HawthorneVillager.com

Your post has nothing to do with pricing as it takes one person and spouse to qualify for a mtg. there could be 50 other people in a house paying the mtg. but the lender will not approve. having been on frequent business trips oversees its common for many people from extended families to live in one dwelling, mainly price as many basic homes are double what our homes here cost. the current wave of immigrants buying homes with extended families is nothing new as the Italians, Portuguese, Scottish have all done it. Try and move to China and tell me you wouldnt do the same.

^ very well said!

if you follow real estate over the last 30 years the level has always gone up. even with blips such as recession which come every 8 to 12 years, (which i would think are orchestrated). homes have always appreciated. not everyone uses their home as an atm to buy a new t.v i refinanced 15 yrs ago, not to buy a boat but i purchased rental property, the new guidelines in place are too keep people from doing that.

I agree. But I like to hear all the experts on this posting.

With 2 economists, 3 mortgage brokers and 2 real estate agents in my immediate family we must be all wrong and your right the sky is going to fall, dont put too much emphasis on the dailies. they have manipulated fear mongering to an art and it obviously works.

Actually, you can have as MANY applicants on a mortgage as you want. 3, 4, 5. The banks don't care. It's not about a person and a spouse..

Secondly, I'm referring to the fact that they are willing to do this which means the housing market is safe so long as we have immigration.

THIRD, most multi-generation immigrants purchasing houses also pool their money have have tremendous down payments.. Some even paying cash.

So the homes in North Bay, Sault St. Marie, Timmins are over valued?

Jim Flaherty just did an interview in the STAR over the weekend about giving financial advice to his three twin boys.

a) Don't buy expensive flashy cars, they just depriciate
b) Save 10% of your income for retirement
c) Save as much of a downpayment as you can and buy a house as fast as you can! THEN, pay off that mortgage, and buy a second property.

http://www.thestar.com/moneyville/artic ... three-sons

The fact is.. the Finance Minister is telling his kids to buy soon, not wait for a bubble to burst.

Quoted from the article:
3. Buy property

Real estate is a good long-term investment. But pay off your mortgage as soon as you can. Investing in the purchase of a principal residence early on is a tax-free way to accumulate capital. Then move on to another principal residence. Renting doesn’t produce capital gains.

The (boys) have grown up on a large piece of land in a fairly large house. I expect their experience (as adults) will be smaller and greener, probably more urban and transit focused. (Galen and Quinn were up early this summer to catch the GO train to get to summer jobs at Bay Street investment houses by 7 a.m.) [/i]

Must be new lenders out there. most new immigrants rent their dwelling, few come with cash to buy, urban swell from people already here 10 years are the most likely candidates for first homes, the housing market in any country is only as good as demand, same for any product. simple. Sorry olskool as didnt mean to insult Mark Carney.

You also aren't even taking into consideration the global issue of currency manipulation that has taken the headlines all this week. Every country is trying to devalue their currency -- well the irresponsible ones -- this means that Canada is predicted to see a $1.15 vs. USD rate very shortly. If this happens, there goes the theory that rising interest rates will burst the "bubble"


The Bank of Canada can attempt to influence Canadian dollar exchange rates by manipulating the interest rates. If the Bank wishes to stop or slow a drop in the value of the Canadian dollar, it may raise interest rates to levels higher than in other nations; this, in turn can spur investment in Canada relative to other nations and demand for the dollar. Conversely, if the Bank wishes to stop or slow a rise in the value of the dollar, it can do so by lowering interest rates below other countries, thus causing lower relative investment and demand for the dollar.
- http://www.mapleleafweb.com/features/ca ... ange-rates

See: http://www.theglobeandmail.com/report-o ... le1745200/

How the HELL does that work?

I shall await 2015 with a plastic dixie cup half full of koolaid, huddled in my cardboard box with nothing but a wish and a prayer. Have a good night.

hahaha I had to re-read what you wrote! LOL SHARP!

Sorry, TRIPLETS

I think you got caught up in the oh-so-clever headline of the article..."...his three sons..."

Your missing the point dabills, which isnt worth explaining to you. you have the right to cut down to 1 t.v. and eat mac and cheese every day for all i care. ill still throw the odd steak on my bbq. the post has gone from dropping house prices to consumer debt.