December House Sales Down 39% YoY, average sale price down 12% YoY

[ctd]

Banks & Government are bad news, whenever & however they are involved it will soon be screwed up. Stress test mortgage as an example, you qualified @ the posted rate until the 2% higher stress test. Now you don't qualify, the result is you have a higher than normal amount of variable rate mortgages'.

Don't forget the government....... that many believe.....stated bank rates would remain low long after the scamdemic.

I'm not defending this phuckers one bit, people do have to think for themselves.

Here are two things that have not been spoken, no government involvement. Also factors in this mess, no one talks about them ....is this OK?

Speculator's, everyday people placing minimum deposits on new builds such as condo's. Never any intention to move in, just to flip near completion. Most likely members on this forum, contributing factor to the rapid increase in pricing.

The secondary mortgage funders, this is the private money not tracked. These are the everyday people that take a line of credit against their property & become secondary lenders. Low interest money on their line of credit, bump it a few points & easy money. Until now, they are starting to call their money on the mortgage & not renewing. Is this OK?

 

[papajake]

what gets me about mortgages they the lenders never take in the expense of utilities if you are running each month on 500.00 extra and get hit with a 800.00 utility bill then who doesn't get paid and don't even get into the expense of food

 

[The big greasy]

Not just homes, everything. That's what the term "budget" means. An I afford this payment based on what I make every 2 weeks. Mortgage, vehicles, toys, the marketing is the same. As long f as you can make the payment, they make money on the interest. How any people actually pay cash for anything.....not very many.......

And then we are to feel sorry for the person who maxed everything out because they had to have it all NOW, and can't afford food and is struggling. They will never own a thing, all they are doing is just renting it. I seen in the arctic cat book you can make payments on a ball cap and a 2" ball hitch.

 

[lilduke]

And then we are to feel sorry for the person who maxed everything out because they had to have it all NOW, and can't afford food and is struggling. They will never own a thing, all they are doing is just renting it. I seen in the arctic cat book you can make payments on a ball cap and a 2" ball hitch.

You can make payments on anything if you have a credit card. Even your groceries.

But you dont have to feel sorry for the people that do that though.

 

[The big greasy]

You can make payments on anything if you have a credit card. Even your groceries.

But you dont have to feel sorry for the people that do that though.

I know. I've heard people blame the banks saying it's their fault for making it so easy to charge everything and anything, but somewhere common sense has to kick in and say that we can't afford period.

I dont. Some will when they see they same people using the food bank though...

 

[lilduke]

I know. I've heard people blame the banks saying it's their fault for making it so easy to charge everything and anything, but somewhere common sense has to kick in and say that we can't afford period.

I dont. Some will when they see they same people using the food bank though...

The banks arent helping the situation thats forsure.

They are always trying to lend me money, even when im not looking for a loan.


They did invite me to the AGM this year though. And thats a first for me.

So maybe they like now. Lol

 

[catalac]

Not sure the source other than Twitter but was posted by Ontario real estate broker.

 

[catalac]

what gets me about mortgages they the lenders never take in the expense of utilities if you are running each month on 500.00 extra and get hit with a 800.00 utility bill then who doesn't get paid and don't even get into the expense of food

In Canada the calculation of eligibility on a mortgage includes taxes, utilities, other debt.

 

[Lem Lamb]

Look at ski Town Revy...

A moldy old shack for $500 G to live in a town that is socked in by fog for 2/3's of the year...
And pay $1.80 per liter for fuel...

There will be millions of properties for sale when the recession really sets in...

The housing market will stagnate since the sellers won't drop the price and 92% of folks won't even make { any kind of offer }...

Did you know that Canada is a glorified 3rd country...

4th world nation when things go South in the usa...

 

[2kDoo]

Look at ski Town Revy...

A moldy old shack for $500 G to live in a town that is socked in by fog for 2/3's of the year...
And pay $1.80 per liter for fuel...

There will be millions of properties for sale when the recession really sets in...

The housing market will stagnate since the sellers won't drop the price and 92% of folks won't even make { any kind of offer }...

Did you know that Canada is a glorified 3rd country...

4th world nation when things go South in the usa...

This crack shack is a prime example. On days off hoping to meet realtor and offer them 400k. Even if they say no it's time people get a dose of reality

Check out this listing

36 26328 Meadowview DR, Rural Sturgeon County, Alberta T8T0L6

www.realtor.ca

 

[lilduke]

Look at ski Town Revy...

A moldy old shack for $500 G to live in a town that is socked in by fog for 2/3's of the year...
And pay $1.80 per liter for fuel...

There will be millions of properties for sale when the recession really sets in...

The housing market will stagnate since the sellers won't drop the price and 92% of folks won't even make { any kind of offer }...

Did you know that Canada is a glorified 3rd country...

4th world nation when things go South in the usa...

The moldy old shack ur talking about in revy is now 800 000 lol

 

[papajake]

but that all done when you apply for the mortgage what happens when you have to renew after 5 years do you have to apply again that would mean a lot of people would not qualify higher interest lower property value utility prices banks are going to own a lot of property just like in the 80s when interest hit 21 percent

 

[tejay]

Yup , here’s a prime example , they didn’t even post photos inside eeewww

Check out this listing

601 Barry Road,, Revelstoke, British Columbia V0E2S0

www.realtor.ca

50k below assessed value though . Someone will buy it and fix it up

 

[Bnorth]

Canadians are financially illiterate and generally cash poor that is clearly reflected in the housing market here. I am hoping for a big real estate meltdown as some get a dose of reality on their paper house assessment wealth. I want an acreage and don't want to spend $1M on one. Unfortunately I don't see it coming as they announced the end of interest rate hikes last Wednesday and at least one bank has already lowered their mortgage rates in response. Come spring I think we'll see people leverage their futures and blow their brains out on real estate again.

 

[lilduke]

Canadians are financially illiterate and generally cash poor that is clearly reflected in the housing market here. I am hoping for a big real estate meltdown as some get a dose of reality on their paper house assessment wealth. I want an acreage and don't want to spend $1M on one. Unfortunately I don't see it coming as they announced the end of interest rate hikes last Wednesday and at least one bank has already lowered their mortgage rates in response. Come spring I think we'll see people leverage their futures and blow their brains out on real estate again.

Id like that too, any good deals are still selling fast though

 

[Cyle]

This crack shack is a prime example. On days off hoping to meet realtor and offer them 400k. Even if they say no it's time people get a dose of reality

Check out this listing

36 26328 Meadowview DR, Rural Sturgeon County, Alberta T8T0L6

www.realtor.ca

It's not worth $600k, but more then $400k, the land is worth $300k alone.

 

[2kDoo]

It's not worth $600k, but more then $400k, the land is worth $300k alone.

Let ya know what they say ! 450 is most I want to mortgage. Got nothing to lose by offering 200k less than asking. Neighbour told me in the 90s he bought a 1 year old house for 89,000 that was built year previous for 220. Fingers crossed !!

 

[Cyle]

Let ya know what they say ! 450 is most I want to mortgage. Got nothing to lose by offering 200k less than asking. Neighbour told me in the 90s he bought a 1 year old house for 89,000 that was built year previous for 220. Fingers crossed !!

Yea doesn't hurt. I actually looked at that place on MLS a few times. Trying to find an acreage in the area where I can park my equipment, but no interest in a reno want a teardown.

 

[2kDoo]

Yea doesn't hurt. I actually looked at that place on MLS a few times. Trying to find an acreage in the area where I can park my equipment, but no interest in a reno want a teardown.

ch!t you look after the place while I'm out of town you can park for free !

 

[Pedaling pete]

ch!t you look after the place while I'm out of town you can park for free !

Could look after the better half too