Home ownership: Should Canadians let the dream die? | Sunday Talk
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- Опубликовано: 23 апр 2017
- In the Toronto and Vancouver areas, where close to one-third of Canadians live, the dream of owning a home is on life support. Even renting is hard. And suddenly politicians are trying to do something about it.
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If I hear the statement "millennials DON'T WANT to own a house" or "millennials DON'T WANT to own a car" again, I'm going to go insane - who the hell came up with this crap?!?!
Tesla. hahHHa i hear you what nonsense
No kidding Tesla. I'm not a 'millennial' myself but I sure heard that and thought it had to be shyte. Who doesn't want that same dream?
"millennials don't want to own a house" says the boomer lady
It’s called generalization. Just like saying all boomers are bad.
The World Economic Forum says this. You will own nothing.
This is wild. 4 years later and it's still the exact same story, just worse now.
Canadians pay Lamborghini prices for a house that is not worth more than a VW Golf Made in Mexico. No thanks
HongKong
Exactly.
Lol agreed.
Interesting hearing this. Im in Australia and we are asking and experiencing the same things as this panel. Prices in Sydney mirror the crazy prices in Vancouver and Toronto.
The dream is dead for the middle class
Move to less expensive cities
Personally speaking, I abandoned any hope of home ownership a long time ago. If I were lucky enough to live and work for 80 years, I would still not be able to pay off a mortgage and own a house. As it is, I suspect trying to keep up with rent is going to be an uphill battle.
Neoliberal economics 101.
Operative 21 well I guess I have to win the 6/ 49 lotto for you
+Ian Patrick Neoliberalism is social policy, NeoCon economics 101
Companies need to leave the GTA and Vancouver for parts of Canada with lower housing prices if they want to attract employees. Here in Calgary you can much more house for your dollar.
True and its so funny how much more income u can make compared to these other cities.
@German Camacho I live in Vancouver and miss Edmonton. Much friendlier people, Northern Lights, dark skies, less polluted, etc.
Don't be so narcissistic.
Can no one identify a bubble? This is debt driven without the income to support it.
The story should have spent more time on the bubble issue. People are worried about how they can buy. Perhaps they should worry more about the risk of a highly leveraged investment.
It'll sort itself out and everybody will blame the banks for being over leveraged themselves. 20% down 15 year or you can't afford it.
J Barnsley yeah except with today's prices nobody but investment firms and organized crime could afford a 15 year mortgage. Oh wait that's who's been pumping up the Vancouver market all this time.
People are saying to just move but most jobs are in major cities like Toronto or Vancouver so it would mean travelling long distances to get to work anyway.
The root of Toronto's housing problem stems from the city's poor transportation infrastructure. There would be no reason for there to be so much housing demand in Toronto if we had a high-speed rail system (for example) that could allow people to live further away from the city but still get downtown in less than an hour. For example, if we had a high-speed train like the ones in China that can go 400 km/h, people could live anywhere in southern GTA and be at their desk at work in less than an hour.
This would be extremely expensive but if we built a comprehensive transportation system, there would be no need for individuals to own cars that the average Canadian spends over 10k on per year, the average commute could be reduced dramatically, and housing prices relative to commute time (in outer GTA) would be lower than they have been in decades.
This will never happen but one can still dream...
Toronto hasn't made the investments in mass transit, but the growth boundaries that set aside too much land from development is part of the problem, too.
The problem is everyone works in one spot. We need companies to invest in areas outside Toronto and spread the jobs out.
I agree. Canada should construct high speed train system. Almost advanced countries did that. China could even develop its own industry by forcing bidding companies to transfer their know how to them. I remember that there was a big debate in Japan (I was living there around the start of this centry). At that time Franchise, German and Japan were competing to construct the first Chinese high speed system.
Now the Chinese have their own industry and are competing internationally.
That's only pay of the problem. 40 percent of owners have 2 or more homes. That takes it out of supply if houses are seen as investments rather than a place to live. They need to jack up interest rates to fix this problem.
The problem isn't transit.
Full stop.
imagine in Hongkong. A 300square feet tiny apartment cost over $1 million dollar.
A third of canadians live in just TWO CITIES!!!!! Maybe that's the issue. Canada needs more cities. Why doesn't Canada have smaller growing places like the U.S. such as Austin, Nashville, and Columbus, OH?
They keep comparing Vancouver to New York, though the economies are not comparable. There are more high end jobs in New York or most other American city, where people have more opportunities to get a job where they actually afford the high cost of living.
is there even a million ppl in Vancouver?
Supriya is the only one on the panel with common sense.
chipette totally agree
Yep Supriya is also funny and beautiful and yes full of common sense.
I am a new immigrant & I can never afford to buy a house in Canada. I am actually looking to buy in other countries & may eventually move there, even though I love this country & want to live here. Too poor for Canada.
I am watching this in 2022. Did not look at the posted date... So sad how it is all the same, nothing in this conversation ticked me to think it was outdated
Home ownership for chinese in Canada is alive and well though. Did you know that in 2010 Canada issued 25,000 10 year visas to chinese nationals and that by 2015 that number has mushroomed to over 400,000 PER YEAR? There are now move visa offices in just china than every European country plus New Zealand and Australia combined and last year our immigration minister announced that number is set to double again within the next few years. Canada is being economically colonized by china pure and simple while our leaders sit idly by and do nothing because their big business lobbyists are getting filthy rich selling our country as though it was a smorgasbord.
What's funny about this stuff is that its its own kind of bubble - even 'foreign' people/families can start getting antsy for various reasons and wanting to close the door on their own way out.
This is by design. Our "leaders" have courted Chinese millionaires and billionaires since the Trudeau Sr. era.
It is time for us to elect new leaders and form new parties that take their responsibility to Canadians seriously. No politician should be elected without affirming their support for preventing foreign purchases of RESIDENTIAL real estate. Canada has many other forms of investment that are attractive to foreign investors.
So canada's population is growing by at LEAST half a million/ year. You sound really legit :P
Visas are not accounted for on our census, neither are the half a million foreign students and half a million foreign workers. There are a lot more people migrating in different ways to Canada than what the census reflects.
jctai100 no. That's the number of people pumping Chinese money into the housing market. My cousin builds houses for the Chinese mafia. He would tell me stories 20 years ago about these guys paying in briefcases of cash so my cousin would build log homes for them. He retired after working for them for 5 years.
Here we are two years later and it ain’t getting easier. I really feel for young people entering the market. The problem with the Canadian culture is that we all want to live alone. If you aspire for home ownership different generations or even unrelated families better start saving together and working toward home ownership together. This is the reality.
The people elected Trudeau and Wayne as their politicians to serve the best interest of Canadians. Now, since it is you the people elected them, it is the time to face inevitable consequences due to the decision ya'll made before the elections. The government has been flooding Canada with Chinese investors leading Canadians to live like second class citizens in their own country. The house prices has been increased by 2 folds and media/TREB deliberate refusal to compare/contrast prices from 2012 in house purchased history is nothing more than deceptive/manipulative tactics used by real estate agents to mislead buyers to pay more than what the property worth. The Ontario government is still running on decades old legislations which are outdated and harming the people of Ontario. How the heck it is even possible for a premier to sell 51% ownership to privately held companies without the 2/3 state congress approval? it is the prime example of decades old useless system which needs to come to an end. I hope that one day we have a person to serve the best interest of Canadians with his/her heart surrendered to Canadians best interest. I hope one day it will happen otherwise destruction is inevitable. It is the time to make Canada great again!
If you ask me,. It's over price properties. Don't buy any property. Watch the price goes down over time.
Simple solution, 1 person 1 house.
The relaity is people just become enslaved to their rents and utilities and do not have a choice to do anything or go anywhere but continue to slave away at the job they hate where most of their earnings go to the pockets of the landlord.
Tasha K is so disconnected, privilege smells to the poor, and she wreaks
Simple, raise interest rates back to normal 18%, but our government worker who inhered there jobs, only have grade 2,I know they learned something in 12 years schooling. Raise interest rates for god sake, low rate are making the bubble bigger, the big bang is coming soon, the longer and lower the rate the bigger the bang will be.
People who rent house in places like Toronto and Vancouver, most probably will never save enough money to actually consider buying a house.
Rishi Kishore dude most of Ontario is milking this now. There is no cheap rent in Ontario with any sort of job market.
Being priced out of shelburne is pretty messed up. Citiots have deff pushed up the price, but they will sell once they realize hwy 10 is basically their only way into the city and the winter is no joke.
I bet the hwy is closed for fatal collisions 2x a week during winter, city people can't drive and don't own snow tires.
This is going to be interesting
Although its absurd how expensive real estate has become, the host hit the nail on the head on this one. "Maybe thats just the price of living in a world class city." Spot on.
Zionist Slayer Toronto isn't world-class tier; it's cheap compared to London or Hong Kong.
It's the price of living in a city with lax laws on money laundering
I don't know what he's saying, that no one would willingly move to the east. I sold two properties in Niagara and moved to 100 acres out East. I don't regret it one bit. It's hard to miss over crowding and excessive taxation, once you have space and some freedom to spread out in.
ha! I did quit smoking cigarettes the day that I had my heart attack January 11 2017
Surrey BC is still affordable. 1 BD apartment at surrey central skytrain is 300K or so as of 2018.
You mean Tiny apartment.
I always figure buy out portions in USA near the border. A place in North Dakota would be cheaper than within the border, and property taxes may be lower. It won’t for for everyone, but for those in places near Toronto, it might.
Appreciate you enabling the comments so Canadians can give there opinion
Are condos included in this discussion? Why does everyone need a detached house? Why is that the assumption?
All of these people are uninformed, and the fact that they were called in to comment on the Canadian housing market is moronic.
Got something to bring to the table ?
JMAC LIVES not an argument or input
Can build floating houses on lake and use flying vehicle to commute downtown
Canadians are so reasonable. Must be the cold weather that knocks some common sense into them!
Do they realize that Canada is big country where there is great chances
I live in northern Alberta, me (nurse) and my man (accountant) make an average of $150,000/yearly. Homes are cheap, we get free flight to Calgary once year, I get free student loan forgiveness total of $4000/year
You don't have to life in big city go explore
Houses will get a lot cheaper in Alberta in the future. I owned townhouses in Edmonton that fetched $250,000 in the summer of 2007. Now they're only worth about $115,000 if I was to try to sell them today.
Mona Al yes i agree no one is forcimg people to live in toronto od vancouver im from a small city built on hardship and we happen to be happy
Mona Al unfortunately not everyones field of work is available in Alberta, more so with places like Calgary withthe oil price drop. My field is prodominantly in Toronto. Id love to live in Alberta but whats a guy to do
Me and my husband would never find jobs in Northern Alberta. Marketing and corporate sales fields are pretty much big city fields. We'd be poverty stricken. Plus my family and friends are in Toronto.
7 years later... nothing changed... wow
Choices. This is how to fix the issue on a personal level. I hated working in Toronto and knew I'd never buy a house. I left in 2015 and moved to a city where I love my job, can afford a house with a yard and I don't have to deal with all the commotion. Unless you absolutely need the Toronto atmosphere you will find opportunities elsewhere... don't be afraid to look.
Fly over Vancouver... there is no shortage of space to build, endless generous lots to tax, and huge amounts of debt to charge more interest on ... Increasing the supply side is easy but it hurts investors who are the majority of the political class and its supporters. The only problem here is government intervention in the wrong areas thru zoning, interest rates, and misplaced rent control / loopholes.
Exactly, not many employers are willing to allow employees to work remotely on a permanent basis even when it is possible.
We are in the middle of a pandemic and the municipal government has already announced its decision to force workers back to the office even though there is a new dangerous variant out there.
There are a lot of people who are willing to move further out for more affordable and quality housing, but feel this is not an option because they can’t find work in those areas and it’s too far to commute to their jobs in the expensive areas.
Canada population is only 40 million. There shouldn't be any shortage of houses.
go to the outskirts where i live a house sold for 50k last month and i am in bc
jesus wept, so depressing
a developer can make 1million
on one building project in Vancouver
the problem is cmhc is guaranteeing the banks money if the home owners flop because the money is insured
Ryan Mcclure Bingo. And few are talking about this root cause.
I hate the argument of comparing toronto to NYC or London. There are major issues when canada has largest debt to income ratio out of the g7 nations. I'm at a loss for words on what the outcome will..let's hope for the best
What about places like pei where rents have increased 100% as well were not a big city
Hamilton price is also sky rocketing
This has gotten absolutely insane. The aging population (baby boomers) aren't retiring (because they can't in all fairness to them) so there are limited quality jobs for people entering the workforce, and they aren't moving out of their homes which is putting emmence pressure on the housing market. I understand where people are coming from with the immigration concerns, although I think outside of some buyers new immigrants tend to affect renting markets (for the first bit). All I know is that if nothing is done, it's gonna crash, maybe not this year or next year but within 15 years were going to have a massive problem on our heads.
Canadian ownership is at a record high. We don't have an entire generation priced out. However, we do have many people vulnerable.
Actually buying a luxury camper van is ideal I think because we can appreciate the beautiful scenery of North America and look forward to owning our home and vehicle in one complete package. I'm considering this because i will never own a fixed piece of real estate in Canada because I'm not rich. I'm 48.
Yes you can bring prices down because Canada doesn't have cities that are that worth moving to they are cold and over populated
Lucas Fernandez if the cities not worth moving to you must still live in your parents basement.
Interest rates have been too low for too long. Blame Carney, then get rates up to 4-6%.
Y'all forgetting Manitoba?
I know this video is older but these people are out of touch... this would mean only the wealthy would get to own property... the poor would ALWAYS have a payment. Housing is almost always a worthwhile asset provide you buy in the right time and maintain your home.
I live in halifax and owe a mortgage of less than a truck payment and that is my only debt. Less than 45 thousand still worries me
Albeit i am a baby boomer
Same situation for United States. Wages don't keep up with the cost of living. The result is overpriced homes no one can afford.
Move to Portage la Prairie MB. Great city! Decently affordable housing prices!
But jobs?
Even Hamilton is getting expensive to buy though
What hypocrite the girl in blue is. She tells us we shouldn't want a home while she is getting herself a home.
WHAT DID THE SHOW RESOLVE NOTHING. TORONTO IS DIEING CANT CANADIANS SEE THE FOREST FOR THE TREES! GOVERNMENT SOLD OUT THE MIDDLE CLASS .
this is basically Canada's version of redlining.
This didn’t age well
This its going to turn really bad , like 1990 real estate can go down 50%
Only solution is more social housing, rent control or various other restrictions only distorts the market and reduce availability of housing on the market.
Relax the zoning laws and allow more high-rise condominium buildings to meet the housing demand. If there are enough housing, prices will stabilize.
Learn French, and move to Québec. I own a condo in dwtn Montréal, and I could never afford that even in Hamilton or Abbotsford.
thank you for allowing comments.
Big words about telecommuting from someone getting 300k from her in-laws to buy a house...
Oh no! NOt RiCH IMMIGGRANTS!!!!!! ANYTHiNg But THAT!!! O : 😂😂 🤣🤣🤣🤣🤣🤣
Is simply move to other cities like Montreal or Ottawa
Montreal is expensive relative to local incomes. The only reason prices didn't go up here as much is because Montreal is a blue collar town.
Ottawa is very expensive relative to incomes. Transportation in a mass sense is not efficient to outlying areas. Restrictions on building heights limit condo and apartment development downtown. Lots of green space though.
Canadians need to learn that there are other affordable places in Canada. In Calgary you can get a big enough home for $450K and the jobs pay way above the averages in Toronto and Vancouver. We might be getting out of a recession right now but I'll tell u if u can a land a job here ull tell urself wtf was I thinking living in these other cities. And I think younger Canadians should look into investing in condo's, its a home ownership without paying someone else's mortgage off.
Condos always lose money you should know most resale condo apartments and resale condo townhouses are 50 percent lower than they were in the summer of 2007 in both Calgary and Edmonton. The exact same ones from 2007.
and like trudue said owning a house is for the rich and well off if ur just a tim hortons worker u need to live at home and if you in the middle salary buy a condo thats what u get and for the rich keep enjoying your 2 acres properetyies with swimming pools and ur tax loop holes piece out
Windsor, Ontario, u can afford a house
Canada isn't different. LA, SF, Seattle, New York, DC, are all experiencing the same.
You cannot afford to live in Toronto, then move further along the lake and build another Toronto. Keep it clean and friendly to attract more top notch immigrants in the world who can appreciate the Canadian democracy and hospitality, you will make lots of money from selling your new Toronto. After selling your new Toronto, you move on again and build yet another new Toronto. That's Canadian strength.
Brian C interesting! Burlington is turning into a Toronto Lite. Parents just bought a condo there for 1/3 of what we'd pay in Toronto.
Beautiful lakeside view, smaller community and all.
I love the blue/white collar mix.
You cannot change the bed sheets you slept in before yesterday peter or Paul someone's pissed all-day either way you country made the bed what can i say.... nothing is cheap
The dream is in ICU,things get very real very fast
The problem is that the single detached house pay less tax than densed housing. If you buy a million dollar house vs a million dollar condo. You pay much less tax for a detached house. Which I think is ridiculous. We need start taxing single detached houses
Sorry Tom but you are incorrect. Single detached homes are taxed much higher than the individual taxes on each unit within a condo/large housing complex. Perhaps the taxes generated by the entire complex = more than that of a single detached home but property taxes for detached homes are already outrageous in many cities and even some towns. There are plenty of people who own homes in Vancouver and Toronto that have paid off their mortgages but cannot afford their property taxes and are left with no other option than to sell and move away. How fair is that?
Familys need to be familys and club together it not ideal but governments and banks only know how to betray you. FAMILY IS THE KEY.
Exactly, Vancouver is a world class city run by people who thinks Vancouver is a small town.
Every Canadian should be given a free home. A free 50 square home for any Canadian who wants to live in Vancouver or Toronto. A free 1,000 square home for anyone who wants to live in northern Alberta. Anything more you need to earn it yourself. Every Canadian should also have free access to free milk and bread. Anything more, you need to earn it yourself.
I think Toronto is going to look like New York, not good. Thank God we have a lot of land. A Golden horseshoe metapolis, Canada should have the biggest city in the world. A geopolitical power House, we have the geography.
well... if we just sit around complaining.. not sure if that's gonna get anywhere.. rather find ways to make more money to catch up.. at least if you can't hit the goal of home ownership you would have advanced in some financial aspect...
Move to other side of lake ontario!....
gotta build more homes
This is one time I am soon glad no one is looking toward the true east. the Maritimes is a much safer place now than the "world class" ROC. More like "no class"
Yep that’s cheap chinese money coming in paying over the asking price
😒 these people...
What a pain. It should be a right!
This is an Oriental problem within this country. The government has allowed this...they are the culprits. Very corrupt business dealings.
Watch again in 2022
breath of fresh air to not have Mahmoud on, spouting his dogmatic leftist tosh.
Yes, couples should not buy a house.
wtf is the Canadian Dream?
To win the Stanley Cup
To have an extended summer
Lol 😂
Kadri should have let his unibrow grow. The power of the unibrow would have brought the cup. Kadri failed.
The Queen City has fallen
2024. 😅
Damn, shots fired at Halifax lmao. I've lived here for 3 years now and it's a lot more urban than people think, but with fresh air and chill people. Also.. it's not expensive as hell.
I hate how the blonde chick keeps talking over the dark head chick.
Climate Barbie strikes - Liberal carbon tax multiplied bu taxes on the tax from Liberals
The dream is dead