3 ms·

Home owners will be happy to hear this. Not yet home owners like me are screwed because rents to damn high and I can’t afford to save up for a down payment. Sor

Home owners will be happy to hear this. Not yet home owners like me are screwed because rents to damn high and I can’t afford to save up for a down payment. Sorry bud.

jollybean 5y ago
They shouldn't be though. What they don't realize is that the 'step above' them is getting way out their ability to move into, and they're getting stranded in the tranche they are in. It's a big new problem with globalism that needs to be addressed.
jamal-kumar 5y ago
I like not living in Canada anymore. It's depressing to think about how it got, but I've just stepped aside for a long while now and whenever I visit I'm just kind of shocked at how it doesn't get any better and instead just increasingly worse.
- ant6n 5y ago
  What place could possibly be better?
  - coldacid 5y ago
    I've heard a lot of good things about Idaho.
  - jamal-kumar 5y ago
    I prefer tropical climes now.
onion2k 5y ago
It's good for home owners in the short term. In the long term it means everyone will spend more on housing, which limits the amount they can spend on everything else, which doesn't really help anyone.
- tgv 5y ago
  Indeed. I had to move, and while I could sell at a high price, I had to buy at a high price in a frenetic market. This screams for regulation.
syshum 5y ago
Unless you own more than one home, or want to extract your equity as debt then increasing housing prices are paper wealth you will never be able to realize until death. Why. Because while your home went up, so did everyone else's, you still need a place to live so if you sold your home you could only buy another home that was of equal value to your current home thus making it is net transfer not a gain...
- nemo44x 5y ago
  Yeah it’s called “being in the market”. But you do realize it as you downsize one day when you don’t need as much space, etc. you can also move to a new market so maybe you lived in or near a major city at one point and want to move elsewhere - there’s a good chance your gains from one market can cover all costs in another. For instance people moving from the Bay Area to Austin, Portland, and Boise.
- tejohnso 5y ago
  > or want to extract your equity as debt Pretty tempting to do just that when your house value doubles in 5 years and you're left with six figure equity with near zero interest rates, in an investment market that is manipulated to avoid any serious correction or recession. Personally, I prefer to avoid debt, but the past ~20 years has been a perfect environment to maximize leverage in home equity and invest it into more real estate, or the stock market.
monkeynotes 5y ago
It's not good for home owners at all. As property prices go up my property taxes also go up, but my salary does not. It's not like I can sell up and make a pile of cash, I'd have nowhere to live or have to buy again in the same market. And worse, if you buy into this hot market and then inflation crushes it with rising interest rates then I risk being underwater and looking at refinancing with numbers that I can barely afford. The market is fantastic for investors though. A property portfolio delivering 30% growth in a couple of years whilst also grabbing sky high rents or AirBnB sure looks tempting. It's a good time to start a disruptive turnkey property management business.
- coldacid 5y ago
  At least it doesn't put us underwater on our mortgages, though. But yeah, I'm definitely not looking forward for my next property assessment. I expect I'll end up paying at least another 25% on top of my current property taxes, simply because every house around here now goes into bidding wars.

Home owners will be happy to hear this. Not yet home owners like me are screwed because rents to damn high and I can’t afford to save up for a down payment. Sorry bud.

jollybean 5y ago

They shouldn't be though. What they don't realize is that the 'step above' them is getting way out their ability to move into, and they're getting stranded in the tranche they are in. It's a big new problem with globalism that needs to be addressed.

jamal-kumar 5y ago

I like not living in Canada anymore. It's depressing to think about how it got, but I've just stepped aside for a long while now and whenever I visit I'm just kind of shocked at how it doesn't get any better and instead just increasingly worse.

ant6n 5y ago
What place could possibly be better?
- coldacid 5y ago
  I've heard a lot of good things about Idaho.
- jamal-kumar 5y ago
  I prefer tropical climes now.

onion2k 5y ago

It's good for home owners in the short term. In the long term it means everyone will spend more on housing, which limits the amount they can spend on everything else, which doesn't really help anyone.

tgv 5y ago
Indeed. I had to move, and while I could sell at a high price, I had to buy at a high price in a frenetic market. This screams for regulation.

syshum 5y ago

Unless you own more than one home, or want to extract your equity as debt then increasing housing prices are paper wealth you will never be able to realize until death. Why. Because while your home went up, so did everyone else's, you still need a place to live so if you sold your home you could only buy another home that was of equal value to your current home thus making it is net transfer not a gain...

nemo44x 5y ago
Yeah it’s called “being in the market”. But you do realize it as you downsize one day when you don’t need as much space, etc. you can also move to a new market so maybe you lived in or near a major city at one point and want to move elsewhere - there’s a good chance your gains from one market can cover all costs in another. For instance people moving from the Bay Area to Austin, Portland, and Boise.
tejohnso 5y ago
> or want to extract your equity as debt Pretty tempting to do just that when your house value doubles in 5 years and you're left with six figure equity with near zero interest rates, in an investment market that is manipulated to avoid any serious correction or recession. Personally, I prefer to avoid debt, but the past ~20 years has been a perfect environment to maximize leverage in home equity and invest it into more real estate, or the stock market.

monkeynotes 5y ago

It's not good for home owners at all. As property prices go up my property taxes also go up, but my salary does not. It's not like I can sell up and make a pile of cash, I'd have nowhere to live or have to buy again in the same market. And worse, if you buy into this hot market and then inflation crushes it with rising interest rates then I risk being underwater and looking at refinancing with numbers that I can barely afford. The market is fantastic for investors though. A property portfolio delivering 30% growth in a couple of years whilst also grabbing sky high rents or AirBnB sure looks tempting. It's a good time to start a disruptive turnkey property management business.

coldacid 5y ago
At least it doesn't put us underwater on our mortgages, though. But yeah, I'm definitely not looking forward for my next property assessment. I expect I'll end up paying at least another 25% on top of my current property taxes, simply because every house around here now goes into bidding wars.