Unveiling Toronto’s Money-making Potential: Forex Trading And Mining Guide

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Unveiling Toronto’s Money-making Potential: Forex Trading And Mining Guide – Welcome to this month’s Dear. Answer tough real estate questions from your followers. This month, I’m helping find future housing in the City of Toronto, which is tackling affordability issues. This is one of the most common issues I’ve been asked to discuss in recent years. Today, “affordable housing” (meaning lodging that you can rent for 30% of your gross income or housing that costs less than a dollar more than you have (yes, just kidding)) is shrinking relative to the rest of the world. I am. Housing supply in Toronto. Given the reality of the housing crisis and the promises made and opinions expressed on the issue, it is important to be informed and know the facts.

Rising interest rates and rising prices for commodities have made Toronto real estate prices skyrocketing, making people increasingly worried that their homeownership dreams may not come true. We know the City of Toronto is taking some steps to increase housing supply to make it affordable, but what exactly is being done? And will it be useful?

Unveiling Toronto’s Money-making Potential: Forex Trading And Mining Guide

Unveiling Toronto's Money-making Potential: Forex Trading And Mining Guide

First, the permanent withdrawal from the housing market is due to the fact that current annual income and current savings are not sufficient to purchase affordable housing that is in an accessible location and meets the spatial requirements and needs of the family. I have a lot of empathy for people who think they’re being shut out. . About two-thirds of Canada’s 10.5 million households (2021 Census data) own a primary residence (in fact, the majority of them owe creditors in the form of a mortgage or his HELOC). ), one-third do not own it. And among the households that don’t, at least one of her householders has no interest or desire to own a home in a certain percentage.

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As a real estate agent, let’s say you don’t meet many people who don’t want to own their own home. I’ve met some of them and they were lovely people. However, I have no idea how large the pool is in some of these groups.

3.5 million households. But whatever its size, the Canadian government has indoctrinated generations to want homeownership as a biographical right to the Canadian dream (“Why homeownership, despite the high cost?”). Will it remain a priority for Canadians? At least, that’s what I expect. Millions of families want to own their own home. And for many Toronton/Ontarians/Canadians living their daily lives now, the lens through which they view the world is rising mortgage rates, escalating inflation, and the imminent threat of food and fuel shortages. It is a lens that has. For this reason, many question how they can meet their daily living expenses, let alone climb the wealth ladder.

The Housing Pricing Task Force report, published in February 2022, recommends building 1.5 million homes over the next 10 years to address the mismatch between supply and demand. is not a villain we can blame or punish, is he? That’s why we’ve been trying to hold foreign buyers/money launderers and investors/speculators accountable for years. Both contribute to the problem, but more peripherally. This may lead you to wonder what is being done to create this supply. And does it work?

While affordability is a hot topic, especially when it comes to housing, and has been (seriously) for decades, the term needs some background. This is especially true in the current market.

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The cost of living is rising rapidly. Statistics Canada reported this month that inflation hit its highest level in nearly four decades at 7.7%, well above the general target of 2%. There are many reasons why this is happening. These include disruptions to global supply chains due to COVID-19, the BOC’s decision to cut interest rates during the pandemic and pump cash into the economy through quantitative easing, and Russia’s invasion of Ukraine. When inflation spikes, governments respond by raising interest rates. As a by-product of that,

The cost of living will rise, but consumers’ purchasing power will fall. It also invites volatility and evaporation of wealth. The 10% real estate premium that sellers received in February and March has disappeared, and real estate values ​​are falling. Stock prices have plummeted by about 20 percent this year, leaving a trail of uncertainty that further darkens our economic picture. And unfortunately, our housing crisis, where affordability is relative, will get even worse.

It’s not just house prices that are driving inflation (though they certainly contribute). Consumer goods, food, and gas are all taking a big bite out of our collective wallets. And this is on top of already maxed-out mortgage households in the name of home ownership, especially in the city of Toronto. In fact, years of living in an ultra-low-interest-rate environment have allowed homeowners to pile on debt and pay large sums to buy a home, making us “affordable.” This has given rise to a mistaken understanding of what “price” is.

Unveiling Toronto's Money-making Potential: Forex Trading And Mining Guide

The 0.25 percent pandemic interest rate was implemented to ensure sufficient stimulus to the economy by encouraging Canadians to borrow more. And it did, but the byproduct was soaring inflation and a red-hot real estate market. Despite what Bank of Canada Governor Tiff Mackrem said in July 2020, “Our message to Canadians is that interest rates are very low and they will stay for a long time.” . The BOC responded by raising rates in March 2022 for the first time in five years, followed by two recent rate hikes and pledging more. First, a Canadian never thought that by “a long time” he meant 21 months. And few Canadians thought the real estate market would flip like a switch. So it pains me to think that those who took Mr. Mackrem’s word and bought a lot of real estate were the ones most at risk of losing their fortunes. The changes that are coming are alarming and alarming.

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I was there when the Toronto real estate bubble burst in 1989, which I share in When Home Dreams Become Nightmares: Recollections of the 1989 Toronto Housing Market Crash. , along with the majority of realtors, there are also two generations of buyers and sellers. – no one noticed

The real estate market, like the stock market, can be volatile, especially with the speed of change in sentiment.

The actual index of affordability is set in relation to our income. And past generations, when inflation was high, when interest rates were high, housing and household debt were a much smaller share of household income. I wrote about this in 2015 in a post called Dear Sir: Interest Rates in the 1980s and Now. Even then, household debt (thanks to huge mortgages) was substantial compared to house prices and incomes. But now, seven years later, the ratio is significantly out of order.

Things will only get worse as mortgage rates continue to rise. This Financial Post article, “Post-Haste: Home Affordability Falls Worst Since 1994,” based on the National Bank’s Housing Affordability Report, has the following statistics for the first quarter of 2022:

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“In Toronto, average home prices rose 7.2% quarter-on-quarter to $1,231,944 since Q4 2021. This means an average down payment of $246,389, compared to current households in Toronto. Based on your income, this will cost you $336.” Months to save. And in Toronto, mortgage payments accounted for 75.6% of household income, up 8.1% from the previous quarter. ”

Here is another article based on the same report. The title of that article is dramatic, but it’s not entirely wrong -> “What It Takes to Buy a Home in Canada’s ‘Soul Crushing’ Housing Market.”

Now, let’s get back to the concept of affordability. This article from the Toronto Sun, “What does Affordability Mean?” CMHC defines mortgage payments as less than 30% of pre-tax household income. This refers to the Canadian Loan report, which shows that Canadian households are generally 30% above that, and even more for Toronto.

Unveiling Toronto's Money-making Potential: Forex Trading And Mining Guide

That’s a scary trajectory. This is exactly the housing (and “affordability”) crisis, and we need to try even bigger and bolder solutions. That’s why we look to governing bodies for policy solutions when our pockets are empty. It is no longer an individual problem, but a collective problem.

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But as we all know, Doug Ford campaigned massively, promising to aggressively increase housing supply in order to make housing more affordable. And quite interestingly, Ontario Prime Minister Doug Ford said in his provincial election victory speech on June 2, 2022:

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