26% of Ontario homeowners struggling to afford homes

[Locutus]

wynneing

New report says owners under most "significant pressure" to cover costs are under 45

An analysis of housing affordability — the first to factor in such things as daycare and transportation — estimates that some 26 per cent of Ontario homeowners are under “significant pressure” to cover their shelter costs.

About 480,000 of the estimated 840,000 homeowners being seriously squeezed by monthly mortgage and other costs are middle-class workers under the age of 45 — those who’ve had the hardest time breaking into the house market because of skyrocketing real estate prices and their disproportionate dependence on part-time and contract jobs.

According to groundbreaking research to be released Wednesday by the Canadian Centre for Economic Analysis (CANCEA), housing affordability pressures have grown an average of 13.5 per cent across Ontario since 2006.

spicy sauce

26% of Ontario homeowners struggling to afford homes | Toronto Star

 

[lone wolf]

Mortgage is one thing. When your hydro bill is higher than the mortgage, you wish you hadn't bought your millstone in Ontario - the province of opportunists

 

[mentalfloss]

People think they can afford million dollar homes.

Get a stable job outside the GTA and buy your house there.

 

[lone wolf]

What a stupid thing to say. Who do you think is subsidizing your hydro? While you're surfing for shyte to whine about, check out some reality.

 

[darkbeaver]

If proper carpentry skills were still taught in secondary schools and construction co-ops formed the beast in the bak could be defeated. The Canadian forest is full of houses.

 

[mentalfloss]

What a stupid thing to say. Who do you think is subsidizing your hydro? While you're surfing for shyte to whine about, check out some reality.

If you buy an overpriced home you have yourself to blame.

Do your research and budget based on your income and lifestyle.

 

[B00Mer]

If you buy an overpriced home you have yourself to blame.

Do your research and budget based on your income and lifestyle.

Well you don't have to worry about real life, you're still living in your mothers basement and driving a Yugo.

 

[darkbeaver]

Why not teach youth to avoid debt?

 

[lone wolf]

If you buy an overpriced home you have yourself to blame.

Do your research and budget based on your income and lifestyle.

This mobile is far from overpriced and the hydro, at $226/mo is more than the mortgage was at $200/mo.

Did you ever stop to think that a home purchased before the good paying job at the mill went south is all but impossible to maintain on a McDonalds wage?

Do your own damned research....

 

[mentalfloss]

Who are you talking to?

I live on a middle income with two kids and I can afford my house.

It wasn't hard to do the math and figure it out.

 

[darkbeaver]

As long as your're in debt you don't own the house. You rent from a bank.

 

[lone wolf]

Would you still be able to afford that house if the job vanished and the hydro doubled? (or tripled as mine has since I bought the place)

 

[mentalfloss]

I wouldn't buy a house if there was any risk of losing my job.

Actually, scratch that.

If I did lose my job, I know it would be for some circumstance exclusive to the company I work for and I would just get a job elsewhere because I know I have the pedigree to back it up.

But if there was little economic security, I would buy a cheap condo instead and wouldn't have kids.

 

[lone wolf]

Y'know.... You're probably best to just not reply. There's a lot of wisdom in opening it and denying all doubt.... :roll:

 

[mentalfloss]

A few hundred bucks extra on the electricity bill is hardly anything to get worked up about.

But that's just me.

 

[Curious Cdn]

This doesn't surprise me. Housing values are ridiculously inflated, here. I blame the Real Estate industry focusing all of their dodgy tools to kite the value of each and every property transaction here in order to line their pockets.

 

[Retired_Can_Soldier]

Would you still be able to afford that house if the job vanished and the hydro doubled? (or tripled as mine has since I bought the place)

You do realize you're trying to reason with a smug idiot?

 

[petros]

Flossy had a canbot moment?

Film at 11

 

[Retired_Can_Soldier]

This doesn't surprise me. Housing values are ridiculously inflated, here. I blame the Real Estate industry focusing all of their dodgy tools to kite the value of each and every property transaction here in order to line their pockets.

Housing costs don't differ much from Alberta, outside the GTA.

But your hydro costs and your insurance costs are criminal.

 

[DaSleeper]

This doesn't surprise me. Housing values are ridiculously inflated, here. I blame the Real Estate industry focusing all of their dodgy tools to kite the value of each and every property transaction here in order to line their pockets.

And not to forget MPAC has something to do with it.......