Affordable Rental Units?

[nepal]

The first house Kel I could afford was a very terrible little POS, with basically zero help, but we Reno’d, and upgraded a few times to end up with a respectable abode years later. Nice to see some get a helping hand, but most are not so fortunate.
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[Even Steven]

Well, parents always helped kids. Don't see what's so bad about it. That's what parents do

[2manyfords]

The first house Kel I could afford was a very terrible little POS, with basically zero help, but we Reno’d, and upgraded a few times to end up with a respectable abode years later. Nice to see some get a helping hand, but most are not so fortunate.
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I was expecting some other poster (you know who you are... ) to post that story. But...the 30% stat fell well short of the 80-90% figure that he has been trying to sell all this time.

[2manyfords]

Well, parents always helped kids. Don't see what's so bad about it. That's what parents do

Yup...but some take exception.

[The_quiet_one]

Well, parents always helped kids. Don't see what's so bad about it. That's what parents do

My parents didn’t. I was on my own.

[2manyfords]

Well, parents always helped kids. Don't see what's so bad about it. That's what parents do

My parents didn’t. I was on my own.

I was on my own as well, mostly because I didn't need the help. But wouldn't hesitate to help my kids if need be, especially in the current market.

After all, I cant take it with me when i'm gone

[The_quiet_one]

My parents didn’t. I was on my own.

I was on my own as well, mostly because I didn't need the help. But wouldn't hesitate to help my kids if need be, especially in the current market.

After all, I cant take it with me when i'm gone

Isn’t that the truth . That I agree with.
A couple years ago I started helping my kids with things
I’d rather watch them enjoy things now then not see anything after I die.

[2manyfords]

I was on my own as well, mostly because I didn't need the help. But wouldn't hesitate to help my kids if need be, especially in the current market.

After all, I cant take it with me when i'm gone

Isn’t that the truth . That I agree with.
A couple years ago I started helping my kids with things
I’d rather watch them enjoy things now then not see anything after I die.

Lol. That's a good way to look at it.
I'm still a long way (hopefully) from "departing" tho...

As far as renting goes, nothing wrong with it, for me it was short term, to get my foot in the door, until I realized I didn't like living under someone else's thumb.
But today, the prices of a simple 1 bdrm suite?? Jeez.

[one wheel]

Out of this 10 billion dollars, how many parents have co-signed these mortgages that allow their children to become first-time homeowners ?
It all works fine until it doesn't, is the bank of mom & dad prepared to make these payments if things go South ?
It's easy to say a million dollars but it's a lot of money when you have to pay it back.
The banks don't care if you've run into problems they just want their money.

[2manyfords]

It all works fine until it doesn't, is the bank of mom & dad prepared to make these payments if things go South ?

Yup. (this one anyway)

Without risk, there's no reward. There's always the possibly of "circumstances", (like Covid/employment status) but they are usually short term.

[Babba_not_Gump]

Out of this 10 billion dollars, how many parents have co-signed these mortgages that allow their children to become first-time homeowners ?
It all works fine until it doesn't, is the bank of mom & dad prepared to make these payments if things go South ?
It's easy to say a million dollars but it's a lot of money when you have to pay it back.
The banks don't care if you've run into problems they just want their money.

I co-signed for our daughter. No hesitation at all.
A year later all was good and my name was off the paperwork.

As for things going south, of course they can, but don't make it seem like it's the end of the world. We all take chances in life and with family, they come first.

And my parents? They had no money to spare but they often came up with small, meaningful gifts.

[Mark5]

We all have to realize that no matter what we try to do, on planet earth it is dog eat dog, survival of the fittest and every person for themselves. In order to be a player, you need big money. If you do not have big money you are not invited to the game. So we can cry and complain about affordable housing but in the long run, nobody really cares except those affected and a few good people who really can`t do much about it anyway. Kelowna is turning into Beverly Hills in the USA and only the wealthy and those with good paying jobs will be able to afford to live here. I recall reading a letter to the editor in the 90`s or early 2000`s from a person who had given up on Kelowna even back then. Their comment has stayed in my mind ever since. They said"the best view of Kelowna they ever had was in their rear view mirror as they were leaving Kelowna for good". Unfortunately it is not just Kelowna where this is happening though. Soon there will be no where left to go. I expect to see shanty towns springing up all across Canada soon.

[Vacancyrate]

Unfortunately it is not just Kelowna where this is happening though. Soon there will be no where left to go. I expect to see shanty towns springing up all across Canada soon.

North Bay and Whitehorse prices up +40% in a year.

It's so sad that it's funny now.

Right now in North Bay there are people suggesting to the youth of North Bay that they can't expect a North Bay 1970's fixer upper for time house (those are for rich Toronto speculators!) and that they need to lower their standards and get a job in Wawa and buy a trailer there between 3 other people.

Whatever it takes to protect their asset price!

[JLives]

We all have to realize that no matter what we try to do, on planet earth it is dog eat dog, survival of the fittest and every person for themselves. In order to be a player, you need big money. If you do not have big money you are not invited to the game. So we can cry and complain about affordable housing but in the long run, nobody really cares except those affected and a few good people who really can`t do much about it anyway. Kelowna is turning into Beverly Hills in the USA and only the wealthy and those with good paying jobs will be able to afford to live here. I recall reading a letter to the editor in the 90`s or early 2000`s from a person who had given up on Kelowna even back then. Their comment has stayed in my mind ever since. They said"the best view of Kelowna they ever had was in their rear view mirror as they were leaving Kelowna for good". Unfortunately it is not just Kelowna where this is happening though. Soon there will be no where left to go. I expect to see shanty towns springing up all across Canada soon.

Sure people can do something about it. I rent my place out for well under "market value" because I wanted a family to have a home. Sure I could collect a lot more but I also believe in building community and that's one way I can actively participate in providing affordable housing. If more people participate it will drive prices down and more people can afford to live in their communities instead of choosing greed and driving them out.

[2manyfords]

Sure people can do something about it. I rent my place out for well under "market value" because I wanted a family to have a home. Sure I could collect a lot more but I also believe in building community and that's one way I can actively participate in providing affordable housing. If more people participate it will drive prices down and more people can afford to live in their communities instead of choosing greed and driving them out.

While I agree with your sentiment, and it is commendable what you are doing for your rental, i highly doubt it is feasible for most. Certainly not an apartment building. Someone renting out a basement suite would likely have some wiggle room though, but not nearly enough to drive down the market value.

I have more than enough space that I could rent out, but after what I have endured in the past, it's not going to happen. Certainly not "well below market value". Sorry, that ship has sailed.

Now, if a family member, or close friend needed a space, I wouldn't hesitate.