The most scary thing is...
Wynne will likely see this as the golden vote-grabbing opportunity and make things worse.
Lower house price is good for econ, people will actually have extra money to spend other than mortgage for life.
Feb 21st, 2018 12:45 am
Feb 21st, 2018 1:16 am
Feb 21st, 2018 1:17 am
Feb 21st, 2018 2:00 am
Feb 21st, 2018 8:28 am
Yes but I don’t feel the majority of the US ended up like the lost decade of Japan. Recovery in stocks took about a year. Housing is also on the rise. The US housing market never rocketed like the Canadian one. This wouldn’t be unusual though. There is more opportunity to build in the US (not a lot of protection for green space).
Feb 21st, 2018 8:51 am
Feb 21st, 2018 10:09 am
Don't get too emotional. I think you might need to start to get used to the downtrend. If your mortgage is paid off or carry lots of equity in your house, then there is nothing to worry about.
Feb 21st, 2018 10:12 am
30% down is underwater? How many people would that be out of all the homeowners in GTA? How many homes truly went down 30%? Many of the houses in April never closed anyways... and since August prices have been fairly stable... so sorry no one is underwater 30%...rfdchan wrote: ↑ Don't get too emotional. I think you might need to start to get used to the downtrend. If your mortgage is paid off or carry lots of equity in your house, then there is nothing to worry about.
If you have HELOC, or tiny down payment who bought in last couple years, different story.
btw, one does not have to (and really should not) buy simply because he or she can afford it. I see too many college kids, first things they do after paying off student loans and to get into mortgage loans. It removes lots of flexibility for them, especially when house market normalize.
I see many carry huge mortgage... and face it, those who bought in 20% 30% downpayment last March/April are not underwater.
Feb 21st, 2018 10:17 am
Feb 21st, 2018 10:20 am
Thats the thing some of these people dont get -- they aren't building as many detached as they used too and so many people want in.rjg4235 wrote: ↑ The thing is everyone is so mad about it because they want housing. How can you make something affordable that everyone wants? Even these interest rates that everyone is spurning on makes it harder to buy. Stricter lending, makes it harder to buy. Even with prices lower than last April I don't think a first time home buyer is any better off. Condos are still near all time highs and houses are still what $1.3m?
Feb 21st, 2018 10:31 am
no, not underwater by 30%... What I meant is if u put 20 30% downpayment, and bought a house for 1.2m.. now same house might worth 1m, your downpayment is gone. And you can't even sell in this market easily. The employment rate is pretty solid now so we probably won't get a flush down like US yet. But Ontario will take biggest hit if Trump really starts a trade war.
Feb 21st, 2018 10:40 am
You need to check how many of those detached houses are sitting, many are empty, many are trying to get rented out cheaply. I hope Ontario will follow BC to crack down all those illegal money that is circling around our neighbour-hoods.Sanyo wrote: ↑ Thats the thing some of these people dont get -- they aren't building as many detached as they used too and so many people want in.
Also, remember that detached homes have continued to get bigger and bigger... so on average houses are being built larger too, which reflects in the prices. In the 70s common sizes of homes were around 1500 sq ft, now they are well over 2000 sq ft (I would say an average home closer to 2200-2300 sq ft these days that are being built) with more fancier bells and whistles like granite countertop, 9 foot ceilings, bigger glass showers/tubs, hardwood floors, etc... more luxury in the homes as well... all reflected in the higher on average prices in some of these areas...
Feb 21st, 2018 10:50 am
Chan, welcome to the forum, 1 week old account. Surprisingly your style of writing and effort to convince us that RE is going down and people lost 30% of their houses reminds me some of the perm bears here.
Feb 21st, 2018 10:52 am
Feb 21st, 2018 11:20 am
Gov won't be the one that causes the crash. It will be those speculators, over leveraged buyers and illegal money. The recent downtrend really can't be called a crash, it's back to what, few months ago? Back to 4 years ago will need another 30% from here and most home owners won't feel much. Not all house owners want house price to shoot up, they have next generation wanting to buy houses and hate those speculators as well. Will it happen? One one knows. There are many forces working against the market now, that's the fact.Rocko24 wrote: ↑ OP....of the 12.5M households in Canada, 8.5M are owned! That is 68.5% that own homes....this is statscan data.
Now tell me..why would any politician want to "crash" the housing market? Wouldn't it make sense to appease the 70% of people who could vote for you, rather than the 30%...
Plus, lets not forget the fact all these politicians also own homes
Feb 21st, 2018 11:38 am
Probably some desperate bear who has multiple accounts on here ... lots of new accounts lately opening...ilim wrote: ↑ Chan, welcome to the forum, 1 week old account. Surprisingly your style of writing and effort to convince us that RE is going down and people lost 30% of their houses reminds me some of the perm bears here.
So you know, prices for RE were going up since August MOM, RE in TO area will be just fine.
Feb 21st, 2018 11:50 am
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