Okay; we will see.
Canada's Depression: Surging Crime, Soaring Suicides, Overwhelmed Food Banks
- Thread starter Tsing Tao
- Start date
Conservative Prime Minister Stephen Harper inherited a budget surplus when he took office in 2006 and then promptly created the worst budget deficits in Canadian history. Almost as soon as he took office, he cut taxes for Big Oil. Several of his policies diminished Canada's standing on the world stage. Even former Conservative Prime Minister Brian Mulroney endorsed Liberal Justin Trudeau over Conservative Stephen Harper. How's that for a clarion call?
I see equal or more risk in pricier US cities. What you need to ask yourself is that given the high prices to rent or own in Metro Toronto, which is a serious deterrent to moving here, why do we still gain 120K people every year ? There are obviously forces in play you aren't aware of. Any deep correction in prices will be met by heavy buying. This is what occurred in the 1990s.
That sounds awfully familiar. Just can't put a finger on it. You are probably right. Prices will never go down in Toronto eva again. The demand is just too high due to mysterious forces that I am completely unaware of. Also, I am sure that your real estate investment in no way causes a bias of your opinion of the market. Yeah, it is probably different this time.
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I think that rear_ender blocked me regarding my post on Canada's housing bubble but going to post this anyways.
One of the primary rules of RE and investing is do not fall in love with your investment.
YOU CAN'T HANDLE THE TRUTH!
Blahahahhahaha.
It is different this time. There is too much demand. Prices can never go down. That is exactly what people were telling me about LA in 2007.
Now check out this flash crash:
Now the realtor's/salepeople will be stating that it is just people on the sidelines waiting to see what happens. This is just transitory.
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One of the issues with housing is that it cost 6% in the form of agent fees to sell your house. The cost are obviously a little higher when taking into consideration all of the expenses. I am not sure if agent fees are 6% in Canada. Can someone let me know?
I think that rear_ender blocked me regarding my post on Canada's housing bubble but going to post this anyways.
YOU CAN'T HANDLE THE TRUTH!
One of the primary rules of RE and investing is do not fall in love with your investment.
Blahahahhahaha.
It is different this time. There is too much demand. Prices can never go down. That is exactly what people were telling me about LA in 2007.
Now the realtor's/salepeople will be stating that it is just people on the sidelines waiting to see what happens. This is just transitory.
I personally think that 6% is egregious especially when you take into consideration what the RE agents actually do which is primarily convince you to let them be your agent. The rest of the job a monkey could do. That is really their primary job.
So, if someone just purchased a house at the top, they are now down 10.6% including RE agent commissions.
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If the housing market in Toronto continues to go down and is eventually termed as a crash, who are the politicians going to blame this time? They will probably blame it on Trump. LOL.
It will have nothing to do with people like rear_ender that thought that housing prices can never go down because there is too much demand and it is different this time. IT IS NEVER DIFFERENT THIS TIME. There will perpetually be boom and bust in the housing cycle. There always has been and there always will be.
Also, it probably had nothing to do with Canada's immigration policy with respect to China. Obviously, it had nothing to do with capital flows.
If you can't spot the sucker, then maybe the sucker is you.
Oh look, CIBC lowered its down payment requirements in February of 2016. Not sure if these are current.
https://www.cibc.com/en/personal-banking/mortgages/resource-centre/need-for-downpayment.html
Effective February 15, 2016, the minimum down payment for new mortgages have been modified. The new breakdown is as follows:
It will have nothing to do with people like rear_ender that thought that housing prices can never go down because there is too much demand and it is different this time. IT IS NEVER DIFFERENT THIS TIME. There will perpetually be boom and bust in the housing cycle. There always has been and there always will be.
Also, it probably had nothing to do with Canada's immigration policy with respect to China. Obviously, it had nothing to do with capital flows.
If you can't spot the sucker, then maybe the sucker is you.
Oh look, CIBC lowered its down payment requirements in February of 2016. Not sure if these are current.
https://www.cibc.com/en/personal-banking/mortgages/resource-centre/need-for-downpayment.html
Effective February 15, 2016, the minimum down payment for new mortgages have been modified. The new breakdown is as follows:
- For homes with a purchase price less than or equal to $500,000 the minimum down payment is 5%
- For homes with a purchase price greater than $500,000 and less than $1 million, the minimum down payment is 5% of the first $500,000 plus 10% of the remaining balance
- For homes with a purchase price of $1 million or more, the minimum down payment is 20%
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@Nine_Ender Where are you rear_ender? Are too busy getting rear_ended?
Come out and play. The water is fine.
Come out and play. The water is fine.
Sure, there are rough spots in the Canadian economy but the business of killing American soldiers still pays well- very well.
NAFTA renegotiation coming right up. Apparently the Canadian Prime Minister already has money to throw around. Might need to get a better deal.
http://newburghgazette.com/2017/07/21/liberals-panic-as-news-of-10-5m-omar-khadr-payoff-hits-us/
NAFTA renegotiation coming right up. Apparently the Canadian Prime Minister already has money to throw around. Might need to get a better deal.
http://newburghgazette.com/2017/07/21/liberals-panic-as-news-of-10-5m-omar-khadr-payoff-hits-us/