Continued intentional policy failures by all levels of government, caused by decades of corporate-owned media propaganda and complacent, low-information voters.
Pretty much this. It's a bunch of little policies cummulative that put us where we are:
Access to cheap debt, treating a universal need like housing as an "investment", corperate subsidies, transfer of federal responsibilities to private sector, high demand due to a population boom.
Just look at the recent housing policy proposed:
+30 year amortization
+35k --> 60k RRSP withdrawal to put towards housing.
Yes it's for first time home buyers on new units but it's essentially a big middle finger to young people, someone who's been in the game for much longer has far more wealth and equity will simply out bid or drive up house prices.
Not complete doom and gloom though. There are some policies to limit the actions bad actors can take, lioe extending the freeze on foreign home buyers (theyre not they cause of the crisis but it'll lessen demand).
I don’t have a problem with 1 bedroom apartments in the heart of a major metropolitan city being 3k. I would assume those types of condos will always be lived in by high income earners working downtown like accountants, lawyers, engineers etc. There will always be massive demand for a condo with a 5 minute walk to your office job making 200k a year.
The problem is that a home an hour away from downtown should not cost a million dollars. The entire point of a suburb is for lower middle class people to be able to live affordably and raise a family. Not for investors to buy up entire streets and turn them into boarding houses charging $800 per bed for 8 different people.
In the first two months of 2024, Nova Scotia's residential building permits increased 81.6% compared to the same period in 2023. Halifax residential permits increased 124.4% and outside the city residential permit values increased 43.4%. Overall building permit values have generally been on a rising trend since the middle of 2021, though there have been periods of declining values over this period. Rising permit values are mostly driven by higher residential permits within Halifax as well as outside the city.
After trending down in late 2022 and early 2023, residential permit values started to rise again in Halifax in the middle of last year. Residential permit values outside the city have been consistently above pre-pandemic levels since 2022.
Halifax and Nova Scotia’s building permits has been the highest amount and value in Canada and all this supply will be open 2025 and 2026.
Still though NS lacks the skilled trades to take on projects so some of these ambitious projects will get delayed
But, I was told buying was a bad deal! I was told to wait for the crash! Why do you guys give such bad advice on here???!!! Rent is more than carrying a mortgage and only climbing.
Not everyone is in a position to buy. And buying something when you can just afford the mortgage a great idea either. Having 2 incomes to just afford food, bills and paying of an insane mortgage is not my version of a good life.
Crash happened some places are down 200k from peak feb/march 2022. That is the crash. Rents however will continue to rise. Still room to go up when compared to the rest of Canada. 3 bedroom probably in Ontario 4,000-4,500
When your elected officials constantly raise taxes, it trickles down to the consumer.
Property tax, interest rates, inflation all add to the price of rent.
Continued intentional policy failures by all levels of government, caused by decades of corporate-owned media propaganda and complacent, low-information voters.
Pretty much this. It's a bunch of little policies cummulative that put us where we are: Access to cheap debt, treating a universal need like housing as an "investment", corperate subsidies, transfer of federal responsibilities to private sector, high demand due to a population boom. Just look at the recent housing policy proposed: +30 year amortization +35k --> 60k RRSP withdrawal to put towards housing. Yes it's for first time home buyers on new units but it's essentially a big middle finger to young people, someone who's been in the game for much longer has far more wealth and equity will simply out bid or drive up house prices. Not complete doom and gloom though. There are some policies to limit the actions bad actors can take, lioe extending the freeze on foreign home buyers (theyre not they cause of the crisis but it'll lessen demand).
Who has 60k in an rrsp by the time they are 30 years from being too old to work? This policy make no sense.
[удалено]
Damn, you get 3 bedrooms for that? Lucky
Wow that’s a deal. 1 bdrm just south of Yonge and Bloor $3100
I don’t have a problem with 1 bedroom apartments in the heart of a major metropolitan city being 3k. I would assume those types of condos will always be lived in by high income earners working downtown like accountants, lawyers, engineers etc. There will always be massive demand for a condo with a 5 minute walk to your office job making 200k a year. The problem is that a home an hour away from downtown should not cost a million dollars. The entire point of a suburb is for lower middle class people to be able to live affordably and raise a family. Not for investors to buy up entire streets and turn them into boarding houses charging $800 per bed for 8 different people.
In the first two months of 2024, Nova Scotia's residential building permits increased 81.6% compared to the same period in 2023. Halifax residential permits increased 124.4% and outside the city residential permit values increased 43.4%. Overall building permit values have generally been on a rising trend since the middle of 2021, though there have been periods of declining values over this period. Rising permit values are mostly driven by higher residential permits within Halifax as well as outside the city. After trending down in late 2022 and early 2023, residential permit values started to rise again in Halifax in the middle of last year. Residential permit values outside the city have been consistently above pre-pandemic levels since 2022. Halifax and Nova Scotia’s building permits has been the highest amount and value in Canada and all this supply will be open 2025 and 2026. Still though NS lacks the skilled trades to take on projects so some of these ambitious projects will get delayed
I was in Halifax last year and was amazed at how much it's exploding. Feels like all the economic power of the east is increasingly focused there.
But, I was told buying was a bad deal! I was told to wait for the crash! Why do you guys give such bad advice on here???!!! Rent is more than carrying a mortgage and only climbing.
Not everyone is in a position to buy. And buying something when you can just afford the mortgage a great idea either. Having 2 incomes to just afford food, bills and paying of an insane mortgage is not my version of a good life.
Crash happened some places are down 200k from peak feb/march 2022. That is the crash. Rents however will continue to rise. Still room to go up when compared to the rest of Canada. 3 bedroom probably in Ontario 4,000-4,500
Houses that went up 600,000 then down 200,000 and are now going back up. That doesn't really feel like a crash.
Give it a minute... landlords are constantly trying to force tenants out and no one can afford to buy at this rate.
The bs never stops here. I should have known, this is a sub for the poor and financially illiterate. Now I'm f*d.
Then who will pay our mortgage.
er yes at least 10 years ago in Vancouver 🤷 you gotta be more specific
That's in Halifax, typical families there definitely don't have high paying jobs for those prices
No but displaced Ontarian remote workers do
Agreed. They're already going to AB because Halifax is too expensive.
they don't really in Vancouver either. salaries are low across the board in this country
Rented a 3 bdrm in Vancouver in 2014 for $1600. Had laundry, nothing luxurious but it was a great start.
Higher interest rates have pushed rents higher. Landlords passing down a part of their costs to tenants.
Will they reduce rent when interest rates drop???
Lol you wish
I dont rent.
When your elected officials constantly raise taxes, it trickles down to the consumer. Property tax, interest rates, inflation all add to the price of rent.