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[StreetsofBeige]

How's home prices in your area?

Love it. Please please please..... Keep the low mortgages rates (you can get one here for about 1.5% with good credit), tons of people coming to the city to drive up demand, and the city always focusing new building permits for condos so people who hate condos have to overpay for non-condos! lol

Thank you Bank of Canada for setting the benchmark rates so low, Ontario government for bee-lining to condos builds, and federal gov allowing shitloads of immigrants with cash to move in. Canada's immigration policy focuses more on people who bring skills, education and cash to the table. The typical immigrant isnt a low skilled broke deadbeat. So they got money to buy.

Up, up, up: Canada house prices poised to surge again despite central bank warning

OTTAWA (Reuters) -Canadian housing prices are set to surge again in the coming months as investors and first-time buyers scramble to buy before interest rates go up, ignoring a warning https://www.reuters.com/markets/us/canadas-housing-market-higher-risk-correction-says-bank-canada-2021-11-23...

finance.yahoo.com

Canadian house prices skyrocketed 31.6% year-over-year in March to hit a record high before softening a bit over the summer. Prices are now accelerating again, with October's average price barely below the March peak.

Ratings agencies are taking notice. Fitch has pegged Toronto's housing market at 32% overvalued and Vancouver's at 23%. Moody's Analytics also has Vancouver 23% overvalued, Toronto 40% and Hamilton, Ontario, 73%.

The average price of a home in Toronto, Canada's biggest city, hit C$1.2 million ($947,493) in October, up 19.3% from the previous year, and detached homes now average C$1.5 million.

Canadian Prime Minister Justin Trudeau has pledged to act on the runaway market, but critics note prices have climbed 77% nationwide since he took office in 2015.

 

[Ionian]

Here house prices have doubled since the recession slump. Banks even had ads on public transport begging people to ask for a mortgage. Then the virus hit which smashed the recovery up.

There simply isn't supply to meet demand. Anyone renting is paying MASSIVE amounts or living in a shithole. Government is building all over the place but only a small portion of developments is allotted to "affordable housing". That's housing made available to those in need, it's cheaper but not free and has a years long waiting list.

There simply is little for young people to get on the ladder and no, renting is not dead money when you're saving to buy. It's a complete disaster and I feel terrible for any young couple trying to find a home.

 

[Ozzy Onya A2Z]

Australian house prices were already insanely overvalued and growing for the last 10+ years. The last 12 months has been straight up mental. Our house has gone up 36% in 12 months.

I feel sorry for first time buyers but misses and I have done quite well out of things. We're looking at another investment property, likely to buy after the next major dip as it's overdue for a crash here.

 

[Maiden Voyage]

Prices are up but we're not a hot market by any stretch. I don't pay much attention as I have no desire to sell any time soon.

 

[Buggy Loop]

South shore of Montreal, my house picked at least 100k in value since COVID. Been an owner since 3 years. It’s completely whack. My two side neighbours sold their houses way overvalued in a matter of weeks. We even get pamphlets for peoples who want to buy the house.

Ain’t selling, because that extra money is spent anyway on whatever next overvalued house you’ll buy. And the place we found is quite unique on the south shore so yeah..

 

[Aesius]

I pleasure myself while checking the Zestimates on my portfolio of rental properties. Cash flow up YUGELY. Love this new class of forever renters!

 

[p_xavier]

South shore of Montreal, my house picked at least 100k in value since COVID. Been an owner since 3 years. It’s completely whack. My two side neighbours sold their houses way overvalued in a matter of weeks. We even get pamphlets for peoples who want to buy the house.

Ain’t selling, because that extra money is spent anyway on whatever next overvalued house you’ll buy. And the place we found is quite unique on the south shore so yeah..

I got an offer of 200k$ above the price I paid last year, I'm in Eastern Ontario. Multiple letters of people that ask me if I could sell.

 

[RoboFu]

Mortgage rates are definitely going up next year. I’ve already heard it from multiple banks.

 

[Ownage]

How's home prices in your area?

Love it. Please please please..... Keep the low mortgages rates (you can get one here for about 1.5% with good credit), tons of people coming to the city to drive up demand, and the city always focusing new building permits for condos so people who hate condos have to overpay for non-condos! lol

Thank you Bank of Canada for setting the benchmark rates so low, Ontario government for bee-lining to condos builds, and federal gov allowing shitloads of immigrants with cash to move in. Canada's immigration policy focuses more on people who bring skills, education and cash to the table. The typical immigrant isnt a low skilled broke deadbeat. So they got money to buy.

Up, up, up: Canada house prices poised to surge again despite central bank warning

OTTAWA (Reuters) -Canadian housing prices are set to surge again in the coming months as investors and first-time buyers scramble to buy before interest rates go up, ignoring a warning https://www.reuters.com/markets/us/canadas-housing-market-higher-risk-correction-says-bank-canada-2021-11-23...

finance.yahoo.com

Canadian house prices skyrocketed 31.6% year-over-year in March to hit a record high before softening a bit over the summer. Prices are now accelerating again, with October's average price barely below the March peak.

Ratings agencies are taking notice. Fitch has pegged Toronto's housing market at 32% overvalued and Vancouver's at 23%. Moody's Analytics also has Vancouver 23% overvalued, Toronto 40% and Hamilton, Ontario, 73%.

The average price of a home in Toronto, Canada's biggest city, hit C$1.2 million ($947,493) in October, up 19.3% from the previous year, and detached homes now average C$1.5 million.

Canadian Prime Minister Justin Trudeau has pledged to act on the runaway market, but critics note prices have climbed 77% nationwide since he took office in 2015.

Nothing is going to happen. This same bs has been said for years. This is the Commonwealth creating ownership class and renter class. Or if you want to go old school, land owners and serfs.

 

[Bitmap Frogs]

I pleasure myself while checking the Zestimates on my portfolio of rental properties. Cash flow up YUGELY. Love this new class of forever renters!

Landchad spotted

 

[Maiden Voyage]

I pleasure myself while checking the Zestimates on my portfolio of rental properties. Cash flow up YUGELY. Love this new class of forever renters!

You should pleasure others as well and not just yourself mate. People might start to think you’re a bit of a wanker.

 

[FairyD]

Bought my townhouse in 2016 for 572k. Now it's worth about 800k. Crazy to think that it will increased that much for a place that is not even downtown, but is close to the ttc

 

[Cyberpunkd]

Bought my townhouse in 2016 for 572k. Now it's worth about 800k. Crazy to think that it will increased that much for a place that is not even downtown, but is close to the ttc

The problem is if you ever try to switch for something larger you face the same problem as every renter - everywhere is fucking more expensive than it was a while back.

You are even more screwed if you started low - 20% increase on 200k apartment is not the same as 20% increase on 1 million - you got 40k, but now have to pony up an extra 200k.

 

[Deleted member 1159]

According to my realtor I’ve got about 290k in equity after just a few years.

Great! But I need somewhere to live so….not sure what that’s gonna do for me.

 

[kiunchbb]

Everyone and their dog can see inflation with all the money printing and stimulus package. With the low interest rate right now, an mortgage is basically free money; it is a huge incentive for people to move their stock earning in the last 10 years into another life changing investment.

 

[MaestroMike]

Some bullsh!t you should only be able to buy a house if you're actually going to live and work there.

 

[Pagusas]

we just refi’d our house in texas thanks to insane low rates and the market value of the house increasing by 47% 3 years after we built it. the only annoying thing is we’re now paying 15k in property taxes a year.

no desire to sell it though, we built it as our dream house.

 

[12Goblins]

The problem is if you ever try to switch for something larger you face the same problem as every renter - everywhere is fucking more expensive than it was a while back.

You are even more screwed if you started low - 20% increase on 200k apartment is not the same as 20% increase on 1 million - you got 40k, but now have to pony up an extra 200k.

yea everyone essentially thinks they are a winner since the price keeps going up, but really we are all getting fucked in the end

 

[PSYGN]

According to my realtor I’ve got about 290k in equity after just a few years.

Great! But I need somewhere to live so….not sure what that’s gonna do for me.

Nothing unless you're moving out of the area to somewhere cheaper because everyone else in the area probably saw the same rise.

 

[AJUMP23]

I bought a rental house for 110,000 2 years ago, I could sell it for 200,000 right now if I wanted to.

I would like the market to stabilize for a while.

 

[Cyberpunkd]

yea everyone essentially thinks they are a winner since the price keeps going up, but really we are all getting fucked in the end

It’ even worse depending on the country if the credit terms are very strict e.g. in France in order to prevent people having excessive mortgages they will have difficulty supporting these are limited mostly to 20 years and 35% of your net income. So once again a limiting factor.

 

[Cyberpunkd]

Mortgage rates are definitely going up next year. I’ve already heard it from multiple banks.

They already did in Poland where the mortgages move with interest rates - people had their credit payments increase by 40% over one month.

 

[Bogeyman]

Around here (zone 1 London), prices have definitely dropped a fair bit during covid. They're on their way back up now, but haven't quite reached pre pandemic levels yet.

Either way, they have been and still are fairly unaffordable for anyone who doesn't earn multiples of the city's average salary. And even then.. Most of my friends, all earning north of six digits, ended up with a huge mortgage flats older than the Queen herself, and small enough they might just qualify as prison cells.

Definitely don't think it's sustainable. Latest when rates rise typical mortgages will become entirely unaffordable even for high earners

 

[ParaSeoul]

The 10 Most Expensive RVs in the World

Which are the most expensive RVs in the world? We’ve put together this list of the top 10 expensive RVs money can buy. The average camper travels 190 miles to go camping, and of course, you will need a suitable RV for that. Did you know how many Americans go camping during the course of […]

www.bornrich.com

Just buy an expensive mobile home and live the bourgeois nomad life

 

[p_xavier]

Municipal zoning laws are the issue. Canada and Australia are big ponzi schemes with their immigration. You let people in, housing doesn't keep up with demands. City refuses to densify and they stop sprawl. So what's left then prices to get way up?