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Rising Star
Back in 2001 my parents in their 30s bought a 4 bedroom house in Mississauga for $250k as a middle-income immigrant couple. That same house is worth $1.5M now and would take an upper-income HHI of $250k to afford. It's just mind boggling.
OP I completely feel you, I've only panicked a million times so far. My family bought a new detached 5yrs aho with 20-30k down, with 250k down now I cant really afford much.
It's unfair in many ways, I have contemplated US, still debating.
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Already shared my misery a couple of days ago...
https://joinfishbowl.com/post_d85g48jzok
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Amen
What do you folks think of getting rid of CHMC and taxing second prorperty purchase to high heavens. Instead of taxing the sale, tax the purchase. Tie it to SIN. Don't let anyone without a SIN purchase a house.
With supply restricted , you have to start rationing out home supply now. Those with money keep getting ahead.
Sure it's unfair, to the rich but hey you are not looking for principal residence, you are looking to make money - at which point - please consider tax havens, tfsas, stock markets etc. Let other find homes for their families please to live and grow up in.
Yep, I like it. But taxing the gains won't impact buying behaviour as much as taxing the purchase . ( Tax the buyer too only if you are purchasing a second residence along with increasing the capital gains taxes on the seller).
Yes very much so. I just hope my salary increases the same speed 😅
At this point, I may have to consider moving to Barrie... and decent places in Barrie are already near a million
Makes sense for any major city. Growing population but limited space. If you move out of Toronto things look a lot better. Also buying isnt the only option. In the current conditions I think rent > purchase in TO
Well SPM1, you are taking a bad example that doesn't seem to make sense from a cash flow perspective. I don't disagree. It would be foolish to buy such a condo with crazy condo fees, and low rent at that. On the other hand, yonge Bay corridor newer condos rent out for 3500+ easily (my in-laws rented theirs out for 4200 two bed condo) and monthly fee is not even 750. Worked out pretty well for them