FFFA! Millenials! Burbs! Owners! Rents!

Hey looky here, it’s another weekend!

That means it’s time for our regular end of the week news roundup and open topic discussion thread for the weekend.

Here are a few recent links to kick off the chat:

Millenials decamp to suburbs
80% of renters under 50 want to own
CANY VS COV
Do you trust developers?
Rents softening in Toronto
AFL: scrap foreign worker program
Cooling down in London

So what are you seeing out there? Post your news links, thoughts and anecdotes here and have an excellent weekend!

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Bailing in BC

Yes Bull, I did pick up on that. It’s not as funny when you have to explain it.

I’ve added a line to the spreadsheet that tracks my portfolio “Pay cheques away from the street” I should get a kick out of it. Perhaps I’ll graph it too.

[…] reader ‘reveal the truth‘ pointed out a few similarities between a recent Business in Vancouver article about people buying in the suburbs and an earlier […]

Bull! Bull! Bull!

Great, you can start right now. Btw did you get the irony of my post? Stocks have benefited from QE, a government program.

Bailing in BC

Bullx3. I’ll be sure to keep you up dated.

Bull! Bull! Bull!

Tell us more about your portfolio Balling. I’m interested in tracking your success in the coming months.

It’s great you insulated yourself from the cockamamie government policies that resulted in a housing bubble by buying stocks.

Bailing in BC

#61 It’s starting

I’m a renter. Please explain why you think I am 1 pay cheque away from the streets. Last time I looked at my portfolio I could have sworn I was 432 pay cheques from the street.

UBC in Crisis Mode

It is Sunday now, and I hope “admin” of this site can pick another topic, moving along.

southseacompany

Some people never learn; “Soaring house prices in Dublin spark fears of new property bubble”, The Guardian.

http://www.theguardian.com/business/2014/aug/24/ireland-house-prices-property-bubble-debt

“The spectre of property speculation is stalking Ireland once more, as soaring house prices in Dublin bring warnings that the country is in danger of repeating the mistakes that brought the economy to its knees during the financial crisis.”

ham

Sky fall,

You did not specify area. I thought u were referring to local RE. We will never know the true state of the China market. Govt is way too involved

tedeastside

vancouver , for a city(sort of) that claims its the best place on earth
vancouver homeowners sure are miserable unfriendly people

in Southern California the people look healthier happier and way more friendly ,nobody cares about real estate unlike RE obsessed vancouver

if i lived in a boring dump with no industry or jobs like vancouver, i might be prick too

Sky fall

Ham

It is actually from someone lives there, they sold one of their condos last year at highest, still hold another one and wait for price re bounce. It’s what is happening in China now, face it…

ham

Sky Fall,

where are these numbers coming from? Even the bearish would say that is not true

ham

wake me up when there is a 10% pull back. This is getting boring now. zzzzźzzzzzźzzzzzzźzzzzzzzzzzzz

Sky fall

The average real estate price has dropped 20% from last year. Is it a crash, or just an adjustment? I will say it still has long way to reach the bottom.

it's starting

from the stock market crash of 1929 and the great depression came WWII.

6 years after the financial crisis we are starting to see is coming out of the great recession.

ukraine, isis, china’s pacific expansion, ebola.

the world is more dangerous now than it has ever been. i wouldn’t want to have a mountain of debt right now.

nor would i want to be a renter.

both situations put you one paycheck away from the streets.

if you had a paid off house you are sitting pretty. if you have a partially paid off house plow that money into your mortgage. sell your stocks and pay of that mortgage.

a piece of land and a house give you a lot of security. the slants already know this.

Son of Ponzi

Remember Erin Bury? If not here’s a reminder how stupid people are. It’s no secret that buying a home isn’t easy for a Gen Y/millennial young professional in Toronto. More people than ever are living with their parents after they graduate (a whopping 42.3% of people), and the average Toronto house sold for $526,500 in January, not exactly affordable on an entry-level salary. As a Gen Y first-time purchaser, I want to take you through my journey from perennial renter to new condo owner, and show you why it’s easier than you think to own a home, and why pre-construction is an affordable way to own. I’ve lived in downtown Toronto since I graduated from university in 2007 and have been a renter ever since, first with a roommate and now with my boyfriend. I’ve always wanted to buy a… Read more »

Son of Ponzi

This is a perfect example of how ridiculous the Canadian housing market has become. Is raising a family of four in an one bedroom apartment is becoming the norm now? This reminds me of an open house I went to a couple of weeks back where two beds and six cribs were stuffed side by side in a two bedroom apartment.
——————
This is perfectly normal in HongKong and Peking.
They also stuff in a piano and a Phillopino nanny.

Waiting to exhale

“The same is true for 29-year-old Leo Zheng and his wife who spent $120,000 on a commercial space and ONE-BEDROOM UNIT WITH A BALCONY and a view of bustling Yonge St. TO RAISE HIS TWO CHILDREN IN.”

This is a perfect example of how ridiculous the Canadian housing market has become. Is raising a family of four in an one bedroom apartment is becoming the norm now? This reminds me of an open house I went to a couple of weeks back where two beds and six cribs were stuffed side by side in a two bedroom apartment.

This madness needs to end NOW!

crazyness

it’s unbelievable how many people have their heads in the sand about what’s going on.

we are seeing problems pile on top of problems and the situation is getting worse and worse, and people just ignore it. it’ll get better. it’ll take care of it’s self. what are these people thinking? how can someone be so clueless?

keep waiting for the crash and cheaper real estate. keep your head in the sand. it isn’t coming. 300k canadian citizens are in HK. if china crashes they will all rush “home”.

how many more hundreds of thousands are in taiwan, signapore, bejing, south korea?

i guarantee they have more cash than you, CMHC or no CMHC.

Romeo Jordan

Gold.

blah-blah-blah

Patriotz is making a killing with his high interest savings account! Tell me, is your favourite investment vehicle President’s Choice or Tangerine?

kabloona

More on the Toronto condo scam that Garth was writing about… “Police investigating after condo deal falls apart” http://www.thestar.com/news/gta/2014/08/22/police_investigating_after_condo_deal_falls_apart.html By: Tara Deschamps Staff Reporter, Published on Fri Aug 22 2014 When a group of retail and condo buyers purchased units in an up-and-coming Yonge and Finch building also featuring a hotel, they envisioned packing up their current homes and moving into new ones where they would raise families, grow old and make memories together. Instead, they say they’ve been subjected to almost nine months of anguish as they fret over what happened to the condos they were expecting and the millions they collectively spent on units at 5220 Yonge St. Toronto police confirm they are investigating a number of complaints from prospective buyers in the condo development who say they have lost money. While police couldn’t say how many complaints… Read more »

ham

Garth Turner is spooking people once again with bullshit. The average price of a sfh in Toronto has fallen 15% in several months. As we all know, the average price is very volatile and can be inaccurate. Remember when Van west average was down 20%? It was clearly the wrong signal and we only saw higher prices. Garth is the most pathetic forcaster out there. Since his blog was created, (in 2008) his attitude has been horrible against ones who were right. Im sure he wasnt expecting to have the blog running this long. One day he’ll be giving up because hes just been wrong. His words are very strong and convincing, even brainwashing. So many followers got sucked into the dark side and now are full of anger not knowing if they should just buy. Well, many have just… Read more »

JB

I think that the situation in Toronto is finally getting better, and the housing sales did not even drop during the summer. There has been no big shortage in supply of new listings, although the number of all listings was still diminishing at a rate of 3 per cent. They definitely have a comparative advantage to the Vancouver, which does not offer as good economic opportunities as Toronto. Alberta stays on the top of the list, but the question is, how long it will remain?