Canadian Collapse: Home Sales Down, Home Value Down. Interest Rates UP

> Home sales in June posted their largest monthly drop in seven years, driven by a plunge in the Greater Toronto market, the Canadian Real Estate Association said Monday.

A 917k house in march is now worth 740k - if you're lucky.The prices keep dropping, people are holding off on buying knowing that they'll get a cheaper house in the future.

Boomers BTFO

winnipeg.ctvnews.ca/home-sales-across-canada-fall-6-7-per-cent-biggest-monthly-drop-in-seven-years-1.3505975

Other urls found in this thread:

theglobeandmail.com/report-on-business/economy/imf-warns-canada-on-housing-trade-urges-caution-on-rate-hikes/article35680168/
youtube.com/watch?v=BUK2Sl2NOtc
youtube.com/watch?v=8OtluM512Nk
stats.bis.org/statx/srs/tseries/CRE/Q.CA.H.A.M.770.A?t=f3.1&c=&p=20164&i=6.10
stats.bis.org/statx/srs/tseries/CRE/Q.AU.H.A.M.770.A?t=f3.1&c=&p=20164&i=2.10
levyinstitute.org/pubs/wp74.pdf
stats.bis.org/statx/srs/tseries/CRE/A.US.P.A.M.770.A?t=f2.1&c=&p=2011&i=43.1
twitter.com/NSFWRedditVideo

I hope you boomers lose half the value of your homes. You're the garbage of the nation.

BOOMERS ON SUICIDE WATCH

yes

YES

keep dropping FOREVER hahaha

They deserve it.

Isn't this good?

I shared this sentiment until I bought my own house. Now I love the idea of making a profit just for holding onto something for awhile.

This will drive down rent and hopefully shake the confidence of the chinese.

They'll be less likely to put it into a house if they think they'll lose another 40 percent of their dirty money.

Yes

good for you.

People in my building in Coquitlam listed their 3 bedroom condo for $659k and got well above asking price. It took them two days to sell it. I'm set to do the same. I think Vancouver is still well inside the euphoria phase.

You are clearly quite the expert.

Well, actually living inside the market and witnessing first hand what is happening right now at this very moment I can say that I'm actually more qualified to speak on the subject than you. Two weeks ago my in laws neighbor just got $1.5 million after listing for one week, it was on the market for $1.2 million. My friends dad that lives in the same neighborhood just closed on a land assembly and was given $3.1 million for his home which was assessed at $1.2 million.

March (916K avg), April (920K), May (863K, -6.2%), June (794K, -8%), August (rumoured sub 700K)
>sub 700K

I'm literally hard. my dick is going to explode.

I can't wait for this to happen in America

Fuck boomers

hnnngggggg

finally a happening

>Leaf you LEAFED that copypasta from

Homes in Leaside (Toronto C11) that would sell for $2M are going for 1.1-1.2, $800-$900K off.

The price drop will accelerate! Why buy now when you can wait and they'll be cheaper!

>Homes in Leaside (Toronto C11) that would sell for $2M are going for 1.1-1.2, $800-$900K off.

my dick just exploded.

can't deny these numbers, day of the rake confirmed?

Rural properties are the one's that are dropping.

You should compared the assessed value from the city, which is a straight forward Google search, to list prices you find on realtor.ca. if you do that, you will see exactly how overvalued those homes are.

They're largely horse shit, senpai.

it's even worse than it looks.

16 Thursfield April

List $1,188,000
Sold: $1,551,888

30% above list

78 Thursfield July

List $999,000
Sold: $1,131,000

Same size lot, identical house, up the street
-$420,000 in 90 days

WHEN CANADIANS ACTIVELY DENY REALITY IN Sup Forums THEY MUST GET SOME KIND OF CATHARSIS.

>post as many individual cases as you want bud
>reality continues unabated.

see

so your few anecdotes disprove statistical data? where did you go to college?

152 Randolph April

Lot 30x120 = 3,600 sq ft

List: $1,489,000
Sold: $1,950,000

dude we get it, you think your anecdotes disprove statistical data. please stop spamming

From what I've heard the condo market is fine and the house market is plummeting here
Selling our apartment on the beach in English Bay to buy a house

75 Randolph July

List: $1,499,000
Sold: $1,265,000

-$685,000 in 90 days for a ~50% larger lot

I'm showing how severe the crash is you fucking idiot

Leaside/C11 is a leading indicator when it comes to Toronto RE

sorry dude I'll delete my posts i'm wasted. I've been on the sauce since the bitcoin crash

Here's what will happen;
Big selloff, big glut, lots of people forced to sell being stuck with the losses because everyone's overleveraged thanks to 0% loans for years.

At first idiot commentators will be like "is this the end of chinese domination in Canada"? But then when it hits the bottom and the middle and poor classes get stuck with the bill, foreign money will sweep in to buy up everything, prices skyrocket and now your only choice is a rental from ChinaCorp or RussiaHovel.

the only useful data would be what they bought the house for initially with inflation

>foreign money will sweep in to buy up everything, prices skyrocket and now your only choice is a rental from ChinaCorp or RussiaHovel.

that's pretty bad. i doubt the government will do anything to stop them, that would be racist

BTC/ETH is a meme. August 1st it might be halted and go to 0 if the autists don't agree on whether to branch the blockchain. I'm fucking pissed Poloz raised, all my assets are USD and I convert to CAD to live so USDCAD going from 1.35 to 1.26 on Poloz' psychosis fucked me too famalam

But yeah the crash is going to be epic with RE. It's literally the only reason people aren't homeless on the street. Soon they will be though..

Unless you own multiple pieces of property and actively make money off of it, your home is not an investment.

Why are these shit houses so expensive?

do canadians also build their houses with sticks snot and cardboard like the amerilards?

>tfw your retirement cottage and summer home drop below the value you paid for them originally with your bloated pension
Dang nabbit, stupid youngins ruining the economy in my golden years. THIS WAS MY TIME, YOU ARE RUINING MY RETIREMENT.

>I've been on the sauce since the bitcoin crash
topkek, another poor victim of /biz/ and their madness

chink demand

It's incorrect to blame boomers in this regard. They're just taking advantage of the market exactly the way you would and should. Playing the market makes the market more efficient and this is better for everyone.

What you CAN blame the boomers for is the credit expansion that caused this bubble in the first place. The boomers put in place (or at least failed to dismantle) the monetary policy that allows way too many cheap mortgages. When you have an unnaturally high supply of loans, you can demand more for every house. Hence, unnaturally high housing prices.

Once again, central banking rears its ugly head. If our generation fails to dismantle the central banks, our children will shit on us they way we're shitting on the boomers.

>At first idiot commentators will be like "is this the end of chinese domination in Canada"? But then when it hits the bottom and the middle and poor classes get stuck with the bill, foreign money will sweep in to buy up everything, prices skyrocket and now your only choice is a rental from ChinaCorp or RussiaHovel.

Speculators aren't going to buy into a declining market that will stagnate for years.

The IMF came out and warned that Poloz was fucking insane the day after he raised

theglobeandmail.com/report-on-business/economy/imf-warns-canada-on-housing-trade-urges-caution-on-rate-hikes/article35680168/

>“The main risk on the domestic side is a sharp correction in the housing market that impairs bank balance sheets, triggers negative feedback loops in the economy, and increases contingent claims on the government,” the fund said.

aka house prices drop 20%+, economy crashes because people can't tap their home equity credit line, banks go insolvent because their Tier 1 capital ratios get BTFO, they start putting in CMHC mortgage insurance claims which is backed by the Government of Canada and the Canadian government has to bail out the CMHC by issuing hundreds of billions in emergency debt, destroying the loonie and interest rates would skyrocket as the debt would be toxic. The increased interest debt would fuck the economy even more etc

CMHC insures $950B in mortgages yet only has $16B in assets (60:1 leverage).

Vancouver fag here, sitting on daddy's deck, taking in the pacific ocean views. Feels good senpai

If you are not intending to sell your cottage and summer home why do you care? Nothing changes for you, doesn't it?

IT ALL COMES CRUMBLING DOWN

Foreign investors in Toronto are

allowing aliens land/property ownership is the root of this problem
inappropriate taxation of homes that aren't one's residence is another

Good. As a young 26 year old all I want to do is marry my 19 year old GF and have 5 kids. But I make shit for money right at the moment.

How the hell am I suppose to afford a house at these prices while both me and her are still young?!?!?

>leveraged 60:1

It's actually kind of impressive in a dastardly way, like a masterful robbery or something.

>Canadian collapse

It's like you don't even keep track of the US/CAD currency rate

Live in a trailer park. That way you can have tons of kids and live cheaply.

Save as much as you can, and wait for the bubble to pop. That's how I bought my home in California. Bay area prices plummeted after the housing bubble popped.

Now the rent bubble is exploding, and my mortgage is lower then the monthly rent on a studio appartment. Plus all my tax breaks for owning are great. Suck it renter scum!

It was hard enough convincing her away from the ZOG mind virus that anything over 2 kids is economic suicide(but always room for dogs ;) ).

Living in a trailer park would how to be a option of desperation. Plus the dream is country living, fourwheeling, hunting, and just being efficient... But that takes land*.

candians do that since america matters to them. canada doesnt matter to us unless we feel like visiting your gimmick waterfall on your side

You know what? Fuck you. I've had it. I've tried to play nice. I've tried to laugh it off. But enough is enough. The Canada-hate thing is getting old. I know we have a reputation for being kind and polite, but that ends now.

The Canada-hate has to stop. First of all, it's based off a lie - that we're cucked because our Prime Minister is a “cuck”, as you call it. That isn't even true. Justin Trudeau is a former boxer, snowboarder, and environmentalist. Name me one "real" man who can claim even two of those things! He said if you kill your enemies they win, because if you have to resort to killing, that means you couldn't hold your own in a ration debate. Secondly, Canadians aren't shitposters. We speak our feelings. We tell you the truth. We share our opinions. If that's what counts as shitposting these days, then call me an Aussie. I don't know why Americans are so intimidated by hearing genuine, thoughtful criticism of their country and their politics, but you obviously are. All I can say to that is: deal with it. It's the 21st century. This is the information age. If information scares you, then go back to your bumfuck trailer somewhere and hang on to your delusions. Me? I'm a freethinker. I'm an idea man. I thrive off of enthusiasm. And I fucking love science. So when a Canadian is nice enough to offer you constructive criticism, take it as a compliment. Because we want to see you thrive as a country. We want to see you progress and follow us into the future.

End Canada-hate NOW.

...

land is the holy grail of property. Building a house is a lot cheaper than most people think and isn't really that hard to do if you have a few friends who know what their doing. But to buy land in BC (for cheap) you have to completely exile yourself from Vancouver or put yourself on an island where the population is below 500, where power outages are common and BC hydro takes 4 days to get to you because the waves are too strong for the ferry to make it.

is China going broke?

there will be civil unrest soon... it is why the cops look like the fucking invasion of iraq.

You are right about one thing leaf. No real man can claim even two of those things.

You sound young and poor.

I've already made $100 000 buying and selling a few properties over the last 10 years. My latest one was a smart purchase that'll sit on for a while, and ride this bubble out.

I'm looking forward to this second crash so I can buy a nicer place for a reasonable value in a few years. That's what I did back in 2008.

Mortgages in Canada are all ARMs (Adjustable Rate Mortgages). You have to renew every 5 years on average. So if you have to renew, and you're underwater, you have to put up enough to bring your LTV (Loan to Value) back below 80% or else the bank doesn't renew and you get foreclosed. In fact, banks can foreclose at any time. So if you bought that 16 Thursfield house for $1,551,888 with 20% down ($300K), your mortgage would be $1.25M. Now the house value drops to $1.1M. Your $300K downpayment is gone, and your mortgage has gone from a LTV of 80% to 100%+, since you're underwater by $150,000. The bank would call you one day out of the blue, and say "Hello user, we need $370,000 wired from you by Friday morning to bring your mortgage down to $880K so your LTV is back down to 80% or we will list it for sale. This is your only warning. Thank you."

that distant popping sound is canadians with a recent HELOC.

>I've made $10k/yr selling property

You would have made more at McDonalds.

so why would you buy a house in canada? move

Okay so if I have $150k incoming and ~$200k left on my mortgage, should I try and pay that off completely ASAP?

>so why would you buy a house in canada? move

are you retarded or trying to be clever

Yeah, Americans have it good with their mortgages- 30 year amortizations, interest is deductible and you can refinance when rates are low usually without penalty. Plus if you're underwater you can walk away 99% of the time and start over.

In Canada, mortgages are all ARMs that reset every 5 years normally (so if you're underwater you lose your house and the loss the bank takes selling your house is a Crown debt that follows you for life, so you can't discharge it in bankruptcy even), you can't deduct mortgage interest.

However, capital gains on a primary residence not taxable, which encourages house flipping.

day of the leaf coming soon

Thank you for clarification.
Is it uncommon in Canada to buy houses without mortage? Paying all money at once.

>le just move countries
>it's that easy!

hahaha jelly.

Except I made the bulk of it in the first few years, and I'm still sitting on the money. And it required zero effort. The market just grew and I earned money on the initial investment.

suicide is the other option i guess?

how will this affect the Chinese? don't they own half this shit now?

Almost nobody does that except for millionaires. 99% of houses have mortgages.

Canadian salaries are shit. Average Canadian salary is $29K, average home $504K (including apartments/condos/townhouses). Average house is like $900K and that's Canada wide. So 30:1 house price:income, when a normal ratio is 3:1.

In the 90s you can buy a bungalow in the suburbs for $100-150K, and salaries were higher. Blue collar guys made $25+/hr, or $50K/year, so it was 2-3x annual income. Interest rates were way higher, so people would usually put down a large downpayment or buy cheaper places all out.

>pic related

>Housing gets cheaper
>The Chinese Overmind sends more Chinese Zerglings to buy all of Canada
>Canada becomes a Chinese Colony

The Chinese meme. Less than 10% of Canadian RE is foreign buyers.

The Chinese meme hit it's peak when realtors would pay Chinese actors to pretend to be billionaires and fly in several potential buyers on helicopters to look at houses and have a bidding war on the spot. They played newsclips of a video once, fucking insanity.

Canada will fall. Trump will be the last president. Our world is ending

youtube.com/watch?v=BUK2Sl2NOtc

So the Canadians thought they were bidding against a Chinese billionaire tycoon.

A con game.

Now buyers, especially in Toronto, are demanding 100k, 300k, 500k+ to close or they walk. They're doing this because typically they will buy a house then list their house for sale after, which means their house sells months after they buy their new house. If they can't sell their house for enough to cover the new mortgage, they are fucked.

So that should give you an idea of how fucked housing is now.

In Pickering, a Toronto suburb, there were 7 sales last week from 250 listings.

Is it finally happening?
Australia/China coming soon.

...

Here's a video of the Chinese Helicopter real estate news clip

youtube.com/watch?v=8OtluM512Nk

Australia is even worse than Canada, aren't half of all mortgages interest only?

i made that trudeau meme.

What filter do you use? I see you used it on Poloz as well

I was in the Poloz thread on the 12th

mosh barrel filter plus a couple others but the barrel gave it the distortion effect. here is the original photo, I think he ended looking better in the meme

It's the day of the rape for you?

>aren't half of all mortgages interest only?
Not the issue here.
CA
stats.bis.org/statx/srs/tseries/CRE/Q.CA.H.A.M.770.A?t=f3.1&c=&p=20164&i=6.10
AU
stats.bis.org/statx/srs/tseries/CRE/Q.AU.H.A.M.770.A?t=f3.1&c=&p=20164&i=2.10
They just have higher household debt in general.
We have much higher corporate debt and total private debt thought.
Need next 2 quarters or at least 1 quarter data to be sure house prices are actually dropping thought, but I wouldn't be surprised.

...

This meme makes fonv old world blues even better than it already is.

All the smart boomers in toronto sold their houses to young immigrants, retired and bought cheap property outside the city.

Has almost nothing to do with the fed, just how the financial system in general operates under modern capitalism.

>fallacy detected

BAHAHAHAHHAAHHAHAHAHAHAHAHAHAHAHAHHAAHHAHAHAHAHAHAHAHAHAHAHHAAHHAHAHAHAHAHAHAHAHAHAHHAAHHAHAHAHAHAHAHAHAHAHAHHAAHHAHAHAHAHAHAHAHAHAHAHHAAHHAHAHAHAHAHAHAHAHAHAHHAAHHAHAHAHAHAHAHAHAHAHAHHAAHHAHAHAHAHAHAHAHAHAHAHHAAHHAHAHAHAHAHAHAHAHAHAHHAAHHAHAHAHAHAHAHAHAHAHAHHAAHHAHAHAHAHAHAHAHAHAHAHHAAHHAHAHAHAHAHAHAHAHAHAHHAAHHAHAHAHAHAHAHAHAHAHAHHAAHHAHAHAHAHAHAHAHAHAHAHHAAHHAHAHAHAHAHAHAHAHAHAHHAAHHAHAHAHAHAHAHAHAHAHAHHAAHHAHAHAHAHAHAHAHAHAHAHHAAHHAHAHAHAHAHAHAHAHAHAHHAAHHAHAHAHAHAHAHAHAHAHAHHAAHHAHAHAHAHAHAH

*BREATHS IN*
*FACE HURTS FROM SMILING*

BAHAHAHAHHAAHHAHAHAHAHAHAHAHAHAHAHHAAHHAHAHAHAHAHAHAHAHAHAHHAAHHAHAHAHAHAHAHAHAHAHAHHAAHHAHAHAHAHAHAHAHAHAHAHHAAHHAHAHAHAHAHAHAHAHAHAHHAAHHAHAHAHAHAHAHAHAHAHAHHAAHHAHAHAHAHAHAHAHAHAHAHHAAHHAHAHAHAHAHAHAHAHAHAHHAAHHAHAHAHAHAHAHAHAHAHAHHAAHHAHAHAHAHAHAHAHAHAHAHHAAHHAHAHAHAHAHAHAHAHAHAHHAAHHAHAHAHAHAHAHAHAHAHAHHAAHHAHAHAHAHAHAHAHAHAHAHHAAHHAHAHAHAHAHAHAHAHAHAHHAAHHAHAHAHAHAHAHAHAHAHAHHAAHHAHAHAHAHAHAHAHAHAHAHHAAHHAHAHAHAHAHAHAHAHAHAHHAAHHAHAHAHAHAHAHAHAHAHAHHAAHHAHAHAHAHAHAHAHAHAHAHHAAHHAHAHAHAHAHAHAHAHAHAHHAAHHAHAHAHAHAHAHAHAHAHAHHAAHHAHAHAHAHAHAHAHAHAHAHHAAHHAHAHAHAHAHAHAHAHAHAHHAAHHAHAHAHAHAHAHAHAHAHAHHAAHHAHAHAHAHAHAHAHAHAHAHHAAHHAHAHAHAHAHAHAHAHAHAHHAAHHAHAHAHAHAHAHAHAHAHAHHAAHHAHAHAHAHAHAHAHAHAHAHHAAHHAHAHAHAHAHAH

FUCK OFF KIKE, WE WILL NEVER DROP CRITICISM OF THE BANK.

>fed
>taking Keynes seriously till 2008
Fed doesn't even create most of the "money" at this point, private banks do so while m1 might be money printed by the fed it certainly isn't total money in circulation.
You can't really avoid shit like 2008 unless you severely limit usury.
levyinstitute.org/pubs/wp74.pdf
Debt was still growing during the period your consider to be great, just not as fast as pre-2008 since Wall St. started doing derivatives and other financial bullshit on a massive scale.
stats.bis.org/statx/srs/tseries/CRE/A.US.P.A.M.770.A?t=f2.1&c=&p=2011&i=43.1

Multiculturalism. All the immigrants flock to hongcoover and gay pride toronto.

...