HomeDiagramsDatabaseMapsForumSkyscraper Posters
     

Go Back   SkyscraperPage Forum > Regional Sections > Canada

Reply

 
Thread Tools Display Modes
     
     
  #6461  
Old Posted Mar 18, 2017, 3:05 AM
sunsetmountainland sunsetmountainland is offline
Registered User
 
Join Date: Jun 2011
Location: Another great post taking place from the best place on earth!
Posts: 634
Quote:
Originally Posted by whatnext View Post
The BC Libs also cater to seniors (who they know vote) with the ridiculous tax deferral program. Hint: If you can't afford your taxes, you shouldn't be in that property.
That tax deferral program is a great asset for seniors. I think it is a great program. The taxes get paid in the end. It just gives more help to those in a fragile time in there lives. When they do not have a job.
Reply With Quote
     
     
  #6462  
Old Posted Mar 18, 2017, 3:12 AM
sunsetmountainland sunsetmountainland is offline
Registered User
 
Join Date: Jun 2011
Location: Another great post taking place from the best place on earth!
Posts: 634
Quote:
Originally Posted by mistercorporate View Post
Canadian interest rates are at the lowest level in 230 years...
http://www.btvancouver.ca/videos/4746779205001/

So yeah, once everyone gets slaughtered, which neighbourhoods in the lower mainland would you guys suggest I purchase in? Water views would be nice, an acre or two relatively close to transit. Already did some preliminary research on the Toronto neighbourhoods I'll be targetting.
What does a link over a year passed have to do with a market today?

If you think that everyone gets slaughtered what is to say that you are not slaughtered also? This perception that some big drop is coming to Vancouver or Toronto. I am just saying you could be in for a long wait or you might just be slaughtered also!

P.S. I like White Rock and Salt Spring island for water views!
Reply With Quote
     
     
  #6463  
Old Posted Mar 18, 2017, 3:28 AM
mistercorporate's Avatar
mistercorporate mistercorporate is offline
The Fruit of Discipline
 
Join Date: Mar 2013
Location: Toronto
Posts: 2,884
Quote:
Originally Posted by sunsetmountainland View Post
This is an example of heightened insecurity talking! Do you really know what is going to happen when mortgages come up for renewal over the next few years?
Insecurity, thy name is sunsetmountaincrook. Nothing more insecure than jumping all over every post that slanders the housing bubble and then feigning indifference with a shrug. Your try-hard antics are well known here, didn't you get suspended for doing just that?
__________________
Future Summer Olympic Games: Tokyo 2020, Paris 2024, Toronto 2028.
Tosin007: "I know I need to get laid"
WhipperSnapper: "My seriousness is simply a veil hiding a true comedic genius."
OutOfTowner: "I live in Villeray - a block from Marché Jean Talon. And my choice of hairstyle is none of your business."
Reply With Quote
     
     
  #6464  
Old Posted Mar 18, 2017, 3:34 AM
sunsetmountainland sunsetmountainland is offline
Registered User
 
Join Date: Jun 2011
Location: Another great post taking place from the best place on earth!
Posts: 634
Quote:
Originally Posted by mistercorporate View Post
Insecurity, thy name is sunsetmountaincrook. Nothing more insecure than jumping all over every post that slanders the housing bubble and then feigning indifference with a shrug. Your try-hard antics are well known here, didn't you get suspended for doing just that?
What does this have do with the topic? I answered posts in a forum that I have not been on in awhile. I have an opinion and I have every right to it! If you have a problem it is your problem! Learn to deal with it! If you have an insightful thought to share that you disagree with me on the subject at hand please feel free to share.
Reply With Quote
     
     
  #6465  
Old Posted Mar 18, 2017, 6:19 AM
ssiguy ssiguy is offline
Registered User
 
Join Date: Mar 2006
Location: White Rock BC
Posts: 4,809
Chinese money launderers {I refuse to say investors as investors infers the person is working within the law} have a lot to do with certain markets especially Vancouver. I also find it interesting how the real estate cartel continually declare how the Chinese have little impact on housing so but when Christy brought in her 15% foreign tax {which she has been eroding} these same real estate people said it would hurt the market too much.......ya, none of us can figure out their logic either.

I do still stand by what I said about the interest rates. Now I am not talking about regular debt but simply mortgage debt and I still don't think interest rates per se are the problem. It's not cheap money but rather the ability to access the cheap money that's the problem. If we didn't have CMHC and people had to come up with 25% minimum we wouldn't have this bizarre situation and they sure as hell would never loan a first time home buyer a $1 million unless they were BOTH doctors.

CMHC has allowed people to access funds that they would never in a million years be able to get at if going thru a normal non-CMHC mortgage thru the banks. It's like having someone qualify for a 1980 Chevy Chevette but then the government comes along and lets them get enough money for a 2017 BMW 528i and telling the banks that if the people don't pay yoy back, don't worry about as we will. Well guess which car the potential car owner is going buy and guess how fast the bank will approve the loan knowing it can never cost them a cent and all they have to do is fill out the form and just lay back and collect interest for years on end?

This is why the very poor are also the people who have the LEAST amount of debt. Despite needing cheap credit, they don't have the ability to get the credit in the first place. CMHC has not made credit any cheaper but it has made it available to millions who would never qualify for the amount they are requesting...........they give people the ability to go into as much debt as humanely possible via housing which forces up demand and hence prices.

If CMHC were to be canned tommorrow, the entire housing sector would collapse and prices would as well. It would reek havoc on the economy but oddly it would be the first thing CMHC has done in half a century that actually made housing more affordable for first time homebuyers.

Last edited by ssiguy; Mar 19, 2017 at 4:35 AM.
Reply With Quote
     
     
  #6466  
Old Posted Mar 18, 2017, 6:31 AM
whatnext whatnext is offline
Registered User
 
Join Date: Feb 2009
Location: Vancouver
Posts: 6,266
Quote:
Originally Posted by sunsetmountainland View Post
What does a link over a year passed have to do with a market today?

If you think that everyone gets slaughtered what is to say that you are not slaughtered also? This perception that some big drop is coming to Vancouver or Toronto. I am just saying you could be in for a long wait or you might just be slaughtered also!

P.S. I like White Rock and Salt Spring island for water views!
To the Moon Byron, to the Moon!
Reply With Quote
     
     
  #6467  
Old Posted Mar 18, 2017, 6:34 AM
whatnext whatnext is offline
Registered User
 
Join Date: Feb 2009
Location: Vancouver
Posts: 6,266
Quote:
Originally Posted by ssiguy View Post
Chinese money launderers {I refuse to say investors as investors infers the person is working within the law} have a lot to do with certain markets especially Vancouver. I also find it interesting how the real estate cartel continually declare how the Chinese have little impact on housing so but when Christy brought in her 15% foreign tax {which she has been eroding} these same real estate people said it would hurt the market too much.......ya, none of us can figure out their logic either.

I do still stand by what I said about the interest rates. Now I am not talking about regular debt but simply mortgage debt and I still don't think interest rates per se are the problem. It's not cheap money but rather the ability to access the cheap money that's the problem. If we didn't have CMHC and people had to come up with 25% minimum we would have this bizarre situation and they sure as hell would never loan a first time home buyer a $1 million unless they were BOTH doctors.

CMHC has allowed people to access funds that they would never in a million years be able to get at if going thru a normal non-CMHC mortgage thru the banks. It's like having someone qualify for a 1980 Chevy Chevette but then the government comes along and lets them get enough money for a 2017 BMW 528i and telling the banks that if the people don't pay yoy back, don't worry about as we will. Well guess which car what the potential car owner is going buy and guess how fast the bank will approve the loan knowing it can never cost them a cent and all they have to do is fill out the form and just lay back and collect interest for years on end.

This is why the very poor are also the people who have the LEAST amount of debt. Despite needing cheap credit, they don't have the ability to get the credit in the first place. CMHC has not made credit any cheaper but it has made it available to millions who would never qualify for the amount they are requesting...........they give people the ability to go into as much debt as humanely possible via housing which forces us demand and hence prices.

If CMHC were to be canned tommorrow, the entire housing sector would collapse and prices would as well. It would reek havoc on the economy but oddly it would be the first thing CMHC has done in half a century that actually made housing more affordable for first time homebuyers.
Indeed Christy the Quisling announced an exemption in the foreign buyers tax today for those wealthy foreigners who have coughed up cash for their preferred immigrant scam.
Reply With Quote
     
     
  #6468  
Old Posted Mar 19, 2017, 4:38 AM
ssiguy ssiguy is offline
Registered User
 
Join Date: Mar 2006
Location: White Rock BC
Posts: 4,809
This exemplifies not only Christy's antipathy of British Columbians but also her understanding of the BCeconomy. She knows that housing is to BC what oil is to Alberta except you can export oil. This means doing everything possible {like 0% loans for FTHB} to keep the housing market going.
Reply With Quote
     
     
  #6469  
Old Posted Mar 21, 2017, 2:09 AM
travis3000's Avatar
travis3000 travis3000 is offline
Registered User
 
Join Date: Dec 2012
Location: Toronto, ON
Posts: 2,064
As someone who works in real estate I can tell you guys first hand something crazy is going on. I've spoken to dozens of Realtors over the past few weeks from across my selling area (Barrie, Alliston, Newmarket, Bradford, Bolton, Orangeville) and its happening everywhere. Multiple offers for virtually all the homes coming on the market, and selling prices going $50,000 to $150,000 over asking on everything. In the last 6 months alone all of these markets have seen price increases of 20 to 25% ... just since September! Year to year its more like 30 to 40%.

My mom (also an agent) had an offer on a 1600 sq ft 13 year old bungalow in Barrie this week (with walk out basement and in-law suite). It showed decent, a total of 2 bedrooms upstairs, and 1 down. There were 10 offers in total, agents parked down the street. It was a spectacle to witness. Like a feeding frenzy. My mom being from Alliston was the most local of all the offers. The other 9 were all from the Greater Toronto Area. It ended up selling at $800,000 ($150,000 OVER asking). To give you an example, this $800,000 home would have sold for $675,000 just SIX MONTHS AGO. That price drops to $600,000 just 1 year ago. Two years ago it would have been $500,000, Three years ago about $420,000. Five to six years ago, about $300,000.

This is one example, but pretty much tells the story of whats going in everywhere in this area. Nobody from Barrie can afford to live in Barrie anymore, they are all going north to Midland and Orillia while the Toronto people move up here. I know many of you in here can't fathom why, but I can tell you that thousands of people are doing it. Whether its the Go-Train service (expanding to 7 day every 30 minute service by 2020), decent employment, being close to the lake. I don't know to be honest. But this market scares me as a Realtor. It's not normal and I agree it won't last like this forever.

Whether its an interest rate hike, new gov rules for investors on capital gains, a spike in inventory, something is going to halt this train because its out of control.
Reply With Quote
     
     
  #6470  
Old Posted Mar 21, 2017, 2:16 AM
mistercorporate's Avatar
mistercorporate mistercorporate is offline
The Fruit of Discipline
 
Join Date: Mar 2013
Location: Toronto
Posts: 2,884
Just halt? I'm predicting a 60% correction in the GGH, it's gonna be a doozie! Welcome to an early '90's style general economic slump...thank god my career and business are recession proof! Now all the top analysts at the big banks and market research firms have come onto the bubble bandwagon. It's gonna be fun picking up the scraps but it will suck seeing all the depressed people and lack of highrise construction

P.S. What types of buyers are you witnessing? Young couples? Retirees with multiple properties? Foreign investors? "Fear of missing out" cases?

And what kind of money are you making as a realtor (within the past year for instance)? You guys must be crushing it big time!
__________________
Future Summer Olympic Games: Tokyo 2020, Paris 2024, Toronto 2028.
Tosin007: "I know I need to get laid"
WhipperSnapper: "My seriousness is simply a veil hiding a true comedic genius."
OutOfTowner: "I live in Villeray - a block from Marché Jean Talon. And my choice of hairstyle is none of your business."
Reply With Quote
     
     
  #6471  
Old Posted Mar 21, 2017, 2:39 AM
travis3000's Avatar
travis3000 travis3000 is offline
Registered User
 
Join Date: Dec 2012
Location: Toronto, ON
Posts: 2,064
Quote:
Originally Posted by mistercorporate View Post
Just halt? I'm predicting a 60% correction in the GGH, it's gonna be a doozie! Welcome to an early '90's style general economic slump...thank god my career and business are recession proof! Now all the top analysts at the big banks and market research firms have come onto the bubble bandwagon. It's gonna be fun picking up the scraps but it will suck seeing all the depressed people and lack of highrise construction

P.S. What types of buyers are you witnessing? Young couples? Retirees with multiple properties? Foreign investors? "Fear of missing out" cases?

And what kind of money are you making as a realtor (within the past year for instance)? You guys must be crushing it big time!
Agents aren't making as much money as you'd think. This market scares people so there isn't nearly as many listings on the market. Inventory is down 50-70% below 10 year averages so the number of listings in any given area isn't that high. This is also allowing the insane bidding wars, too many buyers and not enough product to satisfy.

I much prefer a healthy market growing 3-5% per year. It's better to form relationships with clients, and I actually get to do my job and get a fair price for people. This isn't as fun as most people would think.
Reply With Quote
     
     
  #6472  
Old Posted Mar 21, 2017, 2:40 AM
eternallyme eternallyme is offline
Registered User
 
Join Date: Mar 2009
Posts: 5,168
Quote:
Originally Posted by travis3000 View Post
As someone who works in real estate I can tell you guys first hand something crazy is going on. I've spoken to dozens of Realtors over the past few weeks from across my selling area (Barrie, Alliston, Newmarket, Bradford, Bolton, Orangeville) and its happening everywhere. Multiple offers for virtually all the homes coming on the market, and selling prices going $50,000 to $150,000 over asking on everything. In the last 6 months alone all of these markets have seen price increases of 20 to 25% ... just since September! Year to year its more like 30 to 40%.

My mom (also an agent) had an offer on a 1600 sq ft 13 year old bungalow in Barrie this week (with walk out basement and in-law suite). It showed decent, a total of 2 bedrooms upstairs, and 1 down. There were 10 offers in total, agents parked down the street. It was a spectacle to witness. Like a feeding frenzy. My mom being from Alliston was the most local of all the offers. The other 9 were all from the Greater Toronto Area. It ended up selling at $800,000 ($150,000 OVER asking). To give you an example, this $800,000 home would have sold for $675,000 just SIX MONTHS AGO. That price drops to $600,000 just 1 year ago. Two years ago it would have been $500,000, Three years ago about $420,000. Five to six years ago, about $300,000.

This is one example, but pretty much tells the story of whats going in everywhere in this area. Nobody from Barrie can afford to live in Barrie anymore, they are all going north to Midland and Orillia while the Toronto people move up here. I know many of you in here can't fathom why, but I can tell you that thousands of people are doing it. Whether its the Go-Train service (expanding to 7 day every 30 minute service by 2020), decent employment, being close to the lake. I don't know to be honest. But this market scares me as a Realtor. It's not normal and I agree it won't last like this forever.

Whether its an interest rate hike, new gov rules for investors on capital gains, a spike in inventory, something is going to halt this train because its out of control.
Soon they will have to start looking at Sudbury and North Bay since that is what is next if they keep going north...
Reply With Quote
     
     
  #6473  
Old Posted Mar 21, 2017, 4:32 AM
ssiguy ssiguy is offline
Registered User
 
Join Date: Mar 2006
Location: White Rock BC
Posts: 4,809
For Torontonians, I think you will find more people heading to Niagara & London which still offer affordable housing without the long colder winters of Barrie/Midland. With GO expanding to Niagara and potential HSR {and most certainly better train service very soon} to London, those cities will be seen as viable alternatives. It is already happening as both Niagara & London are experiencing their fastest population growth in many years, especially Niagara which has suffered very low growth for decades.
Reply With Quote
     
     
  #6474  
Old Posted Mar 21, 2017, 1:22 PM
travis3000's Avatar
travis3000 travis3000 is offline
Registered User
 
Join Date: Dec 2012
Location: Toronto, ON
Posts: 2,064
Quote:
Originally Posted by ssiguy View Post
For Torontonians, I think you will find more people heading to Niagara & London which still offer affordable housing without the long colder winters of Barrie/Midland. With GO expanding to Niagara and potential HSR {and most certainly better train service very soon} to London, those cities will be seen as viable alternatives. It is already happening as both Niagara & London are experiencing their fastest population growth in many years, especially Niagara which has suffered very low growth for decades.
I couldn't agree more, which is why I'm investing in London.
Reply With Quote
     
     
  #6475  
Old Posted Mar 21, 2017, 1:54 PM
north 42's Avatar
north 42 north 42 is offline
Registered User
 
Join Date: Apr 2011
Location: Windsor, Ontario
Posts: 3,941
Quote:
Originally Posted by ssiguy View Post
For Torontonians, I think you will find more people heading to Niagara & London which still offer affordable housing without the long colder winters of Barrie/Midland. With GO expanding to Niagara and potential HSR {and most certainly better train service very soon} to London, those cities will be seen as viable alternatives. It is already happening as both Niagara & London are experiencing their fastest population growth in many years, especially Niagara which has suffered very low growth for decades.
The same thing is happening here in Windsor and Essex County, the hottest real estate market in decades, home values up 14% over last year, lots of Toronto buyers, bidding wars are now the norm, homes selling for well over asking prices, and new homes can't go up fast enough. Even now, Windsor still has the most affordable housing of all major Canadian cities at an average of $246.000

Our population is growing faster than it has in decades, we have one of the lowest unemployment rates in the country at just 5.1%, and we are also enjoying the benefits of a recently booming and trendy Detroit! The whole region is booming on both sides of the river now, and it's about time!
Chatham-Kent's housing market is also booming, so even parts of Southwestern Ontario that were really struggling are being lifted up along with Windsor and London.
__________________
Windsor Ontario, Canada's southern most city!
Reply With Quote
     
     
  #6476  
Old Posted Mar 21, 2017, 1:59 PM
kwoldtimer kwoldtimer is offline
Registered User
 
Join Date: Jan 2008
Location: La vraie capitale
Posts: 11,671
Quote:
Originally Posted by north 42 View Post
The same thing is happening in Windsor, the hottest real estate market in decades, d it's home values up 14% over last year, lots of Toronto buyers, bidding wars are now the norm, homes selling for well over asking prices, and new homes can't go up fast enough. Even now, Windsor still has the most affordable housing of all major Canadian cities at an average of $246.000

Our population is growing faster than it has in decades, we have one of the lowest unemployment rates in the country at just 5.1%, and we are also enjoying the benefits of a recently booming and trendy Detroit! The whole region is booming on both sides of the river now, and it's about time!
But not directly related to the madness in GTA, is it? Certainly Guelph and K-C-W are feeling the effects of "drive until you can afford to buy".
Reply With Quote
     
     
  #6477  
Old Posted Mar 21, 2017, 2:05 PM
north 42's Avatar
north 42 north 42 is offline
Registered User
 
Join Date: Apr 2011
Location: Windsor, Ontario
Posts: 3,941
Quote:
Originally Posted by kwoldtimer View Post
But not directly related to the madness in GTA, is it? Certainly Guelph and K-C-W are feeling the effects of "drive until you can afford to buy".
No, our recovery is locally based, we're too far out from Toronto to experience spillover, even London is a bit too far for that, but we are seeing record amounts of people buying here from the GTA as well as from out West. But most of these people are either retiring or work from home.
__________________
Windsor Ontario, Canada's southern most city!
Reply With Quote
     
     
  #6478  
Old Posted Mar 21, 2017, 2:11 PM
kwoldtimer kwoldtimer is offline
Registered User
 
Join Date: Jan 2008
Location: La vraie capitale
Posts: 11,671
Quote:
Originally Posted by north 42 View Post
No, our recovery is locally based, we're too far out from Toronto to experience spillover, even London is a bit too far for that, but we are seeing record amounts of people buying here from the GTA as well as from out West. But most of these people are either retiring or work from home.
Yes, I have a self-employed family member who lives in London and commutes to Markham once a week, with an overnight stay, for work.

I continue to think that the Windsor area is, perhaps along with the Niagara Region, the most attractive retirement destination in Ontario, if not in Canada. Why it's not more of a "thing" is a bit of a mystery to me.
Reply With Quote
     
     
  #6479  
Old Posted Mar 21, 2017, 2:23 PM
lio45 lio45 is offline
Registered User
 
Join Date: Aug 2007
Location: Cocoa FL
Posts: 14,038
Quote:
Originally Posted by travis3000 View Post
I couldn't agree more, which is why I'm investing in London.
Out of curiosity, what time do you have to get up in the morning in London to show up at a downtown Toronto office at 08:00 am? Doesn't seem very viable a commute to me...
Reply With Quote
     
     
  #6480  
Old Posted Mar 21, 2017, 2:31 PM
travis3000's Avatar
travis3000 travis3000 is offline
Registered User
 
Join Date: Dec 2012
Location: Toronto, ON
Posts: 2,064
Quote:
Originally Posted by lio45 View Post
Out of curiosity, what time do you have to get up in the morning in London to show up at a downtown Toronto office at 08:00 am? Doesn't seem very viable a commute to me...
London is outside the Toronto bubble. So most people there don't work in the GTA. They are in their own solar system. Total different economy.
Reply With Quote
     
     
This discussion thread continues

Use the page links to the lower-right to go to the next page for additional posts
 
 
Reply

Go Back   SkyscraperPage Forum > Regional Sections > Canada
Forum Jump


Thread Tools
Display Modes

Forum Jump


All times are GMT. The time now is 10:54 AM.

     

Powered by vBulletin® Version 3.8.7
Copyright ©2000 - 2017, vBulletin Solutions, Inc.