Quote:
Originally Posted by blankall
3/10 is still a lot of people. And those 3/10 are likely to want to concentrate around city centres, as, previously stated, the point of higher density is to gain benefits elsewhere, most notably commuting time.
With more and more people choosing not to have any children, the 3/10 number is only going to increase.
On top of that there's a massive labour, money, and time burden associated with a detached home. The kind of people who are choosing not to have children are largely not going to want to spend their weekends maintaining their lawn.
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Those burdens are all hidden to a large degree when the purchasing decision is made. You should be saving around 1% of the value of your home per year for required maintenance (not renovations). So the 450k Condo having a $500 per month Condo fee might be low considering it also includes insurance, landsacaping, garbage collection etc.
But when buying a Condo the Condo fee is front and Center in the purchase price whereas the time and money for maintenance in a home is not.
So humans inability to make rational decisions and the CMHC insurance criteria for how monthly expenses are calculated vs mortgage limits both incentise SFHs over the middle.