Investors now make up more than 25% of Ontario homebuyers, pushing prices higher, experts warn
Recent data suggests investors now make up the largest segment of residential real estate in Ontario, and it’s pushing the dream of ownership out of reach for many looking to buy a home simply to live in.
Ban owning more than 2 homes. There is no reason a person needs more than 2 (even more than 1 is a luxury).
Ban corporate ownership of homes other than purpose built rental apartment buildings.
Ban foreign ownership of homes.
The foreign ownership part gets a lot of buzz but it is probably the smallest part of the equation. The people using the housing market as an investment tool are the ones causing the soaring prices.
Murray says a lot of his peers have been forced to work more than one job to make more than six figures every year: but even then, he says, many haven't been able to enter the market.
I wouldn't mind seeing more solution articles opposed to the same shit regurgitated, almost weekly.
The problem is low interest rates and pumping money into the economy have essentially created a massive incentive for this. Up interest rates and the investment money goes away. Don’t believe me? Check the charts of interest rate vs house prices
Real Estate agents don't care how badly they screw over an entire generation of Canadians.
I truly believe we'll look back on Real Estate agents as the cancer that brought about the end of the North American experiment. They add nothing to our society. NOTHING.
My wife and I make well over 6 figures. We don't come from money. We can't afford shit. Cost of living is too high to save a realistic amount of capital. We'll float till we die.
Edit: I should clarify, we don't lament not owning a home. We've embraced the advantages of our situation. No kids, no debt. We invest when we can. We RRSP. We TFSA. We have nestegg. We just measured what we could realistically afford, in what area of the GTA and what that would equate to in terms of commute time to work and being away from each other for the sake of earning a cheque for the sake of paying down a lifetime's worth of debt. We chose to rent a 2 bedroom in Roncesvalles and have been in the same spot for 5 years. We could save more if we lived elsewhere but Roncy is worth it. A true community of good people, kind families and small business owners trying to scrape by.
In Netherlands, there’s a new rule that any market entry properties (under €500k) have to be owner occupied.
We need something like this. anything under $1.5M needs to be owner occupied
This is what happens when corrupt politicians sell out their own citizens (that they represent) because greedy developers and investors bribe them.
Been seeing this for years and calling it out, only to be shouted down by people who would rather blame, "the Chinese". I have friends who are my age and own multiple properties, I know people who have been flipping homes and moving "up the ladder" over the past decade. These people have done very well, own sailboats, have multiple kids, do all sorts of expensive sports. Apparently this was the thing I was supposed to do but didn't do because I figured houses were for living in.
when I rented, a guy who came to fix my roof, and in conversation he told me that my landlord owned 60+ properties in Toronto. he told me that if he shit on the floor in the middle of my living room that mine would still be one of the nicest and that the landlord would rent to anyone with first and last.
there definitely needs to be some sort of a stop to this practice. too bad the horses are already out of the barn.
Everyone knows this, and we know the government does not care. We are stuck as for most owners the value of their home is most of their net worth, and any political move that reduces their net worth will be met with pitchforks. Housing is treated like stocks but it needs to be treated like a human need.
We need to either charge a 1 mil tax if you are buying a home that you don't intend to live in, or we need a variable tax that is based on the distance between average income and average house price.
Locksmith checking in, a larger and larger number of our calls are just meeting with agents acting on behalf of international clients not currently, or ever in the country.
Rekeying the lock and leaving the unit(s) (often several) vacant to appreciate in value for a few years. More than ever its just people buying up real estate sight unseen like its a stock to be traded and profited off of.
Tax people who own houses they don’t live in.
And foreign buyers.
Citizens needs more protection
I can't speak for any other place but living in brampton and buying a house is the safest bet you can make, it's just the question of getting your mortgage approved.
My cousin got a 2 garage detached house in september and the previous guy bought the house in march, Didnt move in , kept it empty for 6 months didnt renovate anything and sold it for over 300k. My cousin's mortgage comes around 4k and he charges 2 k for the 3 bdrm basement.
So essentiallt the guy renting the 3bdrm basement is also paying 2k which is going nowhere but my guy is paying off his mortgage with 2k.
Feels like shit knowing that if this continues housing is never getting cheaper in brampton even if the interest rates rise.
Drove by a subdivision of incomplete townhouse construction today. Half of them have "For sale" signs from speculator realtors on their front lawn. They don't even have sod laid down yet.
Properties are being resold by investors before they even get windows on em and I actually hate it