Canadian housing market

SpeedFreak Administrator Posts: 3,722	Canadian housing market Jan 15, 2015 22:27:08 GMT -5 Quote Select Post Deselect Post Link to Post Member Give Gift Back to Top Post by SpeedFreak on Jan 15, 2015 22:27:08 GMT -5 This is a goodie and always a good debate haahah Canadian dollar is tanking, jobs in alberta going bye bye with the oil price being what it is, can this be what starts the ball rolling on our real estate?

Roomie
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Canadian housing market Jan 15, 2015 22:29:48 GMT -5

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Post by Roomie on Jan 15, 2015 22:29:48 GMT -5

So far in Alberta nothing has changed. I was just there and am going back and no one seems to be worried. I think it's going to be a no notice kind of change and hit like Ray Rice. 64 cents a litre in Edmonton today. It was 74 when I left Jan 5. As for here, the world revolves around this toilet bowl. Wages won't change and they'll find a way to make housing, especially in the gta still outrageous.

Then just wait for oil to go sky high again.

Last Edit: Jan 15, 2015 22:30:14 GMT -5 by Roomie

SpeedFreak Administrator Posts: 3,722	Canadian housing market Jan 15, 2015 22:32:18 GMT -5 Quote Select Post Deselect Post Link to Post Member Give Gift Back to Top Post by SpeedFreak on Jan 15, 2015 22:32:18 GMT -5 And if this continues you don't think people are gonna start getting worried?

Roomie I Live Here Alleged Bully Posts: 1,688	Canadian housing market Jan 15, 2015 23:05:36 GMT -5 Quote Select Post Deselect Post Link to Post Member Give Gift Back to Top Post by Roomie on Jan 15, 2015 23:05:36 GMT -5 Oh I'll bet you people are worried already. It's still just going to be an overnight load of bs media story. They won't tell you anything ahead of time.

SpeedFreak
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Canadian housing market Jan 15, 2015 23:17:40 GMT -5

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Post by SpeedFreak on Jan 15, 2015 23:17:40 GMT -5

Jan 15, 2015 23:05:36 GMT -5 Roomie said:

Oh I'll bet you people are worried already. It's still just going to be an overnight load of bs media story. They won't tell you anything ahead of time.

No doubt, the media and politicians are like the guy below haha

Chuck U. Farlie
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Canadian housing market Jan 15, 2015 23:35:59 GMT -5

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Post by Chuck U. Farlie on Jan 15, 2015 23:35:59 GMT -5

My Mother-in-law visited this past summer from China. They are far from rich, but when she saw the housing prices here for what you get (1/4 acre, own garage, own driveway, etc), she thought it was an incredible bargain.

City dwellers in China have to struggle to afford 500 square feet. The same thing goes in Europe -- people there go their whole lives never owning land and just living in apartments due to the population density.

So I don't think the housing prices will change much in the GTA. This is where all of the immigrants want to be, and a lot of them think even these prices are a bargain, hence the outrageous bidding wars.

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SpeedFreak
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Canadian housing market Jan 15, 2015 23:44:36 GMT -5

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Post by SpeedFreak on Jan 15, 2015 23:44:36 GMT -5

Jan 15, 2015 23:35:59 GMT -5 Chuck U. Farlie said:

My Mother-in-law visited this past summer from China. They are far from rich, but when she saw the housing prices here for what you get (1/4 acre, own garage, own driveway, etc), she thought it was an incredible bargain.

City dwellers in China have to struggle to afford 500 square feet. The same thing goes in Europe -- people there go their whole lives never owning land and just living in apartments due to the population density.

So I don't think the housing prices will change much in the GTA. This is where all of the immigrants want to be, and a lot of them think even these prices are a bargain, hence the outrageous bidding wars.

People think that a 50x20 lot with a 2x4 and drywall house is worth a million?
If that's the case we're fucked...

scubasteve Full Member Posts: 145	Canadian housing market Jan 16, 2015 7:11:49 GMT -5 via Tapatalk Quote Select Post Deselect Post Link to Post Member Give Gift Back to Top Post by scubasteve on Jan 16, 2015 7:11:49 GMT -5 Housing prices are already dropping in Alberta both Calgary and Edmonton. Edmonton prices went down 5% in December alone.

Roomie
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Canadian housing market Jan 16, 2015 8:09:24 GMT -5

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Post by Roomie on Jan 16, 2015 8:09:24 GMT -5

I don't think you're going to see a huge drop out there to be honest. You'll have the people who are scared of the low oil prices etc but it's not like the bottom will fall out of the province. Calgary has gotten outrageous to buy a house in..... kind of like the gta. At some point something has to give. I think it will be an interesting next 6 months in terms of costs of living and housing. Of course nothing will drop here other than our dollar.

Riceburner Senior Member Posts: 975	Canadian housing market Jan 16, 2015 11:09:11 GMT -5 Quote Select Post Deselect Post Link to Post Member Give Gift Back to Top Post by Riceburner on Jan 16, 2015 11:09:11 GMT -5 Housing is slow or down everywhere except GTA. It's up 4% IIRC

nfq I Live Here Posts: 1,773	Canadian housing market Jan 17, 2015 13:34:42 GMT -5 Quote Select Post Deselect Post Link to Post Member Give Gift Back to Top Post by nfq on Jan 17, 2015 13:34:42 GMT -5 What bubble?
	"There's never enough time to do it right, but there's always enough time to do it twice."

Red1098 I Live Here Mr. Ducati Posts: 1,331	Canadian housing market Jan 17, 2015 14:11:06 GMT -5 via mobile Quote Select Post Deselect Post Link to Post Member Give Gift Back to Top Post by Red1098 on Jan 17, 2015 14:11:06 GMT -5 Jan 17, 2015 13:34:42 GMT -5 nfq said: What bubble? Huh?

AFKAZX600
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Canadian housing market Jan 17, 2015 15:34:11 GMT -5

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Post by AFKAZX600 on Jan 17, 2015 15:34:11 GMT -5

Oil is going back up next year and the market will hang on until then, nothing to be too concerned about.

In regards to Paul's favorite topic and his idea that buying a house is dumb.
Bought a brand new house 2.5 years ago for 575 plus upgrades end up in around 625, just sold it in December for 762 (755 plus a side deal for the appliances for 7k) and bought one closer to work in a better area with a bigger backyard and a pool for 600k (30 years old and about 1k Square feet less).

So not only did i live for free for a couple of years but made some decent money at the end after paying commissions, taxes, lawyer fees and etc. if i had been renting I would have -$$ in the bank.

Last Edit: Jan 17, 2015 15:37:32 GMT -5 by AFKAZX600

nfq
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Canadian housing market Jan 17, 2015 17:51:26 GMT -5 via Tapatalk

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Post by nfq on Jan 17, 2015 17:51:26 GMT -5

Buying a house is not dumb. Just like buying a car is not dumb.

But it's dumb when all you should be driving is a corolla, but you get the 3 Series anyway.

It's great that you were able to sell for more than you bought and it worked out for you. Have you done the math to calculate opportunity cost had you put that same money elsewhere? Somewhere more liquid?

Either way, people need to make informed decisions, but they don't because they make real estate too emotional. The majority falls into that category and then you just laugh.

"There's never enough time to do it right, but there's always enough time to do it twice."

Roomie I Live Here Alleged Bully Posts: 1,688	Canadian housing market Jan 17, 2015 18:05:05 GMT -5 via Tapatalk Quote Select Post Deselect Post Link to Post Member Give Gift Back to Top Post by Roomie on Jan 17, 2015 18:05:05 GMT -5 ^^^well said although the only disagreement I would have with that is buying a brand new car is dumb unless it's a 10 year plan to keep it. Let's be honest, who does that anymore?

AFKAZX600
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Canadian housing market Jan 17, 2015 22:16:05 GMT -5

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Post by AFKAZX600 on Jan 17, 2015 22:16:05 GMT -5

Jan 17, 2015 17:51:26 GMT -5 nfq said:

Buying a house is not dumb. Just like buying a car is not dumb.

But it's dumb when all you should be driving is a corolla, but you get the 3 Series anyway.

It's great that you were able to sell for more than you bought and it worked out for you. Have you done the math to calculate opportunity cost had you put that same money elsewhere? Somewhere more liquid?

Either way, people need to make informed decisions, but they don't because they make real estate too emotional. The majority falls into that category and then you just laugh.

If you tell me a place I can make 100k clean in 2.5 years without investing in the stock market or selling coke, I am all ears

Last Edit: Jan 17, 2015 22:16:47 GMT -5 by AFKAZX600

SpeedFreak
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Canadian housing market Jan 17, 2015 22:24:56 GMT -5

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Post by SpeedFreak on Jan 17, 2015 22:24:56 GMT -5

Jan 17, 2015 22:16:05 GMT -5 AFKAZX600 said:

Jan 17, 2015 17:51:26 GMT -5 nfq said:

Buying a house is not dumb. Just like buying a car is not dumb.

But it's dumb when all you should be driving is a corolla, but you get the 3 Series anyway.

It's great that you were able to sell for more than you bought and it worked out for you. Have you done the math to calculate opportunity cost had you put that same money elsewhere? Somewhere more liquid?

Either way, people need to make informed decisions, but they don't because they make real estate too emotional. The majority falls into that category and then you just laugh.

If you tell me a place I can make 100k clean in 2.5 years without investing in the stock market or selling coke, I am all ears

If its such a good deal why don't you buy two? lol

SpeedFreak
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Canadian housing market Jan 17, 2015 22:31:00 GMT -5

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Post by SpeedFreak on Jan 17, 2015 22:31:00 GMT -5

Jan 17, 2015 15:34:11 GMT -5 AFKAZX600 said:

Oil is going back up next year and the market will hang on until then, nothing to be too concerned about.

In regards to Paul's favorite topic and his idea that buying a house is dumb.
Bought a brand new house 2.5 years ago for 575 plus upgrades end up in around 625, just sold it in December for 762 (755 plus a side deal for the appliances for 7k) and bought one closer to work in a better area with a bigger backyard and a pool for 600k (30 years old and about 1k Square feet less).

So not only did i live for free for a couple of years but made some decent money at the end after paying commissions, taxes, lawyer fees and etc. if i had been renting I would have -$$ in the bank.

BTW i never said buying a house is dumb, i said buying a million dollar house today in the gta seems pretty dumb...

AFKAZX600
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Canadian housing market Jan 17, 2015 22:39:00 GMT -5 via Tapatalk

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Post by AFKAZX600 on Jan 17, 2015 22:39:00 GMT -5

Jan 17, 2015 22:24:56 GMT -5 SpeedFreak said:

Jan 17, 2015 22:16:05 GMT -5 AFKAZX600 said:

If you tell me a place I can make 100k clean in 2.5 years without investing in the stock market or selling coke, I am all ears

If its such a good deal why don't you buy two? lol

I don't have the up front cash to buy two. Plus when you buy two you can't live in one and then you have to pay income tax on your earnings and this is not relevant to the conversation.

Riceburner
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Posts: 975

Canadian housing market Jan 18, 2015 13:54:14 GMT -5

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Post by Riceburner on Jan 18, 2015 13:54:14 GMT -5

It can happen both ways. I know someone that lost $70k on their house cause they sold at the wrong time. Had they waited a year(in hindsight) it would have been a profit. Good thing the house they bought was also at a low and now worth more than the loss.

My first house would have been a great profit.

Post by SpeedFreak on Jan 15, 2015 22:27:08 GMT -5

Post by Roomie on Jan 15, 2015 22:29:48 GMT -5

Post by SpeedFreak on Jan 15, 2015 22:32:18 GMT -5

Post by Roomie on Jan 15, 2015 23:05:36 GMT -5

Post by SpeedFreak on Jan 15, 2015 23:17:40 GMT -5

Post by Chuck U. Farlie on Jan 15, 2015 23:35:59 GMT -5

Post by SpeedFreak on Jan 15, 2015 23:44:36 GMT -5

Post by scubasteve on Jan 16, 2015 7:11:49 GMT -5

Post by Roomie on Jan 16, 2015 8:09:24 GMT -5

Post by Riceburner on Jan 16, 2015 11:09:11 GMT -5

Post by nfq on Jan 17, 2015 13:34:42 GMT -5

Post by Red1098 on Jan 17, 2015 14:11:06 GMT -5

Post by AFKAZX600 on Jan 17, 2015 15:34:11 GMT -5

Post by nfq on Jan 17, 2015 17:51:26 GMT -5

Post by Roomie on Jan 17, 2015 18:05:05 GMT -5

Post by AFKAZX600 on Jan 17, 2015 22:16:05 GMT -5

Post by SpeedFreak on Jan 17, 2015 22:24:56 GMT -5

Post by SpeedFreak on Jan 17, 2015 22:31:00 GMT -5

Post by AFKAZX600 on Jan 17, 2015 22:39:00 GMT -5

Post by Riceburner on Jan 18, 2015 13:54:14 GMT -5