Real Estate in the US what's the catch?

  • Thread starter Thread starter JasonRox
  • Start date Start date
AI Thread Summary
The discussion centers around the stark differences in housing prices between Canada and the U.S., particularly in Buffalo, New York. A participant notes that while they are considering buying a home in Canada, the market remains stable with prices unchanged. In contrast, they highlight the availability of homes in Buffalo at significantly lower prices, questioning why these properties are not being purchased by locals despite high rental rates. The conversation suggests that Buffalo may lack job and population growth, contributing to the low demand for home purchases. Additionally, it is pointed out that Canadian housing markets do not offer homes at such low prices, even in undesirable areas, due to the absence of extreme poverty and crime levels found in some U.S. cities. The discussion raises questions about the viability of purchasing a home in Buffalo and the potential costs associated with crossing the border.
JasonRox
Homework Helper
Gold Member
Messages
2,381
Reaction score
4
I like to look around at housing prices for fun... especially now as I might buy a place in my hometown this summer. Although, the market hasn't been hit hard or really at all in Canada so far. Prices haven't moved.

But in the US... there is this...

http://www.realtor.com/search/listingdetail.aspx?sby=1&pg=4&srcnt=419&sid=d913203f81104c4fafb3941db780fc57&fhcnt=32&loc=buffalo%2c+new+york&usrloc=buffalo%2c+new+york&mnp=30000&mxp=50000&typ=3F&fhpg=4&lid=1104597088&lsn=39

To find a house listed at this price in Canada is like impossible unless it was like completely not livable at ALL! The place is being rented at like 3 times the price. What's the catch here? Why don't the people who live there actually buy it?

Thanks!
 
Last edited by a moderator:
Physics news on Phys.org
Buy it and put it on a truck? (Do you have to pay GST at the border - or do you think you can sneak it in?)

I suspect Buffalo doesn't have a lot of job or population growth and so there aren't many people moving there looking for a house.
 
mgb_phys said:
Buy it and put it on a truck? (Do you have to pay GST at the border - or do you think you can sneak it in?)

I suspect Buffalo doesn't have a lot of job or population growth and so there aren't many people moving there looking for a house.

Yes, but the people that live in it are paying the mortgage in itself! Doubling it! Clearly, if they can pay the rent, they can buy it.

Even in bad areas, houses don't sell for $30k here in Canada.
 
If you study the areas in which those $30K houses are located, you'll probably decide that you wouldn't want to live there, even if someone paid you to do it. US cities have slums and crime-infested areas that Canadian cities don't.
 

Hot Threads

Recent Insights

Back
Top