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People don't want to spend the kind of money they would need to in order to get a 900 sqft bungalow at Toronto land prices. They would rather a 1400 sqft townhouse. If both cost $600k, which would you choose to buy, the 900 sqft bungalow or the 1400 sqft townhouse?
600 k gets u a 500 - 600 sq ft 1 bedroom apt in vancouver. A 1400 sq ft TH about 1.2m.
 

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For $1.2M you could get a two story home more than twice that square footage on a large waterfront lot where we live in Ontario!
There's your answer: if you want to live in a 900 sqft bungalow, move to where the jobs aren't! Easy!
 

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People don't want to spend the kind of money they would need to in order to get a 900 sqft bungalow at Toronto land prices. They would rather a 1400 sqft townhouse. If both cost $600k, which would you choose to buy, the 900 sqft bungalow or the 1400 sqft townhouse?
The 900 square foot bungalow. because I would own the land and no shared walls or roof.
 

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Some homes in my neighbourhood have sold for 50% more than they did just 3-4 years ago.
the 500,000s are now going for 7-800. The $1million ones from 2017-2018 are going for for 1.4-1.6. Just crazy. Don‘t even see a “for sale” sign......a “sold” sign just appears.
 

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... FWIW, my house is over 3x the size of the one I grew up in.
Interesting ... both my houses were/are about one third smaller than the first house I grew up in (a two storey).
With five kids, it was getting chaotic so my folks moved out into the country to a larger bungalow which my houses were/are about one quarter smaller.

I guess I missed the memo about going larger. :)


Cheers
 

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Interesting ... both my houses were/are about one third smaller than the first house I grew up in (a two storey).
With five kids, it was getting chaotic so my folks moved out into the country to a larger bungalow which my houses were/are about one quarter smaller.

I guess I missed the memo about going larger. :)


Cheers
Me too... I don't know anyone who is living in a larger house than they grew up in.

You always hear about this, but it doesn't seem to reflect the average person's situation. However, it seems that the upper middle class is driving some home size increases at the high end of the market, and the rest is likely driven by multi-generational immigrant homes. Neither of these situations reflect typical wage earners with one or two kids, childless couples, or singles. Most singles and young couples are pushed into condos that keep getting smaller and more expensive.
 

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My brother and I are definitely smaller.

I'd guess my sister's first house was in between the two houses I was alive to know that my parents owned. The second house is likely equal to my parent's bigger house, despite four less people.

One cousin is smaller while her sibling is larger but nothing outrageous.

Another cousin's house is a bit smaller than her parent's house was.


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600 k gets u a 500 - 600 sq ft 1 bedroom apt in vancouver. A 1400 sq ft TH about 1.2m.
That sounds about right, based on a 2 bedroom condo my friends just bought. Basically the price is roughly $1k per sq ft.

It's amazing how much easy financing conditions distort the housing market. Imagine that I only have 40k to invest in stocks. So like a genius, I go and buy 600k of stocks where I am borrowing 560k. Everyone would call this insanely stupid, of course.

And yet, we actively encourage average Canadians to do the same things with houses. It's reckless and I think it's going to destroy the economy, once it unravels.
 

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That sounds about right, based on a 2 bedroom condo my friends just bought. Basically the price is roughly $1k per sq ft.

It's amazing how much easy financing conditions distort the housing market. Imagine that I only have 40k to invest in stocks. So like a genius, I go and buy 600k of stocks where I am borrowing 560k. Everyone would call this insanely stupid, of course.

And yet, we actively encourage average Canadians to do the same things with houses. It's reckless and I think it's going to destroy the economy, once it unravels.
I hear various people saying this is like the roaring 20's And we know what happened in 1929 followed by the 30s. "Oh but this time it will be different" ... Lol.

With govts everywhere especially Canada telegraphing to people its ok to spend spend spend, it's free money and that govt ( of all stripes) dont care about debt and deficits, its individuals just following the leaders.
 

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With govts everywhere especially Canada telegraphing to people its ok to spend spend spend, it's free money and that govt ( of all stripes) dont care about debt and deficits, its individuals just following the leaders.
Individuals are just doing what the rules permit them to do. I think the government could start by requiring minimum 20% or 25% downpayments, so that it's not even possible to buy a house with a smaller downpayment.

5% down shouldn't be allowed, it's insanity.
 
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