Real Estate

Is there a point in buying a primary residence right now?

  • Last Updated:
  • Dec 8th, 2017 9:02 am
Member
Jul 3, 2007
486 posts
536 upvotes
rjg4235 wrote:
Dec 7th, 2017 4:32 pm
Are you certain that credit tightening will have the same impact on houses, condos, semis and towns? You don't think it's at all possible it adds more renters to the market and pushes people to cheaper housing types? Both these factors could increase condos which is what OP is looking at.
It reduces mortgage qualifying by about 18% across the board....which is a pretty big hit using an example of $600k now to around $492k after Jan 1st....I suspect it will hit the higher price detached market harder....condos and towns should do better but that doesnt mean they are going up.....

pretty much every expert out there agrees it is a significant rule change and credit tightening tool they put in .....
Deal Addict
Feb 22, 2011
1876 posts
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Toronto
joepipe wrote:
Dec 7th, 2017 4:37 pm
It reduces mortgage qualifying by about 18% across the board....which is a pretty big hit using an example of $600k now to around $492k after Jan 1st....I suspect it will hit the higher price detached market harder....condos and towns should do better but that doesnt mean they are going up.....

pretty much every expert out there agrees it is a significant rule change and credit tightening tool they put in .....
I don't deny it will tighten credit, I am asking if it's not possible it would push more people to buy condos than before since they can no longer afford more expensive types. Also if people are priced out they would have to rent no? Could this not push up rents further increasing ROI for condo investors?
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Dec 13, 2016
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joepipe wrote:
Dec 7th, 2017 4:07 pm
wait 6 months for the new mortgage rules to work their way through the market....theres no rush to buy right now

when the credit market tightens, prices fall ... easy money days are over, borrowing just got much tougher......dont let the RE pumpers on here try to brainwash
you on how amazing Toronto is and how its bulletproof lol.... I think the last 6 months proved it isnt.....
Another pipe dream Joe. But, are you willing to make a bet regarding your prediction? Actually if I remember correctly you did sell betting the prices will crash. How's that working out for you?
Member
Jul 3, 2007
486 posts
536 upvotes
BiegeToyota wrote:
Dec 7th, 2017 5:06 pm
Another pipe dream Joe. But, are you willing to make a bet regarding your prediction? Actually if I remember correctly you did sell betting the prices will crash. How's that working out for you?
Well I sold in Feb for 1.8 million and now the homes in my area are around 1.3 million, so i'd say it worked out very well....

most of my friends and family are quite happy for me and many congratulated me for calling the top of the market.... a few are jealous lol

im renting right now and investment dividends are doing very nicely for me, I have a 3 bedroom house which is easily covered by divvys every month....

I'll bet you $1 that the average price of all property types in Toronto are lower at the end of 2018 than the they are today.....
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Dec 13, 2016
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joepipe wrote:
Dec 7th, 2017 5:19 pm
Well I sold in Feb for 1.8 million and now the homes in my area are around 1.3 million, so i'd say it worked out very well....

most of my friends and family are quite happy for me and many congratulated me for calling the top of the market.... a few are jealous lol

Lie.
Jr. Member
Jan 1, 2017
159 posts
63 upvotes
joepipe wrote:
Dec 7th, 2017 5:42 pm
add 1 more jealous person Face With Tears Of Joy
How long did you have the house before you sold it?
Jr. Member
Jan 1, 2017
159 posts
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joepipe wrote:
Dec 7th, 2017 5:58 pm
7 years....
But you have a thread from 2014 asking for a couch for your condo... strange...
Member
Jul 3, 2007
486 posts
536 upvotes
ProductGuy wrote:
Dec 7th, 2017 6:02 pm
But you have a thread from 2014 asking for a couch for your condo... strange...
also had a condo...is that unusual or something? some people in toronto have 5 properties lol
Sr. Member
Jan 17, 2006
616 posts
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Toronto
ProductGuy wrote:
Dec 7th, 2017 5:50 pm
How long did you have the house before you sold it?
It is joepipe, everyone knows him here and don't take him seriously, he just shares his dreams.
He used to dream that he bought house when it was cheap, then that he sold it right on peak for much more than anybody else and right after it prices collapsed.
His latest dream that he bought bitcoins when one was equal to loonie.
Jr. Member
Jan 1, 2017
159 posts
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ilim wrote:
Dec 7th, 2017 6:50 pm
It is joepipe, everyone knows him here and don't take him seriously, he just shares his dreams.
He used to dream that he bought house when it was cheap, then that he sold it right on peak for much more than anybody else and right after it prices collapsed.
His latest dream that he bought bitcoins when one was equal to loonie.
And it’s seems like every single thread he creates is about the gloom and doom of the real estate market.
[OP]
Newbie
Jun 3, 2017
67 posts
27 upvotes
I didn't quite get what I wanted out of this thread. Instead, I was reminded that the ultimate issue with the Toronto real estate market is the 75% of the people who posted here.

Reminds me of my SB CC thread (scotia-momentum-visa-infinite-card-reje ... n-2107028/). A handful of people were helpful in getting to the bottom of it... the rest turned out to be a waste of oxygen.
Deal Addict
Feb 9, 2009
4644 posts
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AnotherDesiredUsername wrote:
Dec 7th, 2017 10:37 pm
I didn't quite get what I wanted out of this thread. Instead, I was reminded that the ultimate issue with the Toronto real estate market is the 75% of the people who posted here.

Reminds me of my SB CC thread (scotia-momentum-visa-infinite-card-reje ... n-2107028/). A handful of people were helpful in getting to the bottom of it... the rest turned out to be a waste of oxygen.
Sure you asked should I buy basically cause I see price dropping... some questioned you... some said yes... some said no... what else you want really? It's a damn internet thread with a bunch of anonymous people... maybe you should just look at your own situation and determine if it's right for you, no one on here can tell you the future... no one... so just go with your own gut and decide.

Personally if it's the long-term buy... it's like a stock, do you plan to hold long-term or six months? If six months anything is risky including real estate, if six year, generally RE Is a good bet as the trend line is generally higher...
Jr. Member
Jul 8, 2017
118 posts
91 upvotes
NA
AnotherDesiredUsername wrote:
Dec 7th, 2017 10:37 pm
I didn't quite get what I wanted out of this thread. Instead, I was reminded that the ultimate issue with the Toronto real estate market is the 75% of the people who posted here.

Reminds me of my SB CC thread (scotia-momentum-visa-infinite-card-reje ... n-2107028/). A handful of people were helpful in getting to the bottom of it... the rest turned out to be a waste of oxygen.
What is the location you are buying and how much is your down payment?

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