 donoreoPremium
join:2002-05-30
North York, ON | Average house price in TO: $606,600 Incredible.
»www.moneyville.ca/article/112719···ars?bn=1 |
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 yup
@videotron.ca | There is no bubble. |
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 PaoloMr. Wireless
join:2004-05-29
Canada | reply to donoreo
are people insane? how in the hell can someone afford that price when people are being laid off, contract jobs, no benefits, poor wages. etc/ that seems a little unreasonable and no ones doing anytihng about it
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Happiness is like peeing your pants... Everyone can see it, but only you can feel its Warmth!! |
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PaoloMr. Wireless
join:2004-05-29
Canada | i almost forgot to mention the averge income is 30 thousand. that will take someone 50 years to pay off a house that price. not to mention feeding the kids, insurance, gas, hydro, water, are all going up too. everything except our sallaries
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Happiness is like peeing your pants... Everyone can see it, but only you can feel its Warmth!! |
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 dirtyjefferAnons on ignore.Premium
join:2002-02-21
London, ON | well, if people stop buying homes, the prices will fall...as long as people keep over paying for houses, and get into bidding wars driving the prices up even further, it will keep rising.
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Google this: (sqrt(cos(x))*cos(200*x)+sqrt(abs(x))-0.7)*(4-x*x)^0.01, sqrt(9-x^2), -sqrt(9-x^2) |
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 ARPremium,ExMod 2001-04
join:2000-09-21
Toronto, ON | reply to donoreo
Hey.....I've been crying myself hoarse that this place is now where California was in 2003 or so --- BUBBLE territory.
But like an otherwise smart person who lives in Van City said: "I'm getting paid by the bank to own a place. It's free money. I'm laughing all the way to the bank."
Right. |
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Reviews:
 ·Cogeco Cable
| reply to Paolo
said by Paolo:are people insane? how in the hell can someone afford that price when people are being laid off, contract jobs, no benefits, poor wages. etc/ that seems a little unreasonable and no ones doing anytihng about it
... what do you want people to do about it?
Storm Toronto and demand that people lower homes so they can live in the center of the universe, rather than everywhere else where homes are cheaper?
Guess why I don't buy a $600,000 home in Toronto? Because it costs a lot. Yea, I'm a genius. You know why Gone probably lives in Fort Erie? Housing costs are 1/4 of Toronto's and property taxes are lowwww. He's also a genius. |
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peterboroPremium
join:2006-11-03
Peterborough, ON | said by urbanriot: Guess why I don't buy a $600,000 home in Toronto? Because it costs a lot. Yea, I'm a genius. You know why Gone probably lives in Fort Erie? Housing costs are 1/4 of Toronto's and property taxes are lowwww. He's also a genius.
Can I get in on this. No one has ever called me a genius and I'm jealous. |
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| reply to donoreo
Stop selling houses for so damn much. Stop overvaluing restate like an idiot.
The bubble is going to burst and screw everyone even more. But the market said it should. |
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peterboroPremium
join:2006-11-03
Peterborough, ON | said by pat_lc2000: The bubble is going to burst and screw everyone even more. But the market said it should.
I don't see a burst as much as a slow leak. Interest rates will slowly rise and there will be inverted "quantitative easing" as money and investment is pulled out of the sector. |
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Reviews:
·Cogeco Cable
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said by peterboro:said by urbanriot: Guess why I don't buy a $600,000 home in Toronto? Because it costs a lot. Yea, I'm a genius. You know why Gone probably lives in Fort Erie? Housing costs are 1/4 of Toronto's and property taxes are lowwww. He's also a genius.
Can I get in on this. No one has ever called me a genius and I'm jealous. If you're living somewhere within your means, you are also a genius. Gold star for you! |
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donoreoPremium
join:2002-05-30
North York, ON | reply to peterboro
said by peterboro:said by pat_lc2000: The bubble is going to burst and screw everyone even more. But the market said it should.
I don't see a burst as much as a slow leak. Interest rates will slowly rise and there will be inverted "quantitative easing" as money and investment is pulled out of the sector. I think this will happen as well. On the weekend we were visiting friends in Burlington. He is a financial analyst who have been on BNN a few times and well respected. We noticed that a lot of houses in their neighbourhood. He said it was because 2007 was the last year that you could get "easy" mortgages and now these people cannot afford the houses. I am not sure what rules changed and we did not go into the details.
We did discuss moving nearby, but then made jokes about Burlington being the wife swapping capitol 
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The irony of common sense, it is not that common.
I cannot deny anything I did not say.
A kitten dies every time someone uses "then" and "than" incorrectly.
I mock people who give their children odd spelling of names. |
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| reply to donoreo
Check out this million dollar dump by the DVP; it is all about location, location, location:
»news.nationalpost.com/2012/02/02···the-dvp/ |
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Reviews:
 ·TekSavvy DSL
·Cogeco Cable
| reply to urbanriot
said by urbanriot:... what do you want people to do about it?
Storm Toronto and demand that people lower homes so they can live in the center of the universe, rather than everywhere else where homes are cheaper?
Guess why I don't buy a $600,000 home in Toronto? Because it costs a lot. Yea, I'm a genius. You know why Gone probably lives in Fort Erie? Housing costs are 1/4 of Toronto's and property taxes are lowwww. He's also a genius.
Sure you can save, but generally wages in these area's also reflect cost of living. The best bet for someone starting out is move somewhere like Hamilton and commute until you can build enough equity to live closer to where the jobs are. |
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donoreoPremium
join:2002-05-30
North York, ON | reply to Thane_Bitter
Ew, east of the DVP?  |
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 Wolfie00My dog is an elitistPremium
join:2005-03-12
kudos:4 | reply to donoreo
It's not the price that's the issue -- if anything, it might be the rate of increase -- over 50% in 7 years is a lot. However, if that's a realistic reflection of demand, then it isn't a problem, either, from a sustainability standpoint. And the funny thing is, if I went back 7 years I could probably find some old posts where someone was undoubtedly predicting that prices were ridiculous and the bubble was going to burst any day!
And for those whining about affordability, note that rental prices are more or less in sync with real estate prices over the long term because after all, someone has to own the place. And places out of town but within commuting distance aren't cheap either, and in some cases appreciating even faster than in-city real estate, and then you have to factor in the cost of transportation and the value of time. The free market has an amazing way of taking all this into account.
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"Never attribute to malice that which is adequately explained by stupidity" -- a corollary of Murphy's Law
"A dog is like a child who never grows old ... always there to love and be loved" -- Aaron Katcher
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donoreoPremium
join:2002-05-30
North York, ON | reply to donoreo
I loved the line from that story "Playter Estates is the Rosedale of the east". WTF? Um, no. I emailed my agent with a link and asked her if they all get free crack to smoke like that guy |
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Reviews:
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1 edit | reply to Wolfie00
said by Wolfie00:It's not the price that's the issue -- if anything, it might be the rate of increase -- over 50% in 7 years is a lot. However, if that's a realistic reflection of demand, then it isn't a problem, either, from a sustainability standpoint. And the funny thing is, if I went back 7 years I could probably find some old posts where someone was undoubtedly predicting that prices were ridiculous and the bubble was going to burst any day! In reality what's holding up this deck of cards is 2.9% interest rates.
The second inflation hits and those rates get ratcheted up to combat it. Guess what, your $ 1890.32 a month mortgage payment goes to $ 3111.24 a month if it goes up to say 7.5%. That's going to push many home-owners into insolvency all over again.
Now if we can sustain 2.99% interest (which we can't) then everything is good.
End of the day, if you're buying right now lock in for ten years. Because getting 3.75% on ten years on a hefty mortgage is not hard to do. You'll be happy when you see the world inflate away its overwhelming debt.
All this has happened before, and it will happen again Mr Anderson. |
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peterboroPremium
join:2006-11-03
Peterborough, ON | said by CanadianRip: In reality what's holding up this deck of cards is 2.9% interest rates. That implies that there is little value in Canadian real estate and that there will be a rapid rise in rates. Both of which are not the case.
said by CanadianRip: That's going to push many home-owners into insolvency all over again. And I'll be there like the heartless greedy vulture to pick over the bones with the rest of investors if it does happen. |
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Reviews:
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·Cogeco Cable
| said by peterboro:That implies that there is little value in Canadian real estate and that there will be a rapid rise in rates. Both of which are not the case. Interest rates are not tied to the value of Canadian real estate. It's the other way around.
If for some reason we need to combat inflation, it will be done so by raising interest rates. If inflation rises quickly, rates will be raised... quickly. |
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