Housing cost is destroying the middle class in Canada?

Discussion in 'Politics, Religion, Social Issues' started by Bubble99, Apr 21, 2017.

  1. Bubble99 macrumors 6502

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    #1
    How long before Canada no lounger has middle class? It seems already they are being destroyed?

    In the 90's the price of home like this........[​IMG]
    cost $100,000 in the suburbs and now it cost $600,000 in the suburbs and over million in the city.

    It just seems strange that people left Europe because only the upper class could own a home. And everyone else was paying rent or living in apartment or above a store.

    What is being done about the housing housing crisis in Canada.

    Most cities in US house like that will be under $300,000 in the US.
     
  2. TonyC28 macrumors 65816

    TonyC28

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    #2
    According to what I've read, your name pretty much sums it up.
     
  3. Bubble99 thread starter macrumors 6502

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    #3
    But I doubt even housing bubble would ever bring any house like the above picture down to $200,000 or 300,000 like lot of the US cities.

    Even if housing bubble explodes next year I doubt it would drop more than $200,000
     
  4. VulchR macrumors 68020

    VulchR

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    #4
    Is Canada experiencing a huge growth in wealth inequality like the US and UK? If so, then this is the natural consequence.
     
  5. s2mikey macrumors 68020

    s2mikey

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    #5
    Do ya'll think maybe the taxes are too high? Just a theory. ???
     
  6. Zombie Acorn, Apr 21, 2017
    Last edited: Apr 21, 2017

    Zombie Acorn macrumors 65816

    Zombie Acorn

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    #6
    Not only that, but foreign investors are coming in and using real estate as a piggy bank instead of a place to live. The liberals did one of their first moves that I've agreed with in years, foreign buyers tax of 15% if you aren't a resident in Ontario. The real estate lobby has blocked this one for a long time and the government has waited until the housing market all but priced out anyone working in the city because they were collecting the transfer taxes. Irresponsible.

    Supply of housing has also been capped off by the Liberals and they promised to open it up a bit more. Getting a permit to build is apparently like walking through hell under this government.

    China doesn't technically allow its own citizens to own land in their country, yet Canada is supposed to open wide and let them buy up our land, no thanks.
     
  7. Eraserhead macrumors G4

    Eraserhead

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    #7
    Wtf have taxes got to do with it?
     
  8. unlinked, Apr 21, 2017
    Last edited: Apr 21, 2017

    unlinked macrumors 6502a

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    #8
    The first results from the 2016 Irish census were released yesterday.
    Houses built 2006-2011 225,232. Houses built 2011-2016 8,800.
    Wonder why our house prices are going up so much.
     
  9. smallcoffee macrumors 6502a

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    #9
    Yeah I just don't understand this. One of our assets in the West is a stable, prosperous democracy. We live here. We built and maintain this. Why are we allowing people from unstable countries to buy nice little properties in the cities that we live, work, and pay taxes to maintain without having them go nearly bankrupt to do so? The tax should be like 500%, not 15%.
     
  10. Bubble99 thread starter macrumors 6502

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    #10
    Why would they cap the housing? What is the point of capping the housing?
    --- Post Merged, Apr 21, 2017 ---
    Typo you mean.

    Houses built 2006-2011 225,232. Houses built 2011-2016 8,800.
     
  11. unlinked macrumors 6502a

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    #11
    Sorry, 2016 on the brain. Still quite a drastic drop in supply.
     
  12. Admiral, Apr 21, 2017
    Last edited: Apr 21, 2017

    Admiral macrumors regular

    Admiral

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    #12
    Environmental hooey, that's what. Urbanization and urban sprawl is Bad For The Planet™, so F you, Mr. and Mrs. Middle Class. No affordable housing for your family — but of course we're going to tax you to death to give free housing to our favored clients and the people we're importing to replace you.

    I am actually amused by the consternation over the C$600,000 suburban house. Try to find anything in the Lower Mainland of British Columbia for that paltry sum.
     
  13. Zombie Acorn macrumors 65816

    Zombie Acorn

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    #13
    Liberals want to stop urban sprawl so developers focus on density. It's a tradeoff, if you spread out you have more stuff to sustain, but Toronto is pretty dense already, the TTC can't support traffic during rush hours.

    Driving downtown after work is like stabbing your eyes out.
     
  14. Huntn, Apr 21, 2017
    Last edited: Apr 21, 2017

    Huntn macrumors G5

    Huntn

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    #14
    What is your obsession with liberals? ;)

    There is a trade off between population density, sprawl, and environmental impact. Decades ago an article in National Geographic Magazine compared two cities (at the time) with similar populations, but drastically differen sizes, Chicago (200+ SqM) vs Paris (approx 20 SqM as I recall). Arguably Paris is a more efficient city, smaller footprint, less infrastructure to maintain, but much higher population density, I suppose lesser environmental impact, but most won't get their house and backyard.

    If houses construction is severely limited, with demand, prices will rise.
     
  15. Eraserhead macrumors G4

    Eraserhead

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    #15
    What, "unstable" countries like China?
     
  16. smallcoffee macrumors 6502a

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    #16
    Yes. They're "stable" in the sense of no war. But clearly not a great place for wealth - or else Chinese people wouldn't be buying property in Vancouver
     
  17. poloponies macrumors 68030

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    #17
    Hmm... you don't think that having the largest housing crash in all of Europe had something to do with it? People were walking away from homes they couldn't afford and resulting inventories were pretty high.
     
  18. TonyC28 macrumors 65816

    TonyC28

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    #18
  19. Stella, Apr 21, 2017
    Last edited: Apr 21, 2017

    Stella macrumors 604

    Stella

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    #19
    What have taxes got to do with house prices?

    I'd rather pay taxes and get things like universal health coverage etc.
    --- Post Merged, Apr 21, 2017 ---
    The stopping of urban sprawl has not really added to the rise of house prices in southern Ontario, according to recent research.

    IMO, trying to prevent urban sprawl is a good thing. We can't keep on destroying farm land / taking over the green belt as developers would like. Suburbs are very inefficient.. large houses, with large yards.. Sure some people want large houses, and large yards but that isn't practical for the long term. People can't always have what they'd like.

    In recent years in Toronto, people want to life closer to downtown than out in the 'burbs. Living closer to their work, entertainment and just find it more convenient.

    Instead of driving downtown, why don't you take TTC or Go train, if possible? If your stuck in traffic, you are traffic and part of the problem!

    In regards to TTC - it is very underfunded. As you know, city council like talking about building up public transit more than they like building it.
     
  20. Eraserhead macrumors G4

    Eraserhead

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    #20
    Or maybe they want houses around the world like wealthy British and Americans already do.
     
  21. cfedu macrumors 65816

    cfedu

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    #21

    They introducted a 15% Chinese tax yesterday, that should cool the Toronto market a bit.
     
  22. NT1440 macrumors G4

    NT1440

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    #22
    In supply of brand new housing. That doesn't make existing housing disappear. Just a hunch....but maybe the housing built previously had something to do with the worldwide construction bubble that contributed to the economic collapse?
     
  23. Stella macrumors 604

    Stella

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    #23
    Only 5% of buyers in Toronto are foreign, non residents. Don't think this will help much. Its a populist move.
     
  24. unlinked macrumors 6502a

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    #24
    Neither did the existing people. It probably isn't the best when your population is growing at a rate 10 times the housing stock.
     
  25. NT1440 macrumors G4

    NT1440

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    #25
    Is that an actual statistic or is that merely hyperbole? Source?
     

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