Real Estate

Pattie Lovett-Reid: "Morneau should be cautious in helping millennials buy homes. Owning a home is not a right!"

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  • Jul 26th, 2020 1:31 pm
Sr. Member
Jan 27, 2018
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MasterBD wrote: It doesn't help that the GTA accounts for the majority of the population in ontario, on top of the fact that ontario has almost 50% of canada's population. I agree, we need to expand transit and make areas more accessible. We also need skilled immigrants and a higher population to make expanding transit and into other surrounding areas more feasible.

Is it not normal for somebody to see some red when a boomer who worked tim hortons for 25 years bought a house in toronto for 100k and is now a millionaire touting to younger people that they are blaming others for the crap? to say that my mentality is wrong is beyond illogical and disconnected from reality when we are now expected to have years of schooling + masters/specialization + 2 summers or years of internship expereince to even be considered for an entry level job which a boomer could walk into out of high school or a measly bachelor of science degree?
Thing is that many cities go through this cycle and never go back to the $100k timmis pricing... Either folks accept the current and future state and start saving up or renting or need to find the next up coming TO GTA region that has the $100k timmis pricing. Not trying to put down anyone or any job, just laying out the facts...

Peace ✌️
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Nov 9, 2005
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clydelee2020 wrote: Millenials all want to own a home because they know that life is just more enjoyable when you have that security of home ownership. However, you cant ignore the fact that millenials are constantly self bombarded with images of their "friends" buying houses/condos, going on exotic vacations/weekend getaways, having big weddings/elaborate gender reveal parties, eating at nice restaurants, going for drinks, showing off their new cars, showing off their sneaker collection/handbag haul, their new boyfriend/girlfriend, their fitness progress/drastic weight loss, flaunting their new promotiom/new job, their concert seats/Raptors playoff tickets, their children's designer outfits etc. Basically they want tell everyone,"Hey guys, look at me! I'm doing well!"
Millennial here - My wife and I did (and still do) quite a bit of what you mentioned and own a brand new 3700sqft house + Two brand new luxury cars.

We just didn't take political science as our majors. Not all Millennial folk are stupid. We studied hard, but still enjoy whenever we want.

Home ownership was absolutely key for us.
Sr. Member
Jul 18, 2020
753 posts
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JanZ95915 wrote: Housing affordability has become more and more difficult over the decades. Just pointing out that millennials are whiny does not really cut it and overgeneralizes.


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Then as well, a lot of millennials use mom & pop as bank for their downpayment, which puts those at a disadvantage who do not have wealthy parents and instead need to deal with student loan debt. Yes, someone with a below average income should not expect to own a home, but even households that make 150-200k can struggle to get a 20% downpayment together within a reasonable timeframe on an average home in Toronto or the GTA.
There is nothing you can do about this, people will use the bank of mom and dad even they know it will put others into disadvantages. Yeah I know, inheritance tax is coming but the wealth divide will be the same, just look at the US and the British.
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Jul 18, 2020
753 posts
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MasterBD wrote:
This is just another way for boomers to hold assets and accumulate more wealth. Why not downsize? Move? Take the money and leave and retire to somewhere else? most are too greedy to do so.
How are they going to downsize when their kids are stuck (high cost of RE) and can't move out. Sometimes it make more financial sense to let their kids inherit their property once they pass away than sell/downsize to a condo and then give down payment to their kids to buy their 1st property. Either way the wealth is going to recycle back into real estate, it just change hands from parents to their kids.
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Feb 29, 2008
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Tarrana & The Ri…
Cybersid wrote: Millennial here - My wife and I did (and still do) quite a bit of what you mentioned and own a brand new 3700sqft house + Two brand new luxury cars.

We just didn't take political science as our majors. Not all Millennial folk are stupid. We studied hard, but still enjoy whenever we want.

Home ownership was absolutely key for us.
Seriously. If you look at the millenials struggling and the ones who are not, you'll see a clearer picture when you look at their education and jobs. If your desire is to be a social worker, that's great. Don't expect to make the income to buy a house in Toronto. There's a lot of competition here and as long as the city is competing on a global scale, that competition isn't going away. People have to compete, period. Our boomer parents did not have to for the most part. I have to buy real estate because I don't want to be homeless when I retire. Either you adjust and make moves or sit on the couch and cry. Easy decision for me.

We used to laugh at how strict immigrant parents were and how they pushed their kids to do what made money, not what made them happy. They seemed so harsh. But they were 100% right.
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Jan 5, 2020
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During these times where we absolutely condemn racism, sexism, and other forms of discrimination, why do people think it is okay to attack a certain group of people based on their age?

There are many aspiring first time home buyers that are not millennials. Also, I know of many millennials that are far from entitled as this articles generalizes them to be.
Sr. Member
Jul 18, 2020
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Newuserid wrote: During these times where we absolutely condemn racism, sexism, and other forms of discrimination, why do people think it is okay to attack a certain group of people based on their age?

There are many aspiring first time home buyers that are not millennials. Also, I know of many millennials that are far from entitled as this articles generalizes them to be.
I don't know, but I think it is quite funny what other people think the boomers should do with their assets. It is not your wealth so it is really none of you business. The only people who deserve to say what the boomers should do with their assets are their children.
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Jan 5, 2020
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lechan wrote: I don't know, but I think it is quite funny what other people think the boomers should do with their assets. It is not your wealth so it is really none of you business. The only people who deserve to say what the boomers should do with their assets are their children.
Your wealth is your wealth. Nobody should be telling you what to do with your own wealth, not even your own children.
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Feb 7, 2005
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This is nothing but vote buying . Make promises that they will not keep . Anyone recall a universal day care program for all of Canada . It comes and goes into the lieberal promises very other election . I think it goes back 20 years .
<sig removed> by moderators . Yet no moderator told me they removed or why ?
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Feb 4, 2010
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clydelee2020 wrote: Millenials all want to own a home because they know that life is just more enjoyable when you have that security of home ownership. However, you cant ignore the fact that millenials are constantly self bombarded with images of their "friends" buying houses/condos, going on exotic vacations/weekend getaways, having big weddings/elaborate gender reveal parties, eating at nice restaurants, going for drinks, showing off their new cars, showing off their sneaker collection/handbag haul, their new boyfriend/girlfriend, their fitness progress/drastic weight loss, flaunting their new promotiom/new job, their concert seats/Raptors playoff tickets, their children's designer outfits etc. Basically they want tell everyone,"Hey guys, look at me! I'm doing well!"
More security with home ownership? That news to me. There's less security because you're responsible for EVERYTHING. With renting, landlord is responsible - depends on one's definition of security. BTW unless you paid off your mortgage, you don't own your home - the lender does so IMO there's no security until it's paid off.

Also all those other things you listed as why why millenials should get help...wow. Yes they should receive help - from a therapist for self confidence and self worth issues , not $$ to buy a house the can't afford to buy or mature to run. BTW I didn't read the article and I also think it's stupid pit people against each based on age of all things. I'm only a couple of years from being a millenial myself ...I just don't get it.
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Oct 31, 2019
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Waaahhhh imagine how pathetic millennials must be to think that they should be able to purchase property to raise a family in just because they got an education, worked hard and contribute to society through their labour. I was born in the 1960's and was able to purchase a property after a year of working - the only possible reason that people couldn't do that now is because they're lazy.....yup literally no possible alternative explanation. If they are too lazy to afford a house then they should be perfectly happy to rent 380sf condos what's the problem here? I get so upset reading about people expressing their concerns.

These entitled renting millennials think that they actually deserve a basic necessity like food and shelter and I think that we should teach these lazy bums a lesson. Anyone have any ideas on how to illegally evict my lazy entitled millennial tenants?
Jr. Member
Mar 23, 2015
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Toronto, ON
hierophant wrote: More security with home ownership? That news to me. There's less security because you're responsible for EVERYTHING. With renting, landlord is responsible - depends on one's definition of security. BTW unless you paid off your mortgage, you don't own your home - the lender does so IMO there's no security until it's paid off.

Also all those other things you listed as why why millenials should get help...wow. Yes they should receive help - from a therapist for self confidence and self worth issues , not $$ to buy a house the can't afford to buy or mature to run. BTW I didn't read the article and I also think it's stupid pit people against each based on age of all things. I'm only a couple of years from being a millenial myself ...I just don't get it.
Lmao yes going out for drinks, working out, and having a new job. We simply must protect millennials from themselves.

Seriously, you're listing a bunch of shit that's just living a normal life like generations before us have been able to do without crippling debt, stagnating wages, and multiple global crises. What's next? Being mad that someone has an iPhone when they could have a rotary landline powered by the donkey that powers their flour mill?
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Nov 5, 2018
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You can’t expect the government to help millennials as there really is no solution. Taxing the rich and current owners won’t make new housing magically appear.

I get it, millennials want a detached house. Fair enough. But there aren’t enough detached houses in the core for everyone. I know there are new developments in Oakville that could be good if you have a big DP.

There is no solution that will make millennials happy, as we can’t make detached houses close to Union station appear out of thin air.
Called the bottom.
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CondoMan98 wrote: You can’t expect the government to help millennials as there really is no solution. Taxing the rich and current owners won’t make new housing magically appear.

I get it, millennials want a detached house. Fair enough. But there aren’t enough detached houses in the core for everyone. I know there are new developments in Oakville that could be good if you have a big DP.

There is no solution that will make millennials happy, as we can’t make detached houses close to Union station appear out of thin air.
Actually we can (not "detached" or "close to union station", but build generally, and increase density). It's very simple:
(1) Eliminate HST on newly constructed homes up to $1.5mm and/or enact progressive HST taxing on home values. Housing is a necessity; we don't tax eggs, milk and potatoes at grocery stores, what possible reason do we have for taxing new developments? While we don't tax potatoes we do tax potato chips.....because potato chips are not a necessity.
(2) Ease zoning laws (seriously NO major city should have detached houses next to subway stations.....totally nonsensical) and ignore the cries of NIMBYs
(3) Watch the cranes rise and the prices fall!

Of course doing (1) or (2) involves actual critical thinking and taking a stand on something that might upset more than five people.....not exactly the type of decision making that our gov't normally makes. Not only gov'ts fault there though.....those things require at least 15 seconds to explain to the average voter why they might be good things. Not exactly the type of thing that your average voter is good for. Actually.....let's forget (1) and (2)....too hard. Why don't we just blame "rich foreigners" (without providing supporting data) and vaguely promise to do something by committing $X to some sort of study? Oh Canada, baby!!!
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Feb 29, 2008
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Millenials like to complain about what they don't have. Never appreciate what they do have. Toronto of the 1990s is gone. Remember, Toronto was a secondary city that no one really cared about. Montreal was the jewel of Canada. Well, thins change and there was a mass exodus from Montreal to Toronto. Immigrants started coming to Toronto. The city started getting built up. Hotels, sports teams, trendy restaurants, etc...people thought housing wouldn't go up too? Toronto is now attracting people from all over the world...but some still want that town that their parents talk about where they left their doors open and everyone looked the same. Educated immigrants were easily directed to work at gas stations and drive taxis. But times have changed...those immigrants had kids and their drive rubbed off onto their kids, and those kids are are earning great incomes and buying homes. Then we have companies seeking immigrants to come here and work. Yes, things are different now...old boys club network is crumbling. People are going to have to work hard and compete.

When automation starts to really pick up the cries will be even louder. We already saw it when the virus hit. UBI is right around the corner.
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Dec 23, 2012
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VanByTheRiver wrote: Actually we can (not "detached" or "close to union station", but build generally, and increase density). It's very simple:
(1) Eliminate HST on newly constructed homes up to $1.5mm and/or enact progressive HST taxing on home values. Housing is a necessity; we don't tax eggs, milk and potatoes at grocery stores, what possible reason do we have for taxing new developments? While we don't tax potatoes we do tax potato chips.....because potato chips are not a necessity.
(2) Ease zoning laws (seriously NO major city should have detached houses next to subway stations.....totally nonsensical) and ignore the cries of NIMBYs
(3) Watch the cranes rise and the prices fall!

Of course doing (1) or (2) involves actual critical thinking and taking a stand on something that might upset more than five people.....not exactly the type of decision making that our gov't normally makes. Not only gov'ts fault there though.....those things require at least 15 seconds to explain to the average voter why they might be good things. Not exactly the type of thing that your average voter is good for. Actually.....let's forget (1) and (2)....too hard. Why don't we just blame "rich foreigners" (without providing supporting data) and vaguely promise to do something by committing $X to some sort of study? Oh Canada, baby!!!
home ownership is not a necessity
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Mosho1 wrote: home ownership is not a necessity
Housing is a necessity. Prices and rents both rose at fairly shocking rates in virtually every major city on Earth over the past five years. A part of the solution is to allow more construction by reducing artificial barriers like taxes and NIMBYism. But thank you for your well thought out and nuanced response, I appreciate your contribution.
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This thread is very socialist. I am out! ✌️
Called the bottom.
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VanByTheRiver wrote: Housing is a necessity. Prices and rents both rose at fairly shocking rates in virtually every major city on Earth over the past five years. A part of the solution is to allow more construction by reducing artificial barriers like taxes and NIMBYism. But thank you for your well thought out and nuanced response, I appreciate your contribution.
Home ownership and housing are not the same things. There are two separate things. You can have affordable housing without owning a home.
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hierophant wrote: Home ownership and housing are not the same things. There are two separate things. You can have affordable housing without owning a home.
They're very strongly correlated. Pretty indisputable economic fact...unless we live in a fantasy world where the price to rent ratios rise indefinitely.

I also learned today that cutting taxes = socialism. Who knew!

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