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Old
05-25-2013, 10:13 AM
  #1
L4vK
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Real Estate in North America

Hi, yesterday I was watching a show whit my GF (House Hunter) and they were looking for houses. I was in shock to see the price of home near Houston so I made research.

If you take the metro area of Houston (Pasadena), which equates to Laval and Brossard-Longueil the house there and in other metro area of big city are WAY lower.

Can someone explain me why on earth our home are so much higher in price despite being in the most taxed place in NA + heavy traffic to MTL ?

Here are some houses that I found :

http://www.servingsoutheasthouston.c...tyid/52144617/
http://www.servingsoutheasthouston.c...tyid/65083172/
http://www.servingsoutheasthouston.c...tyid/71940903/

All these house would be at least 125k+ if it were in MTL metro area !

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05-25-2013, 10:29 AM
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LeHab
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You think real estate prices around Montreal are high? Try Vancouver or Toronto or even Ottawa.

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05-25-2013, 10:36 AM
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Thorn
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I think I saw that too. Happened upon it when they showed a house for 160k (kitchen, living room, dining room, 4 bedrooms, 2.5 bathrooms I think it was). A house like that would easily cost 300k+ here on the South Shore.

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05-25-2013, 10:41 AM
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NLHabsFan
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It's so true. I live in Calgary, and the price I paid for my duplex would get me a house double the size around Houston. I have been thinking of looking for a transfer to the area to be honest. I've been there before and the place is beautiful. It's ridiculous how different the living costs are.

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05-25-2013, 10:41 AM
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Pierre Dagenais
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They have a lot of land in Texas. Houston's city is 1,625.2 kmsq while Montreal is only is 431.50 kmsq. (wikipedia)

And those houses you linked would be a lot more than 125k

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05-25-2013, 10:42 AM
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Interlagos Blue
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Supply and demand perhaps?

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05-25-2013, 10:44 AM
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FireBergevin
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It's ridiculously cheap to build your own home in Texas and Oklahoma.

But the same can be said for Newfoundland-Labrador. NS isn't too expensive either.


Edit: I remember seeing some home prices were ridiculously low in some parts of Quebec...

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05-25-2013, 10:57 AM
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The n00b King
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The USA has been struggling with high debt ratio and foreclosure for years now.

It's only natural that home prices would drop.

In QC (or in Canada, as a whole), the market is over inflated and the bubble is set to burst soon. People tend to think they can get a lot more than what their house is worth, but the market is slowly turning into a buyer's market and people are starting to see the effects of this.

The market will come crashing down within the next two years and houses will drop in value. It's impossible to sustain that kind of growth long term (especially in BC).

So if you're looking to buy in 2015, you'll have chosen a great time to do so.

Also, getting your house built doesn't actually cost that much less (and there are all kinds of issues associated with this) due to taxes paid on it (which wouldn't apply on a ready-built home).

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05-25-2013, 11:01 AM
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Captain Saku
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From before 2005 houses prices in Quebec were comparable to the states. Since then prices went crazy. It's been a lot more stable since 2 years though. I bought a condo in 2011, 1000 sq.ft, in Montreal, 2 bed rooms, for around 230k, and it's one of the cheapest I found.

My father bought a house in 2005 for 160k, now it's evaluated at 280k.

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05-25-2013, 11:07 AM
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L4vK
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Its a shame that you can't go live in the USA . With the job I do (HVAC) and their weather, I would be able to work a lot.

The only way I can see it is that in 08 our real estate was barely hit so our home inflation stayed the same till 2012 (now the market is slowing) and their real estate lost +- 50% everywhere, you can see the home I am listing their evaluation in 07 were +- 50% more so that is the only way I can see it.

Like another poster as said, there is a supply and demand and since Montreal is a very small city,very centralized and on a island compared to Houston, that's why the home are very pricey.

I just made some research on Vancouver real estate , the market is the same as flushing meadows... no jokes

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05-25-2013, 11:11 AM
  #11
L4vK
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Quote:
Originally Posted by Pierre Dagenais View Post
They have a lot of land in Texas. Houston's city is 1,625.2 kmsq while Montreal is only is 431.50 kmsq. (wikipedia)

And those houses you linked would be a lot more than 125k
Keep in mind that those house do NOT have any basement, so they tend to look way bigger in living area than what we are used to see.

Also it all depends on the location, our land prices are ridiculous, for a residential land in Terrebonne, it is 14$/square feet ! For laval it can be up to 20$/square feet depending on the location.

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05-25-2013, 11:14 AM
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SnapVirus
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Right now, the real estate market is dropping slowly in Montreal. On the south shore, per exemple, a house bought last year had a better value than at the same time this year. Getting 10-20% inflation per year is over.

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05-25-2013, 11:14 AM
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Some of this has been covered but it comes down to a few things:

1 - Land is crazy cheap out there.
2 - Labour is also very cheap.
3 - Cost of houses is cheaper because a) they don't have to build basements, and b) they don't need as much insulation as we do in Canada.

Most importantly, their economy has gone to the *******. A lot of people unemployed means they weren't able to pay for their mortgages and either had to sell their house or the banks foreclosed them. So if there are a ton of people trying to sell their houses, and not enough people willing to buy them, you'll get very low prices.

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05-25-2013, 11:15 AM
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L4vK
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Quote:
Originally Posted by The n00b King View Post
The USA has been struggling with high debt ratio and foreclosure for years now.

It's only natural that home prices would drop.

In QC (or in Canada, as a whole), the market is over inflated and the bubble is set to burst soon. People tend to think they can get a lot more than what their house is worth, but the market is slowly turning into a buyer's market and people are starting to see the effects of this.

The market will come crashing down within the next two years and houses will drop in value. It's impossible to sustain that kind of growth long term (especially in BC).

So if you're looking to buy in 2015, you'll have chosen a great time to do so.

Also, getting your house built doesn't actually cost that much less (and there are all kinds of issues associated with this) due to taxes paid on it (which wouldn't apply on a ready-built home).
That what I am looking for ! I am currently in the process of buying a Duplex whit a very nice Debt vs Income ration, 2015 is the year I targeted to buy a house . Even now the market is very sluggish, ask any Realtor and they will tell you. The condo market is saturated and it will affect home prices very fast when those condo will start to drop like rocks.

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05-25-2013, 11:15 AM
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pepperMonkey
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Lol, seriously? JUST 125k+ Lol. I live in North York (Toronto), those houses are more like....hmm...lets see. Houston price/1.5 and add a zero to the end. Yes, we are talking 1.x million $$$. Quite possibly low 2.x million. Heck, a shack could probably go for $500k here. If you are only complaining about 125K+ I think I'll have to think about moving to Montreal because it's WAAAAAAAAY cheaper.
And yes, I'm looking to moving into a detached house...but not in Toronto as it's way too expensive.

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05-25-2013, 11:18 AM
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L4vK
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Quote:
Originally Posted by fufonzo View Post
Some of this has been covered but it comes down to a few things:

1 - Land is crazy cheap out there.
2 - Labour is also very cheap.
3 - Cost of houses is cheaper because a) they don't have to build basements, and b) they don't need as much insulation as we do in Canada.

Most importantly, their economy has gone to the *******. A lot of people unemployed means they weren't able to pay for their mortgages and either had to sell their house or the banks foreclosed them. So if there are a ton of people trying to sell their houses, and not enough people willing to buy them, you'll get very low prices.
Maybe it will sound a little bit stupid but: Why are they able to have houses whit no basement vs us that a basement is almost mandatory when loaning from a bank ?

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05-25-2013, 11:20 AM
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L4vK
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Originally Posted by pepperMonkey View Post
Lol, seriously? JUST 125k+ Lol. I live in North York (Toronto), those houses are more like....hmm...lets see. Houston price/1.5 and add a zero to the end. Yes, we are talking 1.x million $$$. Quite possibly low 2.x million. Heck, a shack could probably go for $500k here. If you are only complaining about 125K+ I think I'll have to think about moving to Montreal because it's WAAAAAAAAY cheaper.
And yes, I'm looking to moving into a detached house...but not in Toronto as it's way too expensive.
The house I was talking about are NOT in the Island of Montreal, if they were, depending on the location, they would go from 700k to 2MM.

I was talking about the suburb of montreal: Laval and the southshore
https://maps.google.ca/maps?q=Laval,...l,+Quebec&z=12

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05-25-2013, 11:21 AM
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One reason prices stay low in Houston is the property taxes in that area are 4%. There is very little appreciation either. In 1997 , we looked at a 4,000sf home in Houston for around $300,000. They're still in the same price range. Taxes would have been $12,000 per year. Add to that the heating and AC, it's not that cheap.

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05-25-2013, 11:24 AM
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pepperMonkey
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Quote:
Originally Posted by SnapVirus View Post
Right now, the real estate market is dropping slowly in Montreal. On the south shore, per exemple, a house bought last year had a better value than at the same time this year. Getting 10-20% inflation per year is over.
Real estate market Canada wide is in general slowly dropping. Condo's faster than the housing market. My condo has dropped about $50K in the last 6 months.

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05-25-2013, 11:27 AM
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L4vK
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Quote:
Originally Posted by hockeyfan53 View Post
One reason prices stay low in Houston is the property taxes in that area are 4%. There is very little appreciation either. In 1997 , we looked at a 4,000sf home in Houston for around $300,000. They're still in the same price range. Taxes would have been $12,000 per year. Add to that the heating and AC, it's not that cheap.
Ur right, the house I see have absurd tax .. 6k a year ! Is there any reason Houston is charging this amount ?

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05-25-2013, 11:35 AM
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VAN-HAB
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I live in Vancouver and I just sold my condo yesterday. Because my family is growing I'm looking to buy a detached house. The prices for houses are ****ing crazy.
I hate Vancouver!!!!

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05-25-2013, 11:37 AM
  #22
pepperMonkey
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Originally Posted by L4vK View Post
The house I was talking about are NOT in the Island of Montreal, if they were, depending on the location, they would go from 700k to 2MM.

I was talking about the suburb of montreal: Laval and the southshore
https://maps.google.ca/maps?q=Laval,...l,+Quebec&z=12
Umm...and I'm talking North York, Ontario. Which is technically part of Toronto but before the amalgamation in 1998, it was not a part of the City of Toronto. North York is about as far from the downtown core of Toronto as Laval is from Montreal.

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05-25-2013, 11:41 AM
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pepperMonkey
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Originally Posted by VAN-HAB View Post
I live in Vancouver and I just sold my condo yesterday. Because my family is growing I'm looking to buy a detached house. The prices for houses are ****ing crazy.
I hate Vancouver!!!!
At least it's going down. Still a little more expensive than Toronto as far as I can tell but also supposedly quite a bit closer to Toronto prices if I recall correctly. Then again that's not saying that much since both areas are stupid expensive. Just that Vancouver's prices were astronomically expensive and it's just stupidly expensive now

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05-25-2013, 11:45 AM
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Interlagos Blue
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Originally Posted by pepperMonkey View Post
Real estate market Canada wide is in general slowly dropping. Condo's faster than the housing market. My condo has dropped about $50K in the last 6 months.
I feel bad for you man. Your condo is gonna drop even more in price. I see the Toronto real estate bubble crashing eventually. There are way too many condos being built in the GTA for what the demand is.

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05-25-2013, 12:18 PM
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I also live in the GTA and will echo that housing prices are through the roof. Southern Ontario as a whole isn't to bad. The further you get out from Toronto it seems the cheaper it gets. Housing in Kitchener, Barrie, Hamilton/Niagara is more affordable. It's not unheard of for people to commute from these places and work in Toronto. Younger people with no children are not attracted to this aspect of life so they rent places downtown and can pay up to $2000/month for a 2-bedroom.

I work in Hamilton and you can get a 1-bedroom condo for about 180-200k.

Some 3-bedroom houses by the tiger-cats stadium in the east end go for 150k. Some as low as 100k.....These sound appealing, but it is NOT a nice part of town.

I come across real estate shows on TV from Buffalo TV stations and some of these houses in upstate NY (Buffalo, Lackawanna, east aurora) go for like 45k but there are no jobs in the area.

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