This requires some elaboration.

Just checked my last paystub of the year I actually grossed over 70k.

My concern isn't me or people in my situation. It's for people who make far less than that yet still give just as much of their life and time as any other full timer. Only they have nothing to show for it. Then people with too much money want to capitalize off them. It bothers me sorry.

hmm interesting, I had no idea housing markets were that stressed in that area. does oil play a roll? is in are a lot of people immigrating in for that work and/or property costs include increases because of the industry?

Nobody can really say why it's gotten so bad but it really has. There's all kinds of new construction going on, but they're all 6,7,8 bundred thousand dollar palaces. No idea where all the money is coming from. Many folks believe it's wealthy people from Toronto area buying up everything further away and, like we've been arguing about, renting them out.

I can tell you I bought my home 4 or 5 years ago, the upswing in pricing had just started. We paid $167,000 and the national average at the time was somewhere in the 300s. I could turn around and list for a bit more but being a lower end home I think I'd be lucky to list at 220k. That would leave me around $40,000-$50,000 in profit however I would have to rebuy in an even higher priced market. So for an upgrade in todays market I need to spend $450,000-$500,000 on my next home. Requiring a $100,000 down payment to avoid paying extra CMHC insurance (extra 10% borrowed because you have less money which is insane). I would still have to come up with another 50 or 60k.

Keep in mind, my concern with housing pricing is for people who make even less than me.

Ps there isn't really an oil industry here. That's more out west which I left in 2012 when the oil industry tanked in AB and SK.

We have no idea where the money is coming from in south west ontario.

This post was edited by Hecht55 on Jan 15 2020 07:15pm

could be china, I know san fran, Vancouver, seattle, and many other areas have had that issue. Chinese developers buy up all property to artificially raise prices, overprice developments, and resell in the improved market.

not all them ofc, but could have an effect.

san fran had the same issues, now their homelessness is crazy. no one can afford to live there, even rich people. its bad.

Just bought my first home, under 30, im single, work in a public service job and in a desirable area for houses 20 mins from the best beaches in the world

Idk mang, was hard, but doable

It is not palace either

grats!

Idk man, i just think priorities matter? A little at least

Grats, were you able to find low cost place to rent before this?

No lmao, half of my time at lived at home either paying for college / vehcile / living expenses / saved other times i just lived in a small apartment while in college and working 40 hours

Some ppl think im crazy, work too much and think i dont have fun (lmao) but idk man if it is just priorities or what


Should add...no roommates ever

This post was edited by Duckling on Jan 15 2020 07:38pm