Real Estate

GTA house prices, will be going even higher?

  • Last Updated:
  • Aug 22nd, 2017 7:03 pm
Tags:
None
Deal Addict
User avatar
Dec 27, 2009
3379 posts
1327 upvotes
Ottawa, ON
canachi wrote:
Jul 28th, 2016 6:25 pm
Somebody else used that argument without facts, so I asked the question.
I'm not concerned, but there are countless post without any facts. It is getting ridiculous.

Why would anybody disagree with restricting people that do not live in Canada from buying houses here when many canadians cannot afford it?

What is their agenda? who are they?
One word: greed
Deal Addict
Jan 20, 2016
1214 posts
436 upvotes
Burlington, ON
canachi wrote:
Jul 28th, 2016 6:00 pm
Again, What you are saying it is just anecdotal (not necessarily true or reliable, because it is based on personal accounts rather than facts or research)

What percentage of families in Ontario have an income over $100K a year?
GTA=! Ontario. Just 1hr drive from my location house price is more then TWICE cheaper (250k for 3bdr SHF while my TH is 580k)
MEDIAN household income in my suburb hood (GTA) is 110k

MOST buyers are NOT first time buyers and just up\downsizing using previous RE as downpayment. MOST of them do NOT need mortgage more then 50% of property price.

http://www.moneysense.ca/canadas-best-p ... ed-cities/

YMMW
Member
May 5, 2013
311 posts
96 upvotes
Chickinvic wrote:
Jul 29th, 2016 9:44 am
One word: greed
Who doesn't love money, but foreigners only has a small effect in the gta, furthermore the craziness only happen in the gta detach segment, condos, th and semi don't really have that happen.

Implement a 15℅ tax to the foreigners will have little impact to the sfh, but a 15℅ tax for everyone in the detach segment will just do it.
Sr. Member
User avatar
Jan 4, 2006
714 posts
24 upvotes
manne3702 wrote:
Jul 29th, 2016 12:57 pm
Who doesn't love money, but foreigners only has a small effect in the gta, furthermore the craziness only happen in the gta detach segment, condos, th and semi don't really have that happen.

Implement a 15℅ tax to the foreigners will have little impact to the sfh, but a 15℅ tax for everyone in the detach segment will just do it.

yes and if that happens who benefits out of all of this at the end? yes, our government... we the tax payers suffers ultimately, no 15% tax for everyone is not gonna do it.
Deal Expert
User avatar
Oct 26, 2003
26832 posts
1674 upvotes
Winnipeg
tax is not the way to do it, the solution is to build more, always
4930k/32gb/256gb ssd/8tb hdd/win10pro/msi 290
bst/free stuff/btc/ether
Banned
Dec 5, 2015
2038 posts
409 upvotes
Concord, ON
divx wrote:
Aug 1st, 2016 2:04 am
tax is not the way to do it, the solution is to build more, always
We are building lots....just people want a detached home in the city to be affordable for an average wage which is idiotic

We can't build more detached homes in the city ..there's literally no more land ..
Deal Addict
Feb 2, 2014
3963 posts
768 upvotes
Toronto
manne3702 wrote:
Jul 29th, 2016 12:57 pm
Who doesn't love money, but foreigners only has a small effect in the gta, furthermore the craziness only happen in the gta detach segment, condos, th and semi don't really have that happen.

Implement a 15℅ tax to the foreigners will have little impact to the sfh, but a 15℅ tax for everyone in the detach segment will just do it.
Don't know who you are, but I love this post...bang on.

According to the CMHC, only about 3% of condos are foreign owned. That number is likely much smaller for houses. The 15% tax won't do anything except win votes for the politicians that implement it.
Kevin Somnauth, CFA
Mortgage Agent and Real Estate Sales Representative
Deal Addict
User avatar
Sep 4, 2005
2575 posts
414 upvotes
Toronto
CdnRealEstateGuy wrote:
Aug 2nd, 2016 12:17 pm
Don't know who you are, but I love this post...bang on.

According to the CMHC, only about 3% of condos are foreign owned. That number is likely much smaller for houses. The 15% tax won't do anything except win votes for the politicians that implement it.
Bbbbbbbbbbbut you mean to tell me it isn't foreigners driving up the price!? But rather well off 35-45 year old couples who own their home outright, >100k a year income each, and are comfortable taking a small 100k-300k mortgage to upsize to a larger property or possibly live closer to work. Get out!
Deal Addict
Feb 2, 2014
3963 posts
768 upvotes
Toronto
Super_Chicken wrote:
Aug 2nd, 2016 12:47 pm
Bbbbbbbbbbbut you mean to tell me it isn't foreigners driving up the price!? But rather well off 35-45 year old couples who own their home outright, >100k a year income each, and are comfortable taking a small 100k-300k mortgage to upsize to a larger property or possibly live closer to work. Get out!
It's not some non-resident investor, it's immigrants who are living in the house.
Kevin Somnauth, CFA
Mortgage Agent and Real Estate Sales Representative
Deal Addict
Feb 9, 2009
4363 posts
2112 upvotes
Blow off top in the market.... pain coming soon... lots of people gonna be cautious now knowing a gov't rule can come anytime -- heck cap gains for foreigners probably around the corner and higher taxes if required (And should already be there now).
Member
May 5, 2013
311 posts
96 upvotes
CdnRealEstateGuy wrote:
Aug 2nd, 2016 12:17 pm
Don't know who you are, but I love this post...bang on.

According to the CMHC, only about 3% of condos are foreign owned. That number is likely much smaller for houses. The 15% tax won't do anything except win votes for the politicians that implement it.
Well you know I am being sarcastic in here, the problem in the Gta is too many people want to live in a detach home but it is simply not possible. With the way that this is going if me and my parents don't need to sell our houses, we are going to be quit ahead for another 2-3 generations down the line.
Deal Addict
Jan 20, 2016
1214 posts
436 upvotes
Burlington, ON
manne3702 wrote:
Aug 2nd, 2016 6:02 pm
Well you know I am being sarcastic in here, the problem in the Gta is too many people want to live in a detach home but it is simply not possible. With the way that this is going if me and my parents don't need to sell our houses, we are going to be quit ahead for another 2-3 generations down the line.
You couldn't sell this boring story about simple supply&demand issue. It should be dirty mainland money, billionaire immigrants or some other mystical creatures driving re prices to entertain public (and get votes or other dividends)
My bet that Ontario libs will introduce some similar bs, but not now (useless) - closer to elections. In BC they have them just around the corner, thus such rush.
Member
May 5, 2013
311 posts
96 upvotes
asa1973 wrote:
Aug 2nd, 2016 6:26 pm
You couldn't sell this boring story about simple supply&demand issue. It should be dirty mainland money, billionaire immigrants or some other mystical creatures driving re prices to entertain public (and get votes or other dividends)
My bet that Ontario libs will introduce some similar bs, but not now (useless) - closer to elections. In BC they have them just around the corner, thus such rush.
I guess the problem really is, too many people are being too nosey, concerning what others are doing and fail to acknowledge their own deficiency. I wouldn't be surprised such a tax is coming but it is naive to think that it will crash the market.
Deal Addict
User avatar
May 2, 2006
4978 posts
1035 upvotes
GTA
Super_Chicken wrote:
Aug 2nd, 2016 12:47 pm
Bbbbbbbbbbbut you mean to tell me it isn't foreigners driving up the price!? But rather well off 35-45 year old couples who own their home outright, >100k a year income each, and are comfortable taking a small 100k-300k mortgage to upsize to a larger property or possibly live closer to work. Get out!
:)

Neither. It's the ordinary Canadians many of whom are up to their necks in debt.
For all of 2015, household debt rose 4.9 per cent, the fastest pace in four years, to a record $1.92-trillion. That included a 6.3-per-cent surge in mortgage debt, also the fastest since 2011, reflecting low borrowing costs and surging real estate prices in key regions, especially in Toronto and Vancouver. Disposable income, meanwhile, grew by a more modest 3 per cent.
http://www.theglobeandmail.com/report-o ... e29172712/

RE is now officially the largest sector of the Canadian economy at 13%, and, if you include financing, 20% of GDP.
Member
Sep 1, 2013
402 posts
94 upvotes
izzyzz wrote:
Aug 3rd, 2016 6:58 am
:)

Neither. It's the ordinary Canadians many of whom are up to their necks in debt.



http://www.theglobeandmail.com/report-o ... e29172712/
If you actually follow through the Statcan link in that article, you will see that while household debt grew, household assets grew even more, such that:
National net worth advanced 2.5% or $236.3 billion from the third quarter to $9,747 billion at the end of the fourth quarter. This was principally due to financial assets, with a large gain in Canada's net international investment position. On a per capita basis, national net worth increased to $270,600.
http://www.statcan.gc.ca/daily-quotidie ... 1b-eng.htm

Top