RE: A Choice Between Eating or Having a Roof Over Your Head
While Cape Town isn't to that extent a lot of the prime property in the city is owned by investors, firms and foreigners.
Some sit on it as swallows, so leave their winters in their own country to come here. Others rent to turn a profit because of the large tourism here (biggest in Africa). Very few average South Africans could afford to stay there, though the prices are starting to deflate rapidly in the high-end market.
What I wonder about say Toronto and Vancouver these highly-priced cities, flipping is based on there's always another sucker willing to take on that debt after you but surely there has to be a point where theres, not another investor or person willing to take that offer/risk?
I don't mind commuting really I used to do it when I had a job in the city the only problem as we don't really have reliable public transport, the trains and busses show up when they feel like it.
Happy I was able to work from home now and can't see giving it up unless theres some offer thats insane.
We just had our winter and the min temp is like 11 and to me thats already too cold lol!
I have many Asian neighbors, and some of the homes are idle/empty. Yes our BC government set up an expensive bureaucracy that EVERY resident had to comply with to zero in on the absentee owners, frankly I don't know if they can collect enough to make it worthwhile.
Twelve years ago I could afford it comfortably but I saw the housing and living issues outpace my salary. I was fortunate to live close to a transportation hub and an opportunity to move my job to a location within 6 km from my home. A shopping center was located not to far from me now, and a Auto Coop was established nearby, I planned some of these such that most needs are a mere short bus trip away and I can finally disposed of my car that was the biggest after tax expense and put the savings into my home.
Gosh things really doo change at a rapid pace over there! 12 years is not a long time! It just seems like the government doesn’t actually know what these policies are doing to their citizens and setting things based on macro factors and not looking at their actual effects
You clearly did your research and even though you made sure you covered all your bases it still not as comfortable as you would like which to me is scary! What about the people who didn’t plan or have the foresight, or a lower income they would have to deal with it a lot harder
I know the feeling of having to live in areas that aren’t well supported with facilities it really sucks
So for me personally we’re still coming to terms with being part of the economy you see before 94 we (peeps of colour) couldn’t vote, work in certain places, work certain jobs, couldn’t study further except for a few roles and had our homes taken away and then once everything become a democracy and we started over it’s been quite the uphill battle to attain economic parity with those who were not discriminated against.
I don't think that the land speculation is as prevalent in Toronto as it is in Vancouver. I suspect in Vancouver it's proximity to the Asian markets makes it a place for them to move money offshore and into safe investments. So they are not necessarily incurring debt to buy the properties. Which is also why they can afford to let them sit idle and avoid the hassles of being a landlord.
As for the Toronto market, the first time home buyer struggles to find something affordable. Those who have managed to a few years ago are able to sell in TO and move to the suburbs or into the country and buy substantially more with their gains.
Public transportation where I am, which is very rural, is pretty much non-existent. I can catch a train into TO or other locations along the Windsor -- Montreal corridor by travelling into a community about 20 miles away.
I'm assuming you are talking about 11C? I may be Canadian but celsius means little to me. However I know enough to be able to chuckle at your idea of cold. As it happens it is currently about 11C outside. My windows are open and have been all night. It's a bit chilly in here but hardly what I'd call cold.
So if your major cities have become so inflated has their been a big migration to maybe your other cities or provinces with more reasonable pricing?
Are there any plans to build new cities that could house people more affordablely? Or is it just a fuckit let’s just ride this till the wheels fall off
Lol well this is Africa, cold is foreign to us our normal temp is around 25 and can go up to about 45 degrees Celsius in the summer!
I met a Candadian girl hiking on a trial last summer and we had to carry her down the mountain she collapsed from the heat and it was a pretty mild day.
I guess our bodies are just used to different elements! Not that I enjoy the extreme heat it’s unbearable at times and I’ll wish for cold or well my definition of it, lol
over the years many have moved away from the cities and choose to commute into work rather than deal with costs.
Also there is a different lifestyle away from the city. It tends to be quieter and less stressful way of life. For the most part doors can be left unlocked without fear.
As for heat. I don't handle it well but that has a lot to do with humidity and lung damage. We get temps well into the 30s along with high humidity here in the summer time. It's not like we're cold year round. Winter is only 3-4 months. It just seems like forever some years.