HawthorneVillager.com

Maybe its all you had, alot of people went out to eat, had a nice car and cable 30 years ago. Chances are if your parents didnt do the above, either due to funds not available or just plain cheap, the kids wont do it either for same reasons.
The bigger factor is housing was much cheaper in relation to wages back then, Hence mom staying at home and only requiring one car. One wage was enough, now 2 are required for those wanting to live in a 700k house.

This one is from another post but I figured Dabills might enjoy it:

http://www.moneysense.ca/2013/03/20/can ... live-2013/

Check out the stats by City:

Milton
Average house price $ 432,883
Years to buy a home 3.98
Average household income $ 108,825
Average household net worth $ 509,553

Doesn't look like Milton is running with those "National" sub-50k household incomes always reported in the bubble fear articles.
Also of interest is that net worth is over and above the price of the house (I am assuming NET worth excludes mortgage debt)

Casually clicking through other places in the GTA yields similar results:

Newmarket
Average house price $ 413,688
Years to buy a home 3.85
Average household income $ 107,353
Average household net worth $ 422,139

Vaughan
Average house price $ 604,432
Years to buy a home 5.05
Average household income $ 119,598
Average household net worth $ 813,708

What is funny is that Toronto has far worse stats than above (probably sheer number of people skew the results -- but that should be a lesson in looking at stats)

Toronto
Average house price $ 515,775
Years to buy a home 5.64
Average household income $ 91,464
Average household net worth $ 539,392

I'm sorry, but nowhere here do I see a tale of "majority of home owners under water and at risk"
Now how valid these stats are, who knows.

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http://business.financialpost.com/2013/ ... =6282-5114

Finally some more positive changes -- This is what the government should be doing -- not dictating rates.

No more securing 20%+ down mortgages to make them more attractive to investors. A practice that ONLY benefited the banks and not home owners OR taxpayers.

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Ok so, I did do the extreme, but even if you look at the money we spend on vacations, and how many times a year we go away. I think there is a big difference, we spend a lot of money that our parents would have been putting towards their mortgage.

I am just saying, if interest rates do go up, we have plenty of places to take money from, if needed to pay our mortgages.

Just went into RBC yesterday and negotiated a 2.89% 5 year fixed rate. Didn’t even have to try that hard. This whole thing with Flaherty dictating rates is a joke. All the banks are offering these low rates, so he only seems concerned if they get advertised. It’s political BS.

Peaks of last summer reached, and slightly exceeded in some cases. Buyer activity slowing down slightly from Feb/Mar, but all still going well. Supply Slightly up, Demand slightly down, but no impact from that yet. see my comments from the late fall re: spring - there are small signs of that right now, exactly what I expected, but I hope it doesn't have any lasting impact.

All looks good, until you hear me say otherwise

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Good article. Bonus points for calling the Montreal market a 'gong show'. What a train wreck in the making!

http://theeconomicanalyst.com/content/canadian-housing-and-economic-trends-good-bad-and-ugly

GTA March 2013 New Home Sales:

High Rise: 1,120 sales; down -47% from March 2012
Low Rise: 973 sales; down -47% from March 2012
Total New Homes: 2,093 sales; down -47% from March 2012

Land sales crash 45%

http://www.theglobeandmail.com/report-o ... e11479718/

"The Greater Toronto Area has just posted a record decline in sales of land for future residential developments, suggesting that home and condo builders are reacting to the decrease in housing sales by tempering their appetite for new construction.

Investments in such land fell 45 per cent from the fourth quarter of last year to the first quarter of this year, according to new data from RealNet Canada Inc."

If you read the article it sounds more like builders can't find land to build on.. which explains why the low rise segment prices are still going UP UP UP at an incredible rate. 10.9%.



I know in Milton Mattamy is not building new houses because they are fighting with the town over levies.

I know where I am in Simcoe County, the town is not releasing water allotments to the main builders. They want to build 7,000 homes and the town is only offering 1,000 permits. Again, as a bid to get the builders to pony up more money for infrastructure first.

This is clearly due to lack of serviceable land for low rise. It is also explained by the massive gap in prices in the high rise sector, an area where they don't experience the same issues (any parking lot of row of 1960s homes can become a condo).

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Sorry dtc but Mattamy already has an agreement in principle with the REGION regarding development charges along with the other Boyne Survey builders. The full agreement should be completed by June. The first phase allocation request by the four builders is 8000 homes. The second phase of 7000 homes east of #25 should be coming in a few years after 75% of the first phase is built possibly between 2016-2019. The builders are estimating building about 2600 homes a year every year from about 2016 to 2023 to complete the Boyne survey south to Britannia road from Tremaine to James Snow Parkway for 50,000 new residents along with the 20,000 new residents in the intensification areas in the pre 2003 area of Milton for an estimated population of 238,000 people (100,001+ now) by provincially approved regional official plan before the year 2031. The Province is working on the Amendment 2 area of the Places to Grow plan for the years 2031-2041 projecting an additional 230,000 people for Halton (mostly Milton and south Georgetown) which regional council unanimously opposed until there is sufficient provincial infrastructure in place to serve existing residents.

http://webaps.halton.ca/news/mediashow. ... 8-09-12-00

Meanwhile Mattamy received the site plan alteration permit last week to start work on the Patterson farm pending the approval of the rezoning and site plans possibly later this spring for 436 homes between Cedar Hedge Road, Trudeau Drive and James Snow Parkway. Also understand they are working on the details to complete the detached homes on both sides of Yates Drive just north of Louis St. Laurent Blvd.

Here is the latest Town building department report for March. The monthly report with significant projects is posted monthly on the Town website http://www.milton.ca under building permit statistics. Last year was a record year for building permits with 2225 new residential permits issued the first time over 2000 homes since 2008.

http://www.milton.ca/en/build/resources/Mar2013.pdf#Alt

Please note line e) works out to an average of 7 homes a day every day in March being occupied.

Check out my letter to the editor in the Tuesday's Champion regarding the status of the Boyne Survey and Education Village.

http://www.insidehalton.com/community/m ... le/1608709

Colin Best
Local & regional councillor
Wards 2,3,4,5 North of Derry Road.
Milton/Halton

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Colin, the provincial decision for Sustainable Halton (ROPA 38) is still under appeal at the OMB correct?

Yes Kim. The hearings for the 41 appeals is scheduled for later this year for 19 weeks. Most of the appeals are in the south Georgetown area for MORE growth!!!

http://www.halton.ca/cms/One.aspx?porta ... Id=9382#38

Colin Best
Local & regional councillor
Wards 2,3,4,5 North of Derry road.
Milton/Halton

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Bump for an all-time high for both price and volume in Milton. As of May 1st, there were 250 reported sales at an average price of $462,500 in April 2013.

Deline still coming though!

LOL Right there with ya

Things have been insanely good for sellers - buyers only have a few opportunities to snag deals (look hard, they are out there...)

Many things selling in 1 - 7 days, at really good prices (some records as well)

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The annual slow down will come in July and every will start screaming the deline has come...