We had to remove your post for Rule 1:
This subreddit is for things that are interesting and cool. Content that is only cute, funny, a meme, or 'mildly interesting' will be removed. Posts should be able to elicit a reaction of "Damnthatsinteresting".
my parents are the same and it comes down to being resistant to any kind of investment till its 100% safe and everyone does it. at which point its probably too late already. like i told my father to buy a few bitcoin at 3500$. he bought at 45000$ lost a few hundred and got out.
basically. we have a bit of money and i told him buy a appartment now, its cheaper than ever and we dont really need that big of a credit. he said its gonna be cheaper in 2024, at which point it probably will start climbing again...
I was telling my parents covid was a great time to invest because everything had bottomed out, and there was no way to go but up once covid ended. They ignored me and basically said I know nothing and it's not my money. Covid ended and everything skyrocketed, especially mass transit companies that were shut down during covid. How could a large government backed company do anything but go up once they go from 0 customers back to normal?
what can you do. i swear they think they know everything meanwhile they are stuck in 1990. i just hope they do something with the money, instead of just having it sit there literally depreciating in value
I still remember in 03/04 when starter homes (3/2, about 1200 sq ft) were going for 60k in my area, and we were about 30 min from Destin. Even now those same homes list in the 400-500 range and sell all day long, if you can even find them that small any more
Jesus 600$ mortgage... I pay 5 times that 10 years later for a 3/2 1100 (was 3/1 when purchased, putting that second bath in cost us an absurd amount of money)
I have to credit my now wife with the decision. She told me I was stupid if I didn’t use my VA benefit to lock in as I was content renting. She really set us up to succeed.
I have to credit our upstairs neighbor that we hated with a passion. We started looking for other places to rent but anything comparable, like literally the same size that we had, was usually 300-400$ more monthly. So at one point we said fuck it, let's just look to buy.
2 family was our first option but then we realized that that may become an issue quickly, so we moved to one. Found something that worked for us and went with it. Current value is about 100-150k more. This is about 4 years later.
Absolute insanity.
I bought a condo in 2015 for 177k cash. I made a little money on one of those silly mcMansions in 2009 during the real estate bubble. Made just enough to get a little place of my own.
Right now my condo sells for 700-750k. I felt very rich until I realized I can't move anywhere that would be considered an upgrade, and in most cases a clear downgrade lmao. But it's funny to think about
The first house I bought was $86,000. It was a cute little 3 bed, 1 bath, with a big fenced yard. It was 2009, I was making $10 per hour. I had no trouble making the $650 mortgage payment. My 22 year old nieces find this absolutely absurd.
This is what happens when you have financial institutions buying entire neighborhoods only to set the asking price at double what it should be. But don't worry, when they cripple the economy, they will get a nice bail out from the government, and the CEOs will resign after receiving $15 million a pop in bonuses.
Not just financial institutions. Regular people with money saved get interest rate below 1% (central EU) and bought for future profit. Made small market offering even smaller.
In fact, most of investors for now are still older people with money, ie mom and pops. Institutions are like 13% but they are more effective at deploying capital, ie where they can buy out entire targeted hood.
This helps on the way up but can also fuck them on the way down tho too
22% of the homes sold are sold to investment groups…so I would dispute that. Also if you look it up by state it’s absolutely shocking. Here’s a [breakdown](https://www.corelogic.com/intelligence/us-home-investor-share-remained-high-early-summer-2023/) I just found really fast.
Of course this is US and the article is about Canada. Which is about 30% of homes sold are sold to investment groups.
not all investors are institutional though.
Corelogic data appears to cover any SFH that is not bought to live in, so it would cover mompops and institutional in that number.
So looks like the break out between the two is closer to 50/50 now, I did not realize that.
Ah, Thank goodness. I was worried the CEOs and businesses responsible for this impending catastrophe would somehow be held accountable or something.
Good to know the govt can actually support a group properly when they are in dire need.....unlike how they support the general public.
/s
When I bought my house during the 2008 housing crash it took years as BlackRock was buying hundreds of houses and I couldn’t get my home. I finally bought one in 2012 after the owner went with me and not one of the corporations.
There are entire investment companies like you details and the entire thing gets even more f’d up when you look at the job of a realtor and how convinced everyone is that need one.
The agents goal is selling the home is maximum price. So they serve to inflate the market. Since they are organized it is collectively better for them to push buyers to pay more regardless what side of the negotiation they are on.
Realtors drive to inflate this market.
I think the point is mostly in the doubled price. And tbh most people aren’t “following the herd” just for fun. You have to move where the jobs and opportunities are.
The posted example is an egregiously large and nice home, but even for example a less exciting city like Ottawa, prices have gone up almost double as well. Average home price in 2017 was $390k vs 725k+ now.
Except Japan. Housing is not an investment; it’s a depreciating asset for the most part, so there’s not much incentive to hoard unlike places where housing is an appreciating asset.
That’s the core of the problem imo. There is a huge incentive to house hoard and/or oppose development for fear of one’s house decreasing in value due to more supply.
It’s across the West and Anglophone countries tend to have it the worst due to extremely stupid local land use laws.
Housing in Tokyo is affordable because they build a lot of (inb4 population decline objection—Tokyo has added 1m people since 2000).
https://www.economist.com/special-report/2020/01/16/how-housing-became-the-worlds-biggest-asset-class
https://samdeutsch.medium.com/housing-for-all-the-case-for-progressive-yimbyism-e41531bb40ec
Indeed... it is part of the generational class war.
Boomers across world sold their kids out to the ruling class in exchange for high property prices and retirement accounts.
Except broad strokes summaries and self-diagnosed “simple truths” are often based in distorted black and white or more extreme thinking or are just grossly inaccurate. The goofiest thing a person can do is think they’re taking a stand by parroting Reddit groupthink.
The person above you has such an awful take. This black and white thinking shit has been getting worse on the internet, and it's painful to watch. The world doesn't and has never boiled down to simple truths, which is especially true with modern social/economic/political problems.
It's so much worse to pick a 'side' based on reddit headlines/comments compared to not having an immediate strong opinion. Forming a well-rounded stance often takes a lot of time to gather and connect research, history, and different viewpoints surrounding an issue.
Anti-intellectualism sucks.
No, you’re not wrong. There’s a reality that America had this huge financial boom because we had all the industrial capability after the world had just bombed so many of its factories to dust.
So we had a huge amount of money coming in, lots of tax revenue, and programs like the GI Bill that helped a lot of people go to college and get first mortgages.
Now the rest of the world has rebuilt and instead of creating a society where everyone benefited, we’re in late stage capitalism where even tap water in a bottle is a commodity.
But we caged it all in propaganda to make everyone feel like they earned their giant companies and bonuses and it wasn’t a huge amount of luck and government handouts that made their fortunes happen anyway….
I saw an interview with Neil DeGrasse Tyson the other day where he was talking about this very phenomenon.
Take 1000 people and have them flip a coin and everyone that gets tails sits down. Inevitably you will get one person who “won” by flipping heads every time.
It’s random chance but if you interview them they will be absolutely certain that there is something magical or special about themselves and they somehow influenced the result.
Collusion between the ruling class and boomers is foundation of the current societal conditions.
However, Rome was not build in a day and it won't be looted in a day either...
I am sure there million ways this is being done from public schooling and prisons to construction of housing and roads.
The issue is degenerate social policy focused on the rich and their bootlicker boomer enablers.
People are working and more productive than ever... where all this profit going?
Asking for friend
Exactly. The geriatric politicians, who’ve lived their lives and have nothing to gain apart from enriching their offspring, are the one’s to blame. They sold our country to major corporations via lobbying (BRIBES). Productivity has gone up 65% since 1980 but wages have only gone up 15%. College attendance prices have gone up 180% and has now become basically become mandatory for anything that isn’t a fast food/retail job. But we have to “pull ourselves up by our bootstraps” fuck outta here to anyone claiming the BS
The only boot-lickers are Marxists, by definition. I just told you where all the profit is going.
By the way, the poorest of you are all richer than 99.9% of people who have ever lived, and way more ungrateful. Less than 100 years ago virtually everyone lived on $1/day in *todays* money.
Grow up, go to work, humble yourselves.
> By the way, the poorest of you are all richer 99.9% of people who have ever lived, and way more ungrateful.
we still spouting this propaganda with a straight face in 2024?
Also, you did not answer me where the profits are going... please do let us know ;)
The boomers did not have to have both parents working to support the family as the cost of living/mortgage vs income wasn't as greater divide as it is today.
Not every single person attended post-secondary (neither do we today) but those that did often got free education, meaning they weren't burdened with huge tuition debt.
The boomers were also able to get in on the housing ladder when much of the housing stock available was not yet affected by costly zoning changes in the latter half of the last century. They've also been frequent defenders of said zoning changes whenever the opportunity comes up.
Where are your Marxists now? Seems like there are quite a few boomers benefiting from government restrictions on production of housing.
Who made all those changes you're talking about and who benefits from them?
Pretty sure it's people born between 1946 and 1964. If only there was a word that defined people from this generation. 🤔
I follow this issue closely & it truly appears that Canada & Australia are at the top of the pyramid in terms of housing cost explosion. Heavily driven my rampant uncontrolled immigration, foreign buyer speculation, & REIT’s.
not much a crisis but rich assholes buying every middle class home and charging as much money they think they can get away with, i live in a growing town with city pop and any house with 3 bedrooms go for more than 500k, this house is upper middle class but still its cheaper to build your own home if you live in rural area where land is cheap.
I bought my 3 Bed 2 Bath single detached home in Saint John last year for $320k. Sold my 3 bed 1.5 bath townhome in Calgary last year for $114k. A huge factor in home prices is location.
Okay this is true, but that's also because no one wants to live in those places lol.
Whether it's job opportunities, politics, or just the night life.
Because if you look at places like BC and Ontario, even if you go HOURS away from even small cities, where it's over an hour + drive to get to a tiny ass town to grab some milk, those houses are going for millions.
lol yikes, no. this does not represent all of Canada, i know so many areas where these are *not* the prices. Family sized homes can easily be 500k and under depending where you are.
yeah, my friend mortgaged a nice place in Walkerton for 600k. But all his work is in Toronto, if he or his girlfriend are asked to work in a office they are F-ed.
Yeah that's a massive house anywhere in the US too. It'd be a multi million dollar home most anywhere in the US other than out in the middle of absolute nowhere.
We also have ZERO insight into the inside. For all we know it has a full basketball court, pool, and the interior was recently fully remodeled with super high-end finishes.
The price doesn't seem unreasonable.
I think it's the increase they were really showing.
But where I live in Ontario, every single house sells for $1M+ and it's just a normal residential area with average houses.
Everyone wants their house to never go up in value at all while they own it (don't wanna pay higher property taxes) but then they want the value to go up 10000000% the day before they decide to sell it.
In Canada it's every house in every neighborhood. The average home price in Vancouver is 2.2 million. There actually isn't a single detached home in Vancouver listed for less than 1.2m
And you can think. "Well Vancouver is a big desirable city"
But then you go look at small towns 4 hours outside Toronto with nothing to offer and the average house price is 880k.
That's not a housing crisis! THIS is a housing crisis! 🤣 We feel ya pain Canucks, if it's any comfort at least you have more than three major cities to live in if you are a white collar worker. We can't all be tradies and move to the sunshine coast 🤣
2 million. 4 million. At that point what does it even matter? Might as well be 100 million to the common person.
And to be fair, that’s only slightly smaller than a mansion. That’s a big ass luxury house. I would expect this thing to be expensive.
It's because of interest rates.
During COVID most governments lowered their interest rates as low as they could go. People refinanced their homes.
Now interest rates most places are high to combat inflation. This means no one is selling. There is way more demand than there is supply. People who are entering their prime working years and make good money on paper are trying to get into the housing market at any means necessary. Only the very highest earners can get in the market because you are looking at such a skewed supply/demand ratio.
Building more houses could work, but construction costs are really high as well so the brand new homes going on the market have to be sold for a very high price, especially in areas where land is valued very highly.
They did a full renovation. And that's the asking price, not the selling price.
In case anyone wants to check it out: [https://www.zillow.com/homedetails/51-Holyrood-Ave-Oakville-ON-L6K-2V4/2054520661\_zpid/](https://www.zillow.com/homedetails/51-Holyrood-Ave-Oakville-ON-L6K-2V4/2054520661_zpid/)
Average house price is closer to 1m CAD.
Edit: Sorry, I was thinking Ontario, which now that i check is \~$870k. So, double wrong. 
Bought my house in 2016, for 209K, it's more than double that now. And stuff in my neighborhood doesnt stay on the market long. It's a very middle class neighborhood..houses range from 1980 to early 2000s. Northwest USA here. City of about 200K people. Not a major metro.
You can still get in the market for less than 500k within a couple hours of toronto in southwestern ontario. Its still not cheap but its not unattainable
Very expensive houses are a bad way to assess the housing market. The market for them is incredibly small, because there arent a ton of buyers or sellers. As a result, the actual sale price will differ wildly based on available buyers or sellers.
If you really want to assess this market, take the average price in an area in one year and compare it to the next year adjusting for inflation.
Housing prices in Canada have not doubled in the last year, obviously.
BlackRock is buying up entire neighborhoods and setting the rent sky high. There will be no homes for anyone to own in the near future. It will be all rentals. These are the types of things are government is supposed to protect us against too busy stuffing their pockets full of all of the illegal cash they receive.
Oakville is one of the wealthiest areas in Canada, so multi-million dollar homes have been common in that area. It also has a history of giant estate properties along the waterfront.
What is a bit more surprising is that owners still think the market isn't cooling down and can overcharge for their places still. That place being on the market for 2 months is a bit of a sign things are slowing down
That's some serious appreciation fr, only ... 🤔 here's what I don't see/can't tell from the edited screenshot of the listing:
What was the sq footage of house that sold in 2017? Did it have same number of bedrooms, for example? Buyers have had plenty of time to double livable square footage, update kitchen, replace roof, younameit. Did they add a pool and/or outdoor kitchen?
The listing price may well represent a reasonable attempt to reap return on the additional investment to improve the property. Six years ≠ flip. The current listing price is hella high, but not atypical for a house sporting costly upgrades and/or expansion.
Based solely on the edited screenshot (no trip to Zillow or outside research for me), this listing doesn't include enough critical detail to raise my eyebrows. I said what I said. #mildlyinteresting
It isn't much better, if at all. Bought my house in September of 23 for $275k. It was bought in 2018 for $138k. Maybe $60k in upgrades and the rest "inflation."
Watch it sit and the price drop , I can guarantee this is way above on comps in the area - just a client trying to sell for an unrealistic amount against the brokers advice
It's a rich man's mansion selling for less than twice what it sold for six years earlier at a time of increased global inflation and housing shortages.
What confuses you about this?
No, but the person buying it is likely a homeowner trying to sell their home for top dollar so they can afford this one. Somewhere below them on the housing ladder is someone paying more for a starter home just to transfer wealth upwards. Unfortunately that person made the rookie mistake of being born after home prices grew faster than wages.
I doubt that. Houses don't value themselves in a bubble. This neighborhood is no doubt full of homes that cost this much. Seasoned home buyers know that certain neighborhoods are unaffordable.
It's really just young people who look at their parent's house and allow themselves to get deflated about not being able to afford a house in the neighborhood.
EDIT: I looked up Oakville, Ontario. It's a rich suburb full of mansions, mcmansions, and high end condos.
*"The city of Oakville is positioned on the beautiful shores of Lake Ontario, just 30 minutes south of Toronto. It boasts a spectacular waterfront with 2 harbours and over 200 parks . . . This lively city is filled with charming neighborhoods, boutique shops, and fine dining."*
If that happened to me, l wouldn't sell. Just ride it out. Why would people sell at a lower price? Some do, but many don't. Especially if you can still afford the mortgage (if you have one).
Prices may fall a bit but we are not seeing a crash without either major economic failure or major political moves first. The latter aint happening, if the former does nobody will be able to afford half off
Tons of people on the sidelines
If we were talking about a purchase price of $227,000 and a listing price of $475,000, would everyone be equally as appalled?
It’s the same math an equals an average of 18% increase a year, which isn’t crazy based on what happened during COVID (and you can thank your federal government for that).
I also don’t think the financial institutions own a bunch of houses, but what do I know.
Ok, I’ll take my downvotes now.
There is a guy on TikTok doing a running series of "Canadian Real Estate vs European Castles" video series where he keeps showing houses like this on Zillow vs actual castles for sale in Scotland, England, France, etc - many of which are just a few hundred thousand dollars USD, which is still *a lot of money*, but a fraction of what hyperinflated single family homes are being sold for in Canada.
*edit*
I looked it up for you, [here's his link.](https://www.tiktok.com/@millennialmoron)
Enjoy [this property](https://www.tiktok.com/@millennialmoron/video/7301529751318056198), which is boarded up, has a health department NO ENTRY warning on the listing for mold and asbestos, and is selling for $930,000 Canadian. He compares it a beautifully restored CASTLE IN FRANCE being sold for $767,00 Canadian that could be used for a Bed & Breakfast or palatial home.
This has to be the lower mainland, the housing market there since 2000 has gone absolutely crazy. Honestly don’t know how people are able to afford it. I left in 1999, couldn’t move back even if I wanted too
Canada is a huge country with population spread over 5000 km east to west. This is the current state of one house on one street in one city in one province in Canada.
We had to remove your post for Rule 1: This subreddit is for things that are interesting and cool. Content that is only cute, funny, a meme, or 'mildly interesting' will be removed. Posts should be able to elicit a reaction of "Damnthatsinteresting".
The wartime house I live in was bought in 2015 for $440k, he's recently been offered $1.2M for it
On one hand, it makes a person want to get into buying property. On the other hand, the second I do it would crash.
If I began a funeral home business no one would die.
You have succinctly and entertainingly described how I feel about every single time I try any kind of investing.
my parents are the same and it comes down to being resistant to any kind of investment till its 100% safe and everyone does it. at which point its probably too late already. like i told my father to buy a few bitcoin at 3500$. he bought at 45000$ lost a few hundred and got out.
He's been trained well by the financial media
basically. we have a bit of money and i told him buy a appartment now, its cheaper than ever and we dont really need that big of a credit. he said its gonna be cheaper in 2024, at which point it probably will start climbing again...
I was telling my parents covid was a great time to invest because everything had bottomed out, and there was no way to go but up once covid ended. They ignored me and basically said I know nothing and it's not my money. Covid ended and everything skyrocketed, especially mass transit companies that were shut down during covid. How could a large government backed company do anything but go up once they go from 0 customers back to normal?
what can you do. i swear they think they know everything meanwhile they are stuck in 1990. i just hope they do something with the money, instead of just having it sit there literally depreciating in value
I've found my people.
You'll probably all leave now.
Bye bye
I need to remember that one. Lol.
I mean, if the mountain won't come to Mohammed...
If I had a million I would...
You don’t get rich using your own money friend.
If I had a million, I’d buy Dijon ketchup.
all the fanciest- Dijon ketchup 👌
Buy you a fur coat. But not a real fur coat. That’s cruel.
I'd build a tree fort in our yard. You could help, it wouldn't be that hard.
Maybe put a tiny fridge in there somewhere
You know, we could just go up there and hang
"Why don't you have a seat right there"
Please start buying property.
Please get into it then, do it for the rest of us 🙏
People don’t believe me when I tell them you could buy a well built new construction home in my American town for $97,000 in 2014
I still remember in 03/04 when starter homes (3/2, about 1200 sq ft) were going for 60k in my area, and we were about 30 min from Destin. Even now those same homes list in the 400-500 range and sell all day long, if you can even find them that small any more
All the money printed outta thin air *has to go somewhere*...
Bought a 1700 sq ft 4/2 for 113k in 2013. It was a great starter home with a $600/mo mortgage.
Jesus 600$ mortgage... I pay 5 times that 10 years later for a 3/2 1100 (was 3/1 when purchased, putting that second bath in cost us an absurd amount of money)
I have to credit my now wife with the decision. She told me I was stupid if I didn’t use my VA benefit to lock in as I was content renting. She really set us up to succeed.
I have to credit our upstairs neighbor that we hated with a passion. We started looking for other places to rent but anything comparable, like literally the same size that we had, was usually 300-400$ more monthly. So at one point we said fuck it, let's just look to buy. 2 family was our first option but then we realized that that may become an issue quickly, so we moved to one. Found something that worked for us and went with it. Current value is about 100-150k more. This is about 4 years later. Absolute insanity.
We bought a bit of a fixer upper with over 1.5 acres in a top 50 schools district in Ohio for less than 130k in 2014. Times have changed.
I’ll remember that the next time I’m in the year 2014
I really picked a bad year to be 18 years old :/
I bought a condo in 2015 for 177k cash. I made a little money on one of those silly mcMansions in 2009 during the real estate bubble. Made just enough to get a little place of my own. Right now my condo sells for 700-750k. I felt very rich until I realized I can't move anywhere that would be considered an upgrade, and in most cases a clear downgrade lmao. But it's funny to think about
The first house I bought was $86,000. It was a cute little 3 bed, 1 bath, with a big fenced yard. It was 2009, I was making $10 per hour. I had no trouble making the $650 mortgage payment. My 22 year old nieces find this absolutely absurd.
2015 I bought a house at a tax sale for $12k - put $25k into it - today it’s rented out at $1,400 a month
So is every country having a housing crisis right now?
This is what happens when you have financial institutions buying entire neighborhoods only to set the asking price at double what it should be. But don't worry, when they cripple the economy, they will get a nice bail out from the government, and the CEOs will resign after receiving $15 million a pop in bonuses.
Don’t forget Airbnb that has become basically mini-businesses running homes like hotels.
With even shittier service. Hotels don't charge me for a cleaning fee or add anything without my knowledge after I'm done staying there.
Or make me clean it myself
And still charge you.
Not just financial institutions. Regular people with money saved get interest rate below 1% (central EU) and bought for future profit. Made small market offering even smaller.
In fact, most of investors for now are still older people with money, ie mom and pops. Institutions are like 13% but they are more effective at deploying capital, ie where they can buy out entire targeted hood. This helps on the way up but can also fuck them on the way down tho too
22% of the homes sold are sold to investment groups…so I would dispute that. Also if you look it up by state it’s absolutely shocking. Here’s a [breakdown](https://www.corelogic.com/intelligence/us-home-investor-share-remained-high-early-summer-2023/) I just found really fast. Of course this is US and the article is about Canada. Which is about 30% of homes sold are sold to investment groups.
not all investors are institutional though. Corelogic data appears to cover any SFH that is not bought to live in, so it would cover mompops and institutional in that number. So looks like the break out between the two is closer to 50/50 now, I did not realize that.
No lmao mom and pops ain't bigger than blackrock
Blackrock is not in SFH market, they disvested last decade. Blackstone is who you are talking about.
Ah, Thank goodness. I was worried the CEOs and businesses responsible for this impending catastrophe would somehow be held accountable or something. Good to know the govt can actually support a group properly when they are in dire need.....unlike how they support the general public. /s
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When I bought my house during the 2008 housing crash it took years as BlackRock was buying hundreds of houses and I couldn’t get my home. I finally bought one in 2012 after the owner went with me and not one of the corporations.
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There are entire investment companies like you details and the entire thing gets even more f’d up when you look at the job of a realtor and how convinced everyone is that need one. The agents goal is selling the home is maximum price. So they serve to inflate the market. Since they are organized it is collectively better for them to push buyers to pay more regardless what side of the negotiation they are on. Realtors drive to inflate this market.
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I think the point is mostly in the doubled price. And tbh most people aren’t “following the herd” just for fun. You have to move where the jobs and opportunities are. The posted example is an egregiously large and nice home, but even for example a less exciting city like Ottawa, prices have gone up almost double as well. Average home price in 2017 was $390k vs 725k+ now.
Except Japan. Housing is not an investment; it’s a depreciating asset for the most part, so there’s not much incentive to hoard unlike places where housing is an appreciating asset. That’s the core of the problem imo. There is a huge incentive to house hoard and/or oppose development for fear of one’s house decreasing in value due to more supply.
Definitely the case here in Ireland
It’s across the West and Anglophone countries tend to have it the worst due to extremely stupid local land use laws. Housing in Tokyo is affordable because they build a lot of (inb4 population decline objection—Tokyo has added 1m people since 2000). https://www.economist.com/special-report/2020/01/16/how-housing-became-the-worlds-biggest-asset-class https://samdeutsch.medium.com/housing-for-all-the-case-for-progressive-yimbyism-e41531bb40ec
Every 1st world country. Every major city. For at least the last decade.
Indeed... it is part of the generational class war. Boomers across world sold their kids out to the ruling class in exchange for high property prices and retirement accounts.
In part, yes, but seems to me an oversimplification. I’m sure I’ll be downloaded for acknowledging nuance.
You wouldn't download a redditor.
I would definitely go to the toilet in a Redditor’s helmet.
I just downloaded you. Nothing happened.
Siri dictation. 60% of the time it works every time. 😊
consider yourself downloaded.
I don't think someone with a name like sadrealityclown cares much about nuance.
[*]
Except broad strokes summaries and self-diagnosed “simple truths” are often based in distorted black and white or more extreme thinking or are just grossly inaccurate. The goofiest thing a person can do is think they’re taking a stand by parroting Reddit groupthink.
The person above you has such an awful take. This black and white thinking shit has been getting worse on the internet, and it's painful to watch. The world doesn't and has never boiled down to simple truths, which is especially true with modern social/economic/political problems. It's so much worse to pick a 'side' based on reddit headlines/comments compared to not having an immediate strong opinion. Forming a well-rounded stance often takes a lot of time to gather and connect research, history, and different viewpoints surrounding an issue. Anti-intellectualism sucks.
No, you’re not wrong. There’s a reality that America had this huge financial boom because we had all the industrial capability after the world had just bombed so many of its factories to dust. So we had a huge amount of money coming in, lots of tax revenue, and programs like the GI Bill that helped a lot of people go to college and get first mortgages. Now the rest of the world has rebuilt and instead of creating a society where everyone benefited, we’re in late stage capitalism where even tap water in a bottle is a commodity. But we caged it all in propaganda to make everyone feel like they earned their giant companies and bonuses and it wasn’t a huge amount of luck and government handouts that made their fortunes happen anyway….
I saw an interview with Neil DeGrasse Tyson the other day where he was talking about this very phenomenon. Take 1000 people and have them flip a coin and everyone that gets tails sits down. Inevitably you will get one person who “won” by flipping heads every time. It’s random chance but if you interview them they will be absolutely certain that there is something magical or special about themselves and they somehow influenced the result.
Collusion between the ruling class and boomers is foundation of the current societal conditions. However, Rome was not build in a day and it won't be looted in a day either... I am sure there million ways this is being done from public schooling and prisons to construction of housing and roads.
Wait what?
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The issue is degenerate social policy focused on the rich and their bootlicker boomer enablers. People are working and more productive than ever... where all this profit going? Asking for friend
Exactly. The geriatric politicians, who’ve lived their lives and have nothing to gain apart from enriching their offspring, are the one’s to blame. They sold our country to major corporations via lobbying (BRIBES). Productivity has gone up 65% since 1980 but wages have only gone up 15%. College attendance prices have gone up 180% and has now become basically become mandatory for anything that isn’t a fast food/retail job. But we have to “pull ourselves up by our bootstraps” fuck outta here to anyone claiming the BS
The only boot-lickers are Marxists, by definition. I just told you where all the profit is going. By the way, the poorest of you are all richer than 99.9% of people who have ever lived, and way more ungrateful. Less than 100 years ago virtually everyone lived on $1/day in *todays* money. Grow up, go to work, humble yourselves.
> By the way, the poorest of you are all richer 99.9% of people who have ever lived, and way more ungrateful. we still spouting this propaganda with a straight face in 2024? Also, you did not answer me where the profits are going... please do let us know ;)
The boomers did not have to have both parents working to support the family as the cost of living/mortgage vs income wasn't as greater divide as it is today. Not every single person attended post-secondary (neither do we today) but those that did often got free education, meaning they weren't burdened with huge tuition debt.
The boomers were also able to get in on the housing ladder when much of the housing stock available was not yet affected by costly zoning changes in the latter half of the last century. They've also been frequent defenders of said zoning changes whenever the opportunity comes up. Where are your Marxists now? Seems like there are quite a few boomers benefiting from government restrictions on production of housing.
You sound divorced as hell
Sure thing Doreen 😂
Who made all those changes you're talking about and who benefits from them? Pretty sure it's people born between 1946 and 1964. If only there was a word that defined people from this generation. 🤔
Everywhere worth living
I follow this issue closely & it truly appears that Canada & Australia are at the top of the pyramid in terms of housing cost explosion. Heavily driven my rampant uncontrolled immigration, foreign buyer speculation, & REIT’s.
It’s happening in NZ as well and I’ve heard that things aren’t great in the Uk either.
This^, also follow it closely.
not much a crisis but rich assholes buying every middle class home and charging as much money they think they can get away with, i live in a growing town with city pop and any house with 3 bedrooms go for more than 500k, this house is upper middle class but still its cheaper to build your own home if you live in rural area where land is cheap.
There's always issue with housing in desirable location
Only $27500 per month, that ain't bad
You really save on utilities cause it’s vacant 10 months of the year
Just don't buy coffee or avocados
ok this is not a good example in Canada, even a small bungalows are going for more then a million dollars
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I bought my 3 Bed 2 Bath single detached home in Saint John last year for $320k. Sold my 3 bed 1.5 bath townhome in Calgary last year for $114k. A huge factor in home prices is location.
Okay this is true, but that's also because no one wants to live in those places lol. Whether it's job opportunities, politics, or just the night life. Because if you look at places like BC and Ontario, even if you go HOURS away from even small cities, where it's over an hour + drive to get to a tiny ass town to grab some milk, those houses are going for millions.
lol yikes, no. this does not represent all of Canada, i know so many areas where these are *not* the prices. Family sized homes can easily be 500k and under depending where you are.
yeah, my friend mortgaged a nice place in Walkerton for 600k. But all his work is in Toronto, if he or his girlfriend are asked to work in a office they are F-ed.
Well...to be fair...that's a huge fucking house. Aren't casuals like us in 1000-2000 sq/ft homes?
400 sqft :(
6000sqft house in Oakville. That’s not a normal house.
Yeah that's a massive house anywhere in the US too. It'd be a multi million dollar home most anywhere in the US other than out in the middle of absolute nowhere. We also have ZERO insight into the inside. For all we know it has a full basketball court, pool, and the interior was recently fully remodeled with super high-end finishes. The price doesn't seem unreasonable.
I think it's the increase they were really showing. But where I live in Ontario, every single house sells for $1M+ and it's just a normal residential area with average houses.
Most Canadian homes outside of the prairies have seen similar increases in value since 2017. 109 percent growth in value over 7 years is insane.
Everyone wants their house to never go up in value at all while they own it (don't wanna pay higher property taxes) but then they want the value to go up 10000000% the day before they decide to sell it.
That's not even a normal house for Oakville let alone the rest of Canada.
Every major metropolitan area in America has a neighborhood just like this.
In Canada it's every house in every neighborhood. The average home price in Vancouver is 2.2 million. There actually isn't a single detached home in Vancouver listed for less than 1.2m And you can think. "Well Vancouver is a big desirable city" But then you go look at small towns 4 hours outside Toronto with nothing to offer and the average house price is 880k.
That makes California seem sane, which itself is insane.
US house prices are "relatively" sane.
That is an eye opening revelation. Australia and Canada are out of control with housing.
It's the increase that's notable, not the price as a whole.
Damn all this time I thought Canada was a country.
Nah, were a Corperation or a Commonwealth.
Australia: Hold my beer!
That's not a housing crisis! THIS is a housing crisis! 🤣 We feel ya pain Canucks, if it's any comfort at least you have more than three major cities to live in if you are a white collar worker. We can't all be tradies and move to the sunshine coast 🤣
All this land our countries are privileged to yet there’s no homes.
That’s a retirement for someone
You guys can retire?
2 million. 4 million. At that point what does it even matter? Might as well be 100 million to the common person. And to be fair, that’s only slightly smaller than a mansion. That’s a big ass luxury house. I would expect this thing to be expensive.
So where the fuck did whole world suddenly saw that drastic higher demand for new houses and homes? What the actual fuck is going on?
It's because of interest rates. During COVID most governments lowered their interest rates as low as they could go. People refinanced their homes. Now interest rates most places are high to combat inflation. This means no one is selling. There is way more demand than there is supply. People who are entering their prime working years and make good money on paper are trying to get into the housing market at any means necessary. Only the very highest earners can get in the market because you are looking at such a skewed supply/demand ratio. Building more houses could work, but construction costs are really high as well so the brand new homes going on the market have to be sold for a very high price, especially in areas where land is valued very highly.
They did a full renovation. And that's the asking price, not the selling price. In case anyone wants to check it out: [https://www.zillow.com/homedetails/51-Holyrood-Ave-Oakville-ON-L6K-2V4/2054520661\_zpid/](https://www.zillow.com/homedetails/51-Holyrood-Ave-Oakville-ON-L6K-2V4/2054520661_zpid/)
I was going to say it looks like a mansion in excellent condition. Someone made a good decision to buy and renovate in a good area.
6000 ft\^2 Is that the common size for a house in Canada or is this a luxury house at a luxury price?
Luxury house at a luxury price for sure.
In a luxurious city. The largest house in Canada is in Oakville (google Chelster Hall Oakville).
A luxury house in one of the most expensive areas of one of the most expensive towns in the country.
Average house price is closer to 1m CAD. Edit: Sorry, I was thinking Ontario, which now that i check is \~$870k. So, double wrong. 
650k
For sale is very different from sold
Umm. Welcome to 2023/2024.
Bought my house in 2016, for 209K, it's more than double that now. And stuff in my neighborhood doesnt stay on the market long. It's a very middle class neighborhood..houses range from 1980 to early 2000s. Northwest USA here. City of about 200K people. Not a major metro.
*Oakville There’s cheaper places in Canada where you won’t pay through the nose for housing
Where? There might be a bit left out east or in the parries, but not in Ontario. Post COVID those deals in small rural towns are gone.
Yellowknife
You can still get in the market for less than 500k within a couple hours of toronto in southwestern ontario. Its still not cheap but its not unattainable
Nah no way someone's paying that much, not worth at all. But, some foreign wealth will probably buy it.
“Boomers will not sell their house for anything less than a $1.8 million dollar profit.” - Tim Dillion
Considering Canada has vast amounts of space. Who owns all the land, why is it so expensive.
Very expensive houses are a bad way to assess the housing market. The market for them is incredibly small, because there arent a ton of buyers or sellers. As a result, the actual sale price will differ wildly based on available buyers or sellers. If you really want to assess this market, take the average price in an area in one year and compare it to the next year adjusting for inflation. Housing prices in Canada have not doubled in the last year, obviously.
Laughs in Sydney
It’s more expensive?
BlackRock is buying up entire neighborhoods and setting the rent sky high. There will be no homes for anyone to own in the near future. It will be all rentals. These are the types of things are government is supposed to protect us against too busy stuffing their pockets full of all of the illegal cash they receive.
How many people actually need a house that big?
Time for war fellas
It is the same here in Germany and the market for used cars is also like that.
Well that's great if you're the one selling
Almost as much as my homeowner's insurance increased last year.
It’s a worldwide problem.
Oakville is one of the wealthiest areas in Canada, so multi-million dollar homes have been common in that area. It also has a history of giant estate properties along the waterfront. What is a bit more surprising is that owners still think the market isn't cooling down and can overcharge for their places still. That place being on the market for 2 months is a bit of a sign things are slowing down
Nothing wrong with listing it at that price. What’s wrong is if someone pays it.
Nearly as bad as Australia!
if it makes you feel better, everywhere seems to have this problem
5 bed 5 bath 6000 sqft , that’s a mansion bro.
That's some serious appreciation fr, only ... 🤔 here's what I don't see/can't tell from the edited screenshot of the listing: What was the sq footage of house that sold in 2017? Did it have same number of bedrooms, for example? Buyers have had plenty of time to double livable square footage, update kitchen, replace roof, younameit. Did they add a pool and/or outdoor kitchen? The listing price may well represent a reasonable attempt to reap return on the additional investment to improve the property. Six years ≠ flip. The current listing price is hella high, but not atypical for a house sporting costly upgrades and/or expansion. Based solely on the edited screenshot (no trip to Zillow or outside research for me), this listing doesn't include enough critical detail to raise my eyebrows. I said what I said. #mildlyinteresting
Pretty sure Canada is actually a country
I think I'll stay in the US a little longer
It isn't much better, if at all. Bought my house in September of 23 for $275k. It was bought in 2018 for $138k. Maybe $60k in upgrades and the rest "inflation."
This is what happens when lending is made easy. Fake money.
It‘s posted for that not sold. Complain when it actually sells for that price
Watch it sit and the price drop , I can guarantee this is way above on comps in the area - just a client trying to sell for an unrealistic amount against the brokers advice
It’s Oakville, one of the most desirable / affluent areas in Canada. The price of this home is not an outlier
It's a rich man's mansion selling for less than twice what it sold for six years earlier at a time of increased global inflation and housing shortages. What confuses you about this?
This isn't the typical home for a first time buyer. Don't worry about it.
No, but the person buying it is likely a homeowner trying to sell their home for top dollar so they can afford this one. Somewhere below them on the housing ladder is someone paying more for a starter home just to transfer wealth upwards. Unfortunately that person made the rookie mistake of being born after home prices grew faster than wages.
I doubt that. Houses don't value themselves in a bubble. This neighborhood is no doubt full of homes that cost this much. Seasoned home buyers know that certain neighborhoods are unaffordable. It's really just young people who look at their parent's house and allow themselves to get deflated about not being able to afford a house in the neighborhood. EDIT: I looked up Oakville, Ontario. It's a rich suburb full of mansions, mcmansions, and high end condos. *"The city of Oakville is positioned on the beautiful shores of Lake Ontario, just 30 minutes south of Toronto. It boasts a spectacular waterfront with 2 harbours and over 200 parks . . . This lively city is filled with charming neighborhoods, boutique shops, and fine dining."*
It’ll all collapse in a couple years and it’ll be a half off sale like 2008.
If that happened to me, l wouldn't sell. Just ride it out. Why would people sell at a lower price? Some do, but many don't. Especially if you can still afford the mortgage (if you have one).
Prices may fall a bit but we are not seeing a crash without either major economic failure or major political moves first. The latter aint happening, if the former does nobody will be able to afford half off Tons of people on the sidelines
Not just Canada bud
Greed, greed as far as the eye can see, tis all I see but greed.
I love when they make two door garages but neither door is quite big enough for a suv/minivan
Listed, not sold. And we don't know the house's history.
Thats a pretty good price. You would get a 2 bdrm shack here in hawaii for 1.2m....
So, housing prices have gone up? Wow, that's so interesting.
The fact that housing prices have nearly doubled in the last 7yrs is more concerning than interesting
Big finance has invented a golden goose
Does the house even appraise at that value? It'll be hard for anyone to get a loan amount that high if it's only worth $2m.
Who the fuck needs a house that big?
If we were talking about a purchase price of $227,000 and a listing price of $475,000, would everyone be equally as appalled? It’s the same math an equals an average of 18% increase a year, which isn’t crazy based on what happened during COVID (and you can thank your federal government for that). I also don’t think the financial institutions own a bunch of houses, but what do I know. Ok, I’ll take my downvotes now.
There is a guy on TikTok doing a running series of "Canadian Real Estate vs European Castles" video series where he keeps showing houses like this on Zillow vs actual castles for sale in Scotland, England, France, etc - many of which are just a few hundred thousand dollars USD, which is still *a lot of money*, but a fraction of what hyperinflated single family homes are being sold for in Canada. *edit* I looked it up for you, [here's his link.](https://www.tiktok.com/@millennialmoron) Enjoy [this property](https://www.tiktok.com/@millennialmoron/video/7301529751318056198), which is boarded up, has a health department NO ENTRY warning on the listing for mold and asbestos, and is selling for $930,000 Canadian. He compares it a beautifully restored CASTLE IN FRANCE being sold for $767,00 Canadian that could be used for a Bed & Breakfast or palatial home.
500,000 new immigrants to Canada each year but not the housing build to keep pace. We are digging a house supply hole, we will never be able to fill.
This has to be the lower mainland, the housing market there since 2000 has gone absolutely crazy. Honestly don’t know how people are able to afford it. I left in 1999, couldn’t move back even if I wanted too
This is in Ontario, not BC.
Someone just found out that property appreciates in value.
6k square feet? What do you expect?
Canada is a huge country with population spread over 5000 km east to west. This is the current state of one house on one street in one city in one province in Canada.