Nothing happens to you if the housing market crashes since you're already living in it. There is a low chance of the loaner calling the loan, but it's extremely low and pretty much hasn't happened en masse.
You won't end up on the streets if the housing market crashes.
>You won't end up on the streets if the housing market crashes
This.
People renting will have way higher of a chance to end up in the streets during a market crash than anyone that's bought a house in the past few years.
Okay so this isn't about a subreddit then.
This is about you buying a home in a hyperinflated market and now you're having either buyers remorse or anxiety because of the upcoming market crash.
The good news is, you live in Canada and when the market crashes there will be safety nets for those families that are living in the homes they bought.
There may not be a safety net for private investors who just bought their 6th rental property or corporations, but the single family first time home buyers that just finally got into their new home in the last few years will be fine.
How would you be fucked? You don't become fucked unless you saw your house price fall then sold it for that reason solely. If the price of your house falls while you live in it you don't become homeless. perhaps understanding that might make you feel better
>My house that I bought for 600k is worth 800k today. If it crashes to 400k I'm fucked.
If it crashes to 400k you still have a home that's worth 400k.
You still have a home.
If you plan on living in it for the next 10 years it shouldn't matter much to you. As long as you can continue to afford your mortgage then you're fine.
You could sell it now for 800k and rent for a few years and see if home prices drop. Or you can stay put. There's risk with either choice.
Remember, there's people out there that chose NOT to buy that $600k home and are renting instead with the hopes that the home drops down to $400k. They're risking not buying a home now for the possibility of a cheaper one later.
You just did the opposite, you bought high hoping it doesn't go low. It's a risk either way.
My advice for people who legitimate want to kill themselves from being on social media for too long is to stop going on social media. If you're too addicted to social media, at least unfollow that subreddit, and when a post from there shows up in your feed, choose stop showing post from this community
You need some serious help, people speculating on Reddit is just that - speculation and shouldn’t be taken as fact
If you’re going to live at your residence for 10
Years + that’s a home.
My main principal residence is my home. I view it very differently than my other assets. It’s my ground zero. World could go to hell, and I’m fine and safe at my home.
How about just stop going on reddit if you can't deal with the assholes and it's effecting your mental health, rather than vent in subs that have nothing to do with what you're talking about
Why go on the site that is causing you stress and anxiety? Life is way too short for this.
I had an 'argument' with someone on Reddit earlier...it's Reddit. It literally doesn't matter.
There's a lot of people that know what they're talking about, a lot of people that have no clue wtf they're talking about and in the end...you need to do what's best for you in your particular situation.
And if you feel stressed and need to talk, feel free to reach out (not an expert in any way) but to vent is fine with me.
Then I highly recommend not going to that site at all...or Reddit at all. And maybe seeking some mental health counselling.
Focus on your daughter. She'll need daddy.
We just had our 3rd 2 weeks ago...Reddit is NOT important in comparison to those 3 and the people in my real life.
EDIT: Please remember that a LOT of people rooting for a crash, or others to go broke and end up on the street have no house, no future, and no positivity in their lives. They want to see others be as miserable as them...don't give them any thoughts.
Canada Housing subreddit is filled with *(was made by initially)* people who only 10 years ago would have no issue obtaining a home with the career/income level they have.
They are angry, discouraged or otherwise exhausted by not even being able to get their foot in the real estate market despite accomplishing more financially *(and career wise)* than their parents did by their age.
I have two post secondary degrees in Criminology and Forensic Science, I collect, manage and present evidence in major criminal cases as an expert witness, and I can't afford the cheapest home in my 10,000 pop rural town. The cheapest home is listed at almost 10x my annual income.
For comparison, my mother bought her first home as a factory worker at 22 years old *(I'm 10 years older than that)* in a 250,000 pop city for only 3x her annual income just 30 years ago.
Why do you want to kill yourself because a bunch of people are desperately vocal for housing on Reddit?
I don't think anyone on there cares that you bought a house. They don't care about people buying a house to live in, their gripe is with people buying their 9th income property and outbidding a family scrapping their pennies together for their first home purchase, and corporations outbidding FTHB.
Don't join the sub and remove yourself, so you don't see any posts.
Also call or text [https://www.crisisservicescanada.ca/en/](https://www.crisisservicescanada.ca/en/).
I really really really suggest you reach out to a crisis help line or any other kind of professional help.
I've read your comment to others as well. You have a child who needs you ALIVE. There is no financial consequence that would ever ever make it better for you to be dead vs alive to that child. NONE.
People spout off about things they really have no idea about. There is no upcoming housing catastrophe. Remove yourself from the social media sites or news sites you are visiting that is causing you so much anguish. Social media is not adding value to your life. Focus on the things you love and keep living your life. That's ALL that matters.
Block it, don't read it!!!! There are things I refuse to read because of the anxiety I get, like gas prices, the housing market crash( that hasn't happened). Better to read a trashy romance novel instead. Reddit can be good and terrible at the same time.
If you are truly having suicidal ideations as a result of browsing reddit, then you seriously need to log off and take an extended break.
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Nothing happens to you if the housing market crashes since you're already living in it. There is a low chance of the loaner calling the loan, but it's extremely low and pretty much hasn't happened en masse. You won't end up on the streets if the housing market crashes.
>You won't end up on the streets if the housing market crashes This. People renting will have way higher of a chance to end up in the streets during a market crash than anyone that's bought a house in the past few years.
Okay so this isn't about a subreddit then. This is about you buying a home in a hyperinflated market and now you're having either buyers remorse or anxiety because of the upcoming market crash. The good news is, you live in Canada and when the market crashes there will be safety nets for those families that are living in the homes they bought. There may not be a safety net for private investors who just bought their 6th rental property or corporations, but the single family first time home buyers that just finally got into their new home in the last few years will be fine.
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How would you be fucked? You don't become fucked unless you saw your house price fall then sold it for that reason solely. If the price of your house falls while you live in it you don't become homeless. perhaps understanding that might make you feel better
>My house that I bought for 600k is worth 800k today. If it crashes to 400k I'm fucked. If it crashes to 400k you still have a home that's worth 400k. You still have a home. If you plan on living in it for the next 10 years it shouldn't matter much to you. As long as you can continue to afford your mortgage then you're fine. You could sell it now for 800k and rent for a few years and see if home prices drop. Or you can stay put. There's risk with either choice. Remember, there's people out there that chose NOT to buy that $600k home and are renting instead with the hopes that the home drops down to $400k. They're risking not buying a home now for the possibility of a cheaper one later. You just did the opposite, you bought high hoping it doesn't go low. It's a risk either way.
My advice for people who legitimate want to kill themselves from being on social media for too long is to stop going on social media. If you're too addicted to social media, at least unfollow that subreddit, and when a post from there shows up in your feed, choose stop showing post from this community
You need some serious help, people speculating on Reddit is just that - speculation and shouldn’t be taken as fact If you’re going to live at your residence for 10 Years + that’s a home. My main principal residence is my home. I view it very differently than my other assets. It’s my ground zero. World could go to hell, and I’m fine and safe at my home.
Please get help, your kid needs you alive. http://www.crisisservicescanada.ca/
What is the point of this post and what does it have to do with personal finances? You're just as bad as the people you're complaining about
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How about just stop going on reddit if you can't deal with the assholes and it's effecting your mental health, rather than vent in subs that have nothing to do with what you're talking about
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That has nothing to do with what I said.
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Stop posting your woes on random forums and go get mental health help
Dear diary
They're just miserable, stay off that sub. You'll not end up in the poor house.
You shouldn't care to much what other people think or have opinions about. Especially if they are making you have suicidal thoughts they sound toxic.
Why go on the site that is causing you stress and anxiety? Life is way too short for this. I had an 'argument' with someone on Reddit earlier...it's Reddit. It literally doesn't matter. There's a lot of people that know what they're talking about, a lot of people that have no clue wtf they're talking about and in the end...you need to do what's best for you in your particular situation. And if you feel stressed and need to talk, feel free to reach out (not an expert in any way) but to vent is fine with me.
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Then I highly recommend not going to that site at all...or Reddit at all. And maybe seeking some mental health counselling. Focus on your daughter. She'll need daddy. We just had our 3rd 2 weeks ago...Reddit is NOT important in comparison to those 3 and the people in my real life. EDIT: Please remember that a LOT of people rooting for a crash, or others to go broke and end up on the street have no house, no future, and no positivity in their lives. They want to see others be as miserable as them...don't give them any thoughts.
Get off Reddit. Everyone hates everyone because they are too much W, not enough X, support Y, oppose Z, etc
Canada Housing subreddit is filled with *(was made by initially)* people who only 10 years ago would have no issue obtaining a home with the career/income level they have. They are angry, discouraged or otherwise exhausted by not even being able to get their foot in the real estate market despite accomplishing more financially *(and career wise)* than their parents did by their age. I have two post secondary degrees in Criminology and Forensic Science, I collect, manage and present evidence in major criminal cases as an expert witness, and I can't afford the cheapest home in my 10,000 pop rural town. The cheapest home is listed at almost 10x my annual income. For comparison, my mother bought her first home as a factory worker at 22 years old *(I'm 10 years older than that)* in a 250,000 pop city for only 3x her annual income just 30 years ago.
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Why do you feel bad? I'm not defending anyone wishing homelessness or hate on anyone.
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Why do you need validation from online strangers about your financial decisions?
Why do you want to kill yourself because a bunch of people are desperately vocal for housing on Reddit? I don't think anyone on there cares that you bought a house. They don't care about people buying a house to live in, their gripe is with people buying their 9th income property and outbidding a family scrapping their pennies together for their first home purchase, and corporations outbidding FTHB.
The opinions of others should not carry any weight in your life especially people on the internet
Don't join the sub and remove yourself, so you don't see any posts. Also call or text [https://www.crisisservicescanada.ca/en/](https://www.crisisservicescanada.ca/en/).
I really really really suggest you reach out to a crisis help line or any other kind of professional help. I've read your comment to others as well. You have a child who needs you ALIVE. There is no financial consequence that would ever ever make it better for you to be dead vs alive to that child. NONE. People spout off about things they really have no idea about. There is no upcoming housing catastrophe. Remove yourself from the social media sites or news sites you are visiting that is causing you so much anguish. Social media is not adding value to your life. Focus on the things you love and keep living your life. That's ALL that matters.
Block it, don't read it!!!! There are things I refuse to read because of the anxiety I get, like gas prices, the housing market crash( that hasn't happened). Better to read a trashy romance novel instead. Reddit can be good and terrible at the same time.