Housing Bubble II: The Quest To Build Enough Homes Where People Actually Need Them

[Coldrsx]

Originally Posted by WarrenC12

These are what, rolling annual numbers?

That's correct... 12 month rolling.

[Innsertnamehere]

Torontos housing starts are terrible for a city it’s size.

Also annoyed Hamilton is left off the list still.

Hamilton had 14,473 for that chart- VERY high. 1,197 units started in October, a 237% increase over last october.


This is likely a blip owing to a 900-unit project starting downtown which inflates the numbers.

[theman23]

The Toronto news is running a story about an asylum seeker in his 40s dying while sleeping in a tent outside a homeless shelter. Hard to say whether lack of accommodation contributed to his death at this point, but the numbers in the CTV report are eye-popping. 80% of shelter occupants in Peel are now asylum seeker, which is about 16x higher than the typical number (5%). The system is currently running at 300% of its capacity.
https://toronto.ctvnews.ca/my-heart-...lter-1.6648497

I can't remember a time in my life where we had tent cities popping up with this frequency across the country. You'd have a few pop up here in there in big cities every now and then, but we're now seeing them in virtually every city and even the suburbs.

[giallo]

Kelowna's tent city has grown by leaps and bounds since COVID.

• Video Link

[Loco101]

Originally Posted by theman23

The Toronto news is running a story about an asylum seeker in his 40s dying while sleeping in a tent outside a homeless shelter. Hard to say whether lack of accommodation contributed to his death at this point, but the numbers in the CTV report are eye-popping. 80% of shelter occupants in Peel are now asylum seeker, which is about 16x higher than the typical number (5%). The system is currently running at 300% of its capacity.
https://toronto.ctvnews.ca/my-heart-...lter-1.6648497

I can't remember a time in my life where we had tent cities popping up with this frequency across the country. You'd have a few pop up here in there in big cities every now and then, but we're now seeing them in virtually every city and even the suburbs.

I spent the last week in the GTA and really noticed the homeless refugees in different parts of the area. In Timmins I get opioid addicts approaching me sometimes but in the GTA it was all refugees. They were all very nice unlike the addicts. About half of them held up signs as they couldn't speak English. Half of the refugees I encountered were on the subway. But many are asking for money at busy intersections and highway off-ramps and quite a few people handed them cash. There were even some of them in Vaughan at Hwy 400 off-ramps to Hwy 7 and the Vaughan Mills outlet mall.

[SFUVancouver]

Originally Posted by Innsertnamehere

Torontos housing starts are terrible for a city it’s size.

Also annoyed Hamilton is left off the list still.

Hamilton had 14,473 for that chart- VERY high. 1,197 units started in October, a 237% increase over last october.


This is likely a blip owing to a 900-unit project starting downtown which inflates the numbers.

I share your annoyance at the omission. 14,473 for Hamilton is on par with Ottawa and Winnipeg combined.

[MonkeyRonin]

Originally Posted by theman23

I can't remember a time in my life where we had tent cities popping up with this frequency across the country. You'd have a few pop up here in there in big cities every now and then, but we're now seeing them in virtually every city and even the suburbs.

Well yeah, we live in a country where even a six-figure income is no longer a guarantee against experiencing homelessness: https://vancouversun.com/business/re...new-data-shows

[theman23]

That is…something. Wow.

I know I’m a broken record and all the comfortable usual suspects on here will tell us not to worry about it, but this country has become a very different place than what it was even ten years ago. Just about none of the changes have been for the better or at the very least the bad has far out shadowed the good.

[LuluBobo]

Apparently feds are making a big housing announcement today.

Any word on details?

[whatnext]

Originally Posted by theman23

That is…something. Wow.

I know I’m a broken record and all the comfortable usual suspects on here will tell us not to worry about it, but this country has become a very different place than what it was even ten years ago. Just about none of the changes have been for the better or at the very least the bad has far out shadowed the good.

And how many of our YIMBY forumers aid and abet that. They cheer the demolition of plain Jane three story walkups in favour of some highrise geared to investor owners just because it’s a tall building.

There’s even one who should know better who strenuously doubted that anyone went from being evicted from an old wood frame building would end up on the street.

[Tvisforme]

Originally Posted by LuluBobo

Apparently feds are making a big housing announcement today.

Any word on details?

Based on a CBC report, the federal government will introduce the following measures:

• $15 billion for 10-year loans for new rental housing construction for rental construction projects with five or more units;
• $1-billion fund dedicated to getting more affordable housing built;
• new mortgage rules for lenders dealing with homeowners at risk, including a requirement that lenders proactively contact homeowners four to six months before they are set to renew their mortgage to assess their options, and removal of the stress test for those with insured mortgages who want to switch lenders when they're up for renewal;
• prohibit owners from claiming tax deductions for short-term rental properties when they are located in areas where this practice is prohibited, plus funding for municipalities to enforce their own rules on short-term rentals.

CBC: Billions to be announced for housing construction in federal fiscal update, says source

[jonny24]

Originally Posted by Tvisforme

Based on a CBC report, the federal government will introduce the following measures:

• $15 billion for 10-year loans for new rental housing construction for rental construction projects with five or more units;
• $1-billion fund dedicated to getting more affordable housing built;
• new mortgage rules for lenders dealing with homeowners at risk, including a requirement that lenders proactively contact homeowners four to six months before they are set to renew their mortgage to assess their options, and removal of the stress test for those with insured mortgages who want to switch lenders when they're up for renewal;
• prohibit owners from claiming tax deductions for short-term rental properties when they are located in areas where this practice is prohibited, plus funding for municipalities to enforce their own rules on short-term rentals.

CBC: Billions to be announced for housing construction in federal fiscal update, says source

Oh yeah that'll help cool things off

[1overcosc]

It's better than nothing. I'll at least say that.

[Innsertnamehere]

Originally Posted by jonny24

Oh yeah that'll help cool things off

you aren't stress tested if you renew with your existing lender.

Typically this hasn't been an issue in the past as most people wouldn't hit the stress test trigger when shopping around at renewal time.. but now many people would be hitting their stress test limit at renewal if they changed lenders due to rates being where they are.

Basically without dropping the requirement many homeowners would be forced to renew at their existing lender with predatory rates as they wouldn't otherwise be able to change lenders.

It's forcing competition in lending practices, basically. Nothing wrong with that. As long as it stays for people who are buying new property (i.e. moving), I'm fine with it. I don't see a problem with protecting buyers who are just trying to pay their mortgage on the home they already own and ensuring that they have access to options for their mortgage product.

[1overcosc]

As for removing the stress test on renewals - there's a huge problem with the status quo as if you're renewing with the same bank you don't have to stress test but if you're renewing with a different bank you do. This means that people who are "on the line" of being eligible can't shop around and are locked into the same provider, which means the provider can rip them off without concern. A key part of consumer protection is giving people the ability to shop around so consumers can use the threat of switching as leverage.

Edit: insertnamehere said the same thing :p

[SpongeG]

In Victoria, former Airbnbs are flooding the market — but no one is buying

Dozens of former short-term rentals have gone up for sale since the ban was announced in October, and not one has sold

Investigation by Jimmy Thomson
NOVEMBER 15, 2023

The ban includes units like this one in downtown Victoria — condos that were previously grandfathered-in despite a ban introduced by the city in 2018. That “legal non-conforming” designation kept thousands of homes off the rental and condo market in Victoria alone, and by some estimates boosted their value by as much as $50,000 to 100,000 because of their substantial revenue-generating potential. Before the new legislation, that premium could be made back in a year or two — but now the clock is ticking down to May, when these condos’ ability to earn money as short-term rentals will evaporate. That’s leading to a rush of units hitting the market as owners try to get out of pricey investments that seem destined to plummet in value.

So far, listing prices haven’t reflected this new reality. Hence the empty open house.

“I think a lot of these owners are still in denial,” says real estate broker Dustin Miller.

https://ricochet.media/en/4010/in-vi...oogle_vignette

[jonny24]

Originally Posted by Innsertnamehere

you aren't stress tested if you renew with your existing lender.

Typically this hasn't been an issue in the past as most people wouldn't hit the stress test trigger when shopping around at renewal time.. but now many people would be hitting their stress test limit at renewal if they changed lenders due to rates being where they are.

Basically without dropping the requirement many homeowners would be forced to renew at their existing lender with predatory rates as they wouldn't otherwise be able to change lenders.

It's forcing competition in lending practices, basically. Nothing wrong with that. As long as it stays for people who are buying new property (i.e. moving), I'm fine with it. I don't see a problem with protecting buyers who are just trying to pay their mortgage on the home they already own and ensuring that they have access to options for their mortgage product.

Originally Posted by 1overcosc

As for removing the stress test on renewals - there's a huge problem with the status quo as if you're renewing with the same bank you don't have to stress test but if you're renewing with a different bank you do. This means that people who are "on the line" of being eligible can't shop around and are locked into the same provider, which means the provider can rip them off without concern. A key part of consumer protection is giving people the ability to shop around so consumers can use the threat of switching as leverage.

Edit: insertnamehere said the same thing :p

Okay, that's good context, thanks guys

[Truenorth00]

Originally Posted by theman23

The Toronto news is running a story about an asylum seeker in his 40s dying while sleeping in a tent outside a homeless shelter. Hard to say whether lack of accommodation contributed to his death at this point, but the numbers in the CTV report are eye-popping. 80% of shelter occupants in Peel are now asylum seeker, which is about 16x higher than the typical number (5%). The system is currently running at 300% of its capacity.
https://toronto.ctvnews.ca/my-heart-...lter-1.6648497

I can't remember a time in my life where we had tent cities popping up with this frequency across the country. You'd have a few pop up here in there in big cities every now and then, but we're now seeing them in virtually every city and even the suburbs.

The worst part about this is that I am not sure whether the Liberals even really care.

[harls]

Fire yesterday at a tent city in Gatineau.

source: Camera de nuit:

[lio45]

Hopefully Justin will find a way to carbon-tax that thick black smoke!