Canada's 'housing bubble' deemed close to bursting

[Wigs]

Originally Posted by swimmer_spe

What I mean is housing that the normal family can afford. $500kis not purchasable.

you can find a house for $500k that's in livable shape? where

[swimmer_spe]

Originally Posted by Wigs

you can find a house for $500k that's in livable shape? where

Northern ON.... Maybe....

Point is, housing has gotten ridiculous.
So let those house prices fall!

[Coldrsx]

Canada's least exciting homes market continues steady growth
https://edmontonjournal.com/life/homes/canadas-least-exciting-homes-market-continues-steady-growth

[Wigs]

Originally Posted by Coldrsx

Canada's least exciting homes market continues steady growth
https://edmontonjournal.com/life/homes/canadas-least-exciting-homes-market-continues-steady-growth

good to hear.

Niagara is dropping so quickly one can only afford 2 really nice Edmonton condos for the price of a SFH, instead of 3

[Coldrsx]

I need Edmonton's market to rebound and do 5-10% in the next 6months.

[lio45]

Originally Posted by Wigs

you can find a house for $500k that's in livable shape? where

Montreal, Quebec City, across the river from Ottawa, and everywhere else in Quebec.

And in the Maritimes and Prairies too, I’m sure.

[Wigs]

Originally Posted by lio45

Montreal, Quebec City, across the river from Ottawa, and everywhere else in Quebec.

And in the Maritimes and Prairies too, I’m sure.

I was replying to a fellow Ontarian

[lio45]

There’s really nowhere in Southern Ontario where prices aren’t completely crazy ($500k for a house!), even the areas that aren’t doing that well economically?

[Wigs]

Originally Posted by lio45

There’s really nowhere in Southern Ontario where prices aren’t completely crazy ($500k for a house!), even the areas that aren’t doing that well economically?

SW Ontario like Windsor-Chatham-Sarnia area probably To most of southern Ontario it's "thar be dragons" west of London. Unless one lives in London.

For a decent house within the GTA octopus tentacles, $500k for a decent house that isn't tiny/doesn't require numerous upgrades is tough unless you're in the remote sticks.
ask niwell, he searched a lot of areas to find his abode out of the city.

Also, I can't think of any CMA/CA that isn't growing in Ontario besides Sault, Timmins, Kenora

[MolsonExport]

I heard that dragons live in Drumbo/Innerkip.

[jonny24]

Originally Posted by Wigs

SW Ontario like Windsor-Chatham-Sarnia area probably To most of southern Ontario it's "thar be dragons" west of London. Unless one lives in London.

For a decent house within the GTA octopus tentacles, $500k for a decent house that isn't tiny/doesn't require numerous upgrades is tough unless you're in the remote sticks.
ask niwell, he searched a lot of areas to find his abode out of the city.

Also, I can't think of any CMA/CA that isn't growing besides Sault, Timmins, Kenora

Which is everyone else's loss, really. It's a great area as long as you have work, and it seems that shouldn't be trouble with battery plants going up in Windsor and Chemical Valley expanding in Sarnia. Nice weather, right on the great lakes, close the US, relatively affordable.

[Innsertnamehere]

Originally Posted by jonny24

Which is everyone else's loss, really. It's a great area as long as you have work, and it seems that shouldn't be trouble with battery plants going up in Windsor and Chemical Valley expanding in Sarnia. Nice weather, right on the great lakes, close the US, relatively affordable.

I think most people view it as that as it's quite far from the GGH and many people's family ties to that area. It's tough to move to Sarnia or Windsor if all your family and friends live in the GTA as it kills day trips to see them, while if you live in Niagara or Kitchener or something that's still possible. It's all a bit too "Isolated", and ultimately many people see windsor as "being in the middle of nowhere" since it's so far from Toronto, ignoring the fact that Detroit's skyline looms right over the city... The border does funny things to people's perception of amenities..

[WarrenC12]

Originally Posted by MolsonExport

I heard that dragons live in Drumbo/Innerkip.

I have a step mother-in-law (is that a thing?) that lives in Innerkip.

Can confirm she is some kind of flying lizard.

[Wigs]

Originally Posted by jonny24

Which is everyone else's loss, really. It's a great area as long as you have work, and it seems that shouldn't be trouble with battery plants going up in Windsor and Chemical Valley expanding in Sarnia. Nice weather, right on the great lakes, close the US, relatively affordable.

I don't doubt that it's a great area. I just don't know many people that are knowledgeable of anything west of London (besides Lake Huron shoreline) because most of the orbit of power and influence is ~120 minutes drive from Toronto (Ottawa CMA excluded).

Windsor is almost 4 hours, Sarnia or Chatham-Kent ~3 hours from downtown Toronto. Because of this, the housing prices didn't jump to the same levels as most of southern Ontario.

[MolsonExport]

Originally Posted by WarrenC12

I have a step mother-in-law (is that a thing?) that lives in Innerkip.

Can confirm she is some kind of flying lizard.

qed

[Wigs]

Originally Posted by MolsonExport

I heard that dragons live in Drumbo/Innerkip.

Originally Posted by WarrenC12

I have a step mother-in-law (is that a thing?) that lives in Innerkip.

Can confirm she is some kind of flying lizard.

I had to google where these places are

People from the rural areas west of London have a slightly strange accent to me.
I knew a woman and a man in Calgary from the area near the stretch of Hwy 402 between Strathroy and Sarnia, and fellow Ontarians (such as myself ) wrongly assumed they weren't as intelligent because of their accent/ slightly slower way of speaking.
Albertans did not pick up on any distinction between Ontario accents because we all sounded slightly different to them.

My more extreme American example would be meeting bankers in Charlotte working in a corner office on the 50th floor of a skyscraper that pull in crazy salaries, and then meeting the "country bumpkin" from the rural counties of North Carolina were one can barely understand what they're saying. The most redneck-ish accent I've ever heard in my entire life was not from say Kentucky or South Carolina but one of these Western North Carolina counties (like a wedge surrounded by TN, GA, SC)

Kind of like how a very intelligent person from the UK such as Fiona Hill was poked fun of in England for her Northeast England accent so she found her success/career in the US Federal government where nobody knew (or cared) about the distinctions between English accents.

TL;DR don't stereotype people for accent/way of speaking like I've done in the past

[whatnext]

How dare the chief economist for CIBC advance such a terrible theory!

Real estate: Canada's housing crisis is just beginning, economist says
Iva Poshnjari, BNN Bloomberg

The recent cooldown in Canada’s housing sector doesn’t mean prospective homebuyers can look forward to affordable shelter in the future, according to one Bay Street economist.

“The current decline in house prices will not save us,” Benjamin Tal, the deputy chief economist at CIBC, said in a TV interview Tuesday....

.... The projected influx of immigration to Canada will only exacerbate the country’s housing crisis as construction of units which could house these newcomers is nowhere to be found, he said.

“By any stretch of the imagination, this is not the end of the (housing) crisis. This is just the beginning”, he said....

https://www.bnnbloomberg.ca/real-estate-...-just-beginning-economist-says-1.1828462

[SignalHillHiker]

Weird. I have never seen an actual historic home of this quality here for less than $800K before. This one is $450K, only $100K more than suburban bungalow —... no idea why.



https://www.realtor.ca/real-estate/25032323/3a-forest-road-st-johns

[Wigs]

SHH, 3800sq ft of historic home for that price anywhere seems suspect.
There has gotta be a catch.

[SignalHillHiker]

It could be title? We have a lot of issues here because people really didn't care much about title (you'd buy land, and leave it in that previous owner's name, because there was no need to change it - you had the deed, paid the taxes, etc.). We also did a lot of 999-year leases (my house had one, I had to pay a little extra when I bought my house to continue the previous owner's insurance on that aspect, in case the Patterson family ever comes to reclaim my home lol). We got rid of squatter's rights in the 1970s (that was the legal solution to all of this, but they changed it because rural towns were using it to expand subdivisions into crown land), so not having that loophole has made it basically impossible for some people to sell, even in St. John's. They own the deed, pay taxes, etc., but Crown Lands blocks any mortgage, sale, etc.

Pauline and Randy Diamond want to sell their family home, but Crown Lands won't let them

https://www.cbc.ca/news/canada/newfoundland-labrador/diamonds-home-catalina-crown-land-1.6641069

That's the only thing I could expect from a place like this. Canadian laws are strong enough to surely require disclosure of everything else, yes?

Although, we have had people here buy burnt garages covered by a fresh sheet of drywall, thinking it was a house, and all levels of government allowed it for years... lol

He climbed a ladder into an attic charred black, with specks of burned wood covering the pink insulation.

A large industrial light casing hung precariously from wires in the ceiling, signalling that it was once a garage.

"He said, 'You have a bigger problem than just rodents up here.'"

Elton was in shock.

https://newsinteractives.cbc.ca/longform/stjohns-buyer-beware

I got off so easy. Only thing I really have to worry about is my foundation, as my home inspector put it, "She's held up by matchsticks." lol There's an old chimney base in the crawlspace (because of the hill, the downhill side is high enough to stand in) from a previous house centuries ago that holds up most of mine lol And when you're down in that crawlspace, looking up, all of the boards that form the base of my house are round trunks still with bark lol

Edit: why describe when I can just go take pics lol