bigpoppa
Well-known member
this is the way.
previous generations ******* the next ones.
half the planets on fire, the other half is flooding, and everyones gonna be renting forever, but weeeeee!
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COVID and the housing market
- Thread starter mimico_polak
- Start date
previous generations ******* the next ones.
half the planets on fire, the other half is flooding, and everyones gonna be renting forever, but weeeeee!
Guelph has always been more expensive than Waterloo by 20%I wanna live in Guelph
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AllistonGT
Well-known member
I'm 56. I've been hearing this since I was a teenage (and said it myself then). Every generation thinks the one before is ******* them. And yet life goes on and the sun comes up every morning.
2 generations ago, one highschool educated person could buy a home, raise a family and with time, buy a cottage.
1 Generation ago, a highschool educated couple could buy a home, raise a family and with time, buy a cottage.
Today in Canada, it requires two post secondary educated couples to afford a townhome, raise a small family. A cottage lol good luck.
Yet its totally fine for people to use foreign money or who dont even reside here to make millions off Canadian real estate.
Quite true. Although I know some persians that moved here 30 years ago with literally nothing and have built a life around real estate (probably >20M in holdings). Good for them. If I had the stones to do what they did, I could have followed that same path.
The dodginess around people with zero income in Canada buying multi million dollar properties and getting the gain tax free (and even worse being on welfare) needs to stop.
AllistonGT
Well-known member
I work with a guy who’s 28 years old. I consider a cabinet makers helper. Not big $ but doing ok. I believe his new wife works at making dentures. Bought their first house just south of Barrie 2 years ago. Somewhat tough house but they are in and working on making it better. It can be done. Is it easy? No. But it can be done. In fact now that I think about it, 4 of our 7 nieces and nephews are now home owners. All in their 30’s.
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My late father-in-law came to Canada in1949 with the shirt on his back. When I met him 24 years alter he had decent English, built the family home, bought three income homes, ran a side business, got his stationary engineers papers, had a phenomenal reputation and didn't owe a cent.
It's a different planet now but the dumber the world gets the more I miss him.
It’s definitely doable if you’re willing to make sacrifices, but I will saying it’s getting harder all the time. IMO it was much easier to buy a home 40 years ago than now. Excluding moving far out of the metropolis.
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D
Deleted member 50930
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J_F
Guest
Me back then: Single income, $17K , $37K mortgage at 13% wife and kid at home, $450 / mo. I got a deal on the house at $108 K with 60% down. At a equivalent wage for the job today there is no way in hell that I could do it now with the 60% down from our first house. At today's price for the same house I would be carrying a $700 K mortgage.
Glad to see you get it. Again I’m not saying it’s not possible with hard work and sacrifices but so many seem to think it’s just “kids are lazy these days” or whatever.
It is doable but so much harder now.
I’m in the middle, dual income helped, but it’s getting so much more difficult for the next generation. It seems like for the most part their only hope is inheritance.
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Another option is go all in. Do whatever it takes to get the first downpayment (stonks, working all the time, side hustles, etc). Keep the leverage at the max allowed and buy more dwellings as often as possible. If the real estate wave continues, you can sell off the majority in a few years and keep one that you pay off with the proceeds. Also a good chance that you go bankrupt with this path. If you're young, is it worth the gamble?
AAAAAAANNNNNNNDDDDD it's sold....
January 2021 - $1,250,000
Total gut job...
August 2021 - Listed at $1,300,000....sold for $1,530,000
January 2021 - $1,250,000
Total gut job...
August 2021 - Listed at $1,300,000....sold for $1,530,000
They jacked up the price in the neighbourhood but unless they are a real estate agent, they didn't get a lot for their effort.
I'm shocked they got that much...this place was slapped together in 3-4 months...I expect major issues in the very near future.
The lawn is already turning yellow from the sod that was put down.
But hey...at least my property just went up again.
Has anyone started knocking down the side splits and building forest hill cubes (maximum building envelope) for >>2M yet?
Not yet. But the first one to offer me 2M gets it.
Lawyer said…when 50% of your street gets upgraded sell as the value will be at the max.
With my mortgage, if I get 2M I’d be looking at 1.5M in cash….
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