate the laundry is down there. I want my laundry in or next to the kitchen, like a normal person. I hate when it's in/near the bathroom like a lot of houses here. I hate even more when it's somewhere wherever-the-🞵🞵🞵🞵 in the house. I've never lived in a house with a basement lol But the exterior is already mostly updated to adhere to heritage rules. That'd be a huge savings.

Ugh I won't bid on this, but I bet you in 6 months I'll settle for something lesser, but in a better neighbourhood.

[CityTech]

Originally Posted by hipster duck

It's not simple, but one thing we could do in cities like Toronto and Vancouver is have private developers - who know how to build housing with the amenities and features that middle class people aspire to live in - build copious amounts of rental housing, particularly 2 and 3 bedroom units, on 'surplus'* publicly-owned land that isnt subject to the same outrageous land costs. If municipalities and provinces can supply these lands and waive some of their development charges, many of these developments could still be affordable and yet profitable.

*There are still a lot of these lands in our cities. In Toronto, usually there's a public school and a publicly-funded Catholic school within spitting distance, both often only at half capacity (thanks to older, childless generations owning a lot of the SFH). Or maybe there's no need for an elementary school to be a one story building on 5 acres of land. Make it a 3 storey building with a rooftop play area (or just walk the kids to the park for recess). Then there are city golf courses that are probably worth billions of dollars if they were developed in the for-profit real estate market.

Ottawa has an enormous amount of unused federally owned land that could be used for this purpose. Including quite a few parcels located next to rapid transit.

[le calmar]

Originally Posted by SignalHillHiker

Guyyysss... I kind of want this one but I'm not ready to buy yet until mine sells...

https://www.realtor.ca/real-estate/22923470/97-cabot-street-st-johns

It's EXCEPTIONALLY nice for the price. But the location... it definitely has another house in its backyard, at the top of a VERY steep hill, and too far west for what I want... and I have NO 🞵🞵🞵🞵🞵🞵🞵 CLUE what to do with a basement? What do people even put in basements? I hate the laundry is down there. I want my laundry in or next to the kitchen, like a normal person. I hate when it's in/near the bathroom like a lot of houses here. I hate even more when it's somewhere wherever-the-🞵🞵🞵🞵 in the house. I've never lived in a house with a basement lol But the exterior is already mostly updated to adhere to heritage rules. That'd be a huge savings.

Ugh I won't bid on this, but I bet you in 6 months I'll settle for something lesser, but in a better neighbourhood.

Storage space, guest room, home gym, second living room? I don’t know, I always needed the extra space and my basement is well-used even though I don’t have children. Also, it looks like you have some competition down your street.

[SignalHillHiker]

Originally Posted by le calmar

Storage space, guest room, home gym, second living room? I don’t know, I always needed the extra space and my basement is well-used even though I don’t have children. Also, it looks like you have some competition down your street.

Six houses on my street have gone up in the past month - three sold before ever making it to MLS. Nothing wrong with mine, I should be next - the others (one was hideously underpriced, because they're at the bottom of the street where people knock on your door to beg; two were crackhouses, no furniture, needles everywhere, the landlord gutted them and sold them for $60K each). So, fingers crossed. Next is mine. I've got the best value for price. And I'm willing to go 10K lower.

[rofina]

Originally Posted by SignalHillHiker

Guyyysss... I kind of want this one but I'm not ready to buy yet until mine sells...

https://www.realtor.ca/real-estate/22923470/97-cabot-street-st-johns

It's EXCEPTIONALLY nice for the price. But the location... it definitely has another house in its backyard, at the top of a VERY steep hill, and too far west for what I want... and I have NO 🞵🞵🞵🞵🞵🞵🞵 CLUE what to do with a basement? What do people even put in basements? I hate the laundry is down there. I want my laundry in or next to the kitchen, like a normal person. I hate when it's in/near the bathroom like a lot of houses here. I hate even more when it's somewhere wherever-the-🞵🞵🞵🞵 in the house. I've never lived in a house with a basement lol But the exterior is already mostly updated to adhere to heritage rules. That'd be a huge savings.

Ugh I won't bid on this, but I bet you in 6 months I'll settle for something lesser, but in a better neighbourhood.

Its so weird seeing a house this nice for that price. Its shocking, actually. The perspective looking at that from the BC market is just a world apart.

That house value is not even a solid down payment on a property here.

[SignalHillHiker]

Average person here would have to TRY to spend over $400K. Don't get me wrong, we have lots close to a million, and nicer ones even over that. But that's top of the market here. If you're an average buyer who (shudder) wants a SFD McMansion, unless you're super picky about location, it's impossible to go over $400K for that. Especially if youre willing to be in subdivision where it's a 20-minute drive to even get a tin of pop.

And downtown is cheaper because everything is attached, clapboard, multiple floors, etc. Everything idiots don't want lol I'm not complaining. I love that the linked house is $160 for a quick sell downtown and would be $300K out in the middle of 🞵🞵🞵🞵🞵🞵🞵 nowhere lol I think it's a reflection that our growth is from rural locals, not newcomers. They want to live like they've known - on the edge, with detached homes, large lots, long drives to the nearest anything, etc.

[rofina]

Originally Posted by SignalHillHiker

Average person here would have to TRY to spend over $400K. Don't get me wrong, we have lots close to a million, and nicer ones even over that. But that's top of the market here. If you're an average buyer who (shudder) wants a SFD McMansion, unless you're super picky about location, it's impossible to go over $400K for that. Especially if youre willing to be in subdivision where it's a 20-minute drive to even get a tin of pop.

And downtown is cheaper because everything is attached, clapboard, multiple floors, etc. Everything idiots don't want lol I'm not complaining. I love that the linked house is $160 for a quick sell downtown and would be $300K out in the middle of 🞵🞵🞵🞵🞵🞵🞵 nowhere lol I think it's a reflection that our growth is from rural locals, not newcomers. They want to live like they've known - on the edge, with detached homes, large lots, long drives to the nearest anything, etc.

Crazy that's its even the same country.

You definitely do not have to try and spend a million here. That's pretty close to a given if you're close to the core.

If you want a chunk of land, the only question is how much over a million you're spending, and really how close to 2 million.

Its wild, really.

[rofina]

Originally Posted by SignalHillHiker

Average person here would have to TRY to spend over $400K. Don't get me wrong, we have lots close to a million, and nicer ones even over that. But that's top of the market here. If you're an average buyer who (shudder) wants a SFD McMansion, unless you're super picky about location, it's impossible to go over $400K for that. Especially if youre willing to be in subdivision where it's a 20-minute drive to even get a tin of pop.

And downtown is cheaper because everything is attached, clapboard, multiple floors, etc. Everything idiots don't want lol I'm not complaining. I love that the linked house is $160 for a quick sell downtown and would be $300K out in the middle of 🞵🞵🞵🞵🞵🞵🞵 nowhere lol I think it's a reflection that our growth is from rural locals, not newcomers. They want to live like they've known - on the edge, with detached homes, large lots, long drives to the nearest anything, etc.

Could pick up this handy man special in an decent part of town - one of the best deals currently going IMO.

https://www.realtor.ca/real-estate/22847324/2607-turner-street-vancouver

Or understandably, if ones not a handyman, perhaps a modest move in ready bungalow in the same part of town;

https://www.realtor.ca/real-estate/22898835/2984-kitchener-street-vancouver

[SignalHillHiker]

Jesus. That's top of the line here. There are VERY few places you couldn't buy for that price.

https://www.realtor.ca/real-estate/22672750/486-allandale-road-st-johns

That's our MOST expensive currently.

And for $3M less to compare to your affordable shack, here, you could get this:

https://www.realtor.ca/real-estate/22731918/9-tranquil-place-paradise

[rofina]

Originally Posted by SignalHillHiker

Jesus. That's top of the line here. There are VERY few places you couldn't buy for that price.

https://www.realtor.ca/real-estate/22672750/486-allandale-road-st-johns

That's our MOST expensive currently.

And for $3M less to compare to your affordable shack, here, you could get this:

https://www.realtor.ca/real-estate/22731918/9-tranquil-place-paradise

All right, all right.

Ill take your 4.5million and 65 acres.

And give you this building lot, but fear not, apparently the house is livable and even "updated."

https://www.realtor.ca/real-estate/22699919/2315-w-13th-avenue-vancouver

Once again, understandably you may want some land and privacy, being used to more space for the money on the east coast, you'll have to up your budget;

https://www.realtor.ca/real-estate/22699913/4208-w-9th-avenue-vancouver

9300 sq/ft corner lot! Act fast!

But you tell me you had an 8000sq/ft home with a pool and view for $1.7?

I understand, let me deliver similar;

https://www.realtor.ca/real-estate/22577148/7110-blenheim-street-vancouver

[whatnext]

Originally Posted by milomilo

I'm not as rosy eyed about European and especially UK housing policies - they are just as wrong about many things as Canadians and Americans. The abundance of space in North America should mean that houses are generally cheaper and bigger, something we should want. I also have no interest in living in, or especially owning, a condo.

But desiring greater housing density and relaxed regulation is in no way incompatible with this. All this potential increased supply would do is create options. People who want to live in a shoebox in the sky can do so, as can someone who wants to live in a rowhouse or even a large SFH. Limiting development such that no or few SFHs can be replaced just means you are limited to housing people in those SFHs that have already been built or building new ones at the edge of the city. And since in Vancouver there is very little land left, you can't do the latter and thus with a limited supply of housing, then prices have to rise.

I guess your answer would be to lock the doors to newcomers (pretty selfish as the son of someone who moved here in search of a better life), but that would mean denying economic growth to the country as a whole just because certain cities can't build enough houses. And you probably wouldn't solve the problem anyway.

Nothing to do with newcomers. I just wonder why anyone would leave Western Europe for overpriced Canada.

I get why someone would leave some developing world shithole if your life is in danger through war, pollution, political repression then even ridiculous housing prices aren't enough to stop you.

[SignalHillHiker]

Originally Posted by rofina

All right, all right.

Ill take you your 4.5million and 65 acres.

And give you this building lot, but fear not, apparently the house is livable and even "updated."

https://www.realtor.ca/real-estate/22699919/2315-w-13th-avenue-vancouver

Once again, understandably you may want some land and privacy, being used to more space for the money on the east coast, you'll have to up your budget;

https://www.realtor.ca/real-estate/22699913/4208-w-9th-avenue-vancouver

9300 sq/ft corner lot! Act fast!

Holy 🞵🞵🞵🞵! How is everyone who lives there not a world-famous celebrity? LOL Seriously, how does anyone whose name I've never heard before buy a home?

[CivicBlues]

Originally Posted by whatnext

Nothing to do with newcomers. I just wonder why anyone would leave Western Europe for overpriced Canada.

I get why someone would leave some developing world shithole if your life is in danger through war, pollution, political repression then even ridiculous housing prices aren't enough to stop you.

Shithole? Really? take a page now from former Cheeto-in-chief?

Don't you know any Europeans personally? Why don't you ask them?

From the numerous conversations I've had with British/European friends and coworkers they usually fall under:

1. Fell in love with/married a Canadian
2. More job opportunities in Canada (especially if coming from Southern Europe)
3. They are outdoorsy and Vancouver especially scratches that itch. Even if you are living in a similar sized apartment your access to nature is much easier than living in London or the like.
4. The level of societal "freedom" in Canada is greater. Not political freedom, but the freedom to be whomever they please without the cultural/historical baggage of their homeland. Basically no one cares who you are here.
5. Get away from family/strike it out on your own while young. A lot come here on WHV and stay on if they get sponsorship.

Not everyone in the world is obsessed with purchasing a bungalow with a white picket fence. Especially many Europeans who never had that chance to begin with.

[rofina]

Originally Posted by CivicBlues

Shithole? Really? take a page now from former Cheeto-in-chief?

Don't you know any Europeans personally? Why don't you ask them?

From the numerous conversations I've had with British/European friends and coworkers they usually fall under:

1. Fell in love with/married a Canadian
2. More job opportunities in Canada (especially if coming from Southern Europe)
3. They are outdoorsy and Vancouver especially scratches that itch. Even if you are living in a similar sized apartment your access to nature is much easier than living in London or the like.
4. The level of societal "freedom" in Canada is greater. Not political freedom, but the freedom to be whomever they please without the cultural/historical baggage of their homeland. Basically no one cares who you are here.
5. Get away from family/strike it out on your own while young. A lot come here on WHV and stay on if they get sponsorship.

Not everyone in the world is obsessed with purchasing a bungalow with a white picket fence. Especially Europeans who never had that chance to begin with.

Pertinent. Many Europeans also don't expect to retire from the sale proceeds of their house, so less pressure to buy to begin with.

Its a completely different outlook, and frankly financial model to live life by.

[Architype]

Originally Posted by SignalHillHiker

Guyyysss... I kind of want this one but I'm not ready to buy yet until mine sells...

https://www.realtor.ca/real-estate/22923470/97-cabot-street-st-johns

It's EXCEPTIONALLY nice for the price. But the location... it definitely has another house in its backyard, at the top of a VERY steep hill, and too far west for what I want... and I have NO 🞵🞵🞵🞵🞵🞵🞵 CLUE what to do with a basement? What do people even put in basements? I hate the laundry is down there. I want my laundry in or next to the kitchen, like a normal person. I hate when it's in/near the bathroom like a lot of houses here. I hate even more when it's somewhere wherever-the-🞵🞵🞵🞵 in the house. I've never lived in a house with a basement lol But the exterior is already mostly updated to adhere to heritage rules. That'd be a huge savings.

Ugh I won't bid on this, but I bet you in 6 months I'll settle for something lesser, but in a better neighbourhood.

I noticed a roof deck next door, there's an idea, you would have a panoramic view if you put one up there. This location looks like it has view potential, and the street is middle downtown quality, not as good as the east end, but almost downtown. You could rent out the basement if you don't use it, or use it for a home business, maybe a disco. As for the price, I know people who pay more for their personal vehicles over here.

One con might be; I think the area you are in now is more convenient for grocery shopping, the Cabot St. area must be a food desert in comparison?

[milomilo]

Originally Posted by whatnext

Nothing to do with newcomers. I just wonder why anyone would leave Western Europe for overpriced Canada.

I get why someone would leave some developing world shithole if your life is in danger through war, pollution, political repression then even ridiculous housing prices aren't enough to stop you.

Well the UK at least is more overpriced than Canada (maybe not Vancouver, but that's not all of Canada), so that's a non issue. Smaller, more expensive houses. I doubt continental Europe is much different, despite what forumers think. There's just as much NIMBYism, if not more in Europe plus old buildings you can't replace, pointless bureaucracy and general crappiness of the housing stock.

[SignalHillHiker]

Originally Posted by Architype

I noticed a roof deck next door, there's an idea, you would have a panoramic view if you put one up there. This location looks like it has view potential, and the street is middle downtown quality, not as good as the east end, but almost downtown. You could rent out the basement if you don't use it, or use it for a home business, maybe a disco. As for the price, I know people who pay more for their personal vehicles over here.

One con might be; I think the area you are in now is more convenient for grocery shopping, the Cabot St. area must be a food desert in comparison?

Couldn't tell ya. Realtor's formula ranks my current home, kitty corner to a massive Sobeys, a 0/10 for groceries. Literally the most notorious street in St. John's, with cops responding to an incident on the street on average 186 times each year. Their system is the shittest I've ever seen for anything. Realtor.ca definitely led the Soviet response to Chernobyl. Cabot isn't far from me, closer to downtown, but farther from a grocery store.

[urbandreamer]

97 Cabot St is overpriced: knock $10k off to get rid of that cheap kitchen and bathroom. A further $2k off to remove the carpeting and repaint the interior. Foyer needs redoing. Replace those Home Depot lights and door handles etc. Maybe it needs triple glazed windows? $140,000 max. The basement would make a good storage area if you've got 10,000 books to sort through or a studio if you're an artist/musician.

I started checking out the 'hood on streetview. How bad is Merrymeeting Road? I like this house at 33 Cookstown Road: https://www.realtor.ca/real-estate/22914380/33-cookstown-road-st-johns

[Nashe]

https://nationalpost.com/news/canada/rea...d-of-demand-with-prices-blowing-sky-high

[rofina]

Originally Posted by SignalHillHiker

Holy 🞵🞵🞵🞵! How is everyone who lives there not a world-famous celebrity? LOL Seriously, how does anyone whose name I've never heard before buy a home?

Usually people that come from wealth, previous equity. Also lots of hustling, multiple suites per house, multiple households per house.

In fairness too - those listings are from the "expensive side of the tracks."

Similar homes could be found on the east side for half price, but still in the millions.