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And once again, for about the 20th time, we are told there is a "Canadian" real estate bubble where in fact, there is a Toronto and Vancouver bubble and surroun

And once again, for about the 20th time, we are told there is a "Canadian" real estate bubble where in fact, there is a Toronto and Vancouver bubble and surrounding bedroom communities. I know they dont care much, but theres an entire country outside of those two metropolis but welcome to western Canada, where you can buy a very decent 3 bedroom home in Calgary for 400k and and only have to save up for 2.5 years. Very reasonable indeed.

cmrdporcupine 6y ago
The difference is that this has shifted a whole bunch in the last year. And you have to put Alberta aside because its economy is so tied to oil prices that real estate there took a major hit that it's only really bouncing back from now. (And in a big way, just saw articles this morning about the seller's market in Edmonton. FWIW I grew up there and have family there, so I keep my eye on thing) But with the COVID situation people are moving all over, and smaller communities in rural or small town southern Ontario (like my own) are being hit with real estate practices that used to be just confined to Toronto. Things going way over list, blind bidding, unconditional offers no inspections, rural places that would normally sit for 4-5 months (because of the complications of selling a rural place) off the market in a week, etc. Towns like London and Windsor that have had depressed real estate markets for a long time are suddenly hot. Forget about places like Collingwood that might be considered luxury lifestyle places by some. And then it's spreading out of Ontario; I've seen articles about the Nova Scotia real estate market starting to go crazy as people from Ontario are buying things there sight unseen, etc. Have to admit, we've looked ourselves. Why not work remote from NS? It's super nice there. And forget about B.C. Last year we were browsing homes in Squamish as it was still "relatively" affordable relative to Vancouver. Prices seem a good 30-40% higher than when we looked a year ago. Interior BC is off the charts and not just in Kelowna where it's always been pricey. I've been watching various ski town (Golden, Revelstoke, etc.) prices for a while. They've gone bonkers over the last year. Friends of friends sold their acreage here in Ontario recently (for a ridiculous price) and relocated to Vancouver island hoping to cash out and get out; reportedly they found it really hard to find a place in Victoria and got caught in multiple bidding wars. Buyers in Toronto and Vancouver have Stockholm syndrome in regards to the real estate market. They are used to practices that were just not a thing elsewhere in the country. And as they leave the city they're bringing those practices (and their frankly unethical real estate agents...) with them...

cmrdporcupine 6y ago

The difference is that this has shifted a whole bunch in the last year. And you have to put Alberta aside because its economy is so tied to oil prices that real estate there took a major hit that it's only really bouncing back from now. (And in a big way, just saw articles this morning about the seller's market in Edmonton. FWIW I grew up there and have family there, so I keep my eye on thing) But with the COVID situation people are moving all over, and smaller communities in rural or small town southern Ontario (like my own) are being hit with real estate practices that used to be just confined to Toronto. Things going way over list, blind bidding, unconditional offers no inspections, rural places that would normally sit for 4-5 months (because of the complications of selling a rural place) off the market in a week, etc. Towns like London and Windsor that have had depressed real estate markets for a long time are suddenly hot. Forget about places like Collingwood that might be considered luxury lifestyle places by some. And then it's spreading out of Ontario; I've seen articles about the Nova Scotia real estate market starting to go crazy as people from Ontario are buying things there sight unseen, etc. Have to admit, we've looked ourselves. Why not work remote from NS? It's super nice there. And forget about B.C. Last year we were browsing homes in Squamish as it was still "relatively" affordable relative to Vancouver. Prices seem a good 30-40% higher than when we looked a year ago. Interior BC is off the charts and not just in Kelowna where it's always been pricey. I've been watching various ski town (Golden, Revelstoke, etc.) prices for a while. They've gone bonkers over the last year. Friends of friends sold their acreage here in Ontario recently (for a ridiculous price) and relocated to Vancouver island hoping to cash out and get out; reportedly they found it really hard to find a place in Victoria and got caught in multiple bidding wars. Buyers in Toronto and Vancouver have Stockholm syndrome in regards to the real estate market. They are used to practices that were just not a thing elsewhere in the country. And as they leave the city they're bringing those practices (and their frankly unethical real estate agents...) with them...