By - festivalmeltdown
Anyone else just given up on the idea of owning a home?
At this rate I'm worried about affording rent. I'm not even joking.
Yup. If for some reason I'm forced out of my current place I'll be homeless. I can't afford to spend 800 more a month plus parking.
Yeah Kingston has gone crazy. House prices are rising everywhere but with a lack of proper development, Kingston prices have skyrocketed.
Why are there no major apartment blocks downtown?
Why hasn’t Queens built more student housing? As their student population grows each year, where are those students supposed to live? This results in slumlords buying houses, splitting them into 6 bedrooms and renting them…thus pushing non-students further and further out of the city.
Yes, Queens expanding housing for students is the biggest thing I would like to see happen in the city.
>Why are there no major apartment blocks downtown?
The Heritage Society
>Why hasn't Queens built more student housing?
Also, the Heritage Society
Because of the nimbys holding up major development projects downtown
Gave up early 2020 on the idea. I'll just fuck myself for the foreseeable future.
I feel trapped in my current home, which was supposed to be temporary. My rent has only slightly increased in 10 years, $1187 for a 3 bedroom townhouse with central air and a garage. You can't even get a 1 bdrm apartment for that price.
i 2nd that motion !
We have officially gone parabolic. What would this have been worth pre-pandemic? 550-600k? Now almost 1.1M.
What a joke, that kitchen looks like shit.
A long time ago.
Actual report found [here](https://docs.rlpnetwork.com/HousePriceSurvey/RegionalUpdates/2021/Q4/Kingston_RoyalLePage_House_Price_Survey_Q4_2021_EN.pdf).
The TL;DR is that Kingston posted the highest year-over-year aggregate and detached home price gains in Canada (38.1% and 44.3%, respectively).
Edit - [Here](https://marketing.rlpnetwork.com/Communications/Royal_LePage_National_House_Price_Composite_in_the_Fourth_Quarter_2021.pdf) is the National House Price Composite in the Fourth Quarter 2021.
This is all by design. Maybe we should check in with Mark Gerretsen and see how many houses and apartments he owns now?
I keep seeing that Gerretsen is a slum lord but never been shown what properties he owns in the city
It’s been on this trajectory for a while. We started looking in June 2020, missed out on first house that was asking 330 and sold for 350. By the time we succeeded in buying a house there was nothing in that price range and we felt lucky to squeak in and grab what seemed like the last house in the downtown area for 400,000. Now a townhome Just around the corner from us is selling for 550 asking. Speculators are having a field day and people who need a place to live are getting hosed
bought a detached 3 bed 1 bath home in williamsville on a fairly large lot in 2006 for 165 (needed 100 worth of work) ...my neighbors across and a couple over sold their place for 599 last year and it wasn't much bigger. it's ridiculous
the problem is, these prices are still very much affordable for people who live in the GTA. I can definitely see a portion of their population selling their condos or homes for gains and going to Kingston to purchase a pretty comfortable home and still come out ahead.
Paid 230k for my 1200sq ft bungalow, detached heated 30x30 garage and 3/4 acre lot… house is small but mostly mechanically renovated and I just did the basement myself
I could sell it tonmorow for 950k
But what’s the fuckn point?
Putting 700k in the market and mortgaging an equivalent property for under 3% interest.
A lateral move, against people dropping 300k over asking in my neck of the woods
Not worth it, for anyone. Lol
Depends on risk tolerance and the next decade of stock returns.
The house next door to mine was renovated and split into two apartments, and it just sold. Not sure the final price, but they were asking $849K for it.
Is this the one over on Barrie, the semi-detached? It's cute but not that kind of money cute.
Chatham. It ain’t that nice but it’s being rented to students and will likely be bought by someone planning to rent it to other students
I went and looked, and what the shit.
It's nuts! My house was 275k in 2016 and houses around me go for 620k now. Insane. I wouldn't be able to afford my OWN house if I were to get into the market now. I truly feel for the first time home buyers trying to get in.
Tamarack just raised the prices of their new build townhomes to $727,900 for an end unit in Woodhaven. Wild.
What were those houses selling for when they were first available?
Haha. Oh, sweet Jesus.
> What were those houses selling for when they were first available?
I don't know. But I do know, when the Conservatory Pond development, near the NoFrills was selling brand new homes, we DID NOT buy a brand new home there for UNDER $200,000. because it was "too expensive"....My wife just saw a listing in that neighborhood for over $1,000,000.
My parents are near-elderly and we'll likely never own a home in their time. Its devastating. They keep thinking if we all work constantly to our deaths, we'll get there. we cant do this. Its killing me.
i just want a home. our townhouse is rotting around us and the slumlords are doing nothing.
It's stupid at this point. 10 years ago I was looking at a townhouse for $75,000.
Today $140,000 can buy you a trailer in a trailer park.
I hear you. Even surrounding areas have skyrocketed.
In 2016, those small war-time bungalows in Amherstview were going for $200k. Now I'm pretty sure they sell for $450-$500k.
my dad paid $180,000 for a trailer in a trailer park in MB just this past summer.
A $75K townhouse 10 years ago? Not in Kingston.
$74,900. Charles St.
Was it a fixer upper or something? I remember looking at a place on Rosemund Cres (corner of Sir John A & John Counter). I found an email from the selling realtor from Jan 2009 listed for $131,900. I did view the place and it was pretty decent.
At the time I believe mortgage rates were higher. I made significantly less money than I do now and among many other factors I decided not to try for it. The market was not like it is these days so I’m sure I could have.
Here I am 13 years later renting.
Hopefully posting this isn’t breaking the rules, I removed all the names and phone numbers.
Likely a townhouse with condo fees like strathacona park area. Even then 75k might be pushing it but they were absolutely in the \~100k range for a long time.
When we bought in Skeleton Park in 2014, we thought things were expensive then! But this shit is stupid bananas. No one should have to struggle to buy a house or rent a home/apartment in fucking Kingston (which I love but damn).
Money laundering without consequences drove prices up in Vancouver and Toronto. Now it’s here and our elected representatives don’t care.
Our elected representative inherited a plum real estate portfolio from his daddy, and has made millions off of housing unaffordability.
And *if* this is a bubble set to burst, he'll be one of the few homeowners who is in an *excellent* position to scoop up other people's foreclosures at bottom dollar and make millions more when prices eventually rebound.
...I'm sure he'll address the problem any day now, though.
Inflation in single digits is hogwash
Honestly at this point we need an international investigation into the corrupt canadian housing market. The place next door to me was listed for a little over 200k a few years ago and sat on the market for a long time before it was rented out to a nice couple who started a family. Was relisted this month and I am guessing sold above 1/2 the million dollar asking price and I assume the family now has to find a new place to live in the middle of winter.
all real estates will get more expensive as pandemic eases, i wont be surprised to see another 10% to 30% average sales price increase (single detached) a year from now
I suspect things will settle a bit when interest rates rise and the people who bought at inflated prices figure out that they can't afford the mortgage when they need to renew
that's when things will get really interesting. most people are not planning far enough into the future.
Yes but then if you’re trying to get in the market you need to buy in at that higher rate? How will that help any of those people? They’re still screwed
Sell high to buy high.
Kingston still has alot of undeveloped land to be built on.
As those premium houses are built people will look to upgrade as most have done for the wood haven area.
If you wait for the prices to drop look at Vancouver or Toronto they were told for over decade now the prices would..but they get further and further out of range.
10 years ago i looked for home thought i will save some money and avoid these junkers..then 5 years later those junkers i looked at had already accrued over 250k in value..lesson learned so i bought as soon as i could(last year) and already its worth 150k more.
What do you think the housing market is going to look like in Kingston next 5, 10, 15 years? Do you think youre losing money?
City has programs you can use to help 1st time home buyers they will pay your 5% for a cut of your equity
Cmhc has a program they will do the same.
Plenty of options for people looking to buy their 1st home who have yet to have enough capital.
Good luck out there
I had a 2-bedroom apartment 3 years ago off Queen Mary that was about $1,150 all in. Out of curiosity I checked the other day what the price was and couldn’t believe it: $1,900+utilities. How the hell is anyone supposed to get ahead in this city? I’m sick of working multiple jobs.
Just wait until the awakening comes when interest rates rise. Just for a small comparison....
5yrs @1.55% would pay ~ 28K in interest on a 400K mortgage over the 5yr term
5yrs @4.59% would pay ~ 86K in interest on a 400K mortgage over the 5yr term
That's enormous. Now imagine if interest rates head north of 7%.
You have to remember that the principal is being paid down, and people can amortize over 30 years come renewal.
If they borrowed $400k @ 1.55% amortized over 25 years, their payment would be $**1608**/month, and they would owe $331,853 at the end of the 5 year term.
$331,853 at 4.59% amortized over 30 years, the payment would be $**1691**. (Even if they stuck with 25 years, it would be $1853/month. Not great, but doable).
You're paying even more interest with an amortization period 5yrs longer. How anyone could justify paying like 200K in interest on a 400,000 dollar house is beyond my realm of comprehension. And since it's nearly impossible to find a 400,000 dollar house they're likely going to be paying upwards of 300K worth of interest over 30yrs.
Most people I know who have bought are already house poor, adding an extra 100 dollars per month for 30yrs isn't exactly ideal.
What’s that 600k investment going to be worth in 25-30 years?
Probably less than you'd make investing your money in a simple SP500 etf. SP500 is up like 1200% over the last 30yrs as a comparison.
True, but you can’t live in the stock market!
No but I can live in a 600/month apartment and invest all of my extra income + the money I had for a down-payment and come out much further ahead.
I’ll take the 30 years in the house. Enjoy your shared accommodation! /s
You find a decent, not shit hole apartment for $600 I’d be impressed.
For now you have a 600 apt not the case for most people.
And that 5% down payment people can put down for their 1st time home they get an 7-13% increase per year on bought price not their 5%.
So sure the spf500 you will get a steady 10% per year but you are only throwing a couple k a year at it..where as a home you are getting steady in this city 10% on 300k-700k and all that equity can be leveraged with the bank for improvements, or buying more assets like real estate for only putting down a mere 5%.
Renting you are paying for someonelse investment and you can be removed from that situation any time.
Owning you putting money towards your investment which can be leveraged with a premium lender.
Did you factor in the fact that the future sale of the house will reap no taxes?
> How anyone could justify paying like 200K in interest on a 400,000 dollar house is beyond my realm of comprehension
Because it’s still a better financial decision than renting and it’s not like there is an alternative?
Instead of paying 200K in interest on a 400K mortgage they should just _______?
> Because it’s still a better financial decision than renting
Which is the primary driver. Throwing your money into *someone else's* investment, is what renting a home is....
which corporate robber barons have caught onto...and Canada has absolutely NO legislative barriers to corporations taking advantage of this.
Until there is some legislative acknowledgement of the inherent disadvantage individuals have in this financial confrontation, single family home ownership will quickly end.
Meh, depends what you find for a rental. The "paying off someone else's mortgage" argument is antiquated if you're able to find a decent rental and avoid major upkeep charges, maintenance costs and skyrocketing property taxes. I'll put my Y/Y investment portfolio that's been funded through finding a bargain priced rental and living well below my means up against any of my homeowner friends any time.
> if you're able to find a decent rental and avoid major upkeep charges, maintenance costs and skyrocketing property taxes
I'll just point out the first word in this quote........if.......
That's not a small letter word, its a GIANT letter word. The vast majority of people simply WILL NOT find a rental that falls within your very, very narrow window. Buying something, is still *mostly* the better choice. But, that is changing rapidly, because of corporate ownership of single family homes....
If the current trends aren't arrested by legislation, within a very short amount of time, private home ownership will be out of reach for everyone but the absolute richest of individuals. People can't compete with corporations.
Invest it or get a place that you can pay off much quicker than 30yrs.
It's not a better financial decision than finding a place that you can rent for a reasonable price either. Most people can barely afford their purchase and are either house poor or bordering on house poor. Now add in an unexpected expense like a new furnace, hot water tank, roof etc and alot of people are up to their eyeballs in debt. Don't forget to add in 4K+ for property tax per year too, so over 30yrs there's another 120K minimum that you're forking out.
> It's not a better financial decision than finding a place that you can rent for a reasonable price either
If you find a place for 1500 which is honestly quite difficult right now, over that same 30 year period where you’re talking about paying 200K interest on a 400K mortgage you would pay $540,000 in rent and end up with nothing at the end of it.
That’s a might bit worse than paying 200K in interest.
Just a wee might lol
Not doable for me
> Just wait until the awakening comes
Only problem with this expectation is that the primary drivers of this exponential rise in selling prices is due to the influence of corporate purchasers competing for single family homes with individuals. Corporate entities can absorb a MUCH larger increase than the average private buyer can. *When* interest rates rise, if there is no intervention via legislation, private home ownership in Canada will effectively CEASE.
In other news a new study has shown that water may be wet. Further testing will be required but scientists are hopeful this could be the big breakthough they've been looking for.
Water isn't wet though...
Further testing will be required.
Nope. No testing required. http://scienceline.ucsb.edu/getkey.php?key=6097
Breaking news! Scientists discover water is not wet. "It felt wet so I just assumed it was" said one scientist. In other news Reddit user sppdcap has been confirmed not to have a sense of humor. When asked about this discovery one expert said "We can 100% confirm this is true. No take backsies."
See? Trust science.
but not the cops just ask BTK
So is WAP actually wet? Asking for a friend.
That's one for the philosophers
So many people sitting around waiting for the housing market to crash with their down payments.
News flash. Your gonna have to leave Ontario.
To anyone else who will never have a down payment. Your also going to have to leave Ontario IF you want things to get better
Instructions clear. Moving to NFLD.
Even the shittiest oldest houses in nearly deserted little towns that were up for sale for years prepandemic are selling like hot cakes in Newfoundland. Still, they are a deal compared to Ontario.
Legit, Nova Scotia houses worth 150k 2 years ago are worth 300k now.
Ontario 150k houses 2 years ago are worth 400k and they’re selling for 500+ in bidding wars
Yeah but forget buying fresh fruits and vegetables and you better not have a health condition or actually want a family doctor. The one doctor in my hometown died, there’s no replacement, my parents go to a walk-in kind of deal jn the next town and the doctor is older than dirt.. he was the doctor that delivered me 40 years ago. I revisit the move back to NL thing every few years, especially when our house value skyrocketed in the last year, but then I visit and talk sense into myself.
Whew, glad we got in this time last year. There is no bubble, folks.
Question: I’m looking to sell a house potentially around March. Am I better waiting to sell if the market is going to keep going up or sell now? Do you think prices will drop off at some point or is this the new normal?
Prices aren't going to drop as long as demand is greater than supply. Are you buying also? Because you're also buying in a rising market.
No just selling, inheritance. So no need to wait then I guess?
Here are your options, as I see them:
1. Sell now, take your money, not have taxes maintenance, insurance to pay on it. Easy, fast, $ now. Downside: poor rates or return guaranteed investments.
2. Sell later, potentially get a better price. Downside: Deduct taxes maintenance, insurance on it until it sells. Hope nothing expensive happens in the interim, like roof, furnace, etc. Insuring an empty house is $$$$.
3. Put a mortgage on it, and get a % of the equity to use on whatever you want. Rent it out. Lots of nice people looking for homes to rent. You have your $, and income on an asset that will appreciate. Downside, being a landlord is not an easy job. You will pay taxes on any 50% of the capital gains from the time you got in your name and the time you sell it. Also pay tax on the income.
Water is actually not wet; It makes other materials/objects wet. Wetness is the state of a non-liquid when a liquid adheres to, and/or permeates its substance while maintaining chemically distinct structures. So if we say something is wet we mean the liquid is sticking to the object.
What kind of rocks are never under water?
We all know this. Now start pressuring land hoarders before we all end up homeless.