Reddit toronto real estate

Reddit toronto real estate DEFAULT

Locked: This is how realtors get a bad rep.

Real Estate

  • Last Updated:
  • Feb 5th, pm
Feb 1st, pm
RichmondCA[OP]
Deal Addict
Mar 2,
posts
upvotes
Toronto/Markham

Feb 1st, pm

This is how realtors get a bad rep.

This is brutal, if it's true, OP should sue. Unreal.

https://www.reddit.com/r/PersonalFinanc _home_and/
How I paid $K over asking price on a home and my Real Estate Agent Experience
Before I start this post, yes I realize I’m an idiot and that my whole house searching process was rushed. I know that I should have done more research in the surrounding areas, and I should have stuck with my gut. I want to share my experience with my realtor in hopes that a new home buyer can catch the red flags that I so blatantly missed. I’m ashamed of myself, and I feel like I have put a huge burden on my wife and I, who are now struggling to get by. This is my experience of buying a home in Ontario, which closed on December 11th, and I’m hoping someone can learn from my mistakes and make more informed decisions. I apologize for the long rant, but I need to get this off my chest.

My wife and I are in our early 30s. We have decent jobs with a combined income of approximately $K before taxes. We bought our first condo in , which I paid for on my own as my wife was still in school at the time. I saved up every penny I could, and made a lot of social sacrifices. We’ve lived in that condo for nearly 5 years, and loved it. We knew that we would want to eventually start a family so we decided to upgrade to a new house in

Our previous realtor who helped us find the condo was no longer in the industry, so we found our new realtor on Facebook through a community group, who I will refer to as Daniel. He met us at our condo with his partner who I will refer to as Tom, and we explained our goals and what we wanted achieve. Originally, our goal was to sell our condo first and use the equity gained as a down payment for our new home. Daniel suggested that we go the opposite route by looking for a house first, and setting a closing date of 3 months in which we would sell our condo during that time. Tom provided a bunch of listings of Unit’s that sold within the last year so we had a pretty good idea of what to list it at. Daniel “guaranteed” we would be able to sell our Condo within 3 months. Spoiler alert, we weren’t able to sell because of the pandemic. This advice should have been the first red flag for me.

During a period of approximately 2 months, we visited over a dozen houses and even put a few offers on some. In the beginning, it appeared he had our best interest and provided advice on what to look out for, how much we should look at paying, when to back out etc. I honestly felt he was looking out for us. We couldn’t find the house we wanted, so I decided to go back to my original plan and list the condo first. We listed our unit for close to three months, and we didn’t get any offers. Our hopes of buying a home in didn’t seem possible.

Daniel suggested that we should talk to our current mortgage lender about refinancing, which I didn’t know about (Daniel was a banker for ~10 years dealing with mortgages before becoming a realtor). My wife and I looked into this, had our condo appraised, and what do you know, we were approved for refinancing and it looked like we had enough for a down payment. Our house hunt continued until we found something we really liked In late October, that was under our budget. We were ecstatic and wanted to visit the house right away. Everything looked amazing and my wife and I decided to go home and talk it over before we made an offer.

Before we wanted to make an offer, I had a few questions about the home that I saw in the photos, that I didn’t notice during our visit mainly due to the snow. There was something in the corner of the backyard, and Tom told us this was a fire pit. I also asked Daniel what was the average utility cost for a house in that area and he told me it was $ for gas, water, and electricity combined. Fast forward to today, it’s more like $ each per utility, and that “fire pit” was actually a storm catch basin with an easement on the property. However, at the time I trusted him and decided to put in my offer.

I was told that there were 10 offers on the house, and in order to secure a second round bid, I’d have to start at $K over asking. At the time, the house was under my budget and $K would be close to my original budget. I decided to go for it. Later on, I’m woken up at pm by Daniel saying if I want the house, I need to up my offer by another K. At this point, my wife and I are barely awake but my original question to him was “That seems way over valued compared to other homes”. His response was “They’ve done upgrades to the place. Let’s just put in the extra K, and if they don’t accept we move on”. Guess what? They accepted, which he absolutely knew they would. To top it off, the only time I could have pulled out was at 12AM that same day, so essentially I had under 30 min to back out if I wanted. I was now contractually locked in with no clause to get me out, which Daniel never told me about, not to mention the fact that Daniel and Tom told us we should close in 45 days instead of 90 days. All of this information was dumped on us when we were half asleep. Not only that, but they never provided surrounding house listings that sold like they did with the condo.

Now onto securing the second mortgage for the new home, Daniel had “all the connections” to help us secure a mortgage. Since Daniel was a mortgage banker for 10 years, and also provided his mortgage business card, he said we would have no issues securing a second mortgage. Wrong – there were two banks that refused to secure a mortgage for us because our high debt ratio due to the refinanced condo. But Daniel had a connection that would help us which he put us in contact with; let’s call her Angelica. She seemed to know everything about our situation and said that it would be no issues for us to secure a mortgage. I found out later that Angelica is Daniels wife. To this day, Daniel doesn’t know that I know Angelica is his wife.

I suspect Daniel pushed to close in 45 days because he knew I would have to use his wife to secure a mortgage. I tried to go with a different bank, but when the bank tried to appraise the house, the seller refused to let hem in, or provide them with any answers about the home. I was essentially stuck with only one bank at this point. Did Daniel play a role in this? Possibly, but I can't prove that.

Here we are today, with a new home which I like, but definitely not worth the price I paid. I looked at surrounding areas, and my home is the highest paid home in the neighborhood. Daniel played us for fools, and he won in the end. Someone I thought I could trust ended up taking advantage of us and ultimately paid higher than any home in the area. One thing he said to me at the beginning of this whole process was “You two are AAA clients, any realtor would want you”. I now know what he meant by that.

To all new prospective home owners, please make sure you do your research and use a realtor that you know or someone you know that had success with. Research surrounding house prices, look at the renovations they did to see if the increase in value is justified. Do NOT rush home ownership.

I feel guilty everyday that I put my wife through such financial strain. I should have done more but now we have to see if we can make the most out of the situation that we are in. This will definitely test our relationship in years to come and I hope no one goes through what we did.

Thank you for reading.
Realtor, Investor, CPA - Collaborate with like minded people
Feb 1st, pm
GalvToronto
Deal Addict
Mar 20,
posts
upvotes

Feb 1st, pm

Something tells me those seeking for a cash back realtors are in pretty much same position.
You return k cashback and you overpay $k, sounds fair
Feb 1st, pm
DaveTheDude
Deal Addict
Mar 3,
posts
upvotes
GTA

Feb 1st, pm

If you read the Reddit comments posters were calling BS on this story. Basically the OP had an earlier fake sad story posted that no one fell for so he created another.
Feb 1st, pm
mazerbeaner
Deal Guru
Feb 22,
posts
upvotes
Toronto

Feb 1st, pm

Sounds like BS, you can't increase the offer without signing the paperwork and resending it.
Feb 1st, pm
Newuserid
Sr. Member
Jan 5,
posts
upvotes

Feb 1st, pm

Definitely some shady stuff going on but story seems a bit exaggerated.

They say they paid $K over asking but that doesn't mean they overpaid by $K. I am curious as to how much they actually overpaid by compared to market.

The big issue this highlights is the fact that realtors get paid based on % of sale price and only once the sale closes. This causes some realtors to do whatever it takes to close the deal fast, even if it means having the buyer to overpay. The pay structure really needs to change.
Feb 1st, pm
RichmondCA[OP]
Deal Addict
Mar 2,
posts
upvotes
Toronto/Markham

Feb 1st, pm

DaveTheDude wrote: ↑ If you read the Reddit comments posters were calling BS on this story. Basically the OP had an earlier fake sad story posted that no one fell for so he created another.
Thanks for pointing that out. I didn't read the comments below, but a few things didn't add up which is why I put my caveat.

Who has time for this nonsense 🤣
Realtor, Investor, CPA - Collaborate with like minded people
Feb 1st, pm
ozzie16
Deal Addict
Oct 27,
posts
upvotes
Toronto

Feb 1st, pm

I don't give the story too much weight, as others have pointed out there are holes in it. And K over asking is meaningless without know what the "true" value was and the comps. I've seen homes I would bid K over asking no problem on my own volition because the asking was silly to begin with.

That isn't to say the system isn't broken, the commission structure seems to be in direct conflict with buyer's interests.

I think buyers have to put in a lot more time educating themselves and researching with all the resources available and not just rely on their realtor, for such a big purchase. I put in a lot of time during my home/condo buying process and I don't regret it, as I felt like I made a fully informed choice instead of just relying on someone else's advice.
Feb 1st, pm
RichmondCA[OP]
Deal Addict
Mar 2,
posts
upvotes
Toronto/Markham

Feb 1st, pm

ozzie16 wrote: ↑
I think buyers have to put in a lot more time educating themselves and researching with all the resources available and not just rely on their realtor, for such a big purchase. I put in a lot of time during my home/condo buying process and I don't regret it, as I felt like I made a fully informed choice instead of just relying on someone else's advice.
While I get this, where I see educated buyers/sellers drop the ball is in the heat of the moment during a deal. Once emotions enter into play all logic and common sense goes out the window, the battered bidding war 'losers' are most at risk after going through the roller coaster on every offer they've put in. This is why a trustworthy Realtor is worthwhile IMO, but that's just my biased opinion.

It's almost like a parenting job, I've actually worked with people and their parents, and a lot of times looking back I am just the "dad" in the room for those shopping without a parent. :)
Realtor, Investor, CPA - Collaborate with like minded people
Feb 1st, pm
Alpine84
Sr. Member
Dec 5,
posts
upvotes

Feb 1st, pm

There are A LOT of really shitty people out there in EVERY profession. Too bad there just seems to be a higher concentration in RE, but that's sales for you.
Feb 1st, pm
GalvToronto
Deal Addict
Mar 20,
posts
upvotes

Feb 1st, pm

At this very moment, giving $50k overasking for Toronto freeholds without comparables is a no-brainer & pretty useless thing to do if you want your offer signed.
In 99% of cases the listing agent would call you and say "You were in bottom 30%%, the seller decided not to continue with you".
It applies only to firm unconditional offers. For conditional offers don't even expect a phone call.
Feb 1st, pm
mingyang
Deal Addict
User avatar
Mar 14,
posts
upvotes

Feb 1st, pm

That's a perfect troll post imo.
Feb 1st, pm
madonthemike
Newbie
User avatar
Dec 10,
78 posts
38 upvotes
Toronto

Feb 1st, pm

I think this story is BS and its making its way around different forums/social media- we should just stop reposting it.

Probably only half is true, the rest is inflated. So many holes in the story, atleast be realistic when you troll.
Feb 1st, pm
atom
Deal Addict
User avatar
Nov 2,
posts
upvotes

Feb 1st, pm

RichmondCA wrote: ↑ While I get this, where I see educated buyers/sellers drop the ball is in the heat of the moment during a deal. Once emotions enter into play all logic and common sense goes out the window, the battered bidding war 'losers' are most at risk after going through the roller coaster on every offer they've put in. This is why a trustworthy Realtor is worthwhile IMO, but that's just my biased opinion.

It's almost like a parenting job, I've actually worked with people and their parents, and a lot of times looking back I am just the "dad" in the room for those shopping without a parent. :)
Not all realtors are like you. You seem to care about your clients and want to help them. Emotions can come on so strong with real estate - in the moment you just want the property and will do whatever. I am even seeing some funny things in condos now and just thinking what the hell? I mean I am thinking are they using their heads or actually going to research things online before bidding. The wonderful thing is if you are a good realtor then you will get the repeat business, life long customers even perhaps, and word of mouth references which I think can build a better career. I mean some people climbing up the property ladder may get a few properties before a detached home - a good realtor may help them score all of the properties along the way. I read somewhere that most realtors don't get repeat business - I don't know if this is based on research or what but always found that interesting. Regarding this story I don't know if it is real or fake, but I do feel the poster should have done his due diligence, and researched beforehand.
Feb 1st, pm
oasis
Deal Fanatic
Mar 27,
posts
upvotes
Toronto

Feb 1st, pm

bs story

unless I see a mls number. I don't believe a word
Feb 1st, pm
lolbeast
Sr. Member
Apr 29,
posts
upvotes
GTA

Feb 1st, pm

Realtors have a bad rep because they seem to live in big houses, drive around in fancy luxury cars and take k for seemingly minimum work that requires no real skill or education.

And their only incentive is to close the client ASAP which means getting buyers and sellers to both take shitty prices.

They have no liability like the lawyer and there just really isn’t much value added in this day and age. Their only trick is to provide comparables which is easily searchable online with minimum effort.

This is why TREB will fight tooth and nail to maintain their stranglehold on sales data Face With Tears Of Joy.

If realtors made $ flat per sale like lawyers nobody would have an issue.
Feb 1st, pm
JanZ
Sr. Member
Aug 17,
posts
upvotes

Feb 1st, pm

mazerbeaner wrote: ↑ Sounds like BS, you can't increase the offer without signing the paperwork and resending it.
Some RE agents offer to provide pre-signed offer forms to them without the amount put in and the agent then puts it in based on what you agreed on the phone and submits it. I have seen this a few times and seems a common practice in heated bidding wars. It takes out the "stressful" back in forth via email when you have limited time to produce an updated offer.
Feb 1st, pm
oasis
Deal Fanatic
Mar 27,
posts
upvotes
Toronto

Feb 1st, pm

lolbeast wrote: ↑ Realtors have a bad rep because they seem to live in big houses, drive around in fancy luxury cars and take k for seemingly minimum work that requires no real skill or education.

And their only incentive is to close the client ASAP which means getting buyers and sellers to both take shitty prices.

They have no liability like the lawyer and there just really isn’t much value added in this day and age. Their only trick is to provide comparables which is easily searchable online with minimum effort.

This is why TREB will fight tooth and nail to maintain their stranglehold on sales data Face With Tears Of Joy.

If realtors made $ flat per sale like lawyers nobody would have an issue.
every other post from you is repeating this same hate.
spend your energy elsewhere bro.
Feb 1st, pm
garmium
Sr. Member
Feb 8,
posts
upvotes
Kanata

Feb 1st, pm

Everything this guy has written sounds like he is a great writer and has never done a RE deal. Nothing in his story mentions signing paperwork during the price negotiation.
He was woken up at 11 PM? Nothing mentions signing BRA agreement or any of the OREA paperwork lol!

There was absolutely no technical terms or real estate jargon. Do you know why? Because he's never done a DEAL!


This thread proves how fkking fake Reddit is lmao
Feb 1st, pm
LIKEWTF
Member
Feb 8,
posts
upvotes

Feb 1st, pm

Even if he overpaid in October he's probably well ahead now in this madness crazy of a marketall good carry on
Feb 2nd, am
bLuPhYrE
Deal Addict
User avatar
Oct 26,
posts
upvotes
YYZ

Feb 2nd, am

for reference he posted this in PFC
Hi PFC,

I grew up in a very poor family where my parents immigrated to Canada and worked minimum wage jobs to support my sister and I. I studied my ass off with the intention of eventually giving back to my family. Fast forward to today, I work in a job that pays ~K and my wife owns her own business that makes roughly the same or more. We are very frugal, and saved every penny we had to buy property given the housing crisis we are in.

I bought a condo in and lived there for 4 years at ~$, My intention was to sell the condo, and upgrade to a larger home. The market value was ~$k, but I had listed it for less, but because of Covid, I wasn't able to sell. From the advice of my realtor and the banks, we refinanced the condo in order for me to get the enough for the downpayment for our new home. I bought a house large enough for me and my wife, future kid, and for my parents because I wanted to get them out of the shithole their living in now. So now, I have two properties: My primary residence being my house, and the condo, which my sister is now renting from me.

I wanted to sell the condo this year and give half of what I make in profits to my sister in order for him to make his first property purchase, while the other half would go into my mortgage. I just learned today, by stumbling on another post, that I have to pay capital gains tax of up to 50% when I sell my condo. I had no idea that I had to do this, and the banks or my realtor never told me this (Why would they? Their just trying to make money off me).

We're barely getting by and selling this condo and donating half the profit to my sister for her future home was always my plan, while I use the rest to pay off my mortgage as quick as possible. I'm not trying to get rich selling this property, I'm trying to help my family get by through this ridiculous housing crisis were all facing.

Is there anything I can do, or do I accept the fact that I will not be able to help my sister out. I have no idea what to do. Any advice is greatly appreciated.

Thank you
so many inconsistencies in his story as other redditors have mentioned (such as the fact there was no snow in October and he claimed the "fire pit" was covered in snow so he couldn't see the storm basin.

being called at PM to increase an offer IS possible, however you can't just verbally agree to increase an offer by k and not sign anything (, , , just to name a few)
Also why are offers being reviewed until PM? i know for a fact that you would LOSE on offers by trying to get counters signed at that time of night. It just makes no sense.
Also im confused as to how he could of "pulled out" by 12am that day. did he have a conditional offer? if he was in a bidding war and he went in firm, there were likely no conditions, and once his offer was accepted, if he pulled out he would've lost his deposit.
Again closing date can't just be changed verbally, it has to be signed

anywaysjust like with anything else you read on the internet, you have to take it with a grain of salt, and always do your own DD.
Licensed Full Service Realtor
Sours: https://forums.redflagdeals.com/how-realtors-get-bad-rep/

August home sales down, prices up as supply fell 43%: Toronto real estate board

TORONTO -- The Toronto Regional Real Estate board says August home sales slowed from the frenzied pace seen earlier in the year, but market conditions have tightened as supply plummeted by 43 per cent and prices rose yet again.

The Ontario board announced Friday that 8, homes were sold in August, a per cent drop from 10, at the same time last year and an eight per cent fall from 9, in July.

New listings in the region fell to 10, That was down 43 per cent from 18, last August and 15 per cent from 12, in July.

"The fact that new listings were at the lowest level for the past decade is alarming," said TRREB president Kevin Crigger, in a release.

"It is clear that the supply of homes is not keeping pace with demand, and this situation will become worse once immigration into Canada resumes."

The lack of supply has come after the region rang in the new year with homes changing hands at an eye-popping speed as buyers raced to take advantage of low interest rates.

As the year progressed, the pace of sales slowed, but the market has remained heated with bidding wars still the norm and fewer people putting their homes up for sale.

Prices have also continued to climb -- even in rural and suburban corners of the region -- as remote work became more common and the closures of many businesses during COVID helped people save money for homes.

The average price of a home in the region increased to $1,, in August from $, at the same time the year before and $1,, the month before.

While areas surrounding Toronto, known as the , were once known to have slightly lower prices than the city, TRREB said the average cost of a home there hit $1,, in August, up from $, the year before.

The average price of a Toronto home was $1,, in August, down from $1,, the year before.

TRREB believes this pattern won't end soon and the market will remain in favour of sellers.

It predicted in February that by the time ends, the average selling price in the region will be $ million, up from an average $, in

The Canadian Real Estate Association forecast in May that average home prices across the country would soar to as much as $, by the end of the year and reach as high as $, in

"There has been no relief on the supply side for homebuyers, in fact, competition between these buyers have increased," said TRREB's chief market analyst Jason Mercer, in a statement.

"As we move toward , expect market conditions to become tighter as population growth in the GTA starts to trend back to pre-COVID levels."

This report by The Canadian Press was first published Sept. 3,





Sours: https://www.cpcom/news/august-home-sales-down-prices-up-as-supply-felltoronto-real-estate-board
  1. Lucifer season 2 summary
  2. Patterned sheer curtain panels
  3. Traffic ticket nyc lawyer
  4. Sanctuary on 22nd apartments

Urbanized

A group of Canadians fed up with the unaffordability of homes across the country are using a tongue-in-cheek Toronto billboard to draw attention to the issue.

The group, called Canada Housing Crisis, sprung from a Reddit forum that started in March of this year.

&#;We started talking about getting off the internet and bringing the message into the real world,&#; a representative from Canada Housing Crisis, who wished to remain anonymous, told Daily Hive. &#;People had a bunch of different ideas and a few mentioned billboards. It seemed like the right mix of publicity stunt and actual messaging.&#;

The Toronto billboard, located near Queen and Spadina, cheekily reads &#;Can&#;t find a home? Have you tried finding richer parents?&#;

The group also put up a similar billboard in Ottawa that reads &#;Houses aren&#;t for you. They&#;re for the rich. You can go rent.&#; Both will stay up for one month.

The group hopes that the billboards will let anyone who is frustrated with the housing market know that there is a group out there trying to work on the issue.

&#;You can feel so isolated and alone when you&#;re a renter or saver or you&#;re in the market and decent housing is just unreachable for you,&#; the Canada Housing Crisis rep said.

&#;People like us are powerless because we&#;re totally isolated and have no real representation, while everyone else has good representation. Like realtors have realtor associations, banks and politicians have huge platforms, homeowners have NIMBY groups and homeowner associations.&#;

They also hope that it will catch the attention of those in charge who, up until this point, they feel have done nothing to help.

&#;Basically no politicians at any level of government care about this,&#; the rep said. &#;They&#;re not talking about it. The Bank of Canada couldn&#;t shrug harder if they tried.&#;

And it appears their work is paying off. Since putting up the billboard, Canada Housing Crisis received around 5, new followers in one day and made it to the front of a popular Reddit page. They now have over 11, members on Reddit and nearly 3, Twitter followers.

Crowdsourcing has been an essential part of Canada Housing Crisis, with funding for the billboard, and even the messaging itself, having been crowdsourced. The group raised $10, through a GoFundMe page which covered the cost of the billboards and then some.

What will be done with the leftover money has not yet been determined.

&#;I think we&#;d have the most impact by sharing more of our real stories of what we&#;re going through,&#; the rep said. &#;So I think we will try to share more of our stories, perhaps contrasting them against what investors are saying right now.&#;

Sours: https://dailyhive.com/toronto/toronto-billboard-housing-unaffordable

Reddit group&#;s billboard says you need rich parents to afford real estate

A Reddit group is calling out skyrocketing home prices in a city where tiny bungalows are listed for $ million


This two-bedroom bungalow is listed on the toronto real estate market for $ million

This two-bedroom bungalow in Little Italy is listed for $ million.

A two-bedroom bungalow is listed on the Toronto real estate market for $1,, According to a billboard purchased by Reddit group CanadaHousing, only people with a cushy inheritance could afford it.

“Can’t afford a home?” asks the billboard located at the corner of Queen and Spadina. “Have you tried finding richer parents?&#;

The Redditors are not off.

According to a recent National Bank Housing Affordability monitor report, it would take an average household earning $, annually 25 years to save up the down payment for a million-dollar home. The average price for a detached home in April was $ million, which means the listing price for that Little Italy two-bedroom bungalow is quite a steal. And the house is only a few blocks away from the billboard, which is the Reddit group’s way of drawing attention to an affordability crisis that they say is being left unchecked by the government.

“Politicians could take decisive action to fix housing in this country,” says the group’s website. “But they won’t act unless we push them.”

The billboard’s sentiment about rich parents is rooted in an underlying despair that the only people who can afford Toronto real estate are previous property owners who gained a substantial amount of equity in the price boom of the last decade. Parents leveraging home equity to pump up their kids&#; down payments and purchasing power is one demographic driving up prices. But so are investment property owners and foreign investors.

The CanadaHousing group’s website lists proposals that have also been pitched by economists at RBC and BMO who warn of the negative impact of the housing bubble. The proposals include doubling the minimum down payment for investment properties, ending the blind-bidding process, making all sales and listings data available to the public, increasing capital gains taxes for investors and speculators, and introducing new vacancy and short-term rental taxes.

But real estate industry groups have consistently and predictably pushed back against proposals that could stifle demand. Instead, they push for more construction to boost supply. The danger of this narrow approach is that they inevitable encourage politicians like Premier Doug Ford to roll back greenbelt protections and sell off the environment to benefit real estate developers.

A billboard that says you need rich parents to purchase Toronto real estate

A billboard at Spadina and Queen advocating for solutions to Canada&#;s housing crisis

On May 12, Ontario Real Estate Association CEO Tim Hudak issued a statement suggesting the provincial government is working to allow the option of open auction processes rather than blind-bidding. But he stood firmly against forcing sellers, who generally favour the blind-bidding process, to do so.

“Potential buyers may not want to share some of their most personal, private information,” said Hudak. “We believe that buyers and sellers should be able to choose if they want to use the traditional offer process or an auction.”

Hudak then goes into the familiar refrain: “All levels of government need to work together and make it easier for first-time buyers to own a home, through increasing housing supply, eliminating unnecessary government red tape, addressing affordability and giving both buyers and sellers a choice in how they engage in the offer process.”

Councillor Gord Perks rightly raised caution about some of the discussions being had in the CanadaHousing Reddit. Several comments expressed anti-immigrant sentiment, blaming affordability on the booming population and suggesting a closed border approach.

“We are a pro-immigration group,” the CanadaHousing moderator posted in response, restating rules against xenophobia and recognizing that some users might latch onto the population growth to dog-whistle. “Good housing policy is pro-immigration policy.”

Perks’ concerns reflect a growing wariness of the different bad faith players latching onto Canada’s affordable housing crisis for their own gains. Earlier this week a report from Oxford Economics listed real estate in Toronto, Vancouver and Hamilton as less affordable than New York or Los Angeles. The report weighs average income against home prices, but ignores Los Angeles’s property tax rate, which is double Toronto’s.

In February, Canadian media pounced on a Demographia International Housing Affordability report put Toronto and Vancouver among the top five most unaffordable cities in the world, though it got to that conclusion with some very questionable data that excluded other expensive cities like Paris, Geneva, Zurich, Amsterdam and Munich. The report was produced by a real estate lobby group and a think tank that has questioned climate change. Both are organizations with arguments and aims that align with the Ford government’s push to allow developers to build on the greenbelt.

The CanadaHousing website’s push to attack the demand side of the real estate market suggests a more environmentally favourable approach.

@justsayrad

Tags

life Real Estate

Radheyan Simonpillai

Radheyan's first assignment for NOW was reviewing the Ice Cube heist comedy First Sunday. That was back in January Born in Sri Lanka and raised in Scarborough, Rad currently lives in Leslieville with his wife and two adorable kids.

Sours: https://nowtoronto.com/lifestyle/real-estate/you-need-rich-parents-to-afford-toronto-real-estate-reddit-group-billboard

Real estate toronto reddit

‘Have you tried finding richer parents?’ Sarcastic billboard about housing crisis goes up in Toronto

An advocacy group called Canada Housing Crisis is catching the attention of Torontonians with a sarcastic billboard raising awareness about the housing market.

The message, near Spadina Avenue and Queen Street West, went up the week of May 17 and reads &#;Can&#;t afford a home? Have you tried finding richer parents?&#;

Raphael Morin, a moderator for the group&#;s Reddit page, says it&#;s about the market being so unaffordable that Canadian millennials with full salaries still have to ask for help from family to buy a house.

&#;People are frustrated with how politicians are handling the crisis. The whole point is to gain attention so we can push for more equal housing policies across major cities in Canada,&#; Morin said.

Some of the policies they want considered include making the bidding processes more transparent and ensuring free, public data on sales and listings in the market.

The Canada Housing Crisis group began in March when Redditors created a page dedicated to sparking conversation, sharing news and raising awareness about housing laws. For the past month, the group has used a GoFundMe page to raise money from followers for billboards in Toronto and Ottawa.

Since the billboard went up, Canada Housing Crisis&#;s Reddit community has grown to 11, people as of Friday morning.

&#;We are fighting for Canada&#;s future. We want common sense housing laws that ensure: transparency, ample housing stock, and sustainable price appreciation, all so Canadians can find a decent home to live in,&#; the Reddit page states.

Would-be buyers of modest means might well find the current market numbers daunting: In March, according to the Toronto Regional Real Estate Board, the average price for a detached house in the city of Toronto hit $ million. Last month, the Star found that aggregate home prices, including condos, in Toronto were 33 per cent higher than in April &#; and prices have been rising even faster in the suburban areas.

This month, 75 per cent of first-time homebuyers in Toronto said they were concerned about not having enough down payment to afford a home, a survey by Royal LePage reported.

The crisis group has reached its donation goal of $10, and a discussion has begun on Reddit about what the next billboard message should be. Morin said the billboards are meant to show aspiring homebuyers that they&#;re not alone.

&#;I think our message taps into the hopelessness people feel.&#;

Sours: https://www.thestar.com/news/gta//05/21/have-you-tried-finding-richer-parents-sarcastic-billboard-about-housing-crisis-goes-up-in-toronto.html
Toronto Real Estate:#502 -21 CLAIRTRELL RD $678,000

As Canadians lament rising housing prices, which party offers solution as federal election looms?

On the Reddit channel where Canada’s disaffected would-be homebuyers debate soaring prices, some people have had enough.

“How much we have fallen as a nation,” wrote one commenter on r/canadahousing, lamenting the fact that a two-income professional couple in a large city today can only afford “a shoebox condo,” while earlier generations moved into sprawling suburban homes.

A question has emerged among this group: Who to abandon the Liberals for? The Conservatives or the NDP?

It seems the Liberals have noticed the zeitgeist. On Tuesday, they released an affordable-housing platform that amounts to their most serious effort yet at addressing soaring house prices and rental rates. Perhaps not surprisingly, the plan contains more shiny objects to attract voters than serious policy changes that could change the underlying problems in Canada’s housing market.

Story continues below advertisement

A few things could backfire. The Liberals’ plan includes cutting Canada Mortgage and Housing Corp.’s (CMHC) rates for insured mortgages by up to $6, In a hot market, all this will achieve is to give home buyers who put less than 20 per cent down an extra $6, to bid on houses. That won’t help affordability in overheated markets like Greater Toronto or Greater Vancouver, where the Liberals are trying to capture key ridings. All it does is shift revenue from CMHC to the sellers of homes. Considering that CMHC is responsible for covering insured mortgages if they go bad, this seems like an unwise move.

Yet some of the shiny objects in the Liberal plan could make a difference, especially psychologically. Maybe the most notable &#; and controversial &#; of these is a two-year ban on foreign buyers in the residential market. This is likely to have a major effect on home sales in the Vancouver and Toronto markets, and it could have some unintended consequences.

It is a very common practice for the parents of international students in Canada to buy them a home, both as a place for their child to live and as an investment in a stable Western country. Banning foreign buyers could convince many parents to send their kids to school in the U.S. or Australia, and that could have a serious impact on Canadian universities’ budgets, which have become dependent on high tuitions paid by international students.

At the same time, it’s unlikely that banning foreign buyers will do much to improve affordability. As market analysts have pointed out, that foreign money is “sloshing around” these housing markets. It’s already there, and unless homeowners actively pull their money out of housing and into other investments, it will stay there and prices will remain at the levels they’re at. At best, we can say that foreign buyers won’t be pushing house prices up even further, at least for the time being.

Story continues below advertisement

Still, according to an estimate earlier this year from the Better Dwelling blog, at current prices, it would take 19 years for incomes to catch up in Toronto and Vancouver to the point that homes are affordable again. Banning foreign buyers won’t magically make these markets affordable.

It’s interesting to note that both the Conservatives and the NDP have taken a softer approach to the foreign buyer phenomenon than the Liberals, who have made it policy to attract more immigrants, international students and foreign investment to Canada.

The Conservatives earlier this month announced a plan to ban foreign buyers for two years, but only those who are not residents of Canada. Their plan would avoid the international student problem, by allowing those who will become residents in the future to buy homes. Since many foreign students stay in Canada, that avenue for foreign buyers would remain open.

The NDP has criticized that as a giant loophole, but their own plan &#; a 20 per cent federal tax on home purchases by foreign buyers &#; is unlikely to make much difference. Many places, including Australia and British Columbia, have failed to get foreign buying under control with additional taxes.

Another shiny object, the “Home Buyers’ Bill of Rights,” contains at least one worthwhile reform that Canada has badly needed for years: An end to blind bidding for houses. The practice of holding secret bids for a home purchase is so obviously ripe for abuse that it’s amazing it has been allowed for so long. Open bidding will remove at least some of the pressure that drives home prices upwards in a sales process.

Story continues below advertisement

But it’s unclear how the Liberals plan to do this, as real estate is largely the jurisdiction of provinces. Any policy like this would have to be done with the cooperation of provinces. Short of that, all the federal government could do is create incentives &#; a housing fund available only to provinces that banned blind bidding, for example.

But the very fact that we are seeing dozens of buyers bidding on the same homes &#; and the fact that renovictions are taking hold in rental markets across the country &#; are an indicator of the very large problem underlying all these others. Whatever its causes &#; foreign buyers, investors, underbuilding &#; Canada has developed a serious housing shortage.

Click to play video: 'Canada election: Liberals introduce 3-part housing plan'Canada election: Liberals introduce 3-part housing plan

Canadian housing has recently hit their highest level in decades. But this super-high level only matches those seen in the s, when Canada’s population was barely more than half what it is today. We used to build way more houses. A report from Scotiabank earlier this year found that Canada has the lowest number of housing units per capita of any G7 country. If we were to match the G7 average, we would need to build million homes immediately, the report found.

Story continues below advertisement

On the issue of housing supply, the Liberal plan has a big question mark over it. The plan includes a pledge to “build, preserve, or repair million homes in four years to help increase the supply of homes available to Canadians.” That’s the first time a Liberal plan for increasing the housing supply has even come close to the right scale &#; maybe. “Preserved” and “repaired” homes don’t increase supply. Until we know the details, we won’t know if this plan is up to the task.

The Conservative and NDP plans for housing are equally vague. The Tories have vowed to build one million new homes in three years, but haven’t yet revealed how that will be funded or mandated. The NDP have vowed , new homes over 10 years, with an initial funding commitment of $5 billion, but little in the way of other details. And any plan to build houses anywhere will require the cooperation of individual cities and provinces.

Sadly, at this level of policy-making, the debate over housing affordability could easily erode into a meaningless shouting match over numbers. “I’ll build more homes!” “No, I’ll build more homes!”

Though the Liberal plan shows they’ve noticed the growing concern over housing, it’s no guarantee voters will buy their response. They’ve had six years in power, and in that time their efforts to address housing affordability proved to be weak tea.

The benchmark price of a house in Canada jumped from around $,, when Trudeau entered the prime minister’s office, to around $, today. If they want credibility on this issue, they’ll have to convince voters they’ve had a serious change of heart about Canada’s housing strategy.

Story continues below advertisement

Daniel Tencer is an independent journalist whose work has appeared at HuffPost, Postmedia and elsewhere. He is based in Montreal.

Click to play video: 'Housing affordability emerging as key issue in federal election campaign'Housing affordability emerging as key issue in federal election campaign
Sours: https://globalnews.ca/news//as-canadians-lament-rising-housing-prices-which-party-offers-solution-as-federal-election-looms/

You will also like:

Her hands gently squeeze the redhead's ass. The outlandish color contrast evokes a strange feeling that makes you peer into this picture over and over again. The caption in the photo read: Beijing stories ep.



27646 27647 27648 27649 27650