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Deleted member 1083629

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Unfortunately, there are only crappy and crappier solutions now. 1980s was really painful for a while... We are in a similar situation.
Yup. I really hope whoever moves to Canada will not make stupid financial decisions like buying a new car or something similar. Met a guy in 2017 who was a new PR. He bought a new Range Rover with insane APR.
 

GandiBaat

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Housing prices will never go down until it stops being treated as an only up investment. Politicians all own multiple houses and love that prices go up at the expense of others, so they come into power to protect that status quo. Liberal party of Ontario being a pure nimby group trying to reduce housing supply from being built.
Here is the trouble. A vast majority of Canada's population is OLD AF and OWNs houses.. multiple of them. We are talking primary, vacation and investment homes. And these folks will hate if prices of houses will go down. And ..... they vote.

So..... True-dough will do whatever it takes to get their votes.

The only thing that can screw his plans over is massive inflation and food price crisis. Nothing makes you more unpopular than "Single Mom can not afford to feed babies". And thats why BoC is raising rates to keep gas and hence food prices in check. Housing prices correction is a side effect. No real policies are underway to check rising housing prices.
 
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Deleted member 1083629

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Here is the trouble. A vast majority of Canada's population is OLD AF and OWNs houses.. multiple of them. We are talking primary, vacation and investment homes. And these folks will hate if prices of houses will go down. And ..... they vote.

So..... True-dough will do whatever it takes to get their votes.

The only thing that can screw his plans over is massive inflation and food price crisis. Nothing makes you more unpopular than "Single Mom can not afford to feed babies". And thats why BoC is raising rates to keep gas and hence food prices in check. Housing prices correction is a side effect. No real policies are underway to check rising housing prices.
That's a fantastic answer. Pretty much what new immigrants need to know about the current real estate market in Canada (at least, in Toronto and Vancouver).

Prices won't go down. But when/if they will, oh boy. It will be painful.
 

GandiBaat

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That's a fantastic answer. Pretty much what new immigrants need to know about the current real estate market in Canada (at least, in Toronto and Vancouver).

Prices won't go down. But when/if they will, oh boy. It will be painful.
Rents will be up.
Food and Gas prices will be brought under control.
House prices will correct but likely not crash. Two components of housing crash is lack of demand and excess supply. Right now, supply is very very constrained in major cities of canada except for Alberta. So that gives owners a lot of holding power in form of rents. It sucks to be renter right now! I know I am one. Trying to escape rentals. A mortgage taken right now will get easier with time.
 

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Yup. I really hope whoever moves to Canada will not make stupid financial decisions like buying a new car or something similar. Met a guy in 2017 who was a new PR. He bought a new Range Rover with insane APR.
One reason people live in big cities is their public transport infra....
If you are living in small cities, then I guess buying an pre-owned cheap toyota or honda is not a bad idea.
 
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Rents will be up.
Food and Gas prices will be brought under control.
House prices will correct but likely not crash. Two components of housing crash is lack of demand and excess supply. Right now, supply is very very constrained in major cities of canada except for Alberta. So that gives owners a lot of holding power in form of rents. It sucks to be renter right now! I know I am one. Trying to escape rentals. A mortgage taken right now will get easier with time.
Agree about the rents.

Disagree about food and gas prices. They will keep climbing and since they are both interconnected, one will cause an increase for other. Whether it slows down or not depends a lot on Russia vs. Ukraine situation. Don't forget; OPEC is on Russia side.

Housing prices won't crash for a while. However, they will sooner or later. However, it will require the government to step in and limit foreign investment and private equity contributions. Cannot see that happening with liberals.
 
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One reason people live in big cities is their public transport infra....
If you are living in small cities, then I guess buying an pre-owned cheap toyota or honda is not a bad idea.
Big cities have good public infra WITHIN the city. Toronto has good public transport; Markham doesn't. Waterloo is shit. Good thing about Waterloo is that Uber won't cost more than 20-30 bucks.
 

GandiBaat

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I am just imagining fighting for a condo and getting help at ER in 2025. JC, the infrastructure won't scale up with such an increased level of newcomers.
Disagree with infra part. I have been to Victoria General with an acquaintance for a MRI. They have lots of MRIs but too few staff to operate that. Surgeons have a 14 hours a day schedule. It’s maddening. What Canada needs is workers in critical areas. It has a lot of infra. In Vancouver island there is a ferry to connect it to mainland. They have staff shortage so they cancel it every now and then.

where Canada goes wrong is to enable people it brings. It basically ties their hands with crappy beauracqcy.
 
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Deleted member 1083629

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Disagree with infra part. I have been to Victoria General with an acquaintance for a MRI. They have lots of MRIs but too few staff to operate that. Surgeons have a 14 hours a day schedule. It’s maddening. What Canada needs is workers in critical areas. It has a lot of infra. In Vancouver island there is a ferry to connect it to mainland. They have staff shortage so they cancel it every now and then.

where Canada goes wrong is to enable people it brings. It basically ties their hands with crappy beauracqcy.
My guy, infra is not hardware only )) It includes people as well. The reason why there is 12-17 hours wait at ER is not because of bad hospitals or lack of those; it's because there are not enough nurses or doctors to take care of patients. So, when they will bring 500K and keep the same number of doctors, the wait times will increase and thus, "the infra won't scale up with such an increased level of newcomers".

Well, they do need to review their licensing process. Many doctors are Uber drivers in Canada. Mainly, because it will take very long time and lots of money to prove that one is able to practice medicine in Canada. This is fair, on one hand. On the other hand, something needs to be done with that, since they will literally have people dying in the lobbies. However, knowing the current government (not just liberals but also conservatives of Ontario), nothing will be done and then, **surprised Pikachu face**
 
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Deleted member 1083629

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I mean I get that Canada needs more people but this is a crazy social experiment on a wide scale lol

Canada seems to have head-start on talent which all aging western nations (besides USA) will soon be fighting for
Talent? lol. Young people are not necessarily talented )) Canada tries to bring in young people to fight the demographic crisis; whether they are talented or not, is secondary.
 
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Impatient Dankaroo

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Talent? lol. Young people are not necessarily talented )) Canada tries to bring in young people to fight the demographic crisis; whether they are talented or not, is secondary.
I guess, the govt. is a throwing a fishing net in the sea. Some will be 'real talent', others will be min wage workers. Regardless, they will all help in one way or another. Canadians are old and not particularly productive and the immigrants will basically be funding their social services
 
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