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More than a third of boomers are thinking of buying a house in the next five years — and they’re not looking to downsize: survey
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Can't wait for investment firms to scoop up cheap property faster than we can, and turn them into rentals. Again.
Not going to happen this time until supply is greater than demand.
I'm sad knowing I'm going to overpay and risk being house poor even with a six figure salary. Throwing kids and daycares and whatever else in the mix I too of surely growing property taxes and shit. It's gonna be hard out there but I want the space. Meh. I gave up on buying. A month or two ago I was trying and the bidding wars were ridiculous. 200-300 over asking. So I stopped to take a breather.
Not sure what to do besides build more houses but I'd like to get corporations and investors out of it. Heavily tax non-primary residences so that any gains are erased? Block corporations from owning houses zoned for residential? By definition shouldn't someone have to reside in something that's residential?
spent the last couple months occasionally looking for homes out near where i live. finally found a place about half an hour from work that's only 400,000 united statebucks. it's the most affordable thing i've seen that isn't stuck between two bowling alleys or an actual burnt-down structure.
Honestly, some folks probably actually want this. And others would probably welcome it with open arms, without knowing anything about feudalism in the first place.
It's fuckin' wild, man.
OP
OP
Honestly this would be perfectly fine if these investment firms were then allowed to build 3-50 unit townhouses or apartment buildings on that lot.
I don't know about pinning this on boomers really, article just expresses that boomers are more financially secure because they bought their homes way back when prices were more reasonable and now are sitting on a lot of house wealth in a fully paid off house. Naturally they're considering selling and getting something different, not necessarily owning multiple properties. At least many of them are willing to help out their children with down payments. The market is fucked and everybody knows it
Buying a new property in Toronto or any big city to use As a rental is bad financial planning. The cost is so high even with high rent you will never make it up especially if you are in your 60s.
Wife and I are dual income and hope to have 2 or 3 properties by retirement, just to diversify investment. Nowhere near a big city though, the prices are not worth it and there are people needing to rent everywhere.
Wife and I are dual income and hope to have 2 or 3 properties by retirement, just to diversify investment. Nowhere near a big city though, the prices are not worth it and there are people needing to rent everywhere.
From what I've heard(I'm not from there) rents/prices in Montreal/QC are pretty ok
I've been saying the same thing for five years, secondary SFH ownership should be taxed to not be an attractive investment for people that don't care about others. 3% of assessed value per year for the second house climbing up to 15% after five years, and an additional 3% per house. So your 5th SFH would cost 15% on year one, 30% on year five.
There's just no reason to tolerate that. Also a federal tax should apply to any foreign or cross-province owners of SFH. If they want to invest in real estate let them build high density buildings.
There's just no reason to tolerate that. Also a federal tax should apply to any foreign or cross-province owners of SFH. If they want to invest in real estate let them build high density buildings.
It's getting up there.
At least covid is hurting those who buy up condo's to rent them out as Air BNB's.
Vancouver is worse in terms of housing than Toronto
montreal is mostly french, rapidly becoming more expensive, an qb is becoming less accommodating to English speakers
If you're in the city proper on the island rents have been rapidly increasing. Twenty years ago I was sharing a 7-1/2 (two huge bedrooms and a smaller bedroom + kitchen + living room +1 bathroom) for less than 700$, now you're looking at 1500-2000$ or more. If your work is not directly downtown (say, an office building in the first row of suburbs like the 10/30) then you can buy a house less than 30 minutes commute for less than 300k. Montreal has land in every direction, not half a circle like Toronto or just east like Vancouver. Gotta pick a smart place to live based on your work and budget.
I feel like the only thing that will improve this is improved internet infrastructure and a lot more folks being able to work virtually. Otherwise everyone will still be clumped in cities and property prices will continue to rise.
I'm hoping this will eventually break up the disproportionate number of barely populated red states we have in the US. The space is there.
The best option is to leave the cities and find some peaceful place in the coutryside. With telecommuting, it's an option a lot more people can look into. Prices are way better outside of cities, and you can have more space for the same price. Plant trees, grow a garden, buy a few chickens! Breath fresh air and get closer to nature. :)
Ironically, this actually has been a source of good in my city as companies are buying old housing by the local university and putting up massive amounts of medium density housing.
It's not just NA. I'm currently looking to buy something in Belgium and anything affordable is instantly bought by boomers who are able to pay prices way above asking price. Close by where I live they were building an apartment block with 20 apartments (Small 1 bedroom so perfect for starters). Everything was sold out within a week every apartment has a "For Rent"-sign now that construction is done.
The only option is to be lucky and have parents that are able to help you or buy some dumpster house and spend all your money over the next 10 years fixing up the place.
My friends in the Netherlands are having the same issues and the renting situation is even worse.
But what if they don't taste good? :( None on the far left think about us picky eaters.
Eh... I'm less optimistic. If you offer to work from home I feel they can just as easily replace you entirely. Not all jobs require that specific a skill set required of wfh jobs.
For a few lucky folks, I bet it's a life changer, but unless mandated and okayed by higher ups, I don't think it'll be any sort of "great equalizer" to offset the housing issue. :(
Yeah, it's this, and the trick of it is that you don't even need to fully pay off your house to do it, as you'll already have your down payment in equity, so you just need to secure a loan, and you're in.
It's a lot easier to buy after the first house because of this.
I fucking hate this housing market. Four bedroom houses in some areas outside of Toronto are well into the $1million+ range now. I can't fathom that amount of money on a bog standard home, especially on your own. My wife and I were very fortunate and had help from our parents to get into a smaller 3 bedroom home a few years ago, but even the amount we paid was still stupid. We found out what the previous owner paid five years before us and it was half the amount we bought it for :/
That's what I'm thinking as well. We have the space, if the infrastructure is there then people can spread out and still have things, like a house, as something that's affordable. We have all this space, we should use it for making housing more affordable and use the other spaces for green energy. Those two things will have a circular and multiplicative effect.
Please let me know when we finally have a total system reset.
This system simply isn't sustainable. People getting older and it is too hard for young people that aren't born with a silver spoon in their mouth to make it when the older generations seemingly only focus on making sure they will make more money no matter the cost.
This system simply isn't sustainable. People getting older and it is too hard for young people that aren't born with a silver spoon in their mouth to make it when the older generations seemingly only focus on making sure they will make more money no matter the cost.
Baby Boomer generation are literal cartoon villains willing to sell there kids/grandkids down the river to live in perpetual comfort/luxury.
It's almost like they constructed an economy that requires an entrance fee that highly indebts the young folks who pay it (think endless student loans, credit card and car payments, rents/leases of all types, and mortgages with PMI out the ass) to be able to easily collect passive income in a parasitic, almost neo-feudal relationship and live off their collective backs...
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