KA1
Senior Member
That will be a god opportunity for well-heeled investors/vultures to swoop down and get R/E at basement-bargain prices
o
|
|
|
- Thread starter simuls
- Start date
That will be a god opportunity for well-heeled investors/vultures to swoop down and get R/E at basement-bargain prices
oKA1
Senior Member
drewp, answer to your question posed, perhaps, in another thread.
Today, I got a letter from Canderel telling me that unit 5902 now, officially, is 6202 and the tentative date of possession is October 1, 2013.
macookie
Active Member
That will be a god opportunity for well-heeled investors/vultures to swoop down and get R/E at basement-bargain prices
Dalton McGuilty and his Finance Minister Donut Duncan will reduce spending in Ontario by $18 billion dollars... not just in 2013-14, but every year after that. Those austerity cuts will affect Toronto... Gravy Ford plans for subways or LTRs will be put on hold even though that money been allocated. I have little faith that we even see 10 York constructed, or 120 Harbourfront, or One Yonge or 501 Yonge and bunch of other buildings that are currently in the planned stage... and it's likely but the time AURA registers many of the owners in late 2014 won't be able to get mortgages from the banks... because the CMHC rules will likely change be modified. I could be wrong... but alot can happen in 2 years time... we can compare what we owe on our mortgages in 2020 KA1.
The Berlin Wall fell, the Soviet Union collapsed... and a bunch of other crazy stuff has happened... we don't know what a Rick Santorum US lead government will be like. But... ya... Toronto is so different from the rest of the world... because it's a diverse city full of smart professional Canadians that work hard and are paid really extremely more than people in China and the rest of the developing world... that's why unionized jobs are migrating to those alternative financial centres... and it's why the rest of Ontario is a rust buck state like Ohio.
KA1
Senior Member
drewp
Active Member
KA1
Senior Member
Whenever the time comes, I will let you drop in to take pictures, especially during the night time. To be frank, I do not have a digital camera to upload pictures. I am saving every penny for the BIG down payment and the lowest mortgate. I am insulating myself for any increase in mortgage rates.
cdr108
Senior Member
own, and sold a rental property in 2010.
also considering selling principal residence this year and just rent for awhile.
drewp
Active Member
Could this be a trend?? Second person said that to me today. Are people really thinking that there is a correction soon?
macookie
Active Member
Is it really feasible to incur R/E closing cost of realtor fees, legal fees, potential mortgage break fee and various other expenses... to avoid a maybe 25% correction in R/E prices? Even, I don't think prices are going to drop that much or more than that... so would it really be worth getting out to get back in... Could you trust your ability to time R/E the way you can short a stock. Houses take time to sell... and then you might not find exactly what your looking for later at the price your willing to pay. And if you're wrong... you'll kick yourself for listening to renting fool like me.
Wooba
Active Member
I think it would depend on the situation you're in. Are you planning to stay long term? Do you have a lot of equity? There's no blanket answer that applies to everyone.
macookie
Active Member
The following article hints at a she-cession, steming from the McGuilty/Duncan austerity cuts...
http://www.theglobeandmail.com/repo...cuts-will-spark-a-she-cession/article2344471/
What happens to RE prices when overpaid public serfs lose their jobs???
http://www.theglobeandmail.com/repo...cuts-will-spark-a-she-cession/article2344471/
What happens to RE prices when overpaid public serfs lose their jobs???
CN Tower
Banned
Look, it's clearly not a postive development on the surface but there are so many factors at play in determining real estate prices. The big two are jobs and population growth. So far both have been steady and who's to say McGuilty has the courage to implement the recommendations of the report? Who knows, it may signal a flood into the GTA of job seekers from suffering regions of the province. Upstate New York may be devastated but New York City marches on, bruised but not beaten. Don't under-estimate the value of intellectual capital in a large yrban region like Toronto. Add to that the wave of foreign capital and things look pretty stable for now. Can you see what's behind that wave? Is another one coming? Will there be calm waters? A storm? Who knows?
When i start to hear about rapidly building inventory of unsold units or my neighbor buying the house across the street from us as an investment then I'll really start to worry. Until then it's business as usual and let's all enjoy the sights & sounds.
When i start to hear about rapidly building inventory of unsold units or my neighbor buying the house across the street from us as an investment then I'll really start to worry. Until then it's business as usual and let's all enjoy the sights & sounds.
Last edited:
drewp
Active Member
James
Senior Member
Interesting article. Definitely worth the read.
KA1
Senior Member
Articles proves one thing that I have been saying all along -- there never was a bubble in Toronto R/E and there is not a bubble to burst. Slow down in the increase in prices ahead, yes. That is not a 'bubble burst'.