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  #781  
Old Posted Jun 15, 2020, 4:37 PM
thistleclub thistleclub is offline
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Liberals look at buying distressed buildings to save stock of affordable housing
(Canadian Press, Jordan Press, June 14 2020)

OTTAWA — A new analysis of the country’s stock of affordable housing suggests the Liberals’ decade-long strategy to provide more of it is starting in a deeper hole than previously thought, and may be further behind once the COVID-19 pandemic passes.

But the pandemic could also mean an opportunity for governments to pick up rental units cheaply.

Carleton University researcher Steve Pomeroy, whom housing groups and governments both rely on for advice, found a decline of 322,600 affordable rental units in the private market between 2011 and 2016.

Over the same period, federal and provincial investments in affordable housing created about 20,000 affordable units, meaning that for every new unit governments created, 15 were lost.

What that means is the Liberals’ national housing strategy and its plans to create 150,000 affordable units over a 10-year stretch would only be replacing about half of what had just been lost.

The new concern is that the situation will repeat following the current economic crisis brought on by the pandemic, as tenants’ problems paying rents put a squeeze on small landlords and their assets are scooped up by larger real-estate funds with little interest in keeping them affordable.

It’s why the federal government is now considering purchasing those assets as part of the next phase of the government’s response to the pandemic.



Read it in full here.
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  #782  
Old Posted Jun 15, 2020, 6:33 PM
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The feds aren't in a great place for generating more affordable housing and this seems to me to be a fairly crazy scheme. Maybe they could do a funding carrot for less restrictive zoning rules. If Hamilton allowed the myriad of towers that have been proposed to go forward (including those over the 30 floor limit) rent rates wouldn't have been jacked up 30% year on year. Right now with the lack of new apartments, even absolute dreck at the bottom is now expensive.
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  #783  
Old Posted Jun 15, 2020, 11:53 PM
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The feds aren't in a great place for generating more affordable housing and this seems to me to be a fairly crazy scheme. Maybe they could do a funding carrot for less restrictive zoning rules. If Hamilton allowed the myriad of towers that have been proposed to go forward (including those over the 30 floor limit) rent rates wouldn't have been jacked up 30% year on year. Right now with the lack of new apartments, even absolute dreck at the bottom is now expensive.
Yeah, I'm no economist but if housing is too expensive, which it very clearly is, the government need look no further than its own policies. Relax zoning bylaws as a starting point. If things aren't working, do less, not more.
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  #784  
Old Posted May 20, 2021, 6:37 PM
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Posthaste: Hamilton, Ont. now tops Los Angeles among North America's worst cities for affordable housing

https://financialpost.com/executive/...es-for-housing
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  #785  
Old Posted May 20, 2021, 9:02 PM
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Posthaste: Hamilton, Ont. now tops Los Angeles among North America's worst cities for affordable housing

https://financialpost.com/executive/...es-for-housing
That's what you get when you live in a warm city global. High prices. Oh wait you said Hamilton. Never mind.
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  #786  
Old Posted Jul 12, 2021, 11:29 PM
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My uncle sold his house in the Strathcona neighbourhood, off by Dundurn St, within three hours. The asking price was $349,900, and he got an extra $210,000 over the asking price.
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  #787  
Old Posted Jul 12, 2021, 11:50 PM
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A tiny "cottage" style home went for sale on my street about a month ago. Listed for $299 thousand, sold for $550 or something like that.

Clearly underpriced to help kick off a bidding war, and they weren't accepting offers until a specific date weeks after the sign went up.

I expect it will either get levelled and something larger built in its place, or a substantial reno with a big addition will happen.
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  #788  
Old Posted Jul 13, 2021, 12:08 AM
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Sadly, I think that is becoming a standard nowadays. It's just a seller's market that they can sit back and wait for the offers to fly on the due date.
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  #789  
Old Posted Jul 13, 2021, 12:22 AM
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Sadly, I think that is becoming a standard nowadays. It's just a seller's market that they can sit back and wait for the offers to fly on the due date.
Definitely.

Our street is quite eclectic. Many of the homes are from the early 20th century and a few are older than that. Some are basically still original with very little updating done, some just refreshed on the outside with major work done inside, some have been renovated extensively inside and out or had additions built on top or in the back, and some replaced by whatever was in style at the time the newer house was built (e.g., the 1970s-style backsplits with 2-car garages and arched brick porches you often see on many older streets in Hamilton, possibly where something burnt down). There are a few recent builds with a very modern look to them, and more coming.

But this one that sold was exceptional for its low price, and it's one of about a half dozen of the same type that remain, probably in the poorest condition compared to the others. Other homes here have been listed closer to "fair market" price when they've been put up for sale.
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  #790  
Old Posted Jul 14, 2021, 10:59 AM
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Torontonians boost house prices in smaller markets, Royal LePage finds
(Toronto Star, Tess Kalinowski, July 14 2021)

Houses still cost more in Toronto than most places in Canada. But Torontonians haven’t experienced nearly the sticker shock or the injection of capital that baby boomers and an outflux of Toronto-area pandemic house hunters have exported to other, traditionally less expensive, Canadian markets.

Toronto-area home prices rose 18.2 per cent year over year to a median $1.03 million in the second quarter of this year, compared to 25.3 per cent growth nationally in the same period, according to Royal LePage on Wednesday.

Its House Price Survey looked at 62 of the country’s biggest real estate markets and found 89 per cent of them experienced double-digit price gains in the second quarter of this year.

While the sale price of a detached house in the GTA rose 28.2 per cent annually in that period, that growth was eclipsed by smaller centres such as Windsor-Essex, where the same house cost 49.4 per cent more than a year earlier, and Kingston, where sale prices soared 46.2 per cent. In Oshawa and Milton detached houses rose 40 per cent.

The impact on secondary markets is a result of baby boomer migration and an outward migration of big-city residents during the pandemic, said Royal LePage CEO Phil Soper.

“It doesn’t take many people from a city of five million to wander into a town of 100,000 to set the real estate market on fire. Even in bigger cities like Calgary, the influx of buyers from Ontario has lifted the market,” he said.

Ontarians and equity-rich boomers have a certain immunity to high prices in small cities and towns, said Soper. If you go house-hunting in Windsor and see a great property for $1 million, and you know there is going to be competition, it doesn’t feel like that big a deal to throw another $100,000 on your offer if you’ve sold a house in Toronto, he said.

The Canadian housing market has passed “peak price appreciation,” said Royal LePage. But the accelerated prices and heated sales earlier this year have nevertheless prompted the company to revise its 2021 forecast upward a second time.

It is now predicting prices to rise 16 per cent annually by the fourth quarter to a national average of $771,500.



Read it in full here.
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  #791  
Old Posted Jul 14, 2021, 11:11 PM
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Real estate is such an interesting field to study. I'd recommend people download HouseSigma. You can see roughly 85% of houses listed on MLS what they sell for and search by area/year/housing type. It's quite something to see what areas go through phases and biggest gains (Landsdale and North End are crushing % gains).

While the Delta probably has seen the largest cluster of Toronto individuals (younger couples/families) pushing those numbers higher (throwing around another 100K), there's other areas seeing the same thing (Kirkendall/St. Clair). But a lot of places are listing below market value to help real estate agents feel great and for marketing purposes. HouseSigma has an algorithm that shows you what the value of a place is versus what it sold for. What's happening now is less over the top final prices relative to the intrinsic value that was seen at the Pandemic buying peak earlier this spring. There's still pockets where things sell quite a bit higher (Kirkendall South, Westdale, Delta) but in general things have slowed considerably. But it's all relative. Still a seller's market. Also one last final tidbit, KW and Hamilton are the only two markets in Ontario over the last 15 years that have not had a buyer's market. At times it's been balanced.
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  #792  
Old Posted Jul 15, 2021, 1:22 AM
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HouseSigma is great. It didn’t catch my house purchase last year, luckily in a way for privacy, but it catches most. We saw our house the day it was listed and had a deal the next day though (conditional on inspection, etc), which I think was quick enough that HouseSigma didn’t pick it up.

It’s great to see actual sale prices for sure though, as it gives you a better picture of the market compared to MLS which only shows asking prices.
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  #793  
Old Posted Jul 15, 2021, 2:01 AM
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(Been feeling drawn back home lately, but, dang… rent is expensive now.)
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  #794  
Old Posted Jul 15, 2021, 2:07 AM
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We bought our home just weeks before the first lockdown in March 2020. We were very lucky that there was no bidding war, and the owners were desperate to sell -- a previous agreement had fallen through, and they had purchased another house and needed to close this one to finance the other.

We were able to knock a bit off the price, and agreed to a much faster closing date than we planned, but in the end given the lockdown it was actually a great thing.

I highly doubt we'd have been so fortunate this year. We're in Kirkendall North.
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  #795  
Old Posted Jul 15, 2021, 12:30 PM
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Originally Posted by ScreamingViking View Post
We bought our home just weeks before the first lockdown in March 2020. We were very lucky that there was no bidding war, and the owners were desperate to sell -- a previous agreement had fallen through, and they had purchased another house and needed to close this one to finance the other.

We were able to knock a bit off the price, and agreed to a much faster closing date than we planned, but in the end given the lockdown it was actually a great thing.

I highly doubt we'd have been so fortunate this year. We're in Kirkendall North.
Good for you guys! That was essentially my dream location for a few years, we used to live in the apartment building overlooking the HAAA/Tennis club. Beautiful area to walk around in.
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  #796  
Old Posted Jul 20, 2021, 12:51 PM
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The cookie jar lid appears to be opening again...

Trudeau will be in town today to make an announcement at Indwell's Royal Oak Dairy project, as well as visiting the mosque on Stone Church.
https://www.cbc.ca/news/canada/hamil...deau-1.6109332
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  #797  
Old Posted Jul 20, 2021, 9:12 PM
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Story was updated. It's mostly about the PM's appearance at the mosque and the need to fight hate crimes and discrimination and Islamophobia, with a small section on a small affordable housing announcement (though every little bit helps). I don't want to minimize the hate issue, but it's not at home in this thread so I just pasted the housing stuff below.

Not sure how realistic that dollar figure is relative to the units it will supposedly build ($15.2 thousand apiece?)


Government to build 328 residential units across Ontario

https://www.cbc.ca/news/canada/hamil...deau-1.6109332
Bobby Hristova · CBC News · Posted: Jul 20, 2021

...


Trudeau also announced the government will build 328 rental units across southern Ontario.

That includes 95 in Hamilton, 72 in London, 68 in Mississauga, 50 in Simcoe, and 43 in Kitchener.

He said the units will have an energy-efficient passive housing design, which will be better for the environment and have lower operating costs. That means more affordable units.

It'll cost about $5 million.

The NDP, meanwhile, said in a media release that the Liberals haven't done enough to make housing more affordable in Canada. They said the party needs to propose a vacant non-resident home tax of more than one per cent and address money laundering in the real estate sector.

The Liberals continue to side with the ultra-rich instead of Canadians who need help finding a home they can afford," the release said.

Trudeau made the announcement at Indwell's Royal Oak Dairy project in the lower city's Landsdale neighbourhood.

Labour Minister Filomena Tassi, also MP for Hamilton West-Ancaster-Dundas, and Ahmed Hussen, minister of families, children and social development, joined him.

It comes as locals have complained about soaring home prices and rising rent costs in recent years.



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Originally Posted by ScreamingViking View Post
The cookie jar lid appears to be opening again...

Trudeau will be in town today to make an announcement at Indwell's Royal Oak Dairy project, as well as visiting the mosque on Stone Church.
https://www.cbc.ca/news/canada/hamil...deau-1.6109332
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  #798  
Old Posted Dec 14, 2021, 5:10 PM
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I wonder if we should expect an increase in property prices this winter? I know that the cost of condo in some areas has dropped much, I have come across offers for the urgent sale of apartments in these areas on such real estate porrtal like this one https://resmile.ca/ This could be a profitable application of credit funds, , but I still don't have enough money to pay the first installment on a mortgage... Should I take extra credit for this?
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  #799  
Old Posted Dec 14, 2021, 5:59 PM
TheRitsman TheRitsman is offline
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Originally Posted by Alina View Post
I wonder if we should expect an increase in property prices this winter? I know that the cost of condo in some areas has dropped much, I have come across offers for the urgent sale of apartments in these areas on such real estate porrtal like this one https://resmile.ca/ This could be a profitable application of credit funds, , but I still don't have enough money to pay the first installment on a mortgage... Should I take extra credit for this?
1) Not the best place to be asking about these things

2) Check out reddit personal finance Canada

3) Credit balance is used against mortgage applications

4) This seems like spam
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  #800  
Old Posted Dec 14, 2021, 6:32 PM
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TheHonestMaple TheHonestMaple is offline
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Originally Posted by TheRitsman View Post
1) Not the best place to be asking about these things

2) Check out reddit personal finance Canada

3) Credit balance is used against mortgage applications

4) This seems like spam
Definitely spam.
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