Too bad for the new, young owners

[Locutus]

a lot of them smarty-pantz kids are whistling through the shiny graveyard.

The coming housing correction in Vancouver and Toronto. Jim Flaherty's mortgage reforms tried to protect Canadian buyers and Canada's capital requirements for banks should protect them

mo

http://www.bnn.ca/News/2016/6/3/Ano...ronto-housing-amid-fears-of-overheating-.aspx

Set up to fail. - Small Dead Animals

 

[Remington1]

Common sense tells us that our kids cannot afford to buy these hugely inflated homes in Canada. Some of these bungalows around Toronto; I would never have bought, they are small and worth about $ 100,000 in a fair, sane world. Our kids are not making more money than us, so how can they save for a decent downpayment (unless they live in our basements with spouse & kids for a few years). The ones going ahead and buying with the minimum requirement will be in trouble in the near future. Anytime markets rolls over 10X a workforce annual salary, it's clearly an imminent collapse somewhere, banks know this. The only part that is unknown is how much of our real estates was sold outside of Canada. If millionaires are sitting in other countries, inflating prices in Canada, then we have truly sold Canada, there is nothing left for our kids to built and prosper.

 

[Frankiedoodle]

All I can say is, thank goodness have a permanent roof over my head. However I wish my son's family did. I may end up with roommates.

 

[Walter]

My dad always told me his rule of thumb was don't buy a house worth more than four times yer yearly income.

 

[gerryh]

Common sense tells us that our kids cannot afford to buy these hugely inflated homes in Canada. Some of these bungalows around Toronto; I would never have bought, they are small and worth about $ 100,000 in a fair, sane world. Our kids are not making more money than us, so how can they save for a decent downpayment (unless they live in our basements with spouse & kids for a few years). The ones going ahead and buying with the minimum requirement will be in trouble in the near future. Anytime markets rolls over 10X a workforce annual salary, it's clearly an imminent collapse somewhere, banks know this. The only part that is unknown is how much of our real estates was sold outside of Canada. If millionaires are sitting in other countries, inflating prices in Canada, then we have truly sold Canada, there is nothing left for our kids to built and prosper.

Really, hmmmmm, strange.


I just bought my first house ever..at 57. We decided that we wanted to do it, saved the down payment in a year, and bought a house. My daughter bought a condo in Vancouver 3 years ago, she's in her early 30's. My second youngest bought a condo here in Calgary, he's 25. My youngest will have his down payment and will be buying a condo, he's 21.

So, basically, I call bullshyte to your comments.

 

[pgs]

Really, hmmmmm, strange.


I just bought my first house ever..at 57. We decided that we wanted to do it, saved the down payment in a year, and bought a house. My daughter bought a condo in Vancouver 3 years ago, she's in her early 30's. My second youngest bought a condo here in Calgary, he's 25. My youngest will have his down payment and will be buying a condo, he's 21.

So, basically, I call bullshyte to your comments.

Like wise bought my first at 53 didn't have enough dough until then .

 

[gerryh]

Like wise bought my first at 53 didn't have enough dough until then .

We could have bought a lot sooner, but our priorities were different. Once we decided to buy, we put our mind to it, made it the top priority and did it.

 

[pgs]

We could have bought a lot sooner, but our priorities were different. Once we decided to buy, we put our mind to it, made it the top priority and did it.

Again likewise .

 

[Curious Cdn]

My dad always told me his rule of thumb was don't buy a house worth more than four times yer yearly income.

That's pretty much impossible in most places in Canada, now. If you can't do that, DO NOT buy anything else on tick. Your un-paid for house is not an ATM. A Honda Civic will get you there just as well as a BMW. Visa is not cash. That yearly March Break vacation is not a "right".

A lot of my Oakville neighbours are going to be in big, big trouble, I would say.

 

[Danbones]

Something else to consider:
Many of these houses are framed then sheeted with drywall on both sides:
One sheet of plywood in the corner of an outside wall to keep it square
and water goes right through bricking...
So what kind of investment are these planned obsolescences?

 

[Remington1]

Really, hmmmmm, strange.


I just bought my first house ever..at 57. We decided that we wanted to do it, saved the down payment in a year, and bought a house. My daughter bought a condo in Vancouver 3 years ago, she's in her early 30's. My second youngest bought a condo here in Calgary, he's 25. My youngest will have his down payment and will be buying a condo, he's 21.

So, basically, I call bullshyte to your comments.

57 hey,! That's how we'll have to keep our kids? yikes!!

 

[Nick Danger]

Many of these houses are framed then sheeted with drywall on both sides:
One sheet of plywood in the corner of an outside wall to keep it square and water goes right through bricking...

Is that true? Is there actually a building code in Canada that allows drywall to be used as exterior sheathing?

 

[Danbones]

Is that true? Is there actually a building code in Canada that allows drywall to be used as exterior sheathing?

http://www.americangypsum.com/products/exterior-gypsum-sheathing
( water RESISTANT like a timex watch ....and we all know you don't even sweat on water resistant)

I framed north of TO, in Barrie (a tornadoe ally to boot) for some years
and both developers I framed for did it that way.
It not completely exterior because of the brick or siding...and there is the typar wrap...

Sometimes we had to piece the dry wall on because it had been rained on while the package sat in the mud of the yard.

Framers don't normally (IMHO should never) ever see a sheet of board eh?

 

[Nick Danger]

Exterior Gypsum Sheathing | Products | American Gypsum
( water RESISTANT like a timex watch ....and we all know you don't even sweat on water resistant)

I framed north of TO, in Barrie (a tornadoe ally to boot) for some years
and both developers I framed for did it that way.
It not completely exterior because of the brick or siding...and there is the typar wrap...

Sometimes we had to piece the dry wall on because it had been rained on while the package sat in the mud of the yard.

Framers don't normally (IMHO should never) ever see a sheet of board eh?

Well there ya go. Something new everyday. I have a journeyman's ticket in carpentry and cut my teeth in residential construction and the only thing I saw that went away from the tradition stick-frame and plywood was a few forays into concrete core styrofoam blocks. Granted I've been out of that game for a few years, Doc says I have FNS* in my knees.

(*Fukkin Near Sixty)