Is there some kind of massive property bubble in Canada?

[jalaram]

Houses near Boston (even 30-45 min away) are also crazy expensive.

Unfortunately, I'm going in the wrong direction. From inexpensive NH to that super hot market of Mississauga/Oakville. I don't need to worry about commuting since I'll be working from home, but I need space for the kids and a home office.

 

[Eug]

Toronto is insane expensive. I just spent 5 weeks in Yorkville (most expensive spot in Toronto)

Condos there range from like 500K-15M...

Could not imagine living there, more so, what I would have to do for a living if I lived there!

I paid a lot for my place, for what I could get it for in some smaller towns. Housing prices around here suck.

Consider yourself lucky. London, ON is very inexpensive compared to the GTA.

If I moved to London, my pay would be the same, but my house would cost half as much.

However, I don't want to move to London either.

thats fucking crazy.

It is, but to be fair, there's some cherry picking going on there. If you get the crappiest house in a very expensive neighbourhood, it's gonna be well over $1 million. But the house itself is worthless. You're paying the land value. Neighbouring houses may go for $4 million.

What happens is somebody buys a house in 1960, and then lives there for 50 years. In the meantime the price of the neighbourhood has gone up hugely, and most of the homes there get updated to multi-million-dollar homes, while this one shack stays as-is for half a century. When that person finally croaks, somebody buys it and tears down the house to build a new one.

 

[Tommy2000GT]

There is a huge bubble in the San Francisco Bay Area. I'm waiting for the bubble to burst before I buy anything.

 

[Eug]

There is a huge bubble in the San Francisco Bay Area. I'm waiting for the bubble to burst before I buy anything.

The bubble already burst there.

I wonder how long the new bubble will take to re-inflate to critical mass, cuz you are still way lower than the previous bubble peak.

 

[KMFJD]

Consider yourself lucky. London, ON is very inexpensive compared to the GTA.

If I moved to London, my pay would be the same, but my house would cost half as much.

However, I don't want to move to London either.

Given the choice i'd pick London, Ontario everytime....just for the commute to work, cheaper mortgage doesn't hurt

 

[silverpig]

Yeah I'm paying a lot of rent to live downtown in Toronto, but I can walk to work if I want.

Gonna be moving to London (UK) soon so I don't expect it to get any better over there

 

[Dirigible]

The bubble already burst there.

I wonder how long the new bubble will take to re-inflate to critical mass, cuz you are still way lower than the previous bubble peak.

According to Zillow, my town has now slightly exceeded the peak of the previous bubble, which was hit in late 2005.

 

[Red Squirrel]

Looking at those prices reminds me why I live in the north. Though even here the houses arn't that cheap, but at least they're affordable. Mine was 165k, it's worth 220kish now.

 

[pmv]

Yeah I'm paying a lot of rent to live downtown in Toronto, but I can walk to work if I want.

Gonna be moving to London (UK) soon so I don't expect it to get any better over there

Yeah, London (UK) is a bit pricier than London (Ontario)

e.g.

http://www.dailymail.co.uk/news/art...North-London-sale-250k-advertised-studio.html

or

http://www.independent.co.uk/proper...-broom-cupboard--yours-for-89000-8190499.html

 

[Eug]

So, the Economist's ratings for the most livable cities are out:

http://www.cnn.com/2013/08/28/travel/melbourne-most-livable-city/

Top 10 most livable cities (unchanged in 2013 from 2012):

1. Melbourne, Australia, 97.5
2. Vienna, Austria, 97.4
3. Vancouver, Canada, 97.3
4. Toronto, Canada, 97.2
5. Calgary, Canada, 96.6
5. Adelaide, Australia, 96.6
7. Sydney, Australia, 96.1
8. Helsinki, Finland, 96.0
9. Perth, Australia, 95.9
10. Auckland, New Zealand, 95.7

Worst: Damascus, Syria

 

[n7]

It's pretty retarded.

Even in Edmonton it's kinda silly IMHO.

Too many people rich from oil money = house pricing stupidity, though it's nowhere close to as bad as Vancouver, etc.

 

[mmntech]

Looking at those prices reminds me why I live in the north. Though even here the houses arn't that cheap, but at least they're affordable. Mine was 165k, it's worth 220kish now.

Can't even get a townhouse here for that my friend. I was seriously eyeing a 600sq-ft condo for $200k as the maintenance fees were low. Actually, I don't even think it was that big, come to think of it.

Despite the prices being high, they're still in high demand. Pretty much the only thing driving Toronto's economy at this point. Every time I go downtown, there's a new tower gone up. All the detatched homes they're building out here start at a half mil. They're just ripping up all the farm land like no tomorrow to build more and more subdivisions. Really destroyed my home town.

All the affordable stuff is either out in Niagara or Kitcherer way. I could do Niagara. Co-worker bought a decent detached home out there for $250k. Commute wouldn't be too bad but it would be a lot longer. More gas.

The problem with being single is you pretty much need a dual income to buy anything anymore. I've thought about renting but rent isn't much cheaper. Nobody's building rental units anymore. It's all condos. The ones that do exist are either in really ghetto areas or in somebody's basement.

 

[mikegg]

The bubble already burst there.

I wonder how long the new bubble will take to re-inflate to critical mass, cuz you are still way lower than the previous bubble peak.

Lol no! Bay Area housing prices have equaled or exceeded bubble prices.

 

[Colt45]

Bigtime bubble, even in backwater regions.

This is the city of Regina, sask. It's about 125mi north of the ND and MT border... Shit weather (-40 isn't rare), One of the top contenders for highest violent crime in the country, claiming #1 some years.

Nope... no bubble there. "solid fundamentals".

 

[Red Squirrel]

Can't even get a townhouse here for that my friend. I was seriously eyeing a 600sq-ft condo for $200k as the maintenance fees were low. Actually, I don't even think it was that big, come to think of it.

Despite the prices being high, they're still in high demand. Pretty much the only thing driving Toronto's economy at this point. Every time I go downtown, there's a new tower gone up. All the detatched homes they're building out here start at a half mil. They're just ripping up all the farm land like no tomorrow to build more and more subdivisions. Really destroyed my home town.

All the affordable stuff is either out in Niagara or Kitcherer way. I could do Niagara. Co-worker bought a decent detached home out there for $250k. Commute wouldn't be too bad but it would be a lot longer. More gas.

The problem with being single is you pretty much need a dual income to buy anything anymore. I've thought about renting but rent isn't much cheaper. Nobody's building rental units anymore. It's all condos. The ones that do exist are either in really ghetto areas or in somebody's basement.

Yeah it's pretty crazy. You pretty much have to be a high end CEO or something if you want a house there. As much as I hate the weather here, I'll stick to the north. :biggrin: The half mil+ houses here are mansions in the rich part of town, that's where all the doctors and lawyers live. Actually Steve Sullivan has a house in one of those areas, though I think he sold it.

 

[Tommy2000GT]

Lol no! Bay Area housing prices have equaled or exceeded bubble prices.

Yep. Bad loans drove the previous housing bubble. Now investors and foreign people with cash are driving the current bubble. I don't know how long they can sustain this. But it can't be any much longer.

 

[Eug]

This suggests you still have a ways to go before reaching the previous San Francisco peak.

I agree doubling in 4.5 years is nuts though.

 

[sdifox]

Yeah it's pretty crazy. You pretty much have to be a high end CEO or something if you want a house there. As much as I hate the weather here, I'll stick to the north. :biggrin: The half mil+ houses here are mansions in the rich part of town, that's where all the doctors and lawyers live. Actually Steve Sullivan has a house in one of those areas, though I think he sold it.

I used to own a house in Toronto, all paid off. :whiste:


now I am in Markham with a 200k mortgage again :\

 

[Dirigible]

This suggests you still have a ways to go before reaching the previous San Francisco peak.

I agree doubling in 4.5 years is nuts though.

That's for the entire "bay area", which is far larger than what I consider the bay area, which in turn is larger than the desirable spots in the bay area.

From your link: "Some communities in the heart of Silicon Valley -- Cupertino, Palo Alto, Burlingame and Menlo Park -- are back to near or above the prices they hit before the last bubble burst."

So while I can't disagree with your overall statement for the bay area, the areas I care about are at or above the previous bubble peak, and your use of the term "San Francisco" is misleading when used with the article you linked. I'm just glad I already own my house, because I couldn't afford it now. As I said in a previous post, my town is above the prices reached during the previous bubble.

 

[mikegg]

This suggests you still have a ways to go before reaching the previous San Francisco peak.

I agree doubling in 4.5 years is nuts though.

Bay Area has many cities. San francisco is just one of them. Some cities in the Bay Area haven't reached bubble prices yet while the more prominent cities have clearly surpassed bubble prices.