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f
PostPosted: Mon Feb 25, 2013 7:25 pm 
The same points keep coming up every 10 pages or so,
With the same arguements by different people, except Dabills, my buddy ol skool seems to b gone as well,
Ask most renters if given the option which would they do, rent or own, im sure 95% would say own.
The reality for many folks is that their home is the single biggest investment, im self employed, limited rrsp, but at least apon retirement i will have my house paid for,
I dont think by renting i would achieve the same financial goals than if i rented,
Has any one considered that by owning i also have access to money at a cheaper rate, and larger amount. I have a good chunk of equity, sorry but renting does not offer the same, this is not opening a door for dabills to preach that this is why folks get in debt, as people can achieve this with canadian tire card and a sears card,
If a mortgage is $1800 a month, and you can rent for $1500 a month, after 25 years im much farther ahead by owning, and safer as investments can b volatile, simple math.
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Los Arango
PostPosted: Tue Feb 26, 2013 8:27 am 
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Dabills wrote:
Did you guys see the report from the Ontario securities commission? They polled 1500 home owners aged 50 or older. 40% of them responded saying they don't have 100K in savings. Can you believe that?

To me that is mind blowing.

What do mean by savings? As in savings account, cash under mattress or RRSP/Secuties/investments?

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Batman B
PostPosted: Tue Feb 26, 2013 9:33 am 
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Expect the demand for milton homes to skyrocket in the next few years... (new demand previously unaccounted for)

Downtown Toronto Baby boomers want a home in the burbs, not condos as previously thought.

You can officially kiss the deline goodbye.

http://www.thestar.com/business/real_es ... ondos.html
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Los Arango
PostPosted: Tue Feb 26, 2013 10:07 am 
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Dabills wrote:
yeah, sell your house for 500K and buy one in Milton for 445K. that's a logical plan, the boomers may not want condos i get that, but unless they have a million dollar property they won't save anything by moving to the burbs. hell most of them already live in the burbs anyway.

the #'s don't add up, unless some of you think your parents will sell in say Etobicoke and move to midland. which i personally feel is unlikely on a broad scale.

i know lots of boomers (paents friends), right now they have no intention of moving anywhere. i think most will just stay put, the ones that have some financial problems will probably sell and work out a plan with their family. that's how i see it going .

Funny you mention that. My neighbors parents just retired and sold their home in Toronto and move to Penatenguishine (Midland area).

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Los Arango
PostPosted: Tue Feb 26, 2013 10:29 am 
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Dabills wrote:
haha cactus, i will let you all in on a secret. i will probably be buying within the next year 18 months. Shocker!!!

Crap, there goes the deline thread!

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sharpe
PostPosted: Wed Feb 27, 2013 9:57 am 
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RichardTNC wrote:
sharpe wrote:

Many variable mortgages have something similar, but no guarantee. When rates rise the payment does not go up as long as the payment covers the interest. Eventually the rate gets high enough the payment doesn't cover all the interest (or some other trigger point) and the payment must go up. Perhaps that is what s/he was thinking and just misunderstood or was misled on the guarantee factor.


So for example the rate is 2.75% now... if it goes to 5% would it still remain the same? How much more are we talking about before they adjust it?


I could not find the document, but from memory my variable mortgage was at 2.15%. My trigger point is/was just over 5%.
(I put some smaller lump sump payments in, and don't recall if the trigger point gets adjusted for that fact).
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dtc
PostPosted: Thu Feb 28, 2013 12:31 pm 
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Dabills wrote:
check this story out

http://whispersfromtheedgeoftherainfore ... photo.html


I was going to say.. there is NO WAY you could get a house like that for only $38 mi in West Van. Heck, there are luxury condos going for that.

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Los Arango
PostPosted: Thu Feb 28, 2013 2:35 pm 
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dtc wrote:
Dabills wrote:
check this story out

http://whispersfromtheedgeoftherainfore ... photo.html


I was going to say.. there is NO WAY you could get a house like that for only $38 mi in West Van. Heck, there are luxury condos going for that.

there's no way luxe condos are going for 38 mil in Vancouver. New York yes, but not Vancouver.

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munchito
PostPosted: Thu Feb 28, 2013 9:43 pm 
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Yeah some agents are sneaky. This past summer, we got a little impulsive and were very close to buying a home in Mississauga.

We were at the open house, and the agent said they had an offer just come in on the property. We quickly called Fred to see if he could help us out. Fred called the agent and found out that there was no offer, but that they were 'expecting one probably tomorrow'. Oh, and the place had asbestos. And ants. Everywhere.

House was still on the market for a good 2 more months before it sold for a reduced amount.
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Los Arango
PostPosted: Fri Mar 01, 2013 8:43 am 
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cactus_jack wrote:
munchito wrote:
Yeah some agents are sneaky. This past summer, we got a little impulsive and were very close to buying a home in Mississauga.

We were at the open house, and the agent said they had an offer just come in on the property. We quickly called Fred to see if he could help us out. Fred called the agent and found out that there was no offer, but that they were 'expecting one probably tomorrow'. Oh, and the place had asbestos. And ants. Everywhere.

House was still on the market for a good 2 more months before it sold for a reduced amount.


Wait - you mean there is an industry that employs literally THOUSANDS of people, and some of these people say and do questionable things in an effort to bring in more money? Say it ain't so, munchy! I've never heard of such horrible things!

i know, can u believe that?

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munchito
PostPosted: Fri Mar 01, 2013 8:44 am 
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it's true...most of these guys start out in Nissan dealerships.
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dtc
PostPosted: Mon Mar 04, 2013 12:35 pm 
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Dabills wrote:
Flaherty warns banks again, rates are so low. fascinating stuff

http://www.theglobeandmail.com/report-o ... le9251525/


Fitch saying Canadian house prices 10-20% over valued but don't predict a fast deline.

http://business.financialpost.com/2013/ ... -20-fitch/

Quote:
“If growth halted tomorrow and prices began to drop, Fitch expects that it would take several years for home prices to revert to their sustainable values,” the ratings agency said in laying out its proposed new methodology Monday. “This depends on a number of factors such as government support and credit availability. With this timeframe, the observed nominal decline in prices could be as low as 10%.”


I guess this means anyone thinking they will snag a great deal in the next 2-3 years is probably going to be renting for a lot longer. Sounds more like a slow deline over 5-7 years might be in the cards (provided conditions remain similar with interest rates)

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munchito
PostPosted: Wed Mar 06, 2013 6:15 pm 
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Mark Carney says we can close this thread now...let the good times ROLL!

Battle of housing bubble won, Carney focuses on economic growth

Quote:
In a revised statement on its policy intentions, the central bank indicated that it thinks the risk of a housing bubble has passed, dropping language that said future interest-rate increases might be needed to dissuade households from piling on debt.


Quote:
For months, the Bank of Canada warned that concerns about financial stability could force higher rates, despite tepid economic growth. However, there is mounting evidence that households are taking control of their finances on their own, negating the need for a jolt from higher borrowing costs. Mark Carney, the central bank’s governor, said last week that he felt Canadians were getting their debts under control, noting that credit growth has slowed to about the same pace as the rise in incomes.

“With a more constructive evolution of imbalances in the household sector, residential investment is expected to decline further from historically high levels,” the central bank said in its policy statement. “The bank expects trend growth in household credit to moderate further, with the debt-to-income ratio stabilizing near current levels.”
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f
PostPosted: Wed Mar 06, 2013 7:14 pm 
If i recall the lowrise units on Main St, the prices have gone up at least 15%?
Nothing wrong with even 10% appreciation and tenants paying your mortgage,
If that's pity, id like your take on wise investing.
Same thing as you paying your landlords Mortgage, thats a real ouch.
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dtc
PostPosted: Thu Mar 07, 2013 8:07 am 
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Dabills wrote:
oh yeah, he has won, he got flaherty to do what he wanted. but the impacts are just beginning, as the condo market last month showed.

sales down 30%, prices down 5%. i pity anyone who bought a condo in milton for an investment, ouch


The condo market may see an unexpected surge once again (not a good thing) but it looks like the Chinese government just made some pretty damaging changes to their real estate market. Likely going to see the Chinese wealthy rushing to put their money into other markets - Canada being one of the top places.

http://business.financialpost.com/2013/ ... do-market/

Quote:
The Shanghai Stock Exchange Property Index was off as much as 9.3% following news of the crackdown Monday, which will include increasing down payment requirements on second-home mortgages and tougher implementation of a 20% capital gains tax on property sales.

..

“There is no way in the world they are going to bring the money back,” said Mr. Lamb. “They’ve done that as a safe haven. You have money in Toronto, you leave it here.”

He said one of the methods of bringing cash into Canada via real estate is to have a student going to school here. Other times, the money is transferred to relatives.

“What makes it attractive is the scale here. We are talking $300,000 to $400,000 condos. There are few places in world you can buy that in that price range and have someone run it,” said Mr. Lamb. “It’s much harder to bring money into other countries. We have a very easy and open pipeline of Chinese money.”

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