Comments on: Toronto and Vancouver Real Estate Is Now Much Less Affordable Than LA, New York

By: answer guy

answer guy — Mon, 25 Oct 2021 05:07:40 +0000

In reply to Shane-O-Mac.

we’ve also saved a ton but are running out of time to wait as we have 2 kids now…

basically accepted the fact that we’ll lose money, but we’re not betting the farm either.

I’ll say this though – the crash will take years to bottom, not months

By: Ike

Ike — Sun, 24 Oct 2021 08:35:10 +0000

In reply to D. Wouldn't it be nice to get a house in Toronto with minimum wage work

By: Shane-O-Mac

Shane-O-Mac — Wed, 20 Oct 2021 00:07:27 +0000

In reply to Daniel Ko.

Either way – “the last one in is holding the bag.”
My wife and I live downtown TO and have rented for years (same place – thankfully still reasonable rent) watching this insane bubble grow exponentially over the years.
We have saved like squirrels and have kept our $400k powder dry in this craziness.
I have told her we will jump into buying when “this thing” comes crashing down – and the Gov’t and the pandemic money has just kept it going… but not for much longer.
And if these stats BD quoted are true to form, we will have the pick of the litter of properties to choose from on severe discount in a matter of months – not just from the recent buyers in the pricing bubble – but the investors who thought it wise to buy in at the same time.
As Rumi once said –

“Greed makes man blind and foolish – and makes him an easy prey to death.”

By: J Smith

J Smith — Tue, 19 Oct 2021 21:54:56 +0000

In reply to RW. I am in Canada, and I found that when I left the major city the percentage increases to nearly 100%. Relocated from Victoria, BC to Yukon Territory in 2013, and now I have land and a home and all achieved with a 40-50hr week job. Maybe move to greener pastures eh!

By: D

Tue, 19 Oct 2021 21:30:32 +0000

$10 million median home price in Toronto is what they want. And minimum wage will still be below $20.

By: Brian

Brian — Tue, 19 Oct 2021 19:01:12 +0000

Isn’t it great? Can we now say Toronto/Vancouver are better than LA/NY?

Hooray!

By: Daniel Ko

Daniel Ko — Tue, 19 Oct 2021 16:23:06 +0000

I’ve been watching Canadian real estate for a few years now, and it’s absolutely insane to watch people go this crazy. I remember 2006 really well, and it was nothing like this. Only idiots back then thought home prices could never fall, but EVERYONE in Canada thinks they’ll go up forever.

By: Jin

Jin — Tue, 19 Oct 2021 16:14:12 +0000

In reply to Ali. A lot of whistle-blowers in the US when this was happening as well, but they were ignored. Place your bets and become a legend. If people won't listen, you should be positioned to make bank on this.

By: Ali

Ali — Tue, 19 Oct 2021 16:12:08 +0000

Warnings, warnings, warnings, NOBODY SAW THIS COMING.

By: Mica

Mica — Tue, 19 Oct 2021 16:08:16 +0000

I moved to Miami in 2020, right when the pandemic first started and I realized I’d prefer to be isolated somewhere warm. The lifestyle in Vancouver isn’t even close to comparable, and the cost of a house is maybe 20%. Loved my Vancouver place, but pocketing 80% of the sale and paying for a house in full out here was probably the smartest decision I’ve ever made.