Toronto Shack Sells For 1.8M

zobi123 wrote: ↑ https://www.reddit.com/r/PersonalFinanc ... urce=share

Here is a very good comment from Reddit, couldn't agree more:

What are the odds this place was purchased by someone currently working in Toronto, using money they earned from that work?

Maybe I'm falling victim to some sort of bias, but it seems like virtually every I've met who bought a home in Toronto/Vancouver over the past ~5 years falls into one of three categories:

1. Baby boomer who got rich by buying a house in a good location ~30 years ago

2. Immigrant/PR using money they earned in their home country

3. Young person/couple who got 6 or 7 figures worth of help from their parents (who's almost always from one of the first 2 groups)

The decoupling of wages and housing prices is unbelievably harmful for our society, and doesn't get talked about nearly enough. Canadians can't buy homes in Canadian cities using the money they earn at their jobs, and even a global pandemic hasn't done anything to help fix that.

If you want green spaces, restaurants, jobs, all conveniently located to your home, you gotta pay to play. It will only get more expensive!

If this was a straight land sale then this wouldn't have even made the news. The rundown house just skews the story into clickbait galore.

Sounds like you don't have many successful people in your social network then. My friends are dual income professionals, many making well over $100k each. They have owned a condo or two for years and are upgrading to houses no problem.

I bought a 2bed condo in Toronto last year and I'm a young person that got no family help. I was also renting for 5 years before I bought.

It's a global economy. Who do you blame when our economy and country is uncompetitive globally compared to other countries? Why is it that people in other countries have so much money to purchase real estate here and we can't do the same overseas? To me, that's our own failure and we have no one to blame but ourselves. That's what happens when you enact socialist policies that encourage laziness and reward mediocrity.

moofur wrote: ↑ It's a global economy. Who do you blame when our economy and country is uncompetitive globally compared to other countries? Why is it that people in other countries have so much money to purchase real estate here and we can't do the same overseas? To me, that's our own failure and we have no one to blame but ourselves. That's what happens when you enact socialist policies that encourage laziness and reward mediocrity.

who is this "we" you're talking about? plenty of people here have more than enough money to invest overseas. maybe you just don't know them.

Mosho1 wrote: ↑ who is this "we" you're talking about? plenty of people here have more than enough money to invest overseas. maybe you just don't know them.

And I'm pretty sure those aren't the ones complaining. Canadians have to realize that overall we are already very very lucky to be in Canada. We have great social benefits including health care, live in a free and open society with an independent legal system and have a vast country to which we have the freedom of mobility to live anywhere we want. If you can't afford to live in Toronto or the GTA there is an entire country for you to settle in. Nobody is entitled to live in Toronto if you're making minimum wage even if you grew up here. The entitlement and ignorance of how good we have it here is appalling.

likely going to demolish this house and rebuild.

moofur wrote: ↑ It's a global economy. Who do you blame when our economy and country is uncompetitive globally compared to other countries? Why is it that people in other countries have so much money to purchase real estate here and we can't do the same overseas? To me, that's our own failure and we have no one to blame but ourselves. That's what happens when you enact socialist policies that encourage laziness and reward mediocrity.

This. Average Canadian will never understand.

moofur wrote: ↑ It's a global economy. Who do you blame when our economy and country is uncompetitive globally compared to other countries? Why is it that people in other countries have so much money to purchase real estate here and we can't do the same overseas? To me, that's our own failure and we have no one to blame but ourselves. That's what happens when you enact socialist policies that encourage laziness and reward mediocrity.

We all know in Canada is the harder you work the more that the government will take from you. And to make the matter worse when those under class complain, the government will just create more obstacle for the class above by taxing them more in the name of fairness.

lechan wrote: ↑ We all know in Canada is the harder you work the more that the government will take from you. And to make the matter worse when those under class complain, the government will just create more obstacle for the class above by taxing them more in the name of fairness.

And this sadly is the reason why Canada is becoming less and less relevant in the world. Whether you like it or not, economic relevance is power in this world, and without it your influence is limited. If Canada wants to virtue signal, then get our own house in order first so that our economic influence in the world would allow us to do so. Otherwise no one will care what you have to say. Our current situation with China because of HK, Meng Wanzhou etc. is a very good example.

BiegeToyota wrote: ↑ This. Average Canadian will never understand.

But looked at what they teach the kids in school these days, it is pretty much if you don't get what you need, there is no need to work hard, all you need to do is just go complain. Our teachers in Ontario is the perfect example, when they don't get a raise they just go on strike.

lechan wrote: ↑ But looked at what they teach the kids in school these days, it is pretty much if you don't get what you need, there is no need to work hard, all you need to do is just go complain. Our teachers in Ontario is the perfect example, when they don't get a raise they just go on strike.

Most of these people live in lalaland and haven't held a real full time job outside of an educational institution their entire life. Their ignorance is kind of sad but what's even more depressing is the fact that many parents don't see through their nonsense and give them their support despite them holding their children hostage and indoctrinating them with leftist/liberal values.

sircheersa wrote: ↑ Sounds like you don't have many successful people in your social network then. My friends are dual income professionals, many making well over $100k each. They have owned a condo or two for years and are upgrading to houses no problem.

1 thing I can be sure is successful people do not go on reddit.

zobi123 wrote: ↑ https://www.reddit.com/r/PersonalFinanc ... urce=share

Here is a very good comment from Reddit, couldn't agree more:

What are the odds this place was purchased by someone currently working in Toronto, using money they earned from that work?

Maybe I'm falling victim to some sort of bias, but it seems like virtually every I've met who bought a home in Toronto/Vancouver over the past ~5 years falls into one of three categories:

1. Baby boomer who got rich by buying a house in a good location ~30 years ago

2. Immigrant/PR using money they earned in their home country

3. Young person/couple who got 6 or 7 figures worth of help from their parents (who's almost always from one of the first 2 groups)

The decoupling of wages and housing prices is unbelievably harmful for our society, and doesn't get talked about nearly enough. Canadians can't buy homes in Canadian cities using the money they earn at their jobs, and even a global pandemic hasn't done anything to help fix that.

If you truly think this is bad, you need to be more attentive to who you are voting for and make sure they love your city/province/country (fill in the blank). Real leaders who love their constituents and where they live would never allow this. Leaders who sell out their constituents have no problem with enabling policies that allow (or even encourage) this to happen. We need to ensure Canadians can afford to live in their own country and this means ensuring laws are enforced and preference is not given to others first. Places like Vancouver are showing what happens when policies do not favour those who live in the same City and it isn't pretty. It is actually going downhill very rapidly.

click baiter

People need to get a grip. Affordability is an issue in our 2 main cities. There are plenty of other cities in this country that are more than affordable. People keep talking about affordability but only looking at Vancouver/Toronto...well, this simply isn't an issue elsewhere. Both cities are highly desirable and attract the best talent and people from around the world. You have to step it up if you want to compete and want to own. The only thing I have a problem with are rents. Rents should be lower than mortgages. There should be a large difference between the two. So we need cheaper rents for those who can't afford to buy. As for buying...more supply brings down the numbers. But if you want to live in a world class city you have to compete with not only the locals but others from outside the city/country. This is happening everywhere. businesses need to pay more for wages. Government needs to stop using taxes as a source of income and they need to create industries that can generate wealth. Not just real estate. Need more innovation here.

moofur wrote: ↑ Most of these people live in lalaland and haven't held a real full time job outside of an educational institution their entire life. Their ignorance is kind of sad but what's even more depressing is the fact that many parents don't see through their nonsense and give them their support despite them holding their children hostage and indoctrinating them with leftist/liberal values.

Your opinions throughout this thread are full of ignorant misunderstandings of externalities, systemic issues related to compensation, and how labour/economy works.

Instead of broadcasting your opinion publicly on a forum and demonstrating your clear ignorance, why don't you spend the same amount of time to read a bit more about the issues?

slaman wrote: ↑ Your opinions throughout this thread are full of ignorant misunderstandings of externalities, systemic issues related to compensation, and how labour/economy works.

Instead of broadcasting your opinion publicly on a forum and demonstrating your clear ignorance, why don't you spend the same amount of time to read a bit more about the issues?

Could you please educate us on these issues?

Life is unfair for everyone. You might think that you are disadvantaged, but there will always be someone else that is more disadvantaged than you.

Instead of complaining about "systematic issues," people should focus more on how they can move ahead to where they want to be. We all live in the same world and subject to the same laws of society.