Nearly 40% of Toronto condos not owner-occupied, new figures reveal

[Domingo Halliburton]

Won't the incoming recession make things worst, as property gets cheaper @Domingo Halliburton

Are we calling an incoming recession now?

Recessions cause capital to be cut off, so yes you could see prices fall.

Im not saying any of this will happen. I feel like I've heard about a real estate bubble in Vancouver for 10 years now.

 

[BoBurnz]

Capitalism is so efficient at allocating resources and basic needs.

 

[TrueEpic08]

Nothing new here. Talk to anyone in metropolitan Canada (Toronto, Vancouver, Montreal, etc.) and one of the first things to come out of their mouth is a complaint about foreign owned properties and rising rental costs. If you've been reading the Canadian economic press, then you've been hearing about the issues Vancouver and Toronto have been having for at least a half-decade, if not longer (of course, the Angeleno in me wants to scoff at them, but it is bad news all around). All the makings of a housing bubble waiting for the right conditions to pop.

If anything, I'm shocked a non-Canadian news outlet is paying attention to it.

 

[Uitomy]

Capitalism is so efficient at allocating resources and basic needs.

Can this even be called capitalism at this point? Whole point of it is to make money in a free market and keep the stream going not choke itself out on its own supply till everything implodes on itself. shyt is ridiculous

 

[Professor Emeritus]

This should be illegal TBH.

Watch how affordable housing would be once the "investors" were forced to stop making a living off of the fact that families can't afford to buy a home.

 

[ogc163]

Ironic. Remember how Canda's bank balance sheets were so clean back in 2008 and they were the good role model. Not sure what happened but karma is going to be a bytch.

 

[Robbie3000]

I'm going to Carabina next weekend and there were tons of ABnBs available in the downtown area. The owner doesn't live in the AirBnB that I ended up getting.

 

[analog]

The homeownership culture/fear of getting priced out is real. Plus the constant influx of immigrants looking to put down roots, and ease of foreign ownership will continue to drive demand.

Folks screaming about this for damn near a decade and politicians are steady . Can't imagine a damn thing changing.

 

[thatrapsfan]

I'm going to Carabina next weekend and there were tons of ABnBs available in the downtown area. The owner doesn't live in the AirBnB that I ended up getting.

Airbnb likely removed 31,000 homes from Canada’s rental market, study finds

 

[NkrumahWasRight Is Wrong]

My condo has to be owner occupied

 

[ORDER_66]

My condo has to be owner occupied

 

[It is a mystery]

Vancouver was notorious for this bullshyt and now it's spreading to other major metropolitan areas of Canada
The rest of the country and the Govt is :imsleep: though

 

[JLova]

money laundering

Don't be silly. I and many friends own properties that we don't live in. This is more propaganda.

Canada lets just about anybody in....especially from Asia. It's harder for them to get full citizenship in the US, so they come to Canada. You an get full citzenship in as little as a year. Then you look at the cost of living, the TAXES on top of TAXES on everything and low wages, folk feel the need to make money other ways.

 

[JLova]

My cousin drove me to a complex outside Toronto and the whole place was a ghost town but it’s all owned dystopian shid

Don't push that ghost town onsense. We aren't like China where we have entire communities that are unoccupied.