Real Estate

Toronto is a city where even the ‘rich’ can’t afford an average-priced house

  • Last Updated:
  • Mar 21st, 2017 10:39 am
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napoleonbot wrote:
Mar 20th, 2017 12:39 pm
Top 1% T4 earner != top 1% rich, isn't it common sense in Canada
True, if we measure rich with net worth instead of income. Some Canadians save and invest more intelligently and diligently than others. Also, some families have been saving for longer, nothing we can do about that.
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I actually wonder how many 'wealthy' people get priced out of the market because they refuse to live in anything other than a detached home. Like they won't consider living in anything other than that.
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the only thing I took out of that article is that a person who makes decent money (likely a $225k+ household when taking into consideration the income the SO made prior to the baby) is that they dont deserve to own a home. The fact that they saved $100k over a few years is fine. The fact that they could only save $100k for a downpayment tells me they didnt take saving money very seriously.
What a stupid example.
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wirebound wrote:
Mar 20th, 2017 2:08 pm
I actually wonder how many 'wealthy' people get priced out of the market because they refuse to live in anything other than a detached home. Like they won't consider living in anything other than that.
As soon as people stopped dreaming of a detached home, they can live almost anywhere in a good location. Those who dream of a detached home are now living in New Market, Aurora etc. Whether they work near there or not.
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GiOBoY wrote:
Mar 20th, 2017 1:30 pm
Markets can remain irrational longer than you can remain solvent.

- John Maynard Keynes
Only when the tide goes out do you discover who's been swimming naked.

-Warren Buffett
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a bit OT but demonstrate how cheap canada RE are (or you can say how expensive oversea RE are), real news, just out today...
New condo sales in HK

So a bunch of rich people lining up for a whole day to buy a condo on top of train station in HK, there are hundreds of them, so developer group them into different tiers, and sell to them in order. A1 tier are those buying 2+ 4bed room units. there are 270 parties in A1. the cheapest unit, low level without view, cost about C$4.25million, so they are paying at least C$8.5M. A2 tire are just buying 1 unit and there are hundreds of them. All condo sold out by ticket 36, the number 38 guy complained he couldnt buy. RE agent told him he is lucky to even see the presentation center, there are hundreds of multi-millionaires downstairs lining up the whole morning and didnt even get to enter the building before sold out.

tl;dr version:
new condo sold in HK sold out in a day, develop bump up 10% to release phase 2 and again sold out in one morning at C$5951/sqftt.
rich people think RE in HK is too cheap/demand is too great/ they are too rich.

edit: and these are not even freehold...50 year leasehold for that price in HK...same situation in China, no wonder they are buying up everything oversea
Last edited by ccyk on Mar 20th, 2017 9:28 pm, edited 1 time in total.
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ccyk wrote:
Mar 20th, 2017 9:28 pm
a bit OT but demonstrate how cheap canada RE are (or you can say how expensive oversea RE are), real news, just out today...
New condo sales in HK

So a bunch of rich people lining up for a whole day to buy a condo on top of train station in HK, there are hundreds of them, so developer group them into different tiers, and sell to them in order. A1 tier are those buying 2+ 4bed room units. there are 270 parties in A1. the cheapest unit, low level without view, cost about C$4.25million, so they are paying at least C$8.5M. A2 tire are just buying 1 unit and there are hundreds of them. All condo sold out by ticket 36, the number 38 guy complained he couldnt buy. RE agent told him he is lucky to even see the presentation center, there are hundreds of multi-millionaires downstairs lining up the whole morning and didnt even get to enter the building before sold out.

tl;dr version:
new condo sold in HK sold out in a day, develop bump up 10% to release phase 2 and again sold out in one morning at C$5951/sqftt.
rich people think RE in HK is too cheap/demand is too great/ they are too rich.
Did they got rich from shady business practices and taking jobs from America (globalism)?
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Average Toronto Condo Is Now More Expensive Than A Detached In Calgary
Condo Prices Across The GTA Rose…Again
The price of a condo across the Greater Toronto Area (GTA) is still moving higher. The average sale in February was $481,194, a 19.2% increase from the same time last year. Breaking that down, a condo in the 905 was slightly more affordable, with an average price of $404,460, a 23.6% increase. As for the 416 proper, the average reached $515,424 – a whopping 23.6% increase from last year. This makes the average 416 sale higher than the benchmark price of a detached home in Calgary. Interesting since Calgary is the third largest city in Canada, but has a significantly higher median family income.
congrats toronto, you've done it!
https://betterdwelling.com/city/toronto ... tification
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Jungle wrote:
Mar 20th, 2017 9:39 pm
Did they got rich from shady business practices and taking jobs from America (globalism)?
No... They got rich from flipping real estate.

The flipping is virtually never ending over there. :lol:
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Jungle wrote:
Mar 20th, 2017 9:39 pm
Did they got rich from shady business practices and taking jobs from America (globalism)?
But they definitely didn't get rich from investing into some amature crouch potato portfolio.
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Jungle wrote:
Mar 19th, 2017 5:05 am
Oh man that was the best thread ever, Mrbeachman, Dearsummer, Mark77 (pitz). Such an epic, never ending discussion with bears and bulls. Was so disappointed some of those posters were banned..
What is there to talk about. Mark being the delusional failure engineeer too good to get his hands dirty and blame everyone else for his lack of success or dearsummer who is an arrogant businessman who thinks he owes nothing to his hardworking employees and think they are all cheap labor. Different sides of the same coin. Surely they both would fail together if mark77 worked for dearsummer.
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manne3702 wrote:
Mar 20th, 2017 9:56 pm
But they definitely didn't get rich from investing into some amature crouch potato portfolio.
Maybe true, I heard their stock market is corrupt and business report fake earnings (and products)
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zakarydoks wrote:
Mar 17th, 2017 2:45 pm
Not as a couple. Just the higher earner. The other one decided to take it easy and stay home, a luxury not afforded by our parents' generation. This is your typical Canadian though, spolied and entitled. The world is much more competitive now and they are having trouble adjusting. Life is not a safe space.
still must hurt to see over half of your pay goes to the government, so they can have yet another scandal
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spike1128 wrote:
Mar 20th, 2017 9:57 pm
What is there to talk about. Mark being the delusional failure engineeer too good to get his hands dirty and blame everyone else for his lack of success or dearsummer who is an arrogant businessman who thinks he owes nothing to his hardworking employees and think they are all cheap labor. Different sides of the same coin. Surely they both would fail together if mark77 worked for dearsummer.
I think it was the engagement everyone brought out of everyone form their unique or (unusual) personalities.
However I did always like majority or Marks posts and his enthusiasm and belief in the stock market I found inspiring. Now I'm not saying I who'll only invest in XIU because that was all he talked about. lol

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