The market has slowed the past couple months due to new legislation but I figured it will only start to go up again anytime because foreigners all want to live in Canada and the weather is too shit for them anywhere outside British Columbia and the GTA. So did I make the right choice by taking advantage of the opportunity before it REALLY became too late?
Pic Semi Related
Other urls found in this thread:
bnn.ca
twitter.com
...
>doesn't want to live in the good parts of Canada fuilled with qt azn schoolgirls
sodbuster detected
Only idiots live in GTA. Its literally ground zero of where not to buy a house.
With The GO system there is no reason to live nearer to the shit hold than you have to.
Brave choice. Your financial prosperity depend entirely on Chinese market. If it crashed you're fucked.
>qt azn
user youre blind
BRAAAAAAAAAAAAAAAAPFFFFFFFFFTTTTTTTTTTTT
The asians are gross except if you are an incel who is too insecure to talk to women who don't behave like babies.
The guy on the right is a man
All asian women look like asian men wearing a wig. You have to be at least 40% gay to like them
user, isn't the GTA and Vancouver the main areas of huge increases in housing, if there is a bubble won't that be where it occurs?
Nah it's a duplex, so we have a renter for the upstairs unit to supplement the mortgage while my white woman and I live in the main floor to enjoy the benefits of a a seculded backyard, garden, garage etc.
Damn... I'm only 23% gay.
What you did is a huge risk and time will tell. I am not so bullish on your bet. The market correction was because prices were so insane. It's speculative. Prices could recover, or they could decline further. Especially once people end up underwater, stop paying loans, and then there's a flood of home supply on the market leading to even lower prices, feeding the spiral downwards.
So you think the tens of thousands of immigants Trudeau lets in are gonna move to Red Deer Alberta and competing with us for real estate there instead?
OP is a shill this isn't related to politics, report this thread
I sold my condo outside of Vancouver for $714k and bought my house in PoCo for $845k. Here's the thing that matters when it comes to buying a house in this market...
Can you afford the payments? Are you house poor? Would you be able to afford your payments if the interest rate significantly increased? Is this a home you would want to live in for the long haul?
If you are fine with all of these things, congratulations on buying your home. It's a shit scenario, but it's our lot in life. Let's hope it retains enough value that the bank doesn't call in the loan.
That said, the Toronto market was entirely based on speculation and Indknt anticipate it attaining much more value like it did in the past... It will steadily gain value over time, but all real estate does due to inflation anyway. I think you bought at a good time.
If the economy of the GTA & B.C. collapses, the economy of the whole country collapses, because we essentially are the whole country aside from some strangler communities here and there in the midwest. That's not gonna happen no matter how many times doomsayers insist it's right around the corner.
It's less of a problem if it isn't an investment property, my dude.
>So did I make the right choice by taking advantage of the opportunity before it REALLY became too late?
other than maybe waiting a shade longer for prices to level off lower, you chose correctly. your premise is basically right, there is not going to be a bubble. demand might be weaker for now but we're never going to see
You bought half a cuckplex and you are renting out the top floor? What a fucking faggot. You would have been better off in an apartment.
being a serf like you instead? no thanks.
You actual, literal retard.
bnn.ca
Toronto average prices:
March $916K
April $920K
May $863K (-6.2% m/m)
June $794K (8% m/m),
July 1-14 $760K (-4.3%, extrapolated ~9.7% m/m)
July
People have been using "alternative lenders" who loan $2-3M on self-declared income or with fake documents. Now these lenders are blowing up and not making new mortgages, hence prices have stagnated or dropped (as in Van, already down 15% this year).
Once a massive across the board drop occurs, lots of people who are leveraged to the tits with negative/0/5% downpayment 30/35/40 year mortgages will be underwater (they will owe more than they can sell their house for).
Fine, if they were planning on living there forever, which most weren't..
Canadian mortgages are all Adjustable Rate Mortgages (ARMs) that reset every 5 years
When renewal comes up, which is soon for a lot of 2010-2012 mortgages on 40 year terms with negative/0/5% downpayments, they will be forced to come up with hundreds of thousands of cash to bring their mortgage Loan-to-Value back down to 80-95%. 99% of people won't be able to come up with the money, so the bank will write off the mortgage with the CMHC mortgage insurer, who will pay the bank the loan back then take possession of the house and do a fire sale, and then go after the homeowner for the balance which will be hundreds of thousands for life.
[i]Bankruptcy can't discharge CMHC debt since it is Crown debt.[/i]
In fact, banks can call in mortgages at any time for any reason (heh..). So if they see prices dropping, they will pre-emptively call in mortgages and write them off to stay afloat. Once this occurs, it's a race to the bottom as banks are forced to call in more and more mortgages to stay afloat (in order to maintain their Tier 1 capital ratios with marked market values of the houses on their books)
Vancouver has geographical limitations that would naturally make the real estate more valuable... To the north we have mountains, the the West is the ocean and the South has the border... The only way to expand is east and the commute from Maple Ridge, which is still affordable and reasonably close to the city, is about an hour and a half.
The geography limits the supply. The weather makes Vancouver more appealing to immigrants and citizens that are just tired of shitty weather. You have a lot of people moving here... Which stresses the supply.
Toronto has none of these problems. It's fucking flat. There is nothing preventing you from buying a place a little bit further away, except the great lakes... They have more useful land than we do.
Toronto's market is entirely fabricated and it's tanking because it was a faith based speculation that didn't hold water.