I hate major purchases that depreciate in value. I’ve been fortunate not to have needed to own or lease a car in my lifetime. I have had a drivers’ licence for over 55 years but walking, biking, public transit and the occasional car rental have gotten me by (and borrowing my wife’s old car occasionally).
1 Like
That’s unbelievable (though I believe you)
1 Like
Yeah, not owning a car saves a ton of money over a lifetime. The absence of that expense made retiring at 58 a little bit easier. And my wife’s 15 year old Honda Civic is still going strong: under 100K miles on it.
1 Like
I loved the one year i got to live the car-free lifestyle before i took my current position. Now i live and work in two different places that both have no credible public transit. (Plus you observe the most interesting people on public transit.)
I agree, but in future if there is no population growth, housing could depreciate (as it does in Japan).
Unlike Japan, Canada is encouraging high levels of immigration and our population is forecast to increase steadily in the next 50 years. There has been a long term shortage of housing in Canada relative to demand in cities such as Vancouver and Toronto and that is expected to continue to put upward pressure on prices. I will therefore continue to invest in Canadian real estate rather than cars! In any event, rental income is attractive even if capital appreciation slows.
Hard to do that in Canada, and with some activities/lifestyles.
No way could I live without a car where I am, the public transit is non-existent and there’s little to no access to amenities. And with all the camping/hunting/fishing I do, a car rental isn’t going to do it. I actually need (and use) a pickup truck.
But in the GTA/GVA, maybe even ottawa? Absolutely something I’d think about. If public transit is good enough it’s IMO a better more convenient optin than a car in big cities.
I appreciate this is not possible for everyone but it is nice when you can. I expect the Manhattan residents on this thread may also not own cars.
Yeah if I lived in NYC or toronto and adapted that lifestyle, no way would I want a car.
I get the appeal of city living like that, car-less lifestyle is a huge plus.
Ottawa is doable if you live centrally.
Much tougher if you live out in the suburbs.
Very interesting article in the FT regarding the reduction in geographical mobility of Americans due to higher housing costs (of different ages, locations, and socio-economic groups) from the pre-covid days to now.
This is definitely not a good sign for developed economies.
1 Like
I just heard “Sitting on the Dock of the Bay”, and it made me think of CA’s homeless problem.
So much nicer to be broke SF than broke in Georgia.
They’ll all have a good view of the soccer match.
So are we going to see thousands of real estate agents flood the job market a la 2009-2011?
1 Like
Sounds like what happens in the UK.
When people lose their “jobs” and unemployment is high they become “recruiters” or “letting agents”.
Its terrible because they have no idea as to what they are doing.
Montgomery County trying to do something about affordable housing. But don’t call it public housing!
Remains to be seen how affordable this housing will be if it the project proceeds.
But a utopia for whom?
Guessing not for the person who is currently living in public housing….