stoney Posted May 9 Share Posted May 9 2 hours ago, Spiderman said: People are tearing through their savings because of cost of living. We're not rich - we're not poor- we have seen a distinct obvious difference in our "play" money over the last year and a half. Only going to get worse Hmmm, I kept hearing for years that the vast majority had no savings, living pay cheque to pay cheque..... 1 1 Quote Link to comment Share on other sites More sharing options...
Strong Farmer Posted May 9 Share Posted May 9 3 minutes ago, stoney said: Hmmm, I kept hearing for years that the vast majority had no savings, living pay cheque to pay cheque..... Not sure that's entirely true. With price of food and essentials won't be far off now. I heard tax free savings accounts are very popular with Canadians. I am sure majority have savings for a rainy day and many new Canadians send x amount home too, while reaping rewards here. Don't ask me how I know 🤣. Quote Link to comment Share on other sites More sharing options...
stoney Posted May 9 Share Posted May 9 2 minutes ago, Strong Farmer said: Not sure that's entirely true. With price of food and essentials won't be far off now. I heard tax free savings accounts are very popular with Canadians. I am sure majority have savings for a rainy day and many new Canadians send x amount home too, while reaping rewards here. Don't ask me how I know 🤣. It is "news" that has been broadcasted for years, considering the source it comes from, I think the accuracy is low...... I was being scarcastic of course though based on the doom and gloom "news" and Spidy suggesting people had savings. Regardless, poeple will always hurt and people will always weather the storm and endure the valleys of life. 1 Quote Link to comment Share on other sites More sharing options...
Strong Farmer Posted May 9 Share Posted May 9 17 minutes ago, stoney said: It is "news" that has been broadcasted for years, considering the source it comes from, I think the accuracy is low...... I was being scarcastic of course though based on the doom and gloom "news" and Spidy suggesting people had savings. Regardless, poeple will always hurt and people will always weather the storm and endure the valleys of life. Was never so easy to get a roofer. Called roofer last week said I need some shingles repaired, from wind storm. He came next day repaired that part of roof and told me front half of house needs replacing. Boss came over with quote in about 35 mins after worker phoned it in. I said ok and this week got front part of roof done. Usually takes a million phone calls and messages to get anyone to come out. Guess no one is spending money on roofs now. 2 Quote Link to comment Share on other sites More sharing options...
scottyr Posted May 9 Share Posted May 9 I called a contractor buddy about re-doing my downstairs bathroom. I asked him 18 months ago and he said it would be 6 months min before he could start it. He told me he could start the Tuesday after the Long Weekend if I wanted to go ahead with the job now. 2 Quote Link to comment Share on other sites More sharing options...
Strong Farmer Posted May 9 Share Posted May 9 15 minutes ago, scottyr said: I called a contractor buddy about re-doing my downstairs bathroom. I asked him 18 months ago and he said it would be 6 months min before he could start it. He told me he could start the Tuesday after the Long Weekend if I wanted to go ahead with the job now. 🤷🏽♂️. This roofer is top knotch. Usually takes about 4 months to get anyone to do anything including small repair. Doing my basement now too at my own place. Haven't had any trouble getting trades people when I need them. Hold up is materials now floor suppose to be here tomorrow 🤷🏽♂️. Quote Link to comment Share on other sites More sharing options...
RAMSOMAIR Posted May 9 Share Posted May 9 Many Parry Sound contractors are years out. All sooooooo busy. Yeah busy polishing their boats lol. Its so sad 1 Quote Link to comment Share on other sites More sharing options...
Strong Farmer Posted May 10 Share Posted May 10 4 hours ago, RAMSOMAIR said: Many Parry Sound contractors are years out. All sooooooo busy. Yeah busy polishing their boats lol. Its so sad Can't comment on your area. Around here you have some choices with trades people and materials. I have a few people I go too and they know they loose job if they wait too long, so they usually fir me in asap 😎. They know I pay fast too so that helps when other ones aren't paying 😎 Quote Link to comment Share on other sites More sharing options...
signfan Posted May 10 Share Posted May 10 Smart to get your projects in now. Once the feds announce the interest rate drop construction will take off again. I'd say this is the calm before the storm. For major infrastructure in the GTA we are booking jobs 2 - 3 years out still as they know finding the trades will be an issue again. Quote Link to comment Share on other sites More sharing options...
Strong Farmer Posted May 10 Share Posted May 10 6 hours ago, signfan said: Smart to get your projects in now. Once the feds announce the interest rate drop construction will take off again. I'd say this is the calm before the storm. For major infrastructure in the GTA we are booking jobs 2 - 3 years out still as they know finding the trades will be an issue again. Housing boom coming for sure especially for more affordable housing. They are putting town homes up in Kitchener and they are sold out before shovel even goes in ground. Selling town homes for 700 k ish. If you told me 15 years ago these things would be selling for 700 k I would have bought 10 units. Only low 200's then high 180's 😳 Quote Link to comment Share on other sites More sharing options...
ArcticCrusher Posted May 10 Share Posted May 10 1 hour ago, Strong Farmer said: Housing boom coming for sure especially for more affordable housing. They are putting town homes up in Kitchener and they are sold out before shovel even goes in ground. Selling town homes for 700 k ish. If you told me 15 years ago these things would be selling for 700 k I would have bought 10 units. Only low 200's then high 180's 😳 Those are starter homes. If there isn't a serious correction our kids will never get into the market and will be forever renters. Sure I'd like to make coin as well but not at the cost of our future generations. Quote Link to comment Share on other sites More sharing options...
Spiderman Posted May 10 Share Posted May 10 3 hours ago, Strong Farmer said: Housing boom coming for sure especially for more affordable housing. They are putting town homes up in Kitchener and they are sold out before shovel even goes in ground. Selling town homes for 700 k ish. If you told me 15 years ago these things would be selling for 700 k I would have bought 10 units. Only low 200's then high 180's 😳 But all these people buying town homes for 700 k - with 650k mortgages at 7% have savings................:) Quote Link to comment Share on other sites More sharing options...
Spiderman Posted May 10 Share Posted May 10 1 hour ago, ArcticCrusher said: Those are starter homes. If there isn't a serious correction our kids will never get into the market and will be forever renters. Sure I'd like to make coin as well but not at the cost of our future generations. but, can't they just dive into their 10's of thousands of dollars in savings? anyone under 30 - not living at home - and without inheritance is living cheque to cheque - the math doesn't lie Quote Link to comment Share on other sites More sharing options...
stoney Posted May 10 Share Posted May 10 7 hours ago, ArcticCrusher said: Those are starter homes. If there isn't a serious correction our kids will never get into the market and will be forever renters. Sure I'd like to make coin as well but not at the cost of our future generations. That is part of the problem, too many are now in the game to make money with no or little thought to the ripple effects that greatly affects the generation beneath them - the me, me society we have become..... Sadly, I really do not see how there is going to be that drastic a correction at this point to fix things. Quote Link to comment Share on other sites More sharing options...
stoney Posted May 10 Share Posted May 10 5 hours ago, Spiderman said: But all these people buying town homes for 700 k - with 650k mortgages at 7% have savings................:) Yes, the 50K savings used as the down payment...... Quote Link to comment Share on other sites More sharing options...
stoney Posted May 10 Share Posted May 10 5 hours ago, Spiderman said: but, can't they just dive into their 10's of thousands of dollars in savings? anyone under 30 - not living at home - and without inheritance is living cheque to cheque - the math doesn't lie I think some of the "kids" you speak of are making some pretty good coin with the jobs out there, if they were smart and willing to work......I see my nephews and their friends, some are doing okay. Not to suggest they are not living a fine line, but I think we all did until we were in what our 40's, where we started to see some "financial freedoms".....but the youger kids of today are for sure living a finer line with everything costing so much & getting some help from ma and pa. 1 Quote Link to comment Share on other sites More sharing options...
95rxl650 Posted May 10 Share Posted May 10 I'm a rock star. Didnt get paid when I was young and too old to get paid now. lol Joking aside, I've turned down 30k in work this spring just because it'll hurt too much. I also agreed to do a couple I didnt want to do just because the folks had estimates designed to empty theyre retirement savings and I'll be happy to help them out for 1/4 of previous estimates. People are throwing out crazy estimates to folks that have no where to turn and living on a budget. It's sad. 1 Quote Link to comment Share on other sites More sharing options...
Strong Farmer Posted May 11 Share Posted May 11 1 hour ago, 95rxl650 said: I'm a rock star. Didnt get paid when I was young and too old to get paid now. lol Joking aside, I've turned down 30k in work this spring just because it'll hurt too much. I also agreed to do a couple I didnt want to do just because the folks had estimates designed to empty theyre retirement savings and I'll be happy to help them out for 1/4 of previous estimates. People are throwing out crazy estimates to folks that have no where to turn and living on a budget. It's sad. That's what happens when contractors are busy. They throw out crazy estimates. Up to people to negotiate abit or find another contractor or wait. I had that happen a few times too. I just wait until they need work and amazing how much price comes down 😎. Quote Link to comment Share on other sites More sharing options...
Blackstar Posted May 11 Share Posted May 11 13 hours ago, stoney said: I think some of the "kids" you speak of are making some pretty good coin with the jobs out there, if they were smart and willing to work......I see my nephews and their friends, some are doing okay. Not to suggest they are not living a fine line, but I think we all did until we were in what our 40's, where we started to see some "financial freedoms".....but the youger kids of today are for sure living a finer line with everything costing so much & getting some help from ma and pa. I agree. I've been hearing "our kids won't be able to afford houses" since the 80's. Sure they will. Just like we did. Borrow the down payment from the parents, get in the market and focus on the long term. My wife and I didn't have any money in savings when we bought our first house. Rent was taking all our income. So that's why we bought. 2 Quote Link to comment Share on other sites More sharing options...
Spiderman Posted May 13 Share Posted May 13 On 5/11/2024 at 6:22 AM, Blackstar said: I agree. I've been hearing "our kids won't be able to afford houses" since the 80's. Sure they will. Just like we did. Borrow the down payment from the parents, get in the market and focus on the long term. My wife and I didn't have any money in savings when we bought our first house. Rent was taking all our income. So that's why we bought. The 80's, 90''s, and early 2000's and now are not even close to an apples to apples comparison - so it sounds good, but it's not reality for what is currently in place. Quote Link to comment Share on other sites More sharing options...
ArcticCrusher Posted May 13 Share Posted May 13 1 hour ago, Spiderman said: The 80's, 90''s, and early 2000's and now are not even close to an apples to apples comparison - so it sounds good, but it's not reality for what is currently in place. Yup not even close. No matter what the environment there will always be people struggling/renters. Today, that number sadly is growing. But the 80's, 90's one could easily save for a down payment on a detached home. In late 80's while both living at home, myself and my brother saved enough for a 25% total down payment on a detached home in Brampton in one year. That was enough for the rent to carry the mortgage. In fact it was so easy, we did for three consecutive years and had 3 fully detached rental homes with 25% down on each. We started this one year after graduation. If I had decided to not go to school and went into the trades, we would have likely had close to 10. There is no formula for that now. To think it's still the same today and let our kids struggle like we did is laughable. 2 Quote Link to comment Share on other sites More sharing options...
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