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I live in a suburb of Toronto, Ontario, Canada. This morning I awoke and went to the balcony as I do daily. Lo and Behold, across the street I see this Realestate sign advertising "New Condos" selling for $600 K plus.
I had to ask myself; "What kind of idiot" would be willing to pay that kind of money to own a glorified Apartment, especially since that price does not include yearly taxes, or, maitainence fees, or hydro and water, nope not even cable.
Granted, you get a Mortgage for twenty-five years, big deal and you still have all the other monthly bills, and that doesn't include the billing for your car payments, car maintainence,gasoline, car insurance, home insurance, food clothing entertainment etc. that we all have to deal with.
Is housing affordability getting out of control
I don't think affordability is gone, I think they just have to accomadate for all of the people out there who feel good about blowing a ton of money on a home. Affordable homes are everywhere in this market. However there will always be the high end properties to make the rich feel good.
It was only 3 years ago, I remember seeing similar ads in my area only the prices for condos was in the $200 K range. is it possible for triple the value in the same area within 3 years? OR is it some property developer looking for a get rich quick scheme and some suckers to buy in at his pricing?
I'm in USA and since the housing market crashed it seems many developers are actually raising prices to try to recover from the loss they took. I don't know how the market is there in canada. The last house I sold through a developer actually sold at 150 % of its actual worth. That's crazy when there are so many forclosures on the market. But sadly some are uninformed and make decisions to buy based on emotions rather than using their brain.
Dave my thoughts exactly. For the past 15 years I always wondered why are housing prices so high. It takes longer for people to buy a home now if they don't have a lot of money. I cannot see paying $500K for a tiny condo in a downtown area. I think there are people that have a lot of money and don't think anything of it to plunk down that kind of money.
I also always wondered why banks charge more than 2% interest on a 30 year loan. Even at 2% they stand to make a big profit. Greed perhaps???
Dave these people for several reasons dink this kind of money in an apartment and they feel good about it. Some have no one to leave the money . Others want to show they have the most expensive pad on the block; others have so much money they don't know what to do with it all
I may be revealing my age but I can remember when you could afford to buy a nice house for ten grand working for minimum wage.
I still believe it is the Asians coming to Canada that have more money than brains.
You should see the lines ups in the consulate offices for both Canada and the U.S. to get visa's to our country.
Whenever I went into the consulate office I was almost always the only Canadian there. Many come to hide thier money.
It is a shame Canada and the U.S are selling out.
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