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True stories of lawsuits, fisticuffs and harassment in condoland

Toronto Life:

Lifestyle clashes are inevitable when people of all ages and socio-economic backgrounds live on top of each other in a forced community. When different priorities collide, a siege mentality can set in. In the years since Pantoliano’s case, Toronto has sprouted tens of thousands of new condo units in every shape and size. Retired empty nesters live below boisterous hipsters. People who work night shifts are trying to sleep while parents are getting their toddlers off to daycare. Families with rowdy kids take up residence across the hall from quiet professional couples. And they all unrealistically expect the same degree of freedom and privacy as they’d have in a detached home. Instead, they’re keeping each other up at night, squabbling in hallways, sparring in elevators and petitioning condo boards. The shimmering vertical city has become a breeding ground for lawsuits, bullies and brawlers.

I’ve (generally) been blessed with good condo neighbours above, below, and around me for the entirety of my life. But having spoken to people in my own building who are living beside those who party all the time, cram 6+ people into three bedroom units, and drink and fight in the halls, I know that I’ve just been very fortunate.

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How do young people afford a house? They find roommates.

How do young people afford a house? They find roommates:

“When you look at the home market for first-time buyers, to get in can seem like an insurmountable task,” says Aaron Zifkin, Airbnb’s country director for Canada. “In a lot of our host community meet-ups, we’re seeing a lot of people who are really excited being able to bridge that pay point by earning a little extra income from a nanny suite.” Or, if no nanny suite exists, the pullout couch in the living room might do.

In Vancouver, for example, more than half of the money taken in by the 4,200 Airbnb hosts went to pay for necessities like the rent, mortgage or groceries, according to a company report released in July. With the typical host earning $6,500 each year, more than half of them said the extra cash was a reason they could afford to stay in their home. Seven per cent said the money helped them avoid foreclosure.

But don’t worry: there isn’t really a housing crisis in major metropolitan areas when people have to rent (parts of) their home in order to avoid forclosure. And the fact that roommates are a requirement for many 30-somethings to purchase 850ft condos in Toronto is entirely appropriate.

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Homeownership in America Has Collapsed—Don’t Blame Millennials – The Atlantic

The economy has a Gen-X problem. It’s a small cohort with a much-smaller-than-usual homeownership rate. And people wonder why the housing market is sluggish.

To quote a friend… “ah, it feels good to be blamed for something once again.” :p Damn us GenXers for ruining the economy.

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CMHC again moves to tighten mortgage insurance rules as housing market cools

The government continues to engage in (somewhat) quiet actions to reduce its exposure to a mortgage or more general financial crisis. At this point we’ve seen shifts in EI, routine concern about Canadian debt levels and risk of increased interest rates, and now tightening of the mortgage insurance rules. CMHC’s decision parallel’s former Minister Flaherty’s earlier comments, summarized as:

Former finance minister Jim Flaherty had also expressed concern that CMHC had become too large a player in the market, needlessly exposing Canadian taxpayers to risk should there be a housing crash. The agency currently has about $560 billion in outstanding mortgage insurance on its books.

When/if there is a mortgage crisis in Canada that leads to substantial job loss, I don’t think Canadians are going to be thrilled by how their social infrastructures have been quietly reshaped around them. Or the relative lack of monetary policies that are the result of long-term low interest rates. Let’s hope nothing happens to make Canadians practically realize the implications of the past 3-4 years EI, monetary, and now CMHC changes.