Comments on: Homebuyer’s Gridlock? 25% of Canadian Real Estate Sellers Can’t Afford To Sell: Zillow https://betterdwelling.com/homebuyers-gridlock-25-of-canadian-real-estate-sellers-cant-afford-to-sell-zillow/ Canada’s Fastest Growing Real Estate News Source Mon, 28 Jun 2021 04:05:21 +0000 hourly 1 By: Bill https://betterdwelling.com/homebuyers-gridlock-25-of-canadian-real-estate-sellers-cant-afford-to-sell-zillow/#comment-73048 Mon, 28 Jun 2021 04:05:21 +0000 https://betterdwelling.com/?p=17218#comment-73048 One reason Canadians cannot afford to sell is property tax increase. For example a townhouse in Hamilton Mountain could have a tax accessment of $300,000. If it is sold for $650,000 and the upgrade is $850,000. It seems doable. Until one considers the new property will be taxed at the selling rate. That is about $500 more per month in taxes… Leaving much less to pay for the new mortgage.

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By: Mr. Pickle https://betterdwelling.com/homebuyers-gridlock-25-of-canadian-real-estate-sellers-cant-afford-to-sell-zillow/#comment-73035 Sat, 26 Jun 2021 18:11:45 +0000 https://betterdwelling.com/?p=17218#comment-73035 Everyone who thinks Ontario has gotten too pricey should consider there are places like Pickle Lake where you can still buy a home for less than 100K. Located 530 kilometres north of Thunder Bay, it is the most northerly community in the province that has year-round access by road. From fishing and hunting, to sight-seeing and local festivals, Ontario’s Last Frontier has plenty to offer.

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By: Whiskey Foxtrot https://betterdwelling.com/homebuyers-gridlock-25-of-canadian-real-estate-sellers-cant-afford-to-sell-zillow/#comment-73006 Fri, 25 Jun 2021 17:34:15 +0000 https://betterdwelling.com/?p=17218#comment-73006 In reply to Lucas.

agreed, but my issue is it’s not that much cheaper than Toronto for the hassle of moving. If I didn’t own a home though, condos are a lot cheaper in Calgary. That would be where I’d start.

For upgrading, that’s a tough one.

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By: Lucas https://betterdwelling.com/homebuyers-gridlock-25-of-canadian-real-estate-sellers-cant-afford-to-sell-zillow/#comment-73005 Fri, 25 Jun 2021 17:32:57 +0000 https://betterdwelling.com/?p=17218#comment-73005 In reply to Ahmed.

The only major city in Canada to elect a brown mayor gets a lot of hate from people thinking it’s not as nice as vancouver. There’s jerks in Calgary like any city, and they might be more vocal than other places (or amplified by the media), but the reality is it’s a place where people mostly just care about the work you do.

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By: Ahmed https://betterdwelling.com/homebuyers-gridlock-25-of-canadian-real-estate-sellers-cant-afford-to-sell-zillow/#comment-73004 Fri, 25 Jun 2021 17:30:36 +0000 https://betterdwelling.com/?p=17218#comment-73004 Where do you move is the problem? I’m not going to Calgary.

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By: B.A. https://betterdwelling.com/homebuyers-gridlock-25-of-canadian-real-estate-sellers-cant-afford-to-sell-zillow/#comment-72977 Fri, 25 Jun 2021 04:49:33 +0000 https://betterdwelling.com/?p=17218#comment-72977 In reply to Fazid.

The net gain for Nova Scotia this year was less than 2000 people once exiting population was taken into account. Hardly the rush people keep trying to pump. In addition the price of real estate in the Maritimes has already risen in anticipation. Of what, at this point, I don’t know. I suspect the fervour for property down East will continue to fade with the pandemic as numbers have shown over the last few months. When your choice of property is either insanely over-priced dirt in one province or only slightly less stupidly over-priced dirt in another, the smart money closes their wallets until reality re-asserts itself. Either that or looks further afield. You should see what Toronto prices can buy you across the pond.

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By: Fazid https://betterdwelling.com/homebuyers-gridlock-25-of-canadian-real-estate-sellers-cant-afford-to-sell-zillow/#comment-72975 Thu, 24 Jun 2021 23:04:37 +0000 https://betterdwelling.com/?p=17218#comment-72975 I think once the pandemic restrictions are eased and people can travel, more exisitng homeowners are going to look at retiring in the Carribean or moving out East. We’re already seeing people move to Nova Scotia. I’m betting most people that would consider it want to visit before pulling the trigger though.

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By: Jin https://betterdwelling.com/homebuyers-gridlock-25-of-canadian-real-estate-sellers-cant-afford-to-sell-zillow/#comment-72974 Thu, 24 Jun 2021 23:01:21 +0000 https://betterdwelling.com/?p=17218#comment-72974 The property ladder doesn’t work if the entry point is only affordable to 10% of people. No wonder hedge funds are buying the homes. A generation with 80% homeownership is trying to sell to a generation with 25% ownership.

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