Canada's Depression: Surging Crime, Soaring Suicides, Overwhelmed Food Banks

WeToddDid2 said:
... that thought that housing prices can never go down because there is too much demand and it is different this time.
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The only poster on this site that said this was you. Here's what I said :

Nine_Ender said:
Any deep correction in prices will be met by heavy buying. This is what occurred in the 1990s.
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Now if you are under the illusion that a "deep correction" is a 4% monthly drop immediately after a 20-33% annual gain, you are sadly mistaken.

But feel free to tell us at what level Toronto home prices will drop to. Key levels occurred in 2015, 2009, and in my case roughly 1991-1993 when my place was dirt cheap to buy. And we shall see if you are right or wrong, and if my forecast of buying after a "deep correction" is right or not. Shed no tears for me, I bought in 1990, have no mortgage, and market price was up 33% in a year.
 
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that is a serious issue. it may get a lot worse.

I have a family member who has been losing a grand a month on a ski condo in Canada for about 10 years. He is about to throw in the towel and he knows others who have made the same decision.

that could get ugly up there but I will note most of the country does not have anti deficiency protection. So it might not go as deep as we did in 2009. but if it does it could take a really long time to work out if the banks sue to recover their loses.

does anyone you have any insight in to CA real estate prices.
if its going to crash...what will be the trigger?


WeToddDid2 said:
atomic-mushroom-cloud-explosion-2-2.gif


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:
toronto%20housing%20implodes%202.jpg


toronto%20housing%20implodes%201.jpg


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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jem said:
that is a serious issue. it may get a lot worse.

I have a family member who has been losing a grand a month on a ski condo in Canada for about 10 years. He is about to throw in the towel and he knows others who have made the same decision.

that could get ugly up there but I will note most of the country does not have anti deficiency protection. So it might not go as deep as we did in 2009. but if it does it could take a really long time to work out if the banks sue to recover their loses.

does anyone you have any insight in to CA real estate prices.
if its going to crash...what will be the trigger?
More...

The fact that your family member lost money for 10 years on real estate in Canada suggests that there is no bubble in Canadian real estate. Perhaps the market is like any other, and supply and demand determine price. Toronto for example is a high demand, growing center. The risks of a housing crash would be similar or less then where you live. So if you think your own home is about the crash in value, perhaps Toronto will also crash. I don't share that fear, but you are welcome to it.
 
WeToddDid2 said:
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 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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Realtors are the most retarded people on the planet.
Busboy to door opener.
 
jem said:
that is a serious issue. it may get a lot worse.

I have a family member who has been losing a grand a month on a ski condo in Canada for about 10 years. He is about to throw in the towel and he knows others who have made the same decision.

that could get ugly up there but I will note most of the country does not have anti deficiency protection. So it might not go as deep as we did in 2009. but if it does it could take a really long time to work out if the banks sue to recover their loses.

does anyone you have any insight in to CA real estate prices.
if its going to crash...what will be the trigger?
More...
Vacation homes are a different kettle of fish.
I think there are a number of headwinds here in Canada. Some stronger than other. None stronger than rising rates and government interference in markets
 
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