Middle class Somalis will end up being pushed out of Toronto and out of the suburbs

[OmarLittle]

Somalis in London missed the biggest wealth acquisition in Somali Despora history and now it's Torontonians. What's sad is the dual income households of millianial Somalis who chose to rent instead of placing 20% on 1-2 bedroom predevelopment condos that would increase by 30-40%. Somali parents have a tendency to resent their children when they purchase condos for 2 reasons: (One) they are small. (Two) The Riba.

We live in a time now that young Somalis are purchasing property but there struggle isn't celebrated. Going from Dixon to Bay Street is a

We have zero property forums in our cities. Majority of the community gather to speak on social issues affecting other communities.

We don't need SJW. We need Social Wealth Warriors.

One day you need your own Somali think tank.

 

[Jubba_Man]

It's full blown tulipmania now.

 

[AussieHustler]

I've invested in the wrong place and now regretting why I bought a property in Perth, but In Melbourne and particularly in Sydney, house prices are like hot cakes and it has grown faster than any expert could predict. Though their investments are minuscule in the scheme of things, the Chinese are the bogeyman. Most of those who invest in these new properties are the mum and dads who re-mortgaged their multi-million $$ homes. Interest rates are very low at the moment but when they rise, a tsunami of like the U.S sub-prime mortgage/financial crisis will erupt in Australia. This will affect everyone. Fingers crossed.

 

[xisaabiye]

The average home in gta went from around 600k to over 900k within the last year alone

I have a feeling the bubble will burst within a few years. The meek shall inherit Toronto

 

[CaptainMajid]

It'll happen in the next 5-10 years. Somali parents are still living in the same homes that they lived in for many years. Any residence built before 1991 is protected under rent control... about 2% maximum increase a year. Once you vacate the property, they can increase rent to the next tenant to whatever amount they like. Any property built after 1991 can be charged whatever and whenever. I heard the government is going to put rent control for all buildings new or old shortly but it's too late. Housing market and rent market is ridiculous.

This is what happens when you sell the city to rich Hong Kongers and mainlanders.

I wonder where the average Somalis will go

This is downtown specific, where barely any Somalis live. Majority live in pre-1991 housing anyway.

Also theres no way that prices wont adjust within those the next decade. The other shoe will eventually drop.

 

[Deactivated]

It's full blown tulipmania now.

It's nuts!

I hope they sellers invest in Calgary right now since the oil prices plummeted the market here.

 

[Jubba_Man]

This is downtown specific, where barely any Somalis live. Majority live in pre-1991 housing anyway.

Also theres no way that prices wont adjust within those the next decade. The other shoe will eventually drop.

It's definitely the GTA. Look at Markham and Richmond Hill, even more expensive than Toronto proper. Even the shanty town I'm from with very little economic opportunity and no income gains has seen home prices triple over the past several years.

 

[Angela Davis]

They'll go to Brampton, Ajax, Vaughn, Mississauga. They already started moving out of the city.

It'll happen in the next 5-10 years. Somali parents are still living in the same homes that they lived in for many years. Any residence built before 1991 is protected under rent control... about 2% maximum increase a year. Once you vacate the property, they can increase rent to the next tenant to whatever amount they like. Any property built after 1991 can be charged whatever and whenever. I heard the government is going to put rent control for all buildings new or old shortly but it's too late. Housing market and rent market is ridiculous.

This is what happens when you sell the city to rich Hong Kongers and mainlanders.

I wonder where the average Somalis will go

 

[CaptainMajid]

It's definitely the GTA. Look at Markham and Richmond Hill, even more expensive than Toronto proper. Even the shanty town I'm from with very little economic opportunity and no income gains has seen home prices triple over the past several years.

Im talking about the focus of this article, which was unpredictable rental hikes. This cant happen in pre-1991 buildings which have rental control. Most Somalis live in buildings with rent control restrictions that will prevent the sort of hike, like the one described in the article. As a result, they dont face the same risk of monthly hikes forcing them out. In fact the pressure now is on the Province to extend those rental control restrictions to post-1991 buildings. Rental prices ( most Somalis rent) and housing prices are not the exact same thing. Somalis may face little opportunity to enter housing market at current prices, but they arent getting pushed out of rental properties anytime soon either.