It's Not Fun Losing Money

[DudeAsInCool]

...Particularly if you are in the US Housing Market

[Shawn]

Housing prices are going crazy in Saskatoon.

People in Alberta started to notice that a decent 1200 sq foot house here would be about $120-160 K a year ago. They started coming across the border and buying up these places in droves. That same house will cost 250K today.

Rent prices are skyrocketing, for some people as much as 50%. If you live on a fixed income you just found the money you could put toward groceries and power/heating drop significantly. It has led to things like a tent city being erected in a local park this week to try and bring some attention to the fact that poor people are being made to live on friends' couches.

I've lived in this house for more than 2 years. The property has now seen 3 owners. They buy it, realize all of the stuff wrong with it and decide it would be most profitable to pass it on to the next big swinger. The house was worth a little in 40K when I moved in. He sold it for over 40K. These latest people bought it for a little under 50K. The house hasn't increased in value in a true sense. The last guy sold because he had a firm understanding after one year what was wrong and that it would need some 15-20K to fix. Once completed, the value this property can rise to has limits. It's less than 600sq feet and approx 70 years old. It's located in literally the worst neighborhood of the city. More and more issues are creeping up that require real revenue to be poured in to prevent almost total loss.

But you fuckers keep on buying them up. This will never sour.

I actually spoke to the guy that bought the house next to me about the crime. He paid too much for a house but felt sure it would be profitable because in major cities housing this close to the city center would be even more pricey. I said that the crime in this area prevents that. His reply was to say that was all going to change soon.

WTF? Are you planning on throwing on some spandex there my friend? The crime is going to stay right here because this is where the people in the rest of the city are comfortable with it happening. You could crack down.... but it will drive the crime somewhere else. Those other places don't want the crime in their neighborhood, that's why they bought there.

Whatever.

[Umma]

Same thing going on over here. You're lucky now if you can find something to buy for less than £100,000 ($200,000) and if you do it'll most likely be derelict. If you want something to live in you're at the bottom of the heap with £150,000. It's crap. People on a low income have no hope of buying...