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Seattle — America's hottest housing market by CCP Money! CANADIANS PRICED OUT OF THEIR OWN COUNTRY!

1,817 views · Published 28 September 2017 · 1:14:59 · Indexed 10 November 2026

Channel: Mike Martins · 2017 · People & Blogs

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1. Vancouver — Condominiums marketed in Hong Kong
- Vancouver developer Onni Group reportedly markets condominiums at a Hong Kong property fair.
- Overseas buyers offered promotional pricing described as cheaper than purchasing in Canada.
- Discussion of the developer's 1335 Howe Street condominium project.
- You object to promotional language about ordinary Canadians being priced out.
- Concerns about local residents competing with international investment capital.
- Discussion of previous municipal enforcement involving an alleged illegal short-term rental operation.

3. Mississauga — Viewer trapped in a variable-rate mortgage
- Viewer Tony describes difficulties switching from a variable-rate mortgage to a fixed rate.
- His existing bank reportedly cannot offer the refinancing he wants.
- Two alternative lenders reportedly decline his applications.
- Discussion of total debt service ratios and mortgage qualification.
- You warn that rising interest rates could make his situation worse.

5. Toronto — Developers cancel projects
- Viewer Alvin asks about developers abandoning proposed condominium projects.
- Discussion of land assemblies and low-rise developments.
- Some purchasers reportedly receive their deposits back when projects are cancelled.
- You question whether returning deposits adequately compensates buyers.

7. Your housing affordability calculations
You present your own rough calculations of how far property prices would need to fall to reconnect with local wages.
Market Your estimated decline needed
Vancouver 77%
Toronto 61%
London, UK 58%
Australia 84%

9. Vancouver — Condo prices continue climbing
- Vancouver condominium benchmark approximately $628,000.
- Annual appreciation approximately 19.4%.
- Condo sales reportedly decline approximately 29% year-over-year.
- Rate of price growth begins slowing.

10. Toronto — Vacancy and mansion taxes
- Discussion of proposed taxes on vacant properties.
- Toronto Real Estate Board urges caution over a possible vacancy tax.
- You refer to estimates of tens of thousands of empty Toronto properties.

11. Seattle — America's hottest housing market
- Seattle home prices reportedly increase 13.5% annually.
- National average appreciation approximately 5.9%.
- Portland appreciation approximately 7.6%.
- Seattle reportedly contains 38 million-dollar neighbourhoods.

12. Oregon — Workers need 71 hours to afford a studio
- Renters struggle to afford two-bedroom apartments in 28 of Oregon's 36 counties.
- A minimum-wage worker in Portland reportedly needs approximately 71 hours of work weekly to afford a studio apartment under the report's affordability assumptions.
- Portland and Corvallis households face particularly severe affordability pressures.

13. London — Hidden youth homelessness
- Discussion of hidden homelessness among young Londoners.
- Approximately one in five young people in the UK reportedly experienced sofa-surfing during the previous year.

14. Melbourne — Nearly half of homes double in value
- Approximately 47.3% of Melbourne homes reportedly worth at least twice their purchase price.
- Comparable figure ten years earlier approximately 38.1%.
- Regional Victoria figure approximately 40.8%.
- Sydney figure approximately 48.1%.

15. Perth — Lower-income households remain priced out
- Perth median house price approximately A$506,000.
- Lower-quartile house price approximately A$405,000.
- Median rent approximately A$360 weekly.
- Lower-quartile rent approximately A$320 weekly.
- Despite declining property values, many lower-income households remain unable to purchase.

- Discussion of the relationship between mortgage rates, monthly payments and wages.
16. Australia — Interest rates and household debt
- Reserve Bank of Australia cash rate approximately 1.5%.
- Last rate increase occurred in November 2010.
- Discussion of possible rate increases during 2018.
- Higher borrowing costs could pressure heavily indebted households.
- You argue that artificially low rates have encouraged excessive borrowing.

17. Auckland — Methamphetamine contamination and housing costs
- Housing New Zealand reportedly spends approximately NZ$5.5 million on testing, cleaning and demolishing affected Auckland properties.
- Approximately 640 homes tested during the period discussed.
- Approximately 323 reportedly returned positive contamination results.
- Testing costs approximately NZ$2.4 million.

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