Property affordability

[ExFlyer]

2 hours ago, Michael Hardner said:

I read it and while I do like how it's laid out there are major problems: it's out of date, and I don't know who commissioned it or why.  There's no mention of REITs either, which I am confused by. 

Let's talk about rental costs next.

REIT's are Canadian. the link is not specifically Canadian.

Rental costs go up, but so do ownership costs. Do landlords absorb those or take a loss?

I am only trying to say that housing cost sand rental costs are very different world wide as they are in Canada too. We seem to concentrate on the 3 major cities when speaking of housing and rentals without taking into account that the cost of operation in those major cities is also skewed.

Nationalist, above has some very good points. And look what he accomplished. It was certainly not easy and certainly nothing guaranteed or given to him.

When I was "growing up" in the housing world, we only had one income and it was difficult, very difficult. The norm today is dual incomes, major vacations, very often 2 cars and lots of stuff. I did not have any of that and we were very house poor for a long time. Not saying we were a total transitory group back then but, we did move to where we could afford to live. (do not want to open up that debate but we did what we had to).

We, or the government, do not owe a house to anyone.

Edited June 9, 2022 by ExFlyer

[Mikelbr]

The cost of housing is enormous, the question is what will happen next ...

[ExFlyer]

4 hours ago, Mikelbr said:

The cost of housing is enormous, the question is what will happen next ...

To what??

Cost of living is constantly going up.  Like I said before, no one owes anyone a house.

[herbie]

On 6/9/2022 at 11:24 AM, ExFlyer said:

we did move to where we could afford to live. (do not want to open up that debate but we did what we had to).

Do open that up, it's 75% of the problem. The other big problem is people with too much money that will pay far more than something's worth just to have it and the ones that will borrow that much to overpay.

[ExFlyer]

7 hours ago, herbie said:

Do open that up, it's 75% of the problem. The other big problem is people with too much money that will pay far more than something's worth just to have it and the ones that will borrow that much to overpay.

OK.

When there was no work, families had to go where the work was as there were no social backstops that allowed you to stay. You worked or you lost it all.

Free market has always been those that have it get it.

As for borrowing, well, that is personal. if you cannot understand that you cannot repay, you have a problem. If the banks give more than you can afford is just business because they have collateral and can repossess your item (house, car etc) back from you.  Again, it is you that is to blame.

It boils down to your personal choices and your values.

 

[herbie]

Work from home. One thing that's a huge issue these days as a hell of a lot of people don't want to return to the office. A niece who normally works from home asked if she could visit someone in N California and he boss said if she brought her laptop and continues to work, it didn't matter if she was at the other end of town or California.

If they'd get the damn rural internet to proper standards, that would make one hell of an improvement to where you could afford to live. If you got more people into smaller towns, there'd be more incentive to move businesses. And like I said to another niece 20 years ago, why open a coffee shop down the block from your cousin and try to compete for that nickle when they're building a University in Prince George where you could charge $1 more for that cappuccino and they'd be so grateful to have one they'd kiss your ass?

There's people retiring and trying to unload shops, retail outlets, cafes, notaries, bookkeepers and nobody wants to move and take them over. Add on the fact most of these places are so under serviced there's major market potential. All these people taking on a $1 million home and hoping working for someone else will cover it, FFS they could get a house AND a viable business for even less than that.

But waaah there's no choice of nightclub, too far to cross border shop and it gets cold wah wah!