Canadian housing prices

canadabubble.com...

Could easily crash by 40%-60%, just to get back to their historical price trend-line.

We are far from alone.

reply to post by leo123


I'm waiting for the housing crash to happen in Australia; I'm thinking perhaps sometime towards end of 2011 to mid 2013.

Well obviously you are not alone if you just look into it more you will see that this collapse will hit everyone, no one is safe. The only people safe are the rich 1 percent who are probably most at fault for these bubbles.

Originally posted by bluemirage5
reply to post by leo123

 

I'm waiting for the housing crash to happen in Australia; I'm thinking perhaps sometime towards end of 2011 to mid 2013.

It has already started in Australia , trust me .There is alot happening behind the scenes that Australians are not being told .I have had realestate agents crying on my shoulder .Friends of mine print all the signs for many realestate agencies and they can tell you a thing or two .The banks are not lending .The only sales are from people down sizing get out of debt and they are willing to take a loss to do so .Agents are averaging 1 sale every 3 months out of huge portfolios . If I gave you the numbers of house repossessions you would have a heart attack .These numbers are hidden from the public , the only thing keeping the market up now is the banks are holding back from putting these on the market .This would undermine the market and sink it .It is far worse than you can imagine .The Gold Coast will go first , then most of SE Queenland the rest of the country will follow .Don't listen to snake oil salesmen like David Koche .He has alot to answer for .How many times has this fork touged bastard told the Australian people that there is no ressession just this year alone ? He's the one that pushed and sold this problem in the first place .He makes it soud as Australia is leading the way in the economy .Wow ,we are dollar for dollar with America .So what ! It's not 2005 and it is not worth anything .Many switched on Americans will openly tell you this .If America goes then so does Australia .

I believe that this problem will compound with high unemployment through January and Febuary as Australians return to work only to find their jobs are gone as Santa didn't come for retailers and their suppliers .

Sorry OP back to Canada !

reply to post by 13th Zodiac


Brilliant post.Yes us aussies will see the housing fall very soon an article on yahoo news predicted it to start during 2011.
We all share the same reserve bank,different banks but same owners,they want to shaft everyone, nationality does not matter.
Australia may seem to be going ok,you have stated some very important facts being kept from the public,its true we will follow the path of the USA,UK.
Canada and Australia are next.

Originally posted by 13th Zodiac

Great post, you've put my suspicions into words, I looked at a 40 yearold unit in inner eastern melbourne mid 2009, it went for 420k, 12 months later, same block, differnt unit, 520k!! all this chinese money coming into our market really hasn't helped the local jo-blo my only real hope now is for the bubble to go BANG! what sort of % fall do you predict for our market?

thanks in advance!

Originally posted by iceblue20-12
reply to post by 13th Zodiac

 

Brilliant post.Yes us aussies will see the housing fall very soon an article on yahoo news predicted it to start during 2011.
We all share the same reserve bank,different banks but same owners,they want to shaft everyone, nationality does not matter.
Australia may seem to be going ok,you have stated some very important facts being kept from the public,its true we will follow the path of the USA,UK.
Canada and Australia are next.

Thanks , I think it will be vary apparent to all Australians well before the mid year .Know one seems to question or connect the dots that the whole world had a realestate boom at the same time . Hmmmm we need to look at that a little closer .

Originally posted by tramman2000

Originally posted by 13th Zodiac

Great post, you've put my suspicions into words, I looked at a 40 yearold unit in inner eastern melbourne mid 2009, it went for 420k, 12 months later, same block, differnt unit, 520k!! all this chinese money coming into our market really hasn't helped the local jo-blo

my only real hope now is for the bubble to go BANG! what sort of % fall do you predict for our market?

thanks in advance!

Thanks , in regaurd to your forty yearold unit .Ask yourself this , why is it you can pay forty thousand for a brand new car and drive it of the lot and automaticly it loses significant value .Thousands instantly .Now consider this , why do second hand houses-units go up in value ? Since the paint has faded and cracked , the foundations have shifted and sunk .Making doors and window stick and bricks crack etc . Why would you buy a old home when you can buy a brand knew one off the plan for upto 40% less .You have been sold smoke by sharks .

1) They condition you to beleive it is supply and demand when truth be known there is a huge surplus ,hence why people are dropping their prices as they have to compete for the sale.

2) They tell you that there is a land shortage yet they continue to open new subdivisions all the time .

3) They tell you that it is because established housing has amenities ,ie. shops , theatres etc .Yet any new subdivision will have a woolworths/coles , kindergarten with in six months .Can you make a hundred thousand plus for just sitting on your butt for 6 months ? Because thats all you have to do to save that much while these things spring up around you and your new and cheaper house .

Can you get my drift readers ? This was a scam from it's begining , false logic.I was made aware of this in 2002 with a personal exprience and saw this day comming .Which I don't have time to get into now .

and oh yeah on a final note you never own your own home .Read the fine print on the bottom of your title deed when you have finnished paying of your mortgage .It list you as TENANT !

reply to post by 13th Zodiac


Spot on mate.Banking deregulation happened at the same time all over the place.
All of a sudden those who could not get loans now could,thanks to the low doc loan.
My last personal loan i gained over the phone from a bank that i have never been a customer of !
Real estate agents rubbing their hands together with all the new money,coupled with gov grants we see a housing boom, top prices for very crappy homes in crappy suburbs,prices just out of control.
Now its coming back to bite them,the home i live in is a good example.
Purchased 6 years ago by the owner he paid top price,lived here for 3 years and decided its too remote,sell up and move back to the city.But when we moved in it was on the market at the price he brought it for,it is now worth less than that, thats why we are renting it - he cant afford to sell it.
Out here (sth gippy) we are already seeing the prices drop,nothing is being sold,holiday homes for sale by the dozen.
It will take some time, but its coming.Like waiting for a set to roll in,few small waves before hand then bang the six footers hit ya.

Originally posted by leo123
canadabubble.com...

Could easily crash by 40%-60%, just to get back to their historical price trend-line.

We are far from alone.

Good reason to stay away from Vancouver or Toronto especially. I was surprised last summer when I heard there were places in Regina that were going for a million dollars. Regina, Saskatchewan !??!!! Infinity pools !??!!

I feel really sorry for those people that bought into that, because that price is going to fall way down. If you purchase a house a couple of hours outside the cities in Saskatchewan, it's still easy to find something under $100,000, with acreage. Some places under $50,000. It's because of the cold, I'm sure - high heating prices too.

Forget any lake front for a reasonable price, I wish I had bought into that 5 years ago. That's when the prices for that went crazy. At least I have 10 acres. I'll just have to dig my own little lake

For some, the bubble bursting is going to be painful.

The charts are dated from 2009 Q1 ?? Some areas are showing cracks but not to the extent as portrayed by these old stats. Big cities like Toronto or even vancouver don't appear to be showing any signs of retreating, prices are still very aggressive.

brill

A couple of years ago, you could pick up a parcel of land in Saskatchewan for $1.00. Caveat was that you had to build upon it within a year. I have relatives who took advantage of that.

Sadly I live in Vancouver where a 400sqft box in the sky where the kitchen sits in a closet can go for over $400k.

It's the price we pay for foreign investment.. The smart ones are the ones who buy a huge house and then move 8-10 family members into it so that everyone pays into the mortgage..

That also keeps the prices high.

Originally posted by juniperberry
A couple of years ago, you could pick up a parcel of land in Saskatchewan for $1.00. Caveat was that you had to build upon it within a year. I have relatives who took advantage of that.

Sadly I live in Vancouver where a 400sqft box in the sky where the kitchen sits in a closet can go for over $400k.

I saw some of those deals for a dollar. They were also offering property tax breaks for 3 years on those same deals. Great deals for those that wanted to live in the tiny towns, and had the money to build, or a ready to move house. I'm not sure if they're still offering those. We still have a shortage of people in this province, I think still less than a million.

The 10 acres I'm on was about $100,000, with a thousand sq ft house. Needs some fixing up though. In Vancouver, this place would be worth millions, just for the land alone.
I used to live in North Van and remember years ago, even away from the city, almost anywhere in the southern areas of the province, cost a fortune. That's one reason I'm out in Sask. There's much more money left over after a paycheque. And way less traffic Really cold though

The bubble bursting will hit all the cities, for sure, maybe even most of the provinces. Saskatchewan was so cheap, it's almost hard for the prices to go down. Saskatoon and Regina will have to go down, being cities, they've gotten pricy.

The housing prices in Australia are so outrageous and the debt levels to support them are so fantastic that I can only hope that when the bubble bursts "down under" the sheeple, like in America, will finally "wake up" to the criminal actions of the usurious banksters and government bureau-rats who have had a hand in what is to come and won't be blamed for nothing.

Having travelled to the Sunshine Coast, Queensland, in October 2010 I was taken aback somewhat by all the "For Sale" or "For Lease" signs and it was even reported in the news that this had been unseen for at least 10-15 years now and was a possible sign that the market was beginning to slow down. Later when I headed home to Melbourne, Victoria, the news reported that the housing market is on the verge of collapse and that signs have started to show in South-East Queensland and will spread from there. Although estimates were that prices will drop by 20% and not be as huge as America's since clearance rates have fallen somewhat in the past month or so from 70-55%.

When I travelled to Canada a few years back I couldn't believe how cheap the houses were even for 2 storey homes (mind you it was more like 3 storey homes when you take the underground basement in consideration!)--it made Australia look like a third world country in comparison! I was told that most Canadian's would work on average 3-5 years to buy a house while us poor Aussies have to work for 10 years! No wonder so many Australians have chosen to invest their hardearned money buying up houses in the US at present (while we wait for the housing prices in Oz to come back down to reasonable levels) since it is so much cheaper!

I think in all, us Australians, Canadians, Americans and other Western nations are going to have to re-learn some hard earned lessons the only way we know how, through harsh, bitter experience, since we should have taken a leaf out of the Asian book on real estate years ago as so many Asian countries forbid foreigners buying up houses, land, businesses, etc. so we can't go and live in Indonesia or Japan, for instance, but they can come and buy up our children's birthright while our children, to paraphrase a quote of Jefferson's, "wake up homeless on the continent their fathers conquered"!