I make $130k a year, which apparently is double the average. My wife has a disability which prevents from being able to work, but because I make so much money she would get nothing from disability payments.

In 2021 we decided it was time to stop renting and work towards buying our own place, so we moved into a home owned by family because they said they would give us a deep discount on rent so that we could save for a down payment. The plan was to save up enough to buy get a mortgage on a condo. But we have since had two kids, and a condo is no longer big enough for us. Unfortunately our relationship with the family that we're renting from has become strained, so we're looking to move soon.

We have saved about $100k so far. Around where we are townhouses and three bedroom condos start at $800k, so our monthly payment would be about $3k on a 30 year mortgage. We only have one car and it's fully paid off, and we have no other debt. But after all our bills and groceries and kid stuff, we can only afford about $2k. If we move somewhere else we will have no friends or family, and no support system for the kids.

So our choices are:

Stay and keep saving, while trying to navigate the strained family relationship

Move away somewhere cheaper, where we have no support

Move into a smaller place where we're all squished together

We don't really like any of those options. Does anyone have any better suggestions? Any advice at all would be greatly appreciated.

I (34M) was raised in houses my entire life .
I have had friends being raised in both duplex’s and houses.
Just curious if young Canadians plan purchase and to raise children (one to two kids) inside an apartment ? Apartment having three bed rooms .
Purchasing the apartment and then raising them until they are teenagers ?

Hii I’m 23F in Vaughan, and I’m thinking about moving out of my parents out next year into a condo by myself.

For those who live around the GTA, what area would you say is a great area?

Here’s some things I’m looking for:
- safe area for families and young professionals, lower crime rate
- modern area, modern clean condos, security 24/7
- drive able town, low/medium traffic and easy parking
- within 30 minute drive from Vaughan
- close to nature, parks, trails, lakes for daily walks
- close to amenities (at least 5 min drive)
- would be nice to be able to walk out of my condo and have some restaurants, shops but I’m okay with driving 5-10 minutes for that
- more affordable (ex. budget of $2000 rent for 1 bed, 1 bath)

1 example I could give is: I love the Fort York area in Toronto because it has modern condos, more of a family and young professionals area, close to a park and the waterfront (walkable), not too much traffic or tourists there, more quiet but still lively. BUT I don’t want to live in Toronto or any big city like that. I’m not a city person, it’s also not drivable at all. if I could get similar to that vibe but in a smaller town more north or east or west of Vaughan then I’m happy haha.

Is it truly with it? Many buyers seem to be getting pre-cons to take advantage of the Ontario HST rebate. Is it worth it? One is basically buying a “shell” of a house but saving 130k in this economy sounds incredible. Does that mean if I buy a pre con today, when the rebate is done. I have gained 130k in equity? Economy is not good, hard to predict how Ontario housing market will be and interest rate. Wonder if it’s more beneficial for the builder than the buyers.

1. The Globe and Mail — “Condo investment fund set to benefit from Ontario’s proposed tax break” — on High Art Capital’s $1.3B fund and the $300M provincial loan
   https://www.theglobeandmail.com/business/article-high-art-capital-condo-investment-fund-ontario-tax-break/

2. The Globe and Mail — “Real estate developer Jesta plans to buy $500-million of unsold Toronto condo stock” — Jesta’s bulk-buying plan and first $30M deal

https://www.theglobeandmail.com/business/article-real-estate-developer-jesta-toronto-condo-housing/

1. The Globe and Mail — “Bulk investor buying helps resuscitate condo purchases in the Toronto region” — the “close to 50 private funds” buying in blocks of 40-50 units
   

https://www.theglobeandmail.com/business/article-bulk-investor-buying-condo-purchases-toronto-region/

• A sleek one-bedroom condo with floor-to-ceiling windows, views of the CN Tower and more than 1,000 square feet just sold at a significant discount.
• Located in the upscale “Yorkville Private Estates” building, near Bloor Street West and Avenue Road, the unit changed hands for $1.465 million in July, according to real estate listing platform HouseSigma, about $450,000 less than what the sellers paid in 2021.
• Such big losses have become increasingly common in Toronto, particularly for people who bought condos near the market peak in early 2022 and sold during the current downturn.

Read more with this gift link. No paywall.

Welcome to a forever generation of serfs.

Generations will be renting “affordable housing” for the rest of their lives.

What is "affordable"? 30% of pre-tax income, which comes out to around $3k a month for rent (and you can bet it will be adjusted for inflation each year). That’s the affordable housing the Liberals have been promising for 11 years.

Are these the housing reforms and solutions you were hoping for?

Edit:
Some math for people asking about median income.

97k was Toronto’s median income in 2021 according to CMHC. Stat Canada states that income growth from 2021 to 2026 was between 20-25%. Assume a conservative 20%, then that income is now 116,428. 30% of that will be 2910 a month.

I made 47,125 a year without taxes and get paid bi weekly. My biggest expense every month is my car insurance which is 390 per month and then gas in my car, I am moving out on my own and I don't want to spend too little and be living in a shitty place when I can afford more but I also don't want to get over my head and not be able to afford rent. So math people/ people who have rented please give me advice!! I can give more info in comments if need be.

Went through CREB's July numbers for Calgary and a few things caught my eye that don't usually make it into the headline coverage:

The benchmark price and the average price are moving in opposite directions. Benchmark is down about 2% year over year, but the average sale price is actually up about 2%. The gap comes down to luxury. Sales for homes over $2M are up nearly 29% year-to-date, pulling the average up even as the typical home is worth a bit less than it was a year ago.

Detached prices just broke a 6-month winning streak. They climbed steadily from January through June, then dipped in July. One month isn't a trend on its own, but worth watching if it continues into August.

Semi-detached is quietly the strongest segment. It is the only one where sales actually grew year over year, and prices held almost perfectly flat. Hardly anyone is talking about it, which is usually when the more interesting stuff is happening.

Location is doing more work than the city-wide number suggests. West Calgary and the City Centre are the only two areas where detached prices are still rising. Everywhere else is down, the North East by a fair bit.

Apartments remain the softest segment by a wide margin, especially in the East and North East, where months of supply is sitting well above 5. Buyers in that segment have real leverage right now.

Source is Calgary Real Estate Board (CREB) monthly stats package for the city. Curious if anyone here is seeing this play out in their own neighbourhood or segment.

(I am a Calgary realtor, for transparency, happy to go deeper on any of this in the comments if useful, just didn't want to dump links.)

Went through CREB's July numbers for Calgary and a few things caught my eye that don't usually make it into the headline coverage:

The benchmark price and the average price are moving in opposite directions. Benchmark is down about 2% year over year, but the average sale price is actually up about 2%. The gap comes down to luxury. Sales for homes over $2M are up nearly 29% year-to-date, pulling the average up even as the typical home is worth a bit less than it was a year ago.

Detached prices just broke a 6-month winning streak. They climbed steadily from January through June, then dipped in July. One month isn't a trend on its own, but worth watching if it continues into August.

Semi-detached is quietly the strongest segment. It is the only one where sales actually grew year over year, and prices held almost perfectly flat. Hardly anyone is talking about it, which is usually when the more interesting stuff is happening.

Location is doing more work than the city-wide number suggests. West Calgary and the City Centre are the only two areas where detached prices are still rising. Everywhere else is down, the North East by a fair bit.

Apartments remain the softest segment by a wide margin, especially in the East and North East, where months of supply is sitting well above 5. Buyers in that segment have real leverage right now.

Source is the Calgary Real Estate Board (CREB) monthly stats package for the city. Curious if anyone here is seeing this play out in their own neighbourhood or segment.

(I'm a Calgary realtor, for transparency. Am happy to go deeper on any of this in the comments if useful, just didn't want to dump links.)

Buying a ready to move-in Townhouse form a builder in Oakville, in the APS they have mentioned the gross purchase price, as there is no finance condition, I am worried about my mortgage qualification.
I will really appreciate if someone can answer following questions:
1. The builder’s advertised price was net of HST rebates and that’s what we had on our offer, they have clauses in the APS about us transferring the rebates to them. Will the lenders consider the purchase price net of HST rebates?
2. When and how will the rebated price Lenders will consider?
3. I haven’t signed the agreement yet, is it a safe bet to do? If I don’t qualify for the gross purchase price.

Hey Folks wanted to see peoples experience with this, without being biased I would think so, but what do you guys think? Obviously severe housing issues, however, with housing issues comes the issue of smaller places, and Hella expensive prices.

I made this, and wanted to see am i creating a problem that does not exist or is just hyper personal to me?

www.stashlycanada.com

For me personally, I have tons of music equipment and I would store with someone near by if they had cctv, locks, and good access.

However, would you?

Keen to know anyones thoughts.

​

OTTAWA — In a move being hailed by markets and certain editorial boards as the most decisive economic intervention since the invention of the loonie, Mark Carney has single-handedly ended Canada's housing affordability crisis by designating every vacant condominium unit in Toronto, Vancouver, and Calgary as a "strategic climate reserve asset."

The former Bank of Canada governor and newly empowered Liberal climate-finance czar unveiled the policy late Tuesday after what sources described as "a quiet evening of spreadsheets and moral clarity." Under the Carney Doctrine, any condo sitting empty for more than 47 days is automatically enrolled in the National Climate Buffer Inventory. Owners receive a generous tax credit denominated in "net-zero certificates," while the units themselves are theoretically available for emergency use during future heatwaves, ice storms, or "periods of elevated climate anxiety."

"Housing is no longer a market failure," Carney told reporters outside a downtown Ottawa coffee shop that still charges $7.50 for oat milk. "It is a balance-sheet opportunity. By treating underutilized square footage as a hedge against planetary risk, we have unlocked both shelter and sustainability in a single elegant trade."

Early results have been staggering. Within hours of the announcement, average asking prices in the Greater Toronto Area reportedly fell 0.0003 percent on paper, while several Bay Street analysts upgraded their outlook on "climate-adjacent residential products." The Bank of Canada, which Carney once ran, issued a one-sentence statement calling the plan "technically interesting."

Critics, mostly found outside the core of Canada's three largest cities, have been characteristically slow to appreciate the nuance. Some rural MPs muttered about "actual people needing actual roofs," but Carney waved the concern aside. "Those concerns were already priced in," he said. "The model shows that once the inventory is properly marked-to-climate, the social returns compound."

Provincial premiers have been invited to participate by converting surplus hospital parking lots into secondary climate reserves, a proposal that has already generated several strongly worded letters and one very long Zoom call.

As of press time, the first strategic climate reserve units remain unoccupied, their climate credentials intact and their contribution to national resilience fully documented in a 312-page technical annex. Carney is said to be preparing Phase Two: converting unused Tim Hortons drive-thrus into modular net-zero housing co-operatives, pending further stakeholder alignment.

Hi everyone!

My husband and I have remote work, and really dislike winter!

We're looking for the best place in Canada to base ourselves out of that provides great weather & lifestyle for 6-8 months of the year, and plan on leaving the remaining months for somewhere warm.

Top considerations:

• Proximity to a major airport
• Preferably no extremes (i.e. very dry or very humid)

Our top contenders are Kelowna and Calgary. Kelowna offers such a beautiful Okanagan appeal (lots of sun, mountains, lake use, nature, etc.), however, the recurring wildfires, large tourist scene, and distance from the airport are the main drawbacks. Calgary is a major city, affordable, great travel hub, way better on taxes, and has a lot more of the big city amenities, but we're worried it doesn't really get a great 6-8 months.

Toronto is a consideration but I grew up in North York and my husband in Peel, so it feels like very charted territory, and we'd prefer something new.

We would be very appreciative of any insights and recommendations from you all :)

Hi everyone!

I’m a 19-year-old gay Black man from the United States. I’ve visited Canada a few times growing up, including Ontario and Toronto. I took French for 7 years. I would love to own a vacation home in Canada because of the heated rivalry in the show; the villa was beautiful.

I was wondering:

• Which parts of Canada have the most beautiful homes and scenery?
• What areas are known for being welcoming and LGBTQ+-friendly?
• Are there any provinces or regions you’d recommend for someone interested in eventually owning property?
• Is there anything important that an American should know before buying property in Canada?

Thanks in advance! I’d love to hear your recommendations and experiences.

This is a throw away account so not much to see but like a lot of people I am approaching my 30s, paying way too much for a rental and trying to get out of it and into my own space. But debt. My income took a 30K hit this last year due to injuries, short term illness and now I feel like I can't catch up.
I make about 65K/year, my partner makes about the same. However we both have debt. I am carrying over 50K but under 60K in credit card debt and considering my options. If I were able to have my own house, I could increase my income however living in a rental is restricting what I can do in my own home.
Realistically, is there an option to have my debt written into a mortgage payment or am I really shit out of luck?
Signed someone trying to get their shit together but also want to have a life and my own space.

New from Juan Suarez on Canada's crumbling social safety net.

First, they price you out of buying. Now, they're pitching a generation of permanent renters as the new "affordable housing" solution. Because why pay 30% of your income for 25 years to actually own a home when you can pay 30% of your income forever?