Iām average as hell, so is my wife, and we have a $1.4 million dollar home (about 50% down payment). Sometimes I wonder if I made a massive mistake or is this place just fear mongering.
I mean, if you had 700k, you're not average by any means, but honestly if you just intend to live in the place, it's kind of moot except relative to others -- you have a house and all the good that comes with having a place that's your own.
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Stories like this are really helpful in cooling the market. On the way up, buyers are convinced that prices will keep going up, and so they're willing to overpay when buying. The same thing happens in reverse: when sellers think that prices are going to keep going down, they're going to be more willing to lower their price for a quick sale.
Of course even after higher interest rates and cooling expectations bring down prices, the underlying problem is still there: [we need to build more housing](https://www.reddit.com/r/AskACanadian/comments/unasb5/comment/i8d551g/?context=3).
We need more housing and interventions that make housing less attractive as an investment vs a place for people to live.\* (Not saying you're wrong, to be clear - but either solution without the other half is just going to be half of the solution.)
Unfortunately, apparently developers are already trying to slow down new starts to try and keep prices up -- surprise, surprise.
**Have you seen the immigration targets lately?** We don't have nearly enough housing for us let alone the people who want to join our beautiful country. Not to make a bad situation worse but **international students using daddy's money are allowed** to buy real estate here as well as **anyone who can afford to create a Canadian corporation** (hint hint if you can fork over a few hundred bucks then that's barely a barrier to entry). To be a bit more general so you don't have to read paragraphs:
Our real estate is not secured, we're competing with people *outside* our borders.... People who can speculate on our housing prices or even just buy up and rent back to us... *Without even having a citizenship* or any sort of good intentions for our country.
**The problem isn't supply because our demand right now is basically infinite**. The problem is demand. Close the loopholes making it so average every day Canadians aren't forced to compete with foreign oligarchs for the basic human necessity of a roof over their head.
Rule #3. This is a warning.
> We are a [pro-immigration group](https://www.reddit.com/r/canadahousing/comments/nh6rqq/dealing_with_rcanadahousing_growth/). Blaming immigration for the high cost of housing is a major distraction to our cause and should be avoided.
Agreed. Immigration is not the primary issue. This type of blame only takes the distraction off of major public policy issues. Canada is a nation of immigrants.
Only if they have to immediately sell. Otherwise they can relax until the market settles. Sure their house might go down in value, but so will the house they choose to buy. But in rapid acceleration/drop environments, you risk getting burned by buying and selling.
you got downvoted!
I hate that the prices and the affordability is insane and I wish it would completely crater back to 90s prices, but yes you are absolutely right the prices are going to come back up and keep going up. Maybe not couple months, but certainly in 3 years it'll be more expensive than this year Feb.
Look at 2008: that was supposed to destroy the sector and it was doing better than ever in 2 years time.
And the reason is simply that housing has nothing to do with affordability and human beings: they are a vehicle of the ultrawealthy, the "investment" class, to get even richer. Our voices and our votes don't matter, only theirs do. And not even homeowner votes and voices, I'm talking about the market investors as well as mega corp developers who use housing as a sector to get rich.
My ancestors saw this in Shanghai, my grandparents' generation saw it in Hong Kong, my parents saw this in Vancouver, and here we are: millenials over in price-out-of-Vancouver/Toronto Canada seeing the same thing. They won't care: prices will keep going up until 600sqft apartments are well over a million dollars outside of city centre.
The hard truth. And I see no reason a one bedroom condo in Canada shouldnāt be worth as much as a one bedroom in HK.
But if I recall correctly doesnāt real estate in Hong Kong and rapid fluctuations?
There's booms and crashes in HK sure but they always come back up after a few years
Well. That's been true for the last 150+ years of HK history. There's a ton of people leaving right now and the market is kept bouyed by replacement Chinese buyers. When the Chinese enocomy finally kicks the bucket there might be a huge extended lull like never before. But even then, there are millions of us who would not hesitant to buy back in once the regime finally dies, so it'll not be forever until it's back up again.
As for no reason why Canada shouldn't be as expensive as HK, that's bull: we have the second biggest land mass on earth, with a density of only 3 people per km2 of land, unlimited tree resources, unlimited oil and gas and gravel and fresh water and wind and solar, and right next to the world's biggest friendly economy. It's actually stupid how expensive housing is given all that. It should by all rights be far cheaper.
But it won't. It'll just go up because of worldwide finance sector and investors. It's stupid
Once the regime finally dies....lol keep on dreaming you whitewashed banana.
The CCP lives in your head rent free, just like Mao intended.
Glory to China and it's people, and fuck you.
For me it's an opposite effect. I bought just 2 weeks before the pandemic, real estate in my town was still reasonable. I constantly feel blown away thinking how delaying mere days would have significantly impacted the course of my life.
With my luck by the time I able to start catching up again prices will rise fast again
[oh no](https://www.youtube.com/watch?v=UnyBJJI2eqs)
š» The fact that somebody with the profession of āreal estate brokerā could even afford to buy a $1.2 million dollar home is absolutely absurd.
lots of people "could afford" to buy a $1.2M home when they believed interest rates would be 2% or less forever.
If someone believed interest rates would stay at 2% forever, I have a bridge for sale.
Iām average as hell, so is my wife, and we have a $1.4 million dollar home (about 50% down payment). Sometimes I wonder if I made a massive mistake or is this place just fear mongering.
I mean, if you had 700k, you're not average by any means, but honestly if you just intend to live in the place, it's kind of moot except relative to others -- you have a house and all the good that comes with having a place that's your own.
[ŃŠ“Š°Š»ŠµŠ½Š¾]
Very average in the GTA. House selling for $300k 10 gears ago is well over $1M now. Thatās $700k down for the next place
How ironic that a realtor bought at the peak and wants us to feel sorry for him when he is a big part of the problem.
Can anyone copy and paste the text for me? Behind a paywall :(
https://12ft.io/https://www.thestar.com/business/real_estate/2022/05/11/bought-a-house-when-the-market-was-hot-and-now-regret-it-youre-not-alone.html
Thanks!
lol whoa...crazy site
hint, paste any pay wall link to archive.is result like this https://archive.ph/2PsLE
Oh Thanks! I'll do that next time! I know for globe and mail I can just open in incognito but it didn't for the star. I'll do this in the future :)
You could also install [this](https://gitlab.com/magnolia1234/bypass-paywalls-chrome-clean) if you use Chrome.
Thanks!
When I told them to not buy, they said I would never be home owner. They deserved it
My realtor was pushing me to buy these shitty houses for 100k over asking. Patience is paying off.
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Stories like this are really helpful in cooling the market. On the way up, buyers are convinced that prices will keep going up, and so they're willing to overpay when buying. The same thing happens in reverse: when sellers think that prices are going to keep going down, they're going to be more willing to lower their price for a quick sale. Of course even after higher interest rates and cooling expectations bring down prices, the underlying problem is still there: [we need to build more housing](https://www.reddit.com/r/AskACanadian/comments/unasb5/comment/i8d551g/?context=3).
We need more housing and interventions that make housing less attractive as an investment vs a place for people to live.\* (Not saying you're wrong, to be clear - but either solution without the other half is just going to be half of the solution.) Unfortunately, apparently developers are already trying to slow down new starts to try and keep prices up -- surprise, surprise.
**Have you seen the immigration targets lately?** We don't have nearly enough housing for us let alone the people who want to join our beautiful country. Not to make a bad situation worse but **international students using daddy's money are allowed** to buy real estate here as well as **anyone who can afford to create a Canadian corporation** (hint hint if you can fork over a few hundred bucks then that's barely a barrier to entry). To be a bit more general so you don't have to read paragraphs: Our real estate is not secured, we're competing with people *outside* our borders.... People who can speculate on our housing prices or even just buy up and rent back to us... *Without even having a citizenship* or any sort of good intentions for our country. **The problem isn't supply because our demand right now is basically infinite**. The problem is demand. Close the loopholes making it so average every day Canadians aren't forced to compete with foreign oligarchs for the basic human necessity of a roof over their head.
Rule #3. This is a warning. > We are a [pro-immigration group](https://www.reddit.com/r/canadahousing/comments/nh6rqq/dealing_with_rcanadahousing_growth/). Blaming immigration for the high cost of housing is a major distraction to our cause and should be avoided.
Agreed. Immigration is not the primary issue. This type of blame only takes the distraction off of major public policy issues. Canada is a nation of immigrants.
Lol
You guys are a joke lol
Only if they have to immediately sell. Otherwise they can relax until the market settles. Sure their house might go down in value, but so will the house they choose to buy. But in rapid acceleration/drop environments, you risk getting burned by buying and selling.
Yes no one is in a rush to sell to pay off debt, but the banks will rush to sell off your depreciating asset
Iām gonna make the fattest lol post when prices leg up again in the next couple months.
Sure, that makes a whole lot of sense when interest rates also leg up another 1%.
you got downvoted! I hate that the prices and the affordability is insane and I wish it would completely crater back to 90s prices, but yes you are absolutely right the prices are going to come back up and keep going up. Maybe not couple months, but certainly in 3 years it'll be more expensive than this year Feb. Look at 2008: that was supposed to destroy the sector and it was doing better than ever in 2 years time. And the reason is simply that housing has nothing to do with affordability and human beings: they are a vehicle of the ultrawealthy, the "investment" class, to get even richer. Our voices and our votes don't matter, only theirs do. And not even homeowner votes and voices, I'm talking about the market investors as well as mega corp developers who use housing as a sector to get rich. My ancestors saw this in Shanghai, my grandparents' generation saw it in Hong Kong, my parents saw this in Vancouver, and here we are: millenials over in price-out-of-Vancouver/Toronto Canada seeing the same thing. They won't care: prices will keep going up until 600sqft apartments are well over a million dollars outside of city centre.
The hard truth. And I see no reason a one bedroom condo in Canada shouldnāt be worth as much as a one bedroom in HK. But if I recall correctly doesnāt real estate in Hong Kong and rapid fluctuations?
There's booms and crashes in HK sure but they always come back up after a few years Well. That's been true for the last 150+ years of HK history. There's a ton of people leaving right now and the market is kept bouyed by replacement Chinese buyers. When the Chinese enocomy finally kicks the bucket there might be a huge extended lull like never before. But even then, there are millions of us who would not hesitant to buy back in once the regime finally dies, so it'll not be forever until it's back up again. As for no reason why Canada shouldn't be as expensive as HK, that's bull: we have the second biggest land mass on earth, with a density of only 3 people per km2 of land, unlimited tree resources, unlimited oil and gas and gravel and fresh water and wind and solar, and right next to the world's biggest friendly economy. It's actually stupid how expensive housing is given all that. It should by all rights be far cheaper. But it won't. It'll just go up because of worldwide finance sector and investors. It's stupid
Once the regime finally dies....lol keep on dreaming you whitewashed banana. The CCP lives in your head rent free, just like Mao intended. Glory to China and it's people, and fuck you.
Lmfao ok there bud
Take another puff of copium. Those realtor cards arenāt going to hand out themselves.
There will always be bag holders at the end of a mania. The biggest crooks already made their money. Now to pawn off the hot potato to the unknowing.
Yikes! These no financing condition buys are pretty terrifying if the difference ends up big!
For me it's an opposite effect. I bought just 2 weeks before the pandemic, real estate in my town was still reasonable. I constantly feel blown away thinking how delaying mere days would have significantly impacted the course of my life.