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Investors account for 30 per cent of home buying in Canada, data show

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Re: Investors account for 30 per cent of home buying in Canada, data show

#51

Post by plastic3169 »

collaborative wrote: post #23
bugglebeetle wrote: post #12

Earlier quoted context omitted.

If there’s an affordability housing crisis at the level of Canada, where home prices are so wildly out of whack relative to median incomes, it’s IMO entirely reasonable to ban the purchase of investment properties in the single family homes market for anyone . This will never happen because of the political backlash, but housing as a speculative asset is fundamentally insane and corrosive to societies. Housing afford…

A person I know of outstanding moral character (has adopted 3 kids) boasts about voting against any development in his area. I don't know what it'll take for people to see what you are saying

I think the problem is that people have a vote. Most people would like things to stay as it is around where they live. I feel in my country there is not so much tools for NIMBYism as people are not listened to so much. I can support better infrastructure on a city level but can’t really do much if it is decided that the train needs to run over my house.

Re: Investors account for 30 per cent of home buying in Canada, data show

#52

Post by hotnfresh »

acover wrote: post #26
ZeroFries wrote: post #7

Earlier quoted context omitted.

The federal government doesn't "hoard" land around areas where people would want to purchase a first home. The vast majority of crown land is not around any major urban centers. Canadian tech workers make way above median income levels.

Are you sure? GDP per Capita is 71k cad vs a developer salary of 87k cad. Seems pretty average. https://www.glassdoor.ca/Salaries/toronto-software-developer...

GDP per capita isn’t the right figure to compare it to.

You want median individual income, since median is what was under discussion.

Re: Investors account for 30 per cent of home buying in Canada, data show

#53

Post by cvccvroomvroom »

This is creating an artificial Tulip bulb crisis where people could live instead of these rent-seeking vampires either letting them idle or renting them on Airbnb. Pass a law that homes must be occupied by the owner at least 10% of the time or property taxes go up 900%. Creating a class of land barons and serfs doesn't bode well for the future of humanity.

Re: Investors account for 30 per cent of home buying in Canada, data show

#54

Post by likenesstheft »

SamoyedFurFluff wrote: post #43
likenesstheft wrote: post #37

Earlier quoted context omitted.

That’s a lot of people. Where are all those people going to be housed? Where will the resources for their education and gainful employment come from? Is the Canadian job market exploding with a huge amount of well paying jobs such that Canada’s children have multiple options to pick from, or will everyone be competing for scraps?

So I don’t know how much you know about economics but it’s well known that gaining an increased population of working aged adults is actually pretty good for the economy, because they generate demand (create jobs) and then also take up jobs (generate supply). Immigrants are more likely to be entrepreneurs and statistically consume less social services.

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Re: Investors account for 30 per cent of home buying in Canada, data show

#55

Post by esoterica »

bugglebeetle wrote: post #12
__derek__ wrote: post #2

> The central bank defines an investor as a buyer who took out a mortgage to buy the property while maintaining a mortgage on another home. In the US, a lot has been made about large investment companies buying up houses, but this is something different entirely: > This category represents homebuyers with multiple mortgaged properties. This means investors are homebuyers who either: > * purchase an investment propert…

If there’s an affordability housing crisis at the level of Canada, where home prices are so wildly out of whack relative to median incomes, it’s IMO entirely reasonable to ban the purchase of investment properties in the single family homes market for anyone . This will never happen because of the political backlash, but housing as a speculative asset is fundamentally insane and corrosive to societies. Housing afford…

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Re: Investors account for 30 per cent of home buying in Canada, data show

#56

Post by carom »

bugglebeetle wrote: post #22
xienze wrote: post #18

Earlier quoted context omitted.

Too many people get hung up on the “house” being the thing rapidly appreciating when in areas like major Canadian metros it’s the _land_ sitting under the house that is becoming more and more valuable as the Canadian government is importing more and more full grown adults who need housing _today_ in those major metros.

Okay, then do Georgism or some other form of land value tax. Distinction without a difference. Destroying your society for the benefit of real estate speculators is insanity, is my point.

It's funny because LVT would reward multi family investment properties while raising taxes for single family home owners.

Re: Investors account for 30 per cent of home buying in Canada, data show

#57

Post by likenesstheft »

ecommerceguy wrote: post #40
jilX wrote: post #31

Earlier quoted context omitted.

I was looking separately and I think I found where the claim comes from: > The federal government's latest immigration levels plan, released last fall, would see Canada welcome 500,000 immigrants annually by 2025. In contrast, the immigration target for 2015 was under 300,000. Then: > In 2022, Canada's population grew by more than one million people, a number that included 607,782 non-permanent residents and 437,180…

"In 2022, Canada’s population grew by an unprecedented 1.1 million people, most of them permanent and temporary immigrants." From StatCan - The Canadian Census. "alt-right" my ass. https://www.statcan.gc.ca/o1/en/plus/3861-40-million-strong-... Your CBC news link 404's.

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Re: Investors account for 30 per cent of home buying in Canada, data show

#58

Post by willsmith72 »

rwmj wrote: post #48
matt3210 wrote: post #16

Not sure about Canada, but I make way above the median in tech in California and I have zero interest in buying a home. Having a home would be a huge hassle when I look for new work every 3 or 4 years. The math shows a home in almost any area in the USA is only a financial benefit after 8 or more years of staying in that home (compared to an apartment), when taking closing costs, maintenance, large upfront interest,…

Local laws vary a lot in how much protection they give to renters. Here in the UK I absolutely wouldn't want to be renting, you have very little security and can be (legally) kicked out with a couple of months' notice in most cases. Whereas in Germany it's my understanding that renters essentially can never be kicked out unless they do something egregious, and it's usual for people to choose to rent for life.

Yep, 100% true. Have seen first-hand the difference between Germany and Australia, Australia being like the UK here.

Now that doesn't make me interested in owning a series of investment properties, but I can totally understand a family that wants the security of owning their home in the UK/Australia

Re: Investors account for 30 per cent of home buying in Canada, data show

#59

Post by sokoloff »

__derek__ wrote: post #2

> The central bank defines an investor as a buyer who took out a mortgage to buy the property while maintaining a mortgage on another home. In the US, a lot has been made about large investment companies buying up houses, but this is something different entirely: > This category represents homebuyers with multiple mortgaged properties. This means investors are homebuyers who either: > * purchase an investment propert…

It seems like it would also include people who are buying a new property to occupy as owners that will be mortgaged, while planning to later sell their existing, also-mortgaged, owner-occupied property.

Those people are not investors by any useful English-language definition, but would be counted as such by this method. This is exactly the situation we were in when we bought our current home, and anecdotally, is not uncommon when people are moving in together from previously separate, owned properties. Sellers prefer zero sales contingencies over one sale contingency and prefer one over two.

Re: Investors account for 30 per cent of home buying in Canada, data show

#60

Post by wredue »

ecommerceguy wrote: post #40
jilX wrote: post #31

Earlier quoted context omitted.

I was looking separately and I think I found where the claim comes from: > The federal government's latest immigration levels plan, released last fall, would see Canada welcome 500,000 immigrants annually by 2025. In contrast, the immigration target for 2015 was under 300,000. Then: > In 2022, Canada's population grew by more than one million people, a number that included 607,782 non-permanent residents and 437,180…

"In 2022, Canada’s population grew by an unprecedented 1.1 million people, most of them permanent and temporary immigrants." From StatCan - The Canadian Census. "alt-right" my ass. https://www.statcan.gc.ca/o1/en/plus/3861-40-million-strong-... Your CBC news link 404's.

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