My kids have been doing a “Countdown to Summer” since the beginning of June.
By the time this email goes out, there will likely only be one more day until Summer break.
I remember as a kid, feeling like summer breaks from school were extremely long.
So much seemed to happen during those two months.
As I get older, summers seem to just fly by.
Weeks feel like days, and months feel like weeks.
Last Summer was especially crazy for me. New business, building a new house, and coaching all three of my kids’ soccer teams.
This year I made a promise to myself to slow down a bit during the summer, and really make the most of it.
Both my wife and kids are home from school, and I want to be able to spend some quality time with them.
We’re first-time pool people and I plan to make the most of that investment.
And I mean that literally because to justify that “investment” I actually will count how many times we use the pool and keep a running count of the cost per swim.
Pool or no pool, more than ever, I appreciate that we have our own space to enjoy.
I say that because single-family homes in Canada are becoming even more scarce.
This is a chart prepared by Canadian housing expert, Ben Rabidoux.
I believe we’ve shared this chart in the past, but it was recently updated.
This chart shows dwellings under construction in major metro centres across the country.
And as you can see, single-family homes are even more rare than when we shared this chart last.
There are very few single family homes being built relative to condo units and purpose built rental units.
When I see charts like the above, it makes me think that the single-family home will still very much be in demand in the years ahead.
This is good news for homeowners and investors who already own this type of real estate.
But not so good for anyone trying to get into this type of property.
A lot of people out there are already throwing in the towel and conceding to the idea of home ownership in Canada becoming something of the past.
And that more and more people will become renters.
Let me clear — there is nothing wrong with renting!
But it’s much better when you choose to rent… not forced to rent because housing prices are bat $hit crazy!
Looking at the current trajectory, it’s hard to argue with these people.
In fact, I mostly agree with them.
But that doesn’t make it right.
By accepting this idea, we are betraying our youth, and middle-class Canadians.
I’m not sure what the solution is, but what I do know is that much of the problem has to do with many years of questionable monetary and fiscal policy choices.
As a proud Canadian, I refuse to just shrug my shoulders, say “it is, what it is” and accept that the way of living for future generations is going to change so drastically.
I think we should all be pi$$ed off about this, and make our opinions known.
But, if it really “is what it is”, then it’s hard to refute the law of supply and demand…
And on that basis, I want to own single-family homes before they become completely out of reach.
And at the pace things are going… that day is not all that far away.
Until next time,
Vince
P.S. I feel so passionate about this, that we recently put together a report, to help prospective first-time home buyers in Ontario purchase their first home. Check it out. See the link to the report, below.
