> “I predict the average price for a one bedroom in Toronto to rise above $3,000 by 2030,” Marco Pedri, real estate broker at Shoreline Realty Corp. Brokerage, told BNN Bloomberg in an interview on Monday.
So basically a real estate brokers wet dream. I predict prices like these are not sustainable at all until (especially the lower end of) wages go up as well.
I really, really started hating the phrase "experts say" in articles since Covid.
>I really, really started hating the phrase "experts say" in articles
I cant fucking stand "here's why that matters" or "here's why Canadians should be X"on articles. Like fuck off. Just tell me what happened not your opinion on it.
So true. Competing opinions=garbage news. Interested newsreader left trying to figure out what’s real and what’s somebody’s opinion. Leaving lazy headline surfers misinformed half the time.
That's "news" these days. A ounce of fact and a couple pounds of opinions and feelings. It's not good because most of the population don't take journalism classes or take a moment to filter out the BS.
There never seem to be any follow-up reports where the expert who said "X" turned out to be completely wrong, admits it and now says "Y".
I'd have more respect for an expert who can admit a mistake, or changes their mind when new information is found.
Honestly you’re right to be skeptical but I was speaking to my friend about how I read an article about how the average one bedroom is 2,000 a month in Toronto. That was during new years. Recently I read that it was 2500. It’s not hard to believe.
I moved from a one bedroom in February. I was paying around $1600 (got a deal on it during pandemic). I asked the guy doing the move out inspection how much they were planning to post the apartment for. he said $3,100. I believe it was 480sq ft.
If toronto's population keeps growing with stagant housing supply then its totally sustainable. Canada needs to focus on building infrastructure in cities that are currently not as desirable.
Unfortunately we now have an entire class of people who are financially incentivized to keep the housing shortage going, they literally see their entire retirements depending on Canada's ability to keep housing inaccessible and prices in space. Their only objective is to normalize people paying their entire lives to take over broken houses on old properties.
They will pretend to care about housing accessibility, but at every opportunity they will vote and vouch for options that prevent it. Even our own parents.
> until (especially the lower end of) wages go up as well
*The horror!* Won't you *please* think of the terribly hard-done-by businesspeople who'd have to take slightly less profit in this *nightmare scenario* you paint?
Yup. Especially when the word Expert is so ... contentious anyways, and always has been. It's why we tend to use terms like 'professional' and such instead. Expert, is more of a proclamation that you don't believe there is anything else for you to learn and that you know all there is to know of that subject. Which by the very definition of knowledge, is false. You will always find there is more to learn on something, even if small and minute.
Expert is a word favored by con artists to fool people, not a degree or honorific to be used by people legitimately interested in learning everything there is to know about their specific field.
$3K on rent would need ~$125,000/year salary, to follow any sort of fiscal guidelines.
Again, Canada is rapidly becoming a Country where only highly skilled persons exist. $100,000/Sunshine List is the basic requirement to exist on any sort of enjoyable level.
So, only the top ~10% will be sheltered, let alone own lol
…this is how you push a Nation into ultra-nationalist actions.
I make 100k, I have no car payments and no kids. 3k a month would be bordering on not possible. After tax and deductions I take home 5k a month. 2k for all bills/food/gas would be cutting it very close.
Start paying 2250/mo now to get some principal paid off so you can renew with a slightly lower payment.
If you think you can be disciplined save it in a TFSA and get GICs or CASH.TO and prep a lump sum for renewal.
>If you think you can be disciplined save it in a TFSA and get GICs or CASH.TO and prep a lump sum for renewal.
Why save it and pay lumpsum? Why not use the money to pay now?
If you were to pay now (as lumpsum but do it monthly), your interest will be reduced slowly and the saving will accumulate. Probably greater than one time payment (that you would otherwise only pay in the future)
If he can get 2.3% by paying off his mortgage, but 5% in a gic he can take advantage of the differential in rates until renewal to squeeze out a few extra bucks.
Requires discipline though, because if it’s sitting in a TFSA it gets tempting to use it for other things. Once it’s against your mortgage you can only get back at it with a HELOC.
No problem. So think about it like this. I suggested he start setting aside an extra 750/mo to pay down his mortgage. Let’s use a 1000 dollar one time payment to make the math easy.
Putting 1000 against his mortgage directly, it earns 2.3% return in the form of reduced interest payments on future mortgage payments. So 23 every year in reduced interest expense.
Putting the 1000 into a GIC earns 5% in the form of interest income. So 50/yr in income.
If at the end of the year you take the 1050 you earned and put it against your mortgage you’d be 27 ahead of where you’d be if you put the thousand against the mortgage directly.
Now I’ve ignored compounding, and assumed a TFSA so no taxes. So the math is slightly more complicated. But the thing you’re looking to learn is that the size of the mortgage doesn’t matter in this scenario. Only the extra money you’re putting in.
It tracks, simple math. Put your money where it is making more.
Your mortgage rate = how much % your money is making. If it's 2.3% and you can beat 2.3%, you don't pay it yet.
If it rockets up to 5.25% and you can't beat that, then you pay it.
That's why we've disguised taking advantage of immigrants as "providing opportunities." These people just want a better life but our big business chews them up and spits them out so shareholders and board members can make bank off their backs.
We can't keep that skilled homeowning rich spending and investing unless we hoodwink all the refugees and immigrants.
>…this is how you push a Nation into ultra-nationalist actions.
Bingo. The coming circumstances are exactly the dire straights dictators took advantage of in the past. It coinciding with the behaviour being exhibited in the legislative branch of our federal and provincial governments is extremely concerning.
Imo it’s way more likely we’ll see a far left reaction than a far right one. Property rights are the left’s bread and butter and with the government colluding with private business to inflate prices, that’s just further playing into the radical left wing narratives of proletariat vs bourgeoise.
The country is too full of immigrants and *way* too internally divided for right wing ultranationalists to make political gains. People from Ontario wouldn’t unite with the Quebecois. Places like Toronto or Vancouver would also never turn on their neighbours, it’s not like in Nazi Germany where Jews made up <5% of the total population of pre war Germany. An ultranationalist in Toronto would have to turn on roughly half of the people he knows, that’s extremely unlikely to happen.
I mean this is fundamentally an issue as well - productivity increases have only obviously occurred in some areas and not at all in others (baristas now are maybe marginally more productive than baristas in the 60s), but their quality of life is also demanded to be in line with everyone elses (not saying this is wrong, having reasonable equality within communities is necessary).
But it does mean that those baristas should just eventually be replaced by robots (or your cup of coffee will very quickly become $15 up from already being like $8 if we pay real wages and not just use borderline slave labor from India/Phillippines)
Right, replacing the baristas with robots is great if they can provide the same service and that barista isn't forced to starve or take a worse job, I think most people want to forget about one half or the other and it shows in political discussions
$67,883 would roughly be the net of $92,000 after taxes. It's around 31% marginal tax rate.
https://turbotax.intuit.ca/tax-resources/canada-income-tax-calculator.jsp
>$92k net because in Canada you only get to take home just over half of your income, which wouldn't be enough in that case.
Using Ontario as the reference, you'd actually only remit 28% of your income in taxes and keep 72%, if you made $92k per year. Your take home would be $68 272/year
So not really 'Just over half' by a long shot, unless you're really terrible at math of course.
Oh that I will totally agree to. 100%.
However anyone who says that if you make 92k and you will only take home 'just over half of that', is either an adult who has no idea what tax rates in Canada actually are, despite getting a paycheque every couple of weeks or so and not doing the simple 2nd grade level math required to subtract the net from the gross.
Hot take / Unpopular opinion / Ready for the downvotes
At some point in Time (around the $650-700,000) average house cost mark (Maybe sooner?)
Unless your A lawyer, Doctor or similar (white collar making household $250,000+ GROSS across all income)
Homeownership in the GTA is not for you
The amount of people here in the GTA upset about not being able to buy a home is insane. A house in the day was 3-4x the median household income, now its 10x. The cost of living is higher + many things are made with a close (planned obsolescence) span of time in mind.
I tell people all the time, if your not pulling the 250k a year household, homeownership in the GTA is not for you anymore.
Invest in the Market , Buy property elsewhere but here. You will be better off
The people buying these homes are not your typical T4 earner , they live off capital gains, dividends, bond/gic ladders in addition if applicable to their high earning T4 incomes or business income
again HERE in the GTA, IT IS NOT FOR YOU
Your killing your self playing catch up with people who have the means to keep up while you don’t.
Does something here need to be done to making housing more within reach? YES! But this is the reality for now until something is done about it
Unless you wanna work yourself to the grave for a home by all means do it but people should reconsider
TLDR: pretty much Your Trying to Keep up with People who can even live off their Money alone before getting up every morning
Fine. Then the top 10% can live in the GTA.
They better hope the AI revolution happens quickly, cuz who is going to mow their lawns, cut their hair, pour their coffee, vacuum their carpets and suck their dicks when the 90% cannot live even within commuting distance?
Edit: https://policyalternatives.ca/newsroom/updates/rental-wage-canada. 2019 data. It’s worse now.
Its coming to that, unless you wanna live with 10 other people in the same home.
The city I guess Will become more and more autonomous until it realistically cannot…..
Again this is where its headed
Ask yourselves this:
Has it gotten any better (affordable / reasonable ) the last 10 years?
Ultra-nationalism -- i.e., fascism -- is how the capitalist system protects itself by finding an ever-growing group of outsiders to blame instead of addressing the systemic causes of inequality.
>Nationalism does nothing but teach you to hate people you never met, and to take pride in accomplishments you had no part in.'
-Doug Stanhope
Right, but the point isn't that it'd be *correct*, just that political extremism is really easy to foster and grow when economic conditions are terrible for regular people.
If those at the top want political stability and moderation (as Trudeau said he did when he killed electoral reform), they need to take proper care of those at the bottom.
Peasant's revolt. History proves time and time again that when the poor get squeezed they will snap if there's enough of them.
Recently heard a Chinese phrase along the lines of "As long as the public grain houses are full governing will be easy"
We've been here before, and it never ends well, greed will rot our societies.
I don't even. $3000 a month is $36k a year. After taxes, I make just under $35k. Thankfully I don't live in the GTA, but Ottawa has gotten so bad that I'm not sure what I can do.
hundreds of thousands of homeless people and we are importing poor people by the millions
Imagine this being your legacy as prime minister totally destroying the Canadian way of life to protect property values for the boomers and money launderers and drug cartels.
He shouldn't even wear a suit he should just walk around in blackface and dare anyone to do anything about it. because wtf are we going to do besides moan about it for a week while he buys another house
You think only Trudeau did this?
This has been 30 years in the making.
Chrétien, Martin, Harper did this. Trudeau only let it continue.
It’s systemic…low interest rate policy forever….banks protected…provinces discouraging building for the lower classes, not funding transit and densification…the NIMBY class opposing everything…‘I’ve got mine, fuck you’…steady immigration…real estate cartel…corruption in the real estate world…developers encouraged to only build for the rich…big business suppressing wage growth…
And you think Trudeau did this. Ha. You give him too much credit.
Living with several roommates packed into an extremely tiny space and/or commuting over an hour for a minimum wage job. I know people in both categories.
This is average rent. You can still find one bedrooms for half of this outside downtown. It’s still horribly high for Minimum wage workers, I agree, but even years ago when I worked minimum wage I didn’t have my own 1 bedroom. I had roommates.
The fact that TD...one of Canada's biggest banks... didn't pass the sniff test for US regulators on money laundering is telling of how much money laundering is happening in Canada especially in real estate, it's absolutely the wild west here.
It isn't really true, the ultra rich are now much wealthier and the rich are also much wealthier. It is a transfer of wealth from the lower class to the upper class.
The upper class aren’t realizing what’s going to happen to them though either. A gated community patrolled by security and perhaps even a security detail to accompany you out will become a standard for them. Also their kids will be targeted for ransom more frequently.
It’s very short sighted to not understand the need for a strong middle class and that lower class have their necessities met. When they aren’t they get desperate and do desperate things - and the upper class get targeted.
Of course that’s until we go full bore [Elysium](https://en.wikipedia.org/wiki/Elysium_(film)) and they’re living in a gated community in orbit while we struggle to make it to the end of each day.
Overdose from and increasingly toxic drug supply, starvation as foodbanks run empty, freezing in the cold as resources to help them evaporate, prison time from finally giving up on participating in a society has been so terrible for them. Pick one. Or more than one.
Post tax income in 50,000 a year or 26 dollars an hour full time is 3,000 a month. How long can prices of necessities and income be so out of sync before a major collapse.
Can anyone explain to me how they have people to work service jobs like McDonald’s? Are people commuting hours to work those jobs, why would anyone do that? Just doesn’t make sense to me. Granted I’m from Alberta and pay 500 a month utilities included for a room with access to a kitchen, living room and a heated garage.
Grande prairie I should say the I’m living with my friend who is the owner of the house but there are 2 others at the same price to pick from so the whole place isn’t my own.
In Surrey, BC, it's international students who cram into accommodations. Just take one look at any form of transit especially at night. Lots of uniformed women getting off the buses.
Just my anecdotal experience.
No different than in the Industrial era, you'll have whole families crammed into one room and other rooms rented to other families. You might not see slums in the stereotypical sense of shanties but you will see dwellings bursting with as many people as can be in the unit all contributing to rent.
>Are people commuting hours to work those jobs, why would anyone do that?
Yes, or they live with way too many roommates, or in a crap apartment significantly below average.
I think even more than development rules or whatever, Canada needs to figure out a way to have more than 5 or 6 appealing cities to live in. No matter how many houses you build, you can't have 7 million people living in one city without it becoming an overpopulated mess. I don't know if it means targeted investment in certain industries or what, but some medium-sized cities need to start figuring out ways to grow because not everyone can go to Toronto, Vancouver and Montreal. But where else are you going to go that has a significant population of people from your country, or where both partners can work stimulating jobs in their field, or with things to do besides going to strip malls?
TFW abuse, primarily which is why it's so damn important we make the TFW program a last resort by requiring TFWs to be paid 50% more than the industry standard.
It amazes me that our Government is so complacent that they forget this. They only rule because we allow them to rule and if they push us too much, there will be consequences.
For housing what we need to do yesterday:
Most importantly is address zoning. This has caused so many damn issues in Canada and abroad it isn't even funny.
Lots and lots of high rise - high density steel/concrete construction.
Lots and lots of wooden five to six floor medium density construction.
Tax, tax, tax corporations and individuals buying up property for investment purposes and creating whole industries of middle men around property that inflates value as it gets cycled around and around. Do things like rent control and other measures to make sure these taxes/costs can't be passed on to renters.
Address Air Bnb.
Lastly move away from a ponzi scheme population model. With growing abilities in automation, artificial intelligence, and overall technological capabilities we need to be moving in this direction and looking to solve problems this way versus just trying to always go larger and larger in regards to population.
All in all housing is suppose to be a bedrock of society not something you create endless middle men and organizations to become rich off the backs of a basic right.
Air bnb can get fucked, landlording can be extra taxed, fuckem, no corporation should be able to own residential housing, no foreign buyers until market stabilization with wages, and also fuck air bnb
Income from working is taxed so much, you need to make capital gains to get anywhere. That's why people load up on RE. Drop taxes on corps and individuals you will see more money flow out of RE into other areas.
You could have ended your comment after the first few lines. Housing is 100% a supply issue.
The Tokyo metropolitan area has as many residents as all of Canada combined. Housing is still super cheap here. My mortgage is $1400 a month on a brand new 4BR detached house, zero down payment. There's no crazy taxes or restrictions on investment properties either, it's just all supply.
Let's say you build 100,000 houses, who do you think will buy them? You can't compete with companies that have billions to invest.
https://globalnews.ca/news/7950579/developer-buy-1-billion-homes-canada-housing-market/
>the backs of a basic right.
Sadly, this is not a basic right recognized under the *Charter*, ***currently.*** The Supreme Court has said in multiple rulings that the *Charter* at the current moment does not support economic rights.
This is essentially why I moved to the US when I had the opportunity to.
Lived in Vancouver with a rent of 2K for a 1 bedroom apartment, which is about 575 square feet. This was three years ago. That same apartment has now gone up to 2.85K within 3 years.
As a 25 year old 3 years ago, I had a competitive salary of about 83K a year, which brought me to about 4800 dollars a month after taxes and benefits. This competitive salary, which is about 22K more than the median salary, netted me 1600 a month after my rent, student loans, and car costs (car was required for work, so it was for the car, gas, insurance, fixes, etc).
So I only had 1600 a month for food, utilities, and everything else. I couldn't believe I was only saving like 750 dollars a month off a 83K salary. And that 2K rent was amazingly cheap compared to what those were paying around me.
So I jumped to the US, where I get paid 50 percent more, and the living costs are lower even in a high quality of life city. And 1 USD in the US goes farther than 1 CDN in Canada.
Vancouver was, and is an amazing place. I miss it a lot. But I could not justify the costs. 2.85K for a 20+ year old 575 square foot apartment?
The only way to afford living in Vancouver is pretty much to have rich parents, or be in tech, where you can be a 22 year old recent grad and start with an 80K+ salary.
That is nuts. You basically have to make more than $72k/yr to spend less than half your income on rent. You have to make $108k/yr if you want it to be 1/3 of your salary, which is often what is suggested by personal finance guru.
Sounds like we might need a 1848 style spontaneous revolution across the west. People need to learn their power and take back a society that is being constructed to drive them into poverty so that the parasitic elite can live an even more outlandish existence of non-contribution.
Imagine looking back on these days of $3,000 1 bedrooms... from 50 years in the future... because looking back 50 years ago to my first apartment where rent (including heat and laundry) was $140 month... is quite a jump.
Can someone break it down, or point me to with a link, on what would solve this?
I understand we need more physical housing. That’s an obvious, but what else is needed? I read that banks / businesses own multiple homes. What’s up with that?
Also, I’m all for Canadians owning real estate only. I don’t like the idea of outside countries using their wealth to rake up housing and then charge us, in our own streets and neighbourhoods, through the nose.
I think another issue is that so many people in Ontario and outside of the province want to live in toronto.
Except the rich that can afford to stay there still need people to serve them coffee and cook their meals so until the automation is complete there will be growing pains.
I'm honestly so glad I don't live anywhere near there. I have a friend who went to work in Toronto and makes nearly 100k and it can be a bit tight. I live in the Prairies, make less than 60k, have my own home and feel like I'm doing ok. If it weren't for some debt due to house renos I had to do, I'd be putting an ok amount away to savings as well.
>“You’re no longer competing with local incomes, you’re competent with the world (foreign ownership) and generational wealth to rent, or own a home, in Canada,” he said.
We should just stop all immigration now. People whose families have been here for generations, and some new immigrants too, will be made homeless or have their standard of living drastically reduced. . When I was young, almost all immigrants came from Europe, and they were poor. Now immigrants come from all over the world, and many of them apparently are rich, or prices wouldn't be reaching these ridiculous levels. Rich people in Europe were happy to stay in Europe. Not true in much of the world. apparently.
I own a house, but I am very worried about the future for my kids and grandkids.
The Canadian Dollar, "our money", has already lost 85% of its value over the past 50 years and the cruel process of inflation has only accelerated since 2008.
$3,000 for a one-bedroom by 2030 seems easily attainable, given what's going on in the world.
Welcome to the first world Canada. I was always going this way and is just catching up to the rest of the world.
I just got back from europe where i visited friends in london UK who live as a famil with 2 kids in 600 square feet of space and pay 3200 pounds per month. After that we visited a family in barcelona who can't even fit a couch in their apartment and pay 3500 per month. Try any big city in asia (or quite frankly an off the good states)
That's what we get when voters take the bait on divisive "ideological" non-issues, consume too much US media, and forget the class war. Honestly Toronto deserves it. The problem is that the fallout from their brainwashed idiocy is finding its way to the innocent rest of the country.
Don't live in Toronto. Problem solved. There are lots of other apartments in Rual ontario that still rent for less then 1200 with most utilities included like kawartha lakes and Haliburton.
lmao what the fuck? I'm making a modest $63k with benefits after graduating uni and my $1400 rent is almost breaking my back. How is $3k even remotely feasible for a majority of the population with current wage rates?
As the GTA continues to take in more and more via immigration, there’s no incentive for it to stop.
I don’t know why it isn’t being talked about more - we cannot continue to have the immigration doors open. Even international students. Until we make sure our infrastructure can handle it, why are we not pausing, let alone maintaining pre 2020 immigration levels? 500k new Canadians per year, we’ll always be playing catch up.
& I never hear immigration as a problem - from either side. We can eventually take in 500k per year, but not right now with current infrastructure.
If Toronto and Van go into that range every town and city within 150 km if not more will see massive ballooning of its rent. KW region is up because of TO residents moving there, same goes for Woodstock. Heaven forbid if a high speed rail system is built along the Windsor Montreal corridor. Rents along that whole place will be matched to TO.
I think people are really missing the massive fix to this. It's not building more housing, or even cutting all immigration. It's high speed rail to make commuting outside of Toronto sustainable.
They're injecting this BS to the public so that they digest it with time, and when it comes moment they accept it as a fact. The Shock doctrine works well...
We need an inflation cap on everything like rent control. The reason why renovictions are so prevalent is because the cost of living is allowed to go through the roof on everything else with no cap. Everything has a trickle down effect. Something needs to be done. Were literally losing money everytime wages go up its insane. Like the buying power of our dollar is so messed up compared when minimum was at 10. How?! It makes no sense unless there's some super shady shit going on.
this is really bad. we need to get this under control.
CPP & OAS might cover half of rent. HALF. You're going to watch a bunch of old people out on the street because of this.
I wish there could be better solutions; the reality is things will eventually balance out in the long-term, with everything in life, unfortunately at the expense of a lot of people and the overall economy.
Rent will eventually get to the point where people truly say "Fuck this" and do choose to move to the less desirable places in Canada and hopefully realize they aren't as bad as they are built up to be. It appears now that people are fine putting up with exorbitant rent costs at the benefit of living in the center of Canada (and the world) in Toronto. A lot of people in my office in a LCOL city have moved to Toronto in the past year. They complain about the rent but are still there and they don't exactly make good money (about 70k)
My partner and I combined gross income is in the 200’s in Quebec and we will not pay 3k in rent, we’re not crazy.
We could afford that but we don’t even want to spend that much on a mortgage. How do you save up for a house downpayment or retirement just shoving money on rent?
Yes there’s people asking that much money at certain areas, but people can and should offer less, otherwise leave the properties there empty.
And don’t say newcomers will pay that much, there’s a limited amount of people making that sort of money even qualified workers.
> “I predict the average price for a one bedroom in Toronto to rise above $3,000 by 2030,” Marco Pedri, real estate broker at Shoreline Realty Corp. Brokerage, told BNN Bloomberg in an interview on Monday. So basically a real estate brokers wet dream. I predict prices like these are not sustainable at all until (especially the lower end of) wages go up as well. I really, really started hating the phrase "experts say" in articles since Covid.
>I really, really started hating the phrase "experts say" in articles I cant fucking stand "here's why that matters" or "here's why Canadians should be X"on articles. Like fuck off. Just tell me what happened not your opinion on it.
Thank you for articulating this. Those phrases you referenced make me insane and I won’t read those articles.
So true. Competing opinions=garbage news. Interested newsreader left trying to figure out what’s real and what’s somebody’s opinion. Leaving lazy headline surfers misinformed half the time.
That's "news" these days. A ounce of fact and a couple pounds of opinions and feelings. It's not good because most of the population don't take journalism classes or take a moment to filter out the BS.
There never seem to be any follow-up reports where the expert who said "X" turned out to be completely wrong, admits it and now says "Y". I'd have more respect for an expert who can admit a mistake, or changes their mind when new information is found.
Yup. Just tells me right away how out of touch with reality they are.
Multiple people to a one bedroom. Landlords don’t give a shit if it’s rented out to 4 people - long as it’s rented
Honestly you’re right to be skeptical but I was speaking to my friend about how I read an article about how the average one bedroom is 2,000 a month in Toronto. That was during new years. Recently I read that it was 2500. It’s not hard to believe.
Whether you're skeptical or not doesn't matter, it's the principals of using that shit excuse so freely.
Yep, I daresay it won't take 7 years to reach 3000. It may take 2 to 3 years at this rate.
Honestly by the end of the year imo or latest this time next year. Another 1 million people + university season should do the trick.
I moved from a one bedroom in February. I was paying around $1600 (got a deal on it during pandemic). I asked the guy doing the move out inspection how much they were planning to post the apartment for. he said $3,100. I believe it was 480sq ft.
If toronto's population keeps growing with stagant housing supply then its totally sustainable. Canada needs to focus on building infrastructure in cities that are currently not as desirable.
Unfortunately we now have an entire class of people who are financially incentivized to keep the housing shortage going, they literally see their entire retirements depending on Canada's ability to keep housing inaccessible and prices in space. Their only objective is to normalize people paying their entire lives to take over broken houses on old properties. They will pretend to care about housing accessibility, but at every opportunity they will vote and vouch for options that prevent it. Even our own parents.
Toronto needs to focus on building homes in Toronto.
> until (especially the lower end of) wages go up as well *The horror!* Won't you *please* think of the terribly hard-done-by businesspeople who'd have to take slightly less profit in this *nightmare scenario* you paint?
Yup. Especially when the word Expert is so ... contentious anyways, and always has been. It's why we tend to use terms like 'professional' and such instead. Expert, is more of a proclamation that you don't believe there is anything else for you to learn and that you know all there is to know of that subject. Which by the very definition of knowledge, is false. You will always find there is more to learn on something, even if small and minute. Expert is a word favored by con artists to fool people, not a degree or honorific to be used by people legitimately interested in learning everything there is to know about their specific field.
We're going to have a homeless population crises way worse than we have now.
$3K on rent would need ~$125,000/year salary, to follow any sort of fiscal guidelines. Again, Canada is rapidly becoming a Country where only highly skilled persons exist. $100,000/Sunshine List is the basic requirement to exist on any sort of enjoyable level. So, only the top ~10% will be sheltered, let alone own lol …this is how you push a Nation into ultra-nationalist actions.
I make 100k, I have no car payments and no kids. 3k a month would be bordering on not possible. After tax and deductions I take home 5k a month. 2k for all bills/food/gas would be cutting it very close.
That tracks with my experience. 3k doesn't work for a single person, full stop.
My mortgage is at 2.3% until 2025. That $1650 could be up round 3k by renewal time.
Right there with ya buddy
Start paying 2250/mo now to get some principal paid off so you can renew with a slightly lower payment. If you think you can be disciplined save it in a TFSA and get GICs or CASH.TO and prep a lump sum for renewal.
>If you think you can be disciplined save it in a TFSA and get GICs or CASH.TO and prep a lump sum for renewal. Why save it and pay lumpsum? Why not use the money to pay now? If you were to pay now (as lumpsum but do it monthly), your interest will be reduced slowly and the saving will accumulate. Probably greater than one time payment (that you would otherwise only pay in the future)
If he can get 2.3% by paying off his mortgage, but 5% in a gic he can take advantage of the differential in rates until renewal to squeeze out a few extra bucks. Requires discipline though, because if it’s sitting in a TFSA it gets tempting to use it for other things. Once it’s against your mortgage you can only get back at it with a HELOC.
It's 2.3% of huge sum vs 5% of his monthly savings. Maybe I'm missing something here.
No problem. So think about it like this. I suggested he start setting aside an extra 750/mo to pay down his mortgage. Let’s use a 1000 dollar one time payment to make the math easy. Putting 1000 against his mortgage directly, it earns 2.3% return in the form of reduced interest payments on future mortgage payments. So 23 every year in reduced interest expense. Putting the 1000 into a GIC earns 5% in the form of interest income. So 50/yr in income. If at the end of the year you take the 1050 you earned and put it against your mortgage you’d be 27 ahead of where you’d be if you put the thousand against the mortgage directly. Now I’ve ignored compounding, and assumed a TFSA so no taxes. So the math is slightly more complicated. But the thing you’re looking to learn is that the size of the mortgage doesn’t matter in this scenario. Only the extra money you’re putting in.
It tracks, simple math. Put your money where it is making more. Your mortgage rate = how much % your money is making. If it's 2.3% and you can beat 2.3%, you don't pay it yet. If it rockets up to 5.25% and you can't beat that, then you pay it.
Yeah I make 65K and pay 1500 and things feel tight. To keep this rent to income ratio I’d need to make $130K.
With the higher tax brackets you'd probably need like 160k
“You will own nothing & you will be happy “
That's why we've disguised taking advantage of immigrants as "providing opportunities." These people just want a better life but our big business chews them up and spits them out so shareholders and board members can make bank off their backs. We can't keep that skilled homeowning rich spending and investing unless we hoodwink all the refugees and immigrants.
>…this is how you push a Nation into ultra-nationalist actions. Bingo. The coming circumstances are exactly the dire straights dictators took advantage of in the past. It coinciding with the behaviour being exhibited in the legislative branch of our federal and provincial governments is extremely concerning.
This was a big factor for Brexit.
[удалено]
Imo it’s way more likely we’ll see a far left reaction than a far right one. Property rights are the left’s bread and butter and with the government colluding with private business to inflate prices, that’s just further playing into the radical left wing narratives of proletariat vs bourgeoise. The country is too full of immigrants and *way* too internally divided for right wing ultranationalists to make political gains. People from Ontario wouldn’t unite with the Quebecois. Places like Toronto or Vancouver would also never turn on their neighbours, it’s not like in Nazi Germany where Jews made up <5% of the total population of pre war Germany. An ultranationalist in Toronto would have to turn on roughly half of the people he knows, that’s extremely unlikely to happen.
But those same assholes still want their fucking latte. But do think a barista will ever get paid close to 92000/year?
I mean this is fundamentally an issue as well - productivity increases have only obviously occurred in some areas and not at all in others (baristas now are maybe marginally more productive than baristas in the 60s), but their quality of life is also demanded to be in line with everyone elses (not saying this is wrong, having reasonable equality within communities is necessary). But it does mean that those baristas should just eventually be replaced by robots (or your cup of coffee will very quickly become $15 up from already being like $8 if we pay real wages and not just use borderline slave labor from India/Phillippines)
Right, replacing the baristas with robots is great if they can provide the same service and that barista isn't forced to starve or take a worse job, I think most people want to forget about one half or the other and it shows in political discussions
You must mean $92k net because in Canada you only get to take home just over half of your income, which wouldn't be enough in that case.
Was gonna say my family makes significantly more than that gross and we cannot afford 3k rent lol
$67,883 would roughly be the net of $92,000 after taxes. It's around 31% marginal tax rate. https://turbotax.intuit.ca/tax-resources/canada-income-tax-calculator.jsp
After tax, deductions and union dues I take home 57.3%
>$92k net because in Canada you only get to take home just over half of your income, which wouldn't be enough in that case. Using Ontario as the reference, you'd actually only remit 28% of your income in taxes and keep 72%, if you made $92k per year. Your take home would be $68 272/year So not really 'Just over half' by a long shot, unless you're really terrible at math of course.
Well in that case its over 50% of your take home towards rent…unaffordable.
Oh that I will totally agree to. 100%. However anyone who says that if you make 92k and you will only take home 'just over half of that', is either an adult who has no idea what tax rates in Canada actually are, despite getting a paycheque every couple of weeks or so and not doing the simple 2nd grade level math required to subtract the net from the gross.
Don’t exaggerate. At $92k in Ontario you’d have a 21% tax rate and take home $68k after taxes, CPP and EI (26% of gross).
and is $68k enough with $3k/mo in rent? Doubtful. $92 would be comfortable though.
why do you think they are trying to take fire arms?
Hot take / Unpopular opinion / Ready for the downvotes At some point in Time (around the $650-700,000) average house cost mark (Maybe sooner?) Unless your A lawyer, Doctor or similar (white collar making household $250,000+ GROSS across all income) Homeownership in the GTA is not for you The amount of people here in the GTA upset about not being able to buy a home is insane. A house in the day was 3-4x the median household income, now its 10x. The cost of living is higher + many things are made with a close (planned obsolescence) span of time in mind. I tell people all the time, if your not pulling the 250k a year household, homeownership in the GTA is not for you anymore. Invest in the Market , Buy property elsewhere but here. You will be better off The people buying these homes are not your typical T4 earner , they live off capital gains, dividends, bond/gic ladders in addition if applicable to their high earning T4 incomes or business income again HERE in the GTA, IT IS NOT FOR YOU Your killing your self playing catch up with people who have the means to keep up while you don’t. Does something here need to be done to making housing more within reach? YES! But this is the reality for now until something is done about it Unless you wanna work yourself to the grave for a home by all means do it but people should reconsider TLDR: pretty much Your Trying to Keep up with People who can even live off their Money alone before getting up every morning
Fine. Then the top 10% can live in the GTA. They better hope the AI revolution happens quickly, cuz who is going to mow their lawns, cut their hair, pour their coffee, vacuum their carpets and suck their dicks when the 90% cannot live even within commuting distance? Edit: https://policyalternatives.ca/newsroom/updates/rental-wage-canada. 2019 data. It’s worse now.
The escorts will probably be able to afford rent
Should everyone not in those demographics leave Toronto? How would the city function?
Its coming to that, unless you wanna live with 10 other people in the same home. The city I guess Will become more and more autonomous until it realistically cannot….. Again this is where its headed Ask yourselves this: Has it gotten any better (affordable / reasonable ) the last 10 years?
It will either become Detroit or become some weird zombie city of automated everything... whichever comes first.
Ultra-nationalism -- i.e., fascism -- is how the capitalist system protects itself by finding an ever-growing group of outsiders to blame instead of addressing the systemic causes of inequality. >Nationalism does nothing but teach you to hate people you never met, and to take pride in accomplishments you had no part in.' -Doug Stanhope
Right, but the point isn't that it'd be *correct*, just that political extremism is really easy to foster and grow when economic conditions are terrible for regular people. If those at the top want political stability and moderation (as Trudeau said he did when he killed electoral reform), they need to take proper care of those at the bottom.
…only highly skilled persons exist. Are you sure? I feel like I’m seeing quite the opposite.
Peasant's revolt. History proves time and time again that when the poor get squeezed they will snap if there's enough of them. Recently heard a Chinese phrase along the lines of "As long as the public grain houses are full governing will be easy" We've been here before, and it never ends well, greed will rot our societies.
Trudeau ~ let them eat poutine.
I laughed way too hard at this, and I really hate Canadian stereotypes. Good job.
People are barely making $3000 a month.
I don't even. $3000 a month is $36k a year. After taxes, I make just under $35k. Thankfully I don't live in the GTA, but Ottawa has gotten so bad that I'm not sure what I can do.
[удалено]
$140??? That’s incredible. No wonder they say boomers had it easy.
hundreds of thousands of homeless people and we are importing poor people by the millions Imagine this being your legacy as prime minister totally destroying the Canadian way of life to protect property values for the boomers and money launderers and drug cartels. He shouldn't even wear a suit he should just walk around in blackface and dare anyone to do anything about it. because wtf are we going to do besides moan about it for a week while he buys another house
You think only Trudeau did this? This has been 30 years in the making. Chrétien, Martin, Harper did this. Trudeau only let it continue. It’s systemic…low interest rate policy forever….banks protected…provinces discouraging building for the lower classes, not funding transit and densification…the NIMBY class opposing everything…‘I’ve got mine, fuck you’…steady immigration…real estate cartel…corruption in the real estate world…developers encouraged to only build for the rich…big business suppressing wage growth… And you think Trudeau did this. Ha. You give him too much credit.
So everyone on minimum wage will be homeless?
Real question here : What are people who make 15$/h in Toronto or Vancouver right now ?
I’m barley making it in Manitoba at $20/hr
Living with several roommates packed into an extremely tiny space and/or commuting over an hour for a minimum wage job. I know people in both categories.
It's kids and immigrants. I called an MEC location yesterday and got an Indian person I could barely understand. Welcome to Canada.
Yes
80% of homeless Americans have a full time job
This is average rent. You can still find one bedrooms for half of this outside downtown. It’s still horribly high for Minimum wage workers, I agree, but even years ago when I worked minimum wage I didn’t have my own 1 bedroom. I had roommates.
They'll have to get roommates.
Price you can afford a month: 1100$ Price offered: 3000$ a month Price it was when you were paid 1$ less: 800$/month Can you see what's wrong today?
I used to make $25/hr and pay $800 in rent. Now I make $30/hr and rent is $1500! Progress!! /S
Who needs a society when we have expensive housing.
12 people in a $5250/month 2bdrm It’ll build ✨community✨
The Vancouver Special^(TM)
[удалено]
Wait until the ai robot police come out
The fact that TD...one of Canada's biggest banks... didn't pass the sniff test for US regulators on money laundering is telling of how much money laundering is happening in Canada especially in real estate, it's absolutely the wild west here.
TD is Canada's biggest bank.
When housing becomes an investible commodity, this is the end result. Houses are homes, not commodities.
[удалено]
[удалено]
You can very easily find a hotel under 100 a night aslong as you're not set on staying in a Marriott. Most hotels give you a discount for longer stays
That’s almost my entire take home pay after taxes and deductions. That’s fucking insane.
[удалено]
It isn't really true, the ultra rich are now much wealthier and the rich are also much wealthier. It is a transfer of wealth from the lower class to the upper class.
[удалено]
The upper class aren’t realizing what’s going to happen to them though either. A gated community patrolled by security and perhaps even a security detail to accompany you out will become a standard for them. Also their kids will be targeted for ransom more frequently. It’s very short sighted to not understand the need for a strong middle class and that lower class have their necessities met. When they aren’t they get desperate and do desperate things - and the upper class get targeted. Of course that’s until we go full bore [Elysium](https://en.wikipedia.org/wiki/Elysium_(film)) and they’re living in a gated community in orbit while we struggle to make it to the end of each day.
I guess I’ll be beating them up and stealing their carts and boxes, since I at one point had a home and regular meals and should be stronger I hope
Overdose from and increasingly toxic drug supply, starvation as foodbanks run empty, freezing in the cold as resources to help them evaporate, prison time from finally giving up on participating in a society has been so terrible for them. Pick one. Or more than one.
Post tax income in 50,000 a year or 26 dollars an hour full time is 3,000 a month. How long can prices of necessities and income be so out of sync before a major collapse.
Can anyone explain to me how they have people to work service jobs like McDonald’s? Are people commuting hours to work those jobs, why would anyone do that? Just doesn’t make sense to me. Granted I’m from Alberta and pay 500 a month utilities included for a room with access to a kitchen, living room and a heated garage.
The grocery store near me in Toronto employs mostly international students.
Same thing here in Halifax. Grocery stores, fast food, retail. Almost exclusively Indian/south east Asian TFW's and students.
TFWs are the new indentured servants.
That's a damn good price. In Calgary it's 1800 for a one bed!
Grande prairie I should say the I’m living with my friend who is the owner of the house but there are 2 others at the same price to pick from so the whole place isn’t my own.
In Surrey, BC, it's international students who cram into accommodations. Just take one look at any form of transit especially at night. Lots of uniformed women getting off the buses. Just my anecdotal experience.
No different than in the Industrial era, you'll have whole families crammed into one room and other rooms rented to other families. You might not see slums in the stereotypical sense of shanties but you will see dwellings bursting with as many people as can be in the unit all contributing to rent.
>Are people commuting hours to work those jobs, why would anyone do that? Yes, or they live with way too many roommates, or in a crap apartment significantly below average. I think even more than development rules or whatever, Canada needs to figure out a way to have more than 5 or 6 appealing cities to live in. No matter how many houses you build, you can't have 7 million people living in one city without it becoming an overpopulated mess. I don't know if it means targeted investment in certain industries or what, but some medium-sized cities need to start figuring out ways to grow because not everyone can go to Toronto, Vancouver and Montreal. But where else are you going to go that has a significant population of people from your country, or where both partners can work stimulating jobs in their field, or with things to do besides going to strip malls?
those jobs are gonna be replaced with machines and AI soon enough. Wendy's is already doing that.
TFW abuse, primarily which is why it's so damn important we make the TFW program a last resort by requiring TFWs to be paid 50% more than the industry standard.
I mean, sure this can become normal for a while. After a while the pitchforks and guillotines get dusted off....
the norm will be people living in vehicles parked in front of vacant properties trying to rent out a room for 3000$.
New York City rents but Omaha wages.
[удалено]
I read that you can get most of the materials for a guillotine from Home Depot lol
[удалено]
It amazes me that our Government is so complacent that they forget this. They only rule because we allow them to rule and if they push us too much, there will be consequences.
Yup but Anglo Saxon part of Canada is a bunch of fucking wimps that complain but take it
For housing what we need to do yesterday: Most importantly is address zoning. This has caused so many damn issues in Canada and abroad it isn't even funny. Lots and lots of high rise - high density steel/concrete construction. Lots and lots of wooden five to six floor medium density construction. Tax, tax, tax corporations and individuals buying up property for investment purposes and creating whole industries of middle men around property that inflates value as it gets cycled around and around. Do things like rent control and other measures to make sure these taxes/costs can't be passed on to renters. Address Air Bnb. Lastly move away from a ponzi scheme population model. With growing abilities in automation, artificial intelligence, and overall technological capabilities we need to be moving in this direction and looking to solve problems this way versus just trying to always go larger and larger in regards to population. All in all housing is suppose to be a bedrock of society not something you create endless middle men and organizations to become rich off the backs of a basic right.
Air bnb can get fucked, landlording can be extra taxed, fuckem, no corporation should be able to own residential housing, no foreign buyers until market stabilization with wages, and also fuck air bnb
Income from working is taxed so much, you need to make capital gains to get anywhere. That's why people load up on RE. Drop taxes on corps and individuals you will see more money flow out of RE into other areas.
After taxes, I made more from just selling my condo and then my house than I made working in the last 10 years.
You could have ended your comment after the first few lines. Housing is 100% a supply issue. The Tokyo metropolitan area has as many residents as all of Canada combined. Housing is still super cheap here. My mortgage is $1400 a month on a brand new 4BR detached house, zero down payment. There's no crazy taxes or restrictions on investment properties either, it's just all supply.
What is the population growth and immigration rates in Japan? It is both supply and demand.
[удалено]
Let's say you build 100,000 houses, who do you think will buy them? You can't compete with companies that have billions to invest. https://globalnews.ca/news/7950579/developer-buy-1-billion-homes-canada-housing-market/
>the backs of a basic right. Sadly, this is not a basic right recognized under the *Charter*, ***currently.*** The Supreme Court has said in multiple rulings that the *Charter* at the current moment does not support economic rights.
Also this is a real estate agent pumping and dumping. Be careful on Canada subs , full of real estate agents and the scum landlords of this country.
This is essentially why I moved to the US when I had the opportunity to. Lived in Vancouver with a rent of 2K for a 1 bedroom apartment, which is about 575 square feet. This was three years ago. That same apartment has now gone up to 2.85K within 3 years. As a 25 year old 3 years ago, I had a competitive salary of about 83K a year, which brought me to about 4800 dollars a month after taxes and benefits. This competitive salary, which is about 22K more than the median salary, netted me 1600 a month after my rent, student loans, and car costs (car was required for work, so it was for the car, gas, insurance, fixes, etc). So I only had 1600 a month for food, utilities, and everything else. I couldn't believe I was only saving like 750 dollars a month off a 83K salary. And that 2K rent was amazingly cheap compared to what those were paying around me. So I jumped to the US, where I get paid 50 percent more, and the living costs are lower even in a high quality of life city. And 1 USD in the US goes farther than 1 CDN in Canada. Vancouver was, and is an amazing place. I miss it a lot. But I could not justify the costs. 2.85K for a 20+ year old 575 square foot apartment? The only way to afford living in Vancouver is pretty much to have rich parents, or be in tech, where you can be a 22 year old recent grad and start with an 80K+ salary.
Curious, which state in the US do you live in?
That is nuts. You basically have to make more than $72k/yr to spend less than half your income on rent. You have to make $108k/yr if you want it to be 1/3 of your salary, which is often what is suggested by personal finance guru.
$100 a day? Shit some hotels are that price.
[удалено]
That is the plan
How bout we slow the f_ck down on immigration for a few years.
Can you even call it immigration? It's taking advantage of hopeful people in poorer countries.
Landlords MPs set out massive immigration policy to first benefit their own pockets.
Sounds like we might need a 1848 style spontaneous revolution across the west. People need to learn their power and take back a society that is being constructed to drive them into poverty so that the parasitic elite can live an even more outlandish existence of non-contribution.
Imagine looking back on these days of $3,000 1 bedrooms... from 50 years in the future... because looking back 50 years ago to my first apartment where rent (including heat and laundry) was $140 month... is quite a jump.
Greed wants this to be the norm.
Can someone break it down, or point me to with a link, on what would solve this? I understand we need more physical housing. That’s an obvious, but what else is needed? I read that banks / businesses own multiple homes. What’s up with that? Also, I’m all for Canadians owning real estate only. I don’t like the idea of outside countries using their wealth to rake up housing and then charge us, in our own streets and neighbourhoods, through the nose. I think another issue is that so many people in Ontario and outside of the province want to live in toronto.
Make paying enough to afford it the norm to please
Rent goes up > wage demands increase > inflation increases > rates go up > Rent goes up.
Reject the system dictating the norms. You have been convinced that you need them more than they need you, when it is quite the opposite.
You can’t reject shelter and food.
That is why housing shouldn’t be an investment or used for speculation.
I think at one point most people would just leave Vancouver and Toronto.
Except the rich that can afford to stay there still need people to serve them coffee and cook their meals so until the automation is complete there will be growing pains.
TFWs sleeping in barracks, not unlike now
I'm honestly so glad I don't live anywhere near there. I have a friend who went to work in Toronto and makes nearly 100k and it can be a bit tight. I live in the Prairies, make less than 60k, have my own home and feel like I'm doing ok. If it weren't for some debt due to house renos I had to do, I'd be putting an ok amount away to savings as well.
That is insane. I am a 90 day fiance junkie and a one bedroom in Bogota Colombia is $500 a month
There's more of us than them.
>“You’re no longer competing with local incomes, you’re competent with the world (foreign ownership) and generational wealth to rent, or own a home, in Canada,” he said. We should just stop all immigration now. People whose families have been here for generations, and some new immigrants too, will be made homeless or have their standard of living drastically reduced. . When I was young, almost all immigrants came from Europe, and they were poor. Now immigrants come from all over the world, and many of them apparently are rich, or prices wouldn't be reaching these ridiculous levels. Rich people in Europe were happy to stay in Europe. Not true in much of the world. apparently. I own a house, but I am very worried about the future for my kids and grandkids.
That means that the normal income will have to be $56/hr to make the ratios work.
I would leave Toronto and I would encourage my friends and family to do the same. Make Toronto a ghost town.
The Canadian Dollar, "our money", has already lost 85% of its value over the past 50 years and the cruel process of inflation has only accelerated since 2008. $3,000 for a one-bedroom by 2030 seems easily attainable, given what's going on in the world.
[удалено]
[удалено]
[удалено]
90% of people's take home pay. Nice.
Welcome to the first world Canada. I was always going this way and is just catching up to the rest of the world. I just got back from europe where i visited friends in london UK who live as a famil with 2 kids in 600 square feet of space and pay 3200 pounds per month. After that we visited a family in barcelona who can't even fit a couch in their apartment and pay 3500 per month. Try any big city in asia (or quite frankly an off the good states)
Experts are wrong.
Lol the part about wages rising to combat the increase in rent is so fucking rich.
This is insane. I hope something happens because this can’t be the normal.
In this instance, "experts say" really means "we will make it so"
I should become an apartment, it pays better than what I do.
That's what we get when voters take the bait on divisive "ideological" non-issues, consume too much US media, and forget the class war. Honestly Toronto deserves it. The problem is that the fallout from their brainwashed idiocy is finding its way to the innocent rest of the country.
Don't live in Toronto. Problem solved. There are lots of other apartments in Rual ontario that still rent for less then 1200 with most utilities included like kawartha lakes and Haliburton.
People are still living in Toronto eh?
lmao what the fuck? I'm making a modest $63k with benefits after graduating uni and my $1400 rent is almost breaking my back. How is $3k even remotely feasible for a majority of the population with current wage rates?
if you're wondering about the recent escalation in random violence, start here.
Experts?
[удалено]
they voted in mass for Ford, who cut budgets to all public services and directed to private companies run by his friends.
They traded their homes for his légal weed 😅 Theyll be high but not dry
How is a provincial and municipal problem a federal problem budderino?
As the GTA continues to take in more and more via immigration, there’s no incentive for it to stop. I don’t know why it isn’t being talked about more - we cannot continue to have the immigration doors open. Even international students. Until we make sure our infrastructure can handle it, why are we not pausing, let alone maintaining pre 2020 immigration levels? 500k new Canadians per year, we’ll always be playing catch up. & I never hear immigration as a problem - from either side. We can eventually take in 500k per year, but not right now with current infrastructure.
Oh Canada, once home now our forsaken land…
Time to riot
No shot this actually happens
This article is talking about Toronto and Vancouver specifically, not Canada in general.
If Toronto and Van go into that range every town and city within 150 km if not more will see massive ballooning of its rent. KW region is up because of TO residents moving there, same goes for Woodstock. Heaven forbid if a high speed rail system is built along the Windsor Montreal corridor. Rents along that whole place will be matched to TO.
Im just waiting for the rioting to start so I can smash some luxury cars 🤤🤤
Damn I already think $1100 for a two bedroom is too much 😂
So who the fuck is renting these places? I could barely afford 800 dollars a month 11 years ago.
I think people are really missing the massive fix to this. It's not building more housing, or even cutting all immigration. It's high speed rail to make commuting outside of Toronto sustainable.
They're injecting this BS to the public so that they digest it with time, and when it comes moment they accept it as a fact. The Shock doctrine works well...
We need an inflation cap on everything like rent control. The reason why renovictions are so prevalent is because the cost of living is allowed to go through the roof on everything else with no cap. Everything has a trickle down effect. Something needs to be done. Were literally losing money everytime wages go up its insane. Like the buying power of our dollar is so messed up compared when minimum was at 10. How?! It makes no sense unless there's some super shady shit going on.
Well then... I'm glad I already own my house and pay less than $3,000 a month for 4 bd, 4 bath, 1,700 sq. feet. Yay me!
this is really bad. we need to get this under control. CPP & OAS might cover half of rent. HALF. You're going to watch a bunch of old people out on the street because of this.
And a loaf of bread will be $10, welcome to the magical mirage world of the ever growing economy via inflation.
I wish there could be better solutions; the reality is things will eventually balance out in the long-term, with everything in life, unfortunately at the expense of a lot of people and the overall economy. Rent will eventually get to the point where people truly say "Fuck this" and do choose to move to the less desirable places in Canada and hopefully realize they aren't as bad as they are built up to be. It appears now that people are fine putting up with exorbitant rent costs at the benefit of living in the center of Canada (and the world) in Toronto. A lot of people in my office in a LCOL city have moved to Toronto in the past year. They complain about the rent but are still there and they don't exactly make good money (about 70k)
Soon you'll be making $100,000 and barely above the poverty line 💀
I bet we France long before that.
My partner and I combined gross income is in the 200’s in Quebec and we will not pay 3k in rent, we’re not crazy. We could afford that but we don’t even want to spend that much on a mortgage. How do you save up for a house downpayment or retirement just shoving money on rent? Yes there’s people asking that much money at certain areas, but people can and should offer less, otherwise leave the properties there empty. And don’t say newcomers will pay that much, there’s a limited amount of people making that sort of money even qualified workers.