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

[ABMax24]

Big reversal in the housing market, probably more to come

Canadian Housing Market Report Jan. 23rd, 2023 | Interactive Map - WOWA.ca

Canada’s housing market ended off a turbulent year with prices at a 22-month low. Canada’s average home price has once again decreased on a monthly basis to $626,318 for December 2022.

wowa.ca

 

[lilduke]

Looks like Alberta isn't getting hit as hard, but you can buy 3 houses in Edmonton for the same price as one in Vancouver lol

 

[papajake]

but why would anyone want to buy 3 houses in commi Edmonton

 

[2kDoo]

In may I put in an offer on a house for 350 that was 380. People didnt take it and I see it's still for sale at 355 now :

 

[lilduke]

but why would anyone want to buy 3 houses in commi Edmonton

You tell me.

 

[Luke The Drifter]

How many people out there are sweating bullets to make their mortgage payment after all the rate hikes? A lot of people were overextended when rates were low.... I saw the writing on the wall when it came time to renew my mortgage in the fall of 2021. My banker asked me what I wanted to do, I told her that the way the federal government was printing money, its only a matter of time before it comes home to roost. I locked in at 1.79%, we'll see where things are at with the next renewal. Maybe the world will be on fire and mortgages and investments won't mean jack sh!t lol

 

[lilduke]

All the people that paid the maximum they could afford at low rates.

Dumb move if you ask me.

 

[catalac]

Ah $80-100 oil and alberta is still positive sales… Canadian housing is such a train wreck, packing 400,000 immigrants a year into Canada and no homes.

 

[catalac]

 

[2kDoo]

How many people out there are sweating bullets to make their mortgage payment after all the rate hikes? A lot of people were overextended when rates were low.... I saw the writing on the wall when it came time to renew my mortgage in the fall of 2021. My banker asked me what I wanted to do, I told her that the way the federal government was printing money, its only a matter of time before it comes home to roost. I locked in at 1.79%, we'll see where things are at with the next renewal. Maybe the world will be on fire and mortgages and investments won't mean jack sh!t lol

I firmly believe this. Mortgages have been a scam forever. Banks dont have 500k sitting around to lend. All theyre goodd for is re possesion when a person misses a payment. Its stuff like that has to change or else we are doomed.

 

[lilduke]

I firmly believe this. Mortgages have been a scam forever. Banks dont have 500k sitting around to lend. All theyre goodd for is re possesion when a person misses a payment. Its stuff like that has to change or else we are doomed.

Ya they did the old bait and switch. 1% interest one day 10% the next.

All these people will be begging for some sort of bail out even if it means getting a brain chip lol

 

[Cyle]

How many people out there are sweating bullets to make their mortgage payment after all the rate hikes? A lot of people were overextended when rates were low.... I saw the writing on the wall when it came time to renew my mortgage in the fall of 2021. My banker asked me what I wanted to do, I told her that the way the federal government was printing money, its only a matter of time before it comes home to roost. I locked in at 1.79%, we'll see where things are at with the next renewal. Maybe the world will be on fire and mortgages and investments won't mean jack sh!t lol

I did the same and locked in at 2.09%, I honestly can't understand how anyone didn't lock in after the first or even second rate hike. You KNEW it was coming. IMO any mortgage broker who got someone a mortgage in 2021 or early 2022 and didn't advise people to go fixed or lock it in before rate hikes or as soon as the first one hit should have their license revoked because they are clueless or aren't looking after their best interests. The writing was on the wall there would be tons of rate hikes before they happened, they didn't catch anyone by surprise.

 

[Cyle]

Ya they did the old bait and switch. 1% interest one day 10% the next.

All these people will be begging for some sort of bail out even if it means getting a brain chip lol

How? It took months to raise them and there was big red flags by EVERYONE saying rate hikes were coming and there was going to be plenty of them. Granted I didn't think they would go quite this high, anyone who didn't lock in needs to be far more informed about their finances.

 

[lilduke]

How? It took months to raise them and there was big red flags by EVERYONE saying rate hikes were coming and there was going to be plenty of them. Granted I didn't think they would go quite this high, anyone who didn't lock in needs to be far more informed about their finances.

Because its all a bunch of BS. They just print money, give it away, suck Idiots into mortgages they cant afford and here we are.


Oh well, hopefully there will be some deals to be had in BC.

 

[Cyle]

Because its all a bunch of BS. They just print money, give it away, suck Idiots into mortgages they cant afford and here we are.


Oh well, hopefully there will be some deals to be had in BC.

I agree with you on the printing money BS but no one held a gun to anyone's head to take a mortgage. I sold 3 places last summer and did very well, the writing was on the wall prices would only stay high so long and come down as interest rates skyrocketed.

 

[2kDoo]

I agree with you on the printing money BS but no one held a gun to anyone's head to take a mortgage. I sold 3 places last summer and did very well, the writing was on the wall prices would only stay high so long and come down as interest rates skyrocketed.

You did so well because you have forward thinking anf no blonder
9/10 cidiots do not. We are miniority

 

[lilduke]

I agree with you on the printing money BS but no one held a gun to anyone's head to take a mortgage. I sold 3 places last summer and did very well, the writing was on the wall prices would only stay high so long and come down as interest rates skyrocketed.

I agree. But people are dumb. So they fall for the tricks banksters play. Now they get to pay the price.

You dont think they know this will fk people over?

Just like the convid chit...

 

[ABMax24]

Canada has the fastest rate of housing price growth in the G7, great for real estate investors and banks, not so much for a family trying to put a roof over their head.

Most people don't buy homes on purchase price anymore, they buy based on the monthly payment, banks stand to make more money if they can get you to borrow more. Pretty much been the logic of mortgages for the last 15 years, and then reason we are where we are.

 

[acesup800]

Most people don't buy homes on purchase price anymore, they buy based on the monthly payment, banks stand to make more money if they can get you to borrow more. Pretty much been the logic of mortgages for the last 15 years, and then reason we are where we are.

Ya, kinda like most people when they buy a sled.....

 

[broke'n'nuts]

Canada has the fastest rate of housing price growth in the G7, great for real estate investors and banks, not so much for a family trying to put a roof over their head.

Most people don't buy homes on purchase price anymore, they buy based on the monthly payment, banks stand to make more money if they can get you to borrow more. Pretty much been the logic of mortgages for the last 15 years, and then reason we are where we are.

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.......