They also contribute to our cost of living. China’s millionaires buy so much property in places like Toronto that the cost of housing has become unattainable for a lot of normal people. I bought my house in a fairly small city for 260 less than 5 years ago. It’s worth 350 now. I am ok and know I will be ok. It’s my kids I am most worried about.
Yep I agree. I hear they tried to slow that down by putting on a tax to non Canadian owners, I know they did that in BC, then I heard they got greedy and decided to tax even Canadian outside province owners. My parents live in penticton.
In 2000 in Edmonton I bought a 1954 house that needed work for $121,000, sold it 4 years later for $200,000, then bought a 2004 house in Heritage hills in Sherwood park fir $292,000 and thought, damn I’ve hit the big time, lol. I left Edmonton in 2008 and sold that same house, mind you I did finish the back yard with retaining walls, made the deck bigger and put hardwood in some of the carpeted areas in the house, but sold it for $669,000. If I had sold 2 months earlier the real estate agent told me I would have got around $800,000. The sale had no conditions, and it sold in 4 days.
Then I moved to Kingston and bought a 1973, and damn looked like not a thing we done since 1973 house for $232,000 and the same not very well redone ones in my neighbourhood are selling fir $400,000 plus. We are getting all the retired Toronto and Ottawa people moving here and boosting our house prices. Plus a lot are being bought for investments. These houses are not worth $400,000.
I’m not moving again. My house is completely rebuilt except the shell. But we added insulation on the outside before putting up board and baton or new siding. My house is so overbuilt for the neighbourhood, but I will not pay these housing prices and take on a mortgage. Same reason why I won’t buy a new truck. $80,000 seriously?