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[GandiBaat]

The market over there is different. I would do exactly the same in Ireland as renting is in demand. So, I would buy the property, rented out, and get someone to pay for it. After that I would sell it etc. however as a normal person in EU it is extremely difficult to do that. In US or Canada if you buy the condo for rent it is for rent - it is business. You would not simply buy another condo and leave it empty waiting for it to get up in the value.

Here is the fun part : Rents are somewhat regulated. Meaning if you have a long term renter, you cann't expect rent to grow. 1.5% was growth for 2021 and 2020. What a lot of people do is to offer their investment houses as AirBnB. This is illegal actually, since its not even their primary residence. But then its Canada.

 

[slavicgirl]

This is why you should buy a house when you settle down with your love hahah

...who earns more than 4K CAD net per month (taking into account ImpatientKangaroo's wise 3rd advice )

 

[seadrag0n]

Take a huge big monster loan that you hopefully be able to pay until you are seventysomething. Your one and only asset will be your house and you won't be able to help your kids buy one

One of the big reasons why people are not having children. Housing will single-handedly lead to the extinction of human beings which is good for our planet.

 

[dxdroid]

Take a huge big monster loan that you hopefully be able to pay until you are seventysomething. Your one and only asset will be your house and you won't be able to help your kids buy one

You are wrong here a bit. You cannot get a mortgage for longer than 30 years I think. As I said it, not many people will be able to afford 2mln CDN.
Buyin and renting is not a bad idea if you know what you are doing and you are kind of save. Obviously you need to ahve a backup plan for some time if you will not be able to rent this out but it is a risk that you are taking. If I will have the option believe me I will do exactly the same.

 

[slavicgirl]

You are wrong here a bit. You cannot get a mortgage for longer than 30 years I think. As I said it, not many people will be able to afford 2mln CDN.
Buyin and renting is not a bad idea if you know what you are doing and you are kind of save. Obviously you need to ahve a backup plan for some time if you will not be able to rent this out but it is a risk that you are taking. If I will have the option believe me I will do exactly the same.

I didn't know that it is limited to 30 years. In Sweden the maximum is 105 years..
Still anything beyond 10-15 years is a huge risk.

 

[slavicgirl]

One of the big reasons why people are not having children. Housing will single-handedly lead to the extinction of human beings which is good for our planet.

but at the same time it is very very sad if someone wants kids but can't have one due do not being able to afford a property to securely raise a child..

 

[GandiBaat]

You do not understand something here. It will not be people from that island that will buy these houses but some people from different regions of Canada that are wealthy. I can see this happening in EU is well, in the region were few years ago house prices were very low and today they are crazy. As I said it, more people are willing to move to different, nice regions etc. and are willing to pay crazy money for it.

Actually, given the population of Canada (just 38 million), there is NO dearth of beautiful places to live here. Each God damned street is postcard picture perfect. Issue is something else.

94% of land is what is called "Crown land" in BC. Meaning it is public land not available for residential purpose. And government never wants to release any part of it. There is a lot of politics behind it.

And then they cry, there is no land, there is no land.

Calgary, for instance, has reserved a big chunk of land for residential purposes and so there is very rational growth in house prices.

Then there are stupid NIMBYism : Morons will not allow smaller (by smaller I mean 2000-3000 Sqft) lots for single family accomodation. Or allow duplexes. Or townhouses. What you get is an articially proped up market that is Canada.

 

[dxdroid]

...who earns more than 4K CAD net per month (taking into account ImpatientKangaroo's wise 3rd advice )

when you consider two people then it is a bit of money. It all depends of what is your occupation, do you ahve your own business etc. We cannot just compare people etc. each of us is making our own decissions, we might do different things, we like different things, we have different hobbies, different jobs etc. etc. etc. If you want to have more you have to start looking for it and do something about it It is entirely different market in North America...

 

[GandiBaat]

One of the big reasons why people are not having children. Housing will single-handedly lead to the extinction of human beings which is good for our planet.

Its Japan all over again. Everyone and their mother NEEDs to live in Tokyo or Osaka. House prices are SKY high. Home ownership is desired to have kids. By the time a couple buys a home, there are fertility or stress related issues = no kids = not enough people to take the burden of old.
Fortunately for Canada, they can import people... for now that is.

 

[dxdroid]

...who earns more than 4K CAD net per month (taking into account ImpatientKangaroo's wise 3rd advice )

4k $ Net is around 65/70k a year.

 

[seadrag0n]

but at the same time it is very very sad if someone wants kids but can't have one due do not being able to afford a property to securely raise a child..

Just the reality of our times and there are reports that this trend is catching up even in developing countries.

 

[slavicgirl]

4k $ Net is around 65/70k a year.

It is very probable that I can reach that. Lucky me my butt wouldn't get kicked out by my partner

 

[GandiBaat]

Just the reality of our times and there are reports that this trend is catching up even in developing countries.

My own kid has signs of autism (though he is doing okay, we got him checked out). I believe it is due the fact that we had him in our 30s. Autism is fairly common around here.

 

[dxdroid]

It is very probable that I can reach that. Lucky me my butt wouldn't get kicked out by my partner

It all depends what you are doing. I mean we cannot blame someone that his job is paying him XXX XXX $ - most peopel are working hard before they will reach that level. Nothing is impossible, you just have to work hard for it and stop saying that I will never be able to have this or this.

 

[dxdroid]

My own kid has signs of autism (though he is doing okay, we got him checked out). I believe it is due the fact that we had him in our 30s. Autism is fairly common around here.

Hopefully he is ok Kids are the most important.