11 ms·

Toronto and Vancouver have been known to be particularly bad markets though - using them as examples for all of Canada is probably a mistake.

refurb 9y ago
Toronto (GTA) has ~6M people and Vancouver (GVA) of 2.5M. That's almost 25% of the entire population of Canada!
- CosmicShadow 9y ago
  Yeah, but trying to say they represent Canada is a great way to get punched in the face from the rest of Canada! I grew up in North Western Ontario, the worst mobility region and where most people hate Toronto and if they end up moving to the "big city" it's to Winnipeg, which we can see also sucks for the most part. Living up there, yet being in the same province as Toronto and all the surrounding successful places in South Western Ontario (where I live now), makes for a bad time as everything done for the province is generally about South Western Ontario or Toronto. People live all over, it's a big and diverse country, but people only ever focus in on the big two that are practically their own worlds. Those places have insane, ridiculous housing costs. People keep moving farther and farther away, even commuting 1-2 hours just because of that, which then drives up housing costs in the next sets of cities and towns. Many other places are much more affordable.
  - petraeus 9y ago
    Try Ottawa or Montreal, I work for a national delivery service and both those areas have higher volume than Winnipeg.
- randomdata 9y ago
  Which says to me that the overwhelming majority of Canadians do not live in the GTA or the GVA. The average home price in Canada, as of May 2017, is $401,594 USD[1]. The average home price in the US, as of May 2017, is $406,400 USD[2]. Given that the latter has already gone through a correction, it seems like the current level is typical. [1] http://www.crea.ca/housing-market-stats/national-average-price-map/ http://www.crea.ca/housing-market-stats/national-average-pri... [2] https://www.census.gov/construction/nrs/pdf/uspricemon.pdf https://www.census.gov/construction/nrs/pdf/uspricemon.pdf
  - refurb 9y ago
    It says to me that 1 in 4 Canadians live in a city with an overheated housing market. The US housing market is getting close to overheated at this point. The Canadian one is already cooked.
    - randomdata 9y ago
      Exactly. 3 out of 4 Canadians are in 'normal' housing markets and have nothing of particular concern on the horizon. To frame it as a Canadian issue, where 75% of the population are seemingly unaffected, seems disingenuous. As we see from the average figures, the US market has surpassed (granted, only just) the Canadian market. If the US market is only close to overheating, Canada lags behind that.
      - refurb 9y ago
        Real estate is local. The Toronto and Vancouver markets are on the verge of/already rolling over. The US market has a few hot spots, but nothing like what Canada is dealing with.
        randomdata 9y ago
        Agreed. The Canadian market has a few hot spots where a small minority of the population live, but much like NYC and SF do not represent the US, Toronto and Vancouver do not represent Canada. Overall there does not seem to be much issue in the housing market on either side of the border.
      - mistermann 9y ago
        > If the US market is only close to overheating, Canada lags behind that. Looking at this chart, I can't see how Canada is lagging anyone. Not even sure if this includes the 30% rise in Toronto (our largest city) this year. http://www.greaterfool.ca/wp-content/uploads/2017/06/CANADA-US.png?x64811 http://www.greaterfool.ca/wp-content/uploads/2017/06/CANADA-...

refurb 9y ago

Toronto (GTA) has ~6M people and Vancouver (GVA) of 2.5M. That's almost 25% of the entire population of Canada!

CosmicShadow 9y ago
Yeah, but trying to say they represent Canada is a great way to get punched in the face from the rest of Canada! I grew up in North Western Ontario, the worst mobility region and where most people hate Toronto and if they end up moving to the "big city" it's to Winnipeg, which we can see also sucks for the most part. Living up there, yet being in the same province as Toronto and all the surrounding successful places in South Western Ontario (where I live now), makes for a bad time as everything done for the province is generally about South Western Ontario or Toronto. People live all over, it's a big and diverse country, but people only ever focus in on the big two that are practically their own worlds. Those places have insane, ridiculous housing costs. People keep moving farther and farther away, even commuting 1-2 hours just because of that, which then drives up housing costs in the next sets of cities and towns. Many other places are much more affordable.
- petraeus 9y ago
  Try Ottawa or Montreal, I work for a national delivery service and both those areas have higher volume than Winnipeg.
randomdata 9y ago
Which says to me that the overwhelming majority of Canadians do not live in the GTA or the GVA. The average home price in Canada, as of May 2017, is $401,594 USD[1]. The average home price in the US, as of May 2017, is $406,400 USD[2]. Given that the latter has already gone through a correction, it seems like the current level is typical. [1] http://www.crea.ca/housing-market-stats/national-average-price-map/ http://www.crea.ca/housing-market-stats/national-average-pri... [2] https://www.census.gov/construction/nrs/pdf/uspricemon.pdf https://www.census.gov/construction/nrs/pdf/uspricemon.pdf
- refurb 9y ago
  It says to me that 1 in 4 Canadians live in a city with an overheated housing market. The US housing market is getting close to overheated at this point. The Canadian one is already cooked.
  - randomdata 9y ago
    Exactly. 3 out of 4 Canadians are in 'normal' housing markets and have nothing of particular concern on the horizon. To frame it as a Canadian issue, where 75% of the population are seemingly unaffected, seems disingenuous. As we see from the average figures, the US market has surpassed (granted, only just) the Canadian market. If the US market is only close to overheating, Canada lags behind that.
    - refurb 9y ago
      Real estate is local. The Toronto and Vancouver markets are on the verge of/already rolling over. The US market has a few hot spots, but nothing like what Canada is dealing with.
      - randomdata 9y ago
        Agreed. The Canadian market has a few hot spots where a small minority of the population live, but much like NYC and SF do not represent the US, Toronto and Vancouver do not represent Canada. Overall there does not seem to be much issue in the housing market on either side of the border.
    - mistermann 9y ago
      > If the US market is only close to overheating, Canada lags behind that. Looking at this chart, I can't see how Canada is lagging anyone. Not even sure if this includes the 30% rise in Toronto (our largest city) this year. http://www.greaterfool.ca/wp-content/uploads/2017/06/CANADA-US.png?x64811 http://www.greaterfool.ca/wp-content/uploads/2017/06/CANADA-...