A Sign of a Robust Economy?

[Capt.Storm]

5 minutes ago, snopro31 said:

location location.

i just bought a property that would fetch over 5 million (could be more) in some parts of Ontario.

here....paid under 300k

And buy a car or truck and keep it nice and it will last you for a long time..fawk that leasing chit.

[XCR1250]

I bought my first home on a 2,300 acre Lake in 1966 when I was 18 and married, had it paid for by the end of 1969 then sold it in 1991 for 22.5 times more than I paid for it, had a second home willed to me and sold it around 1996 for $117,000, paid cash for the home I'm living at now, taxes are +/-$800 a year here but  the nearest Town is 23 miles away.

Edited June 26, 2016 by XCR1250

[1jkw]

9 hours ago, Capt.Storm said:

I don't think the ones in their 20's want a house.payment..that would cut into their i phone and coffee shop money too damn much.

You are right from what I can tell, we have 2 renters now I'd say late 20's, they both said MAYBE some day they would like to own a house, but liked not being tied down to 1 area or all the costs of owning a house. Our prior tenant mid 20's stayed 1 year moved f out to another rental told me the same thing.

[Cold War]

20 hours ago, Im4snow said:

The "normal" sequence keeps moving out, later into life. My generation finished college first, then maybe slow rolled into marriage and the necessary home.  Now kids are not only completing undergrad, increasingly they're going for the Master's or more.  

Can't blame them if they want to be competitive in today's job market, but it requires they push off home ownership, maybe marriage, and kids...further and further.  

But in general it seems the younger folks don't value "ownership" like their previous generations.  Personally I think ownership is critical (who washes a rental car, or takes great care of a rented apartment?) to a good community/society.   Maybe they simply can't afford to own stuff due to inflation and/or so much wealth tied up in the education (and therefore less $$ available for the tangible stuff).   Times are a changin'.  

You are right on about home owners vs renters.   You can usually tell what houses are rentals. there is or should be s certain amount of pride with owning your own piece of land.

I don't worry about costs occurred with home ownership. You have to live somewhere. So at the end of the day you might as well be obtaining an asset, instead of paying for someone else to.

We rent the building where our shop is located. In 25 years you know how many times over we have paid for that building? Us and the other businesses have made him very wealthy.

 If we stay another 25 we will still have nothing.

[racer254]

13 hours ago, Capt.Storm said:

I dunno..our house is paid for now..we may pay 8k a year for taxes ..but thats less then 700/month for 2500 sq.ft. and 5 acres.

700 a month for taxes.  Think about that.  That's why no one is buying houses. 

[Capt.Storm]

41 minutes ago, racer254 said:

700 a month for taxes.  Think about that.  That's why no one is buying houses. 

Yeah ,I know but new york is like the highest state for property taxes.

Still way cheaper then rent once a house is paid for.

Edited June 26, 2016 by Capt.Storm

[Zambroski]

49 minutes ago, racer254 said:

700 a month for taxes.  Think about that.  That's why no one is buying houses. 

Here's the "fuckery" out of all of that though; either you buy, own and pay your own property taxes. Or you rent/lease and pay somebody else's property taxes.  There just isn't a way around it and they've truly got you by the short hairs.  Income tax, sales tax and just about all others can be worked around/through/over and whittled down 'til we find what is personally acceptable.  But property?  Nope.  "You pay what they say."  ....Or else!

[ArcticCrusher]

15 hours ago, Anler said:

I was reading an article a while ago about wealthy people and home ownership. We have been brainwashed into thinking buying a home is an investment. But if you think about it, it is a money pit. With interest most people will pay for their homes 3 times before they pay off their mortgages.

And think about all of the money you spend in improvements, maintenance, landscaping, furniture, appliances, furnishings, etc... when all is said and done it is anything but an investment. 

An investment would be if you bought and then rented, because then someone else is paying for it. I don't view my home as an investment any more. It's just where I live.

I know what you are trying to say but I paid 385 for my home in 99 and it would sell today for 1.6 million.  With interest rates under 2.5% I have been waiting for the collapse for over 10 years.  Interest rates are not going anywhere for quite some time, at least here.

[ArcticCrusher]

On 25/06/2016 at 11:43 AM, soupkid said:

Home sales in most parts of canada are just retarded.

Open bidding for houses, many sold way above asking price.

home not even making it to market before being sold.

Thing I don't get is how the fuck can a 20 something couple afford a 700 k house , 2 cars, and toys.

I know what the wife and I make and it's not easy for us.

They are most likely getting help early inheritance etc.