In Canada these days, anyone with a detached home is automatically classified as Super Rich (even their “shack” is located in a rough neighborhood).
Those who own condos are technically “Property Slaves”. Well, it looks like condo buyers are not likely be able to afford anything else and gotta retire with whatever shoexbox they may own (averaging $600,000 for a decent 700 square feet in Toronto). That also provided they can keep themselves employed forever … Don’t forget maintenance fees of most condos are constantly escalating at 10% or so every year (even for new condos that hardly require any real maintenance) … Search for things like “Every Condo is Potentially A Fraud” and “The Khan Condo Scam” etc. if you have no idea what is happening.
As for those renting still … I am sorry, renting could be the only option you may have forever.
Alternatively, you may want to consider to move to Detroit or perhaps outposts in some other Fourth, Fifth, or whatever else World. Forget about the Third World, chances are you can’t afford any home in the Third World either eg. apartments in Hong Kong already costs as much, if not more than those in elite Manhattan, New York … A 600 square feet “low class” flat (those with undies hanging on bamboo pole sticking out of the window like the one depicted below) will set you back about US$1 million bucks each.
Cost of home ownership
The record price gap between detached homes and condos in Toronto may well have an interesting impact on the housing market.
As The Globe and Mail’s Tara Perkins reports, that gap has now hit a record $222,149, based on a RealNet measure that shows the cost of a low-rise home in the Toronto area has reached $658,938, compared to a condo at $436,789.
“Eight years ago you could have bought both a low-rise and high-rise property for the price of the former today,” senior economist Sal Guatieri of BMO Nesbitt Burns said today.
“Land constraints have driven detached home prices higher, while smaller unit sizes have dampened condo demand.”
This could bolster the condo market and, at the same time, keep a lid on the cost of a house.
“Going forward, the large premium on detached homes should push more buyers into the condo market, where sales are down 18 per cent from a year ago, thereby stemming the upward pressure on detached home prices,” Mr. Guatieri said.
(For Mr. Guatieri’s research, see accompanying infographic or click here.)
Detached home in Toronto posh neighborhood suffers a wardrobe malfunction, sorry, I mean massive price drop.