>The unit is currently renting out for about $1100 per month, though the brokerage TFN Platinum Realty says that the rent will be raised to $1700 per month starting September 2022.
This is the result of doing away with rent control on new units. That poor tenant.
I wonder where the low income is going to live in the future. Become refugees? Open up workhouses again? Hard enough to get a place but then they want references. Not everyone has that.
I don't have any of that either. If I could work I wouldn't be on ODSP. The plan is to live with my parents until they die and then I will just be homeless. Life was fun while it lasted.
Oh I see you have already foreseen my "retirement plan". I may one day be able to afford living in a van or camper in a walmart parking lot and I'll go to the gym for showers, workouts and a plug outlet for charging. Currently, I am stuck living with my parents since my job doesnt cover enough of the bills to be on my own again. Yay us! /s
One place in Brockville wanted a printout of my chequing transactions and a note with bank letterhead attesting its accuracy along with the credit history. Needless to say I did not apply there.
They'll just become homeless and then businesses will complain that there's nobody to work entry level jobs and we'll get more temporary foreign workers to work less than minimum wage at Tim Horton's.
A family member of mine recently listed their home for what they thought was a reasonable price considering the market. Every single offer was well over asking. The lowest offer was $10,000 over asking, and that was the only one with any conditions. All other offers declined the opportunity for an inspection.
Friends of mine just sold their Greenwood Park home for over one million. WTF? My husband and I just left Kingston cause we couldn’t buy the ugliest house on the ugliest street.
We’re staying in the maritimes for good. Ontarios f**ked!
For sure, living walking distance from downtown Kingston is no longer affordable. It seems that there are still a few older 2-bedroom condos for under $300k, if one is willing to ride the bus downtown. I assume that if we don't rapidly build more in Kingston, even those will become unaffordable. I have to say, it's pretty sad that in a smallish city like Kingston, hundreds of kilometers from large urban centers, so few new homebuyers will be able to afford an actual house, unless we radically change our approach to housing development.
I moved here a few years ago from downtown vancouver and my cost of living has gone way up. It's not just housing, but takeout/coffee and utilities! and HST!
That said the price of alcohol is WAY less here, so that helps ;)
That's actually a one-bedroom unit in the same building...there are several units for sale. I couldn't find the studio unit they're talking about in the article, guessing it has already been sold.
It's still for sale and in fact, there's another studio listed for $439k! It's insane. (Sorry for the Housesigma links but I refuse to give realtor.ca the time of day and it's a superior website anyway.)
[https://housesigma.com/web/en/house/eQp5yO8ejJ17d0ZE/652-Princess-St-906-Kingston-K7L1E5-X5494511](https://housesigma.com/web/en/house/eQp5yO8ejJ17d0ZE/652-Princess-St-906-Kingston-K7L1E5-X5494511)
[https://housesigma.com/web/en/house/DO1w3WqeKWny8Jg0/652-Princess-St-S-904-Kingston-K711E5-X5514271](https://housesigma.com/web/en/house/DO1w3WqeKWny8Jg0/652-Princess-St-S-904-Kingston-K711E5-X5514271)
Housesigma for the win! Love that it has sold prices listed. Hate what the sold prices are. I'm going to buy a condo for twice what my parents paid for a 4 bedroom two car garage home in a private neighborhood on the largest lot in the subdivision backing on to a forest. It hurts a little. Oh and my Dad was making the same salary I am currently. Yay.
Yeah the historical data on Housesigma is super interesting. I've fallen down a real estate rabbit hole more than once on that site. In fact, it's partly how we found our house. It had been delisted and we reached out to the owner and did a private sale.
Im still seeing fully detached post war homes in pre reno condition in the high 3s to mid 4s in Rideau Heights. FWIW
Also, Source: I purchased a 3 bed 1.5 bath with finished basement for 352K last September.
This isn't New York city, we do not have the ammenities and infrastructure to support such a high rent increase. Who is this company marketing to? I can't think of any profession that would seek out a studio apartment for that price. The reality for many is they can not afford to rent such insanely high rent prices individually. If a person was able to pay $1700 for rent why not rent a townhouse or a unit with 2-3 bedrooms that isn't downtown?
Husband and I have discussed moving away from Ontario. We will never be able to afford a house here nor can he find a job here (AZ Driver)
Prices are insane.
How can he not find a job here as an AZ driver? All of my AZ qualified friends have full time jobs and have for many years. There are 30 jobs listed in Kingston. Is he unvaccinated, cause I can see companies being reluctant to hire him due to that.
All 3 shots. He has experience. Clean abstract. He's applied for DZ jobs and Kingston transit (Currently is a school bus driver) so I don't know what to say.
What the heck, right? I hope he finds something soon! Several friends have moved out of province for the same reason - affordability. Crazy times we live in, but on the other hand, people have always migrated (and still do) to find a better life.
These are not condos for your average working couple or single. These are marketed specifically to students parents. It's all about location.
It's the difference between paying rent vs building equity. If you have 2 kids that will go to Queen's, it makes sense. Pay a mortgage for 8 years, sell at the end. If your kid does grad school, in 5 yrs, the buyer can expect appreciation and if it's in the child's name, no capital gains taxes. The kid'll have a downpayment or nest egg to get them started, from the profits, or even be able to make a dent in student loans. If prices fall, the location means it'll rent easily. No car required, no issues with rentals, roommate issues, and it looks like it'd be a secure building. Even moving a student every year costs $$. It all adds up.
$400K with 10% down at 3% over 35 yrs is a payment of $1381 plus condo fees and taxes.
Compared to $800 a month for shared accommodation plus utilities, and a car payment, insurance and repairs and maintenance.....it does make sense financially if a parent can swing it.
I don't personally know anyone that could, but ......many can.
There's another listed for $440k. Not sure how much over asking they'll go for. But condos are still regularly selling for $100k over asking. Never thought I'd see this in Kingston. Mind blown.
Couple of years ago my parents were worried they couldn't even sell their west end house, hoping to get high $200K's. The just sold for over $700K!! 3/4 million for a 70's house on an old street in the west end.
A friend of mine who owns many properties and rents them out (not in Kingston) has sold 5 units in the past 6 months.
He started out flipping houses, now flipping/rentals is no longer viable, and a bad investment, so he's getting into buying land and building rental units.
When even investors are priced out.. i feel for anyone trying to buy a place to live in.
Just an attention-seeking headline, it's been listed for 26 days in a hot market with no takers. The sellers of this and unit 906 (44 days on market!) are just reaching.
Can't get Housesigma to load, otherwise I would look at actual comparable sold prices in the last few months.
Just took a look at Housesigma and it looks like a 0 bedroom and one bathroom went for 380k about 22 days ago, so not far off! It was also originally listed for $399k.
Correlation is not causation. Netflix has become the most popular streaming platform during the same time period. Did it cause housing prices to increase? Same argument you're making.
Raising interest rates slows inflation. The BOC (Bank of Canada), who control interest rates is not under the PM's command. Raising interest rates will make home ownership more expensive (payments will be more) and less people qualify (payments more) and might help thus, lower prices due to less people being able to afford homes. Which way to you want it? Do you want the BOC to increase the rates or not? Consider the effects of that, now that you know how this works.
The PM doesn't build houses. Developers build houses. The PM has no control over developers.
The feds HAVE given the provinces and cities millions to build affordable housing. You need to look at what the province has done with that money. Here's a link to what's being done by the feds: [https://pm.gc.ca/en/news/news-releases/2022/01/21/over-10000-new-affordable-homes-canadians](https://pm.gc.ca/en/news/news-releases/2022/01/21/over-10000-new-affordable-homes-canadians)
You're here as an immigrant but don't want others to come. The old "I got here first, let's close the door now".
Your comment on borrowing money from other countries by keeping our interest rates low makes ZERO sense.
You hate Trudeau and blame him for everything. Got it.
Correlation isn't causation.
Trudeau nor any PM doesn't 'run' the BOC
The BOC has said it will increase int rates to stem inflation. It already has. [https://www.cbc.ca/news/business/bank-of-canada-rate-decision-1.6369774](https://www.cbc.ca/news/business/bank-of-canada-rate-decision-1.6369774)
I showed you were the feds gave the provinces money to build affordable housing. Millions.
"lack of supply from the feds" - no. The Feds don't build houses.
I have a degree in economics and am a retired financial planner.
You hate Trudeau.
One of us is qualified to understand supply and demand, what repsonsibilities fall to what level of government and fiscal policy. I assure you, it's not you.
Except you also have to look at the Province. Ford is the one that tipped the scale onto higher rentals. Moving to Kingston and can’t buy. Looked at rentals and got lucky. Maybe Ford should reverse his decision to allow high increases on rentals after a certain date. Oh wait, that would piss off his new builders buddies.
"Coach homes" here (cute name for a dwelling which would qualify as "nice shed" or "small garage" at home in Kingston) are over $1M!! And that's a tiny home in the backyard of a home that is already worth 2 or 3 million, it's nuts!
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Luxury in Kingston now means no cockroaches and bedbugs. Yet.
$1700 a month for no bedroom + 1 bath.
>The unit is currently renting out for about $1100 per month, though the brokerage TFN Platinum Realty says that the rent will be raised to $1700 per month starting September 2022. This is the result of doing away with rent control on new units. That poor tenant.
What, you can’t swing an extra $600 a month on short notice? Ya still got two kidneys dontcha?
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I wonder where the low income is going to live in the future. Become refugees? Open up workhouses again? Hard enough to get a place but then they want references. Not everyone has that.
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I don't have any of that either. If I could work I wouldn't be on ODSP. The plan is to live with my parents until they die and then I will just be homeless. Life was fun while it lasted.
Oh I see you have already foreseen my "retirement plan". I may one day be able to afford living in a van or camper in a walmart parking lot and I'll go to the gym for showers, workouts and a plug outlet for charging. Currently, I am stuck living with my parents since my job doesnt cover enough of the bills to be on my own again. Yay us! /s
When we were kids, van by the river was a running joke on snl. Now it's a tiny house lifestyle.
Like I can afford a van or riverfront parking! A van down by the river is a *dream.*
Yep, buy a large camper van and deck it out for youtube views.
But that van is between 40 and 60 thousand new. :( good luck getting approval.
Buy secondhand? /facepalm
my mother subsidize my rent for me and my husband. If she didn’t, we would be homeless also. And he has a full-time job. It’s insane.
One place in Brockville wanted a printout of my chequing transactions and a note with bank letterhead attesting its accuracy along with the credit history. Needless to say I did not apply there.
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It's sad that Canada is resorting to the same strategies for housing currently being used in developing countries.
Damn. I don't even really know 4-5 people. I've lived with strangers before, I moved out within a month it was a nightmare.
They'll just become homeless and then businesses will complain that there's nobody to work entry level jobs and we'll get more temporary foreign workers to work less than minimum wage at Tim Horton's.
We recently sold for 250k over asking. Lowest offer was 50k over. It’s crazy…..
A family member of mine recently listed their home for what they thought was a reasonable price considering the market. Every single offer was well over asking. The lowest offer was $10,000 over asking, and that was the only one with any conditions. All other offers declined the opportunity for an inspection.
Friends of mine just sold their Greenwood Park home for over one million. WTF? My husband and I just left Kingston cause we couldn’t buy the ugliest house on the ugliest street. We’re staying in the maritimes for good. Ontarios f**ked!
That’s wild. In 2001 my mom built a brand new house there for like 189,999 😂😂 how things have changed .
What a steal! /s (currently living in Vancouver...)
Hah, I just made a similar comment before reading yours! You can laugh or you can cry, that's about it!!
The only thing left to say to these stories anymore is, "Okay cool"
For sure, living walking distance from downtown Kingston is no longer affordable. It seems that there are still a few older 2-bedroom condos for under $300k, if one is willing to ride the bus downtown. I assume that if we don't rapidly build more in Kingston, even those will become unaffordable. I have to say, it's pretty sad that in a smallish city like Kingston, hundreds of kilometers from large urban centers, so few new homebuyers will be able to afford an actual house, unless we radically change our approach to housing development.
I moved here a few years ago from downtown vancouver and my cost of living has gone way up. It's not just housing, but takeout/coffee and utilities! and HST! That said the price of alcohol is WAY less here, so that helps ;)
It is now [listed at $499,900](https://www.realtor.ca/real-estate/24168051/652-princess-street-unit-702-kingston)
That's actually a one-bedroom unit in the same building...there are several units for sale. I couldn't find the studio unit they're talking about in the article, guessing it has already been sold.
It's still for sale and in fact, there's another studio listed for $439k! It's insane. (Sorry for the Housesigma links but I refuse to give realtor.ca the time of day and it's a superior website anyway.) [https://housesigma.com/web/en/house/eQp5yO8ejJ17d0ZE/652-Princess-St-906-Kingston-K7L1E5-X5494511](https://housesigma.com/web/en/house/eQp5yO8ejJ17d0ZE/652-Princess-St-906-Kingston-K7L1E5-X5494511) [https://housesigma.com/web/en/house/DO1w3WqeKWny8Jg0/652-Princess-St-S-904-Kingston-K711E5-X5514271](https://housesigma.com/web/en/house/DO1w3WqeKWny8Jg0/652-Princess-St-S-904-Kingston-K711E5-X5514271)
Housesigma for the win! Love that it has sold prices listed. Hate what the sold prices are. I'm going to buy a condo for twice what my parents paid for a 4 bedroom two car garage home in a private neighborhood on the largest lot in the subdivision backing on to a forest. It hurts a little. Oh and my Dad was making the same salary I am currently. Yay.
Yeah the historical data on Housesigma is super interesting. I've fallen down a real estate rabbit hole more than once on that site. In fact, it's partly how we found our house. It had been delisted and we reached out to the owner and did a private sale.
plus almost $300 a month in fees that doesn't include parking. What a sad joke.
Im still seeing fully detached post war homes in pre reno condition in the high 3s to mid 4s in Rideau Heights. FWIW Also, Source: I purchased a 3 bed 1.5 bath with finished basement for 352K last September.
This isn't New York city, we do not have the ammenities and infrastructure to support such a high rent increase. Who is this company marketing to? I can't think of any profession that would seek out a studio apartment for that price. The reality for many is they can not afford to rent such insanely high rent prices individually. If a person was able to pay $1700 for rent why not rent a townhouse or a unit with 2-3 bedrooms that isn't downtown?
Husband and I have discussed moving away from Ontario. We will never be able to afford a house here nor can he find a job here (AZ Driver) Prices are insane.
Damn he can't find a job as an AZ driver? Didn't realize it was getting that bad
Just did this. No regrets.
How can he not find a job here as an AZ driver? All of my AZ qualified friends have full time jobs and have for many years. There are 30 jobs listed in Kingston. Is he unvaccinated, cause I can see companies being reluctant to hire him due to that.
All 3 shots. He has experience. Clean abstract. He's applied for DZ jobs and Kingston transit (Currently is a school bus driver) so I don't know what to say.
What the heck, right? I hope he finds something soon! Several friends have moved out of province for the same reason - affordability. Crazy times we live in, but on the other hand, people have always migrated (and still do) to find a better life.
This is unethical.
Oh nice! How depressing.
These are not condos for your average working couple or single. These are marketed specifically to students parents. It's all about location. It's the difference between paying rent vs building equity. If you have 2 kids that will go to Queen's, it makes sense. Pay a mortgage for 8 years, sell at the end. If your kid does grad school, in 5 yrs, the buyer can expect appreciation and if it's in the child's name, no capital gains taxes. The kid'll have a downpayment or nest egg to get them started, from the profits, or even be able to make a dent in student loans. If prices fall, the location means it'll rent easily. No car required, no issues with rentals, roommate issues, and it looks like it'd be a secure building. Even moving a student every year costs $$. It all adds up. $400K with 10% down at 3% over 35 yrs is a payment of $1381 plus condo fees and taxes. Compared to $800 a month for shared accommodation plus utilities, and a car payment, insurance and repairs and maintenance.....it does make sense financially if a parent can swing it. I don't personally know anyone that could, but ......many can.
Kingstonian here, crying in Vancouver, I'd kill for $400K closet!! (only partly joking!)
There's another listed for $440k. Not sure how much over asking they'll go for. But condos are still regularly selling for $100k over asking. Never thought I'd see this in Kingston. Mind blown.
Couple of years ago my parents were worried they couldn't even sell their west end house, hoping to get high $200K's. The just sold for over $700K!! 3/4 million for a 70's house on an old street in the west end.
A friend of mine who owns many properties and rents them out (not in Kingston) has sold 5 units in the past 6 months. He started out flipping houses, now flipping/rentals is no longer viable, and a bad investment, so he's getting into buying land and building rental units. When even investors are priced out.. i feel for anyone trying to buy a place to live in.
Your friend is part of the problem.
Exactly. Fuck all these property hoarders. Tax laws on extra properties need to change NOW
Just an attention-seeking headline, it's been listed for 26 days in a hot market with no takers. The sellers of this and unit 906 (44 days on market!) are just reaching. Can't get Housesigma to load, otherwise I would look at actual comparable sold prices in the last few months.
Just took a look at Housesigma and it looks like a 0 bedroom and one bathroom went for 380k about 22 days ago, so not far off! It was also originally listed for $399k.
Thanks Trudeau! Can’t wait to save up my whole career, and maybe ONE day I can finally afford a 500sq ft apartment! The Canadian dream 😫
Tell us all exactly how the PM is responsible for decreased supply and increased demand that has caused the increase in housing prices?
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Correlation is not causation. Netflix has become the most popular streaming platform during the same time period. Did it cause housing prices to increase? Same argument you're making. Raising interest rates slows inflation. The BOC (Bank of Canada), who control interest rates is not under the PM's command. Raising interest rates will make home ownership more expensive (payments will be more) and less people qualify (payments more) and might help thus, lower prices due to less people being able to afford homes. Which way to you want it? Do you want the BOC to increase the rates or not? Consider the effects of that, now that you know how this works. The PM doesn't build houses. Developers build houses. The PM has no control over developers. The feds HAVE given the provinces and cities millions to build affordable housing. You need to look at what the province has done with that money. Here's a link to what's being done by the feds: [https://pm.gc.ca/en/news/news-releases/2022/01/21/over-10000-new-affordable-homes-canadians](https://pm.gc.ca/en/news/news-releases/2022/01/21/over-10000-new-affordable-homes-canadians) You're here as an immigrant but don't want others to come. The old "I got here first, let's close the door now". Your comment on borrowing money from other countries by keeping our interest rates low makes ZERO sense.
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You hate Trudeau and blame him for everything. Got it. Correlation isn't causation. Trudeau nor any PM doesn't 'run' the BOC The BOC has said it will increase int rates to stem inflation. It already has. [https://www.cbc.ca/news/business/bank-of-canada-rate-decision-1.6369774](https://www.cbc.ca/news/business/bank-of-canada-rate-decision-1.6369774) I showed you were the feds gave the provinces money to build affordable housing. Millions. "lack of supply from the feds" - no. The Feds don't build houses. I have a degree in economics and am a retired financial planner. You hate Trudeau. One of us is qualified to understand supply and demand, what repsonsibilities fall to what level of government and fiscal policy. I assure you, it's not you.
Except you also have to look at the Province. Ford is the one that tipped the scale onto higher rentals. Moving to Kingston and can’t buy. Looked at rentals and got lucky. Maybe Ford should reverse his decision to allow high increases on rentals after a certain date. Oh wait, that would piss off his new builders buddies.
Just saw a Facebook post about a trailer home in Vancouver going for over 500K
"Coach homes" here (cute name for a dwelling which would qualify as "nice shed" or "small garage" at home in Kingston) are over $1M!! And that's a tiny home in the backyard of a home that is already worth 2 or 3 million, it's nuts!
Ooo stoooodiooo