$600/month bunkhouse in Mile End
TVA visits a $600/month bunkhouse in the Mile End, the owner saying it’s merely a format that exists in other cities.
The city is putting services in place to help people find places to live by Moving Day.
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Kate
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Seb 19:09 on 2020-05-27 Permalink
I used to see that gab guy around every day when I lived on Parc. This story confirms my suspicions that I held of his character.
david666 07:46 on 2020-05-28 Permalink
600 clams – like, in 2007, I straight up got a 2 bedroom apartment for that off craigslist one block off of Prince Arthur. Think about how much the city has changed for that fact to seem absurd/unbelievable/crazy.
Kate 08:02 on 2020-05-28 Permalink
What puzzles me most is that it’s not as if incomes have increased accordingly since 2007. People are simply expected to pay more than half their income for housing, whereas when I was young the guideline was you expected to spend a week’s pay on your rent.
david666 08:30 on 2020-05-28 Permalink
I know that’s a rhetorical question, but since I can’t help but answer.
0. Baseline tax policies and social norms that encourage purchase of property, and discourage more productive uses of capital;
1. Giant increase in demand for housing, both for use and as an asset class – massive improvement in Montreal’s job market causes migration, almost totally open immigration for professionals brings in foreigners, ultra low interest rates cause both more homebuying and more speculation/investment due to more risk and lower returns in the market or with other productive uses of capital;
2. Increase in materials costs (largely due to global rise in demand for said materials);
3. Increase in labor costs as the economy improved;
4. Massive supply constraints caused by zoning, which means that the jump in demand can’t be met, and that excess demand is dumped onto the existing housing stock, leading to skyrocketing costs;
5. A giant, largely unrestricted hotel industry (airbnb) taking thousands of units in the central city offline.
Tee Owe 08:47 on 2020-05-28 Permalink
Rule of thumb that I worked with was a third of your salary, not so different really
Alex L 15:23 on 2020-05-28 Permalink
This is robbery. Our tenant pays less than that for a 4 et demi…
Ian 18:40 on 2020-05-28 Permalink
Under 600 for a 4 and a half? Have they lived there for 30 years?
To be fair my 7 and a half is the going rate for a 4 and a half in the hood now and I’ve only lived here 5 years… I can’t afford to move unless I want to live in some wretched corner of town, now.