Housing bubble may be bursting

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border_humper

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A home price correction is taking place in Canada, especially in the country’s most expensive markets, say real estate watchers.

Canada’s composite MLS home price index fell for a fifth consecutive month in April, down 1.2 per cent from March and 3.6 per cent from the year before, said Robert Hogue, assistant chief economist at Royal Bank of Canada.
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The real reason for an April election with a 36 day campaign.
 
Upvote 27
been hearing this for 15 years now.
 
Meanwhile in the last 15 years housing prices have more than tripled. Foreign home buyers have put buying a house out of reach for us. We got priced out of the market years ago. Now rental prices make it almost impossible to save for a house. I gave up on the idea years ago. I missed my chance.

I remember when a Million Dollar house was a big deal, huge, luxurious. A Million Dollar house is common place now, they are old "fixer uppers".

The NPCs act like it's perfectly normal. "Why don't you just go and get a mortgage?"
 
I don't care anymore. I'm not buying a house in this shit hole. I would consider if they dropped by 50+%. Otherwise I'll be cashing out and living a nomad life (unless a woman settles me down somewhere).
 
Even then I bet you won't find a homogenous neighbourhood like any of the ones you grew up in.
 
Nowadays, everyone in the west has to worry about the government choosing their small town for the next migrant housing center.

I don't have any kids, so if I buy a house I'll never realize any gains from selling it (because I'll just live in it until I die), so I'm renting and investing everything and hoping the collapse doesn't happen until after I'm gone.
 
@censorthisss

I'm not incentivized to purchase a house. Even if I were to purchase the most affordable of properties, which would be a condo with condo fees higher than my current rent, the monthly allotment of interest on a mortgage would also be higher than my current rent. Condo fees + principal + interest = not worth it.

I'm effectively paying myself to stay put and squirrel away the money I would lose if I were to move. My "not keeping up with the Joneses" choices are paying off and I just have to not like shiny things. Nobody can threaten me with my job and have any effect with a threat because I live well within my means and am hostage to very few obligations.

I'd sooner purchase a property to rent out than to live in it. It would be more practical on the financial side of things. Especially considering having a good tenant would open up the window of opportunity to pay off the mortgage with my excess savings and turn the property into a more adequate income generator, which would be fueling another rental purchase to repeat the scenario. Easier said than done of course.
 
I use my little complex as a sort of barometer. There are 60 units here that were going for anywhere from 2-3 hundred thousand dollars 12 years ago when we bought.

Just after covid a couple of them went just shy of 7 and didn't even have time to put up a for sale sign. There are now 3 units sitting here with the highest going just over 6. These units have been sitting since Christmas. There is also one for lease that has been sitting just as long.

I figure the bubble has already popped but it's one of those things where people dare not speak it.
 
condos to me are not s sign of home prices. I know here in Calgary condos lost a good bit of value but homes were still going up. Indians can't move their 900 family members into a condo.
 
I don't know if my complex quite qualifies as condos or not. Townhouses with 1 of the ones up for sale being an end unit.

Also keep in mind this is Brantford we are talking and there isn't anything here at all worth half a million dollars in my eyes.
 
i also have a unit across the complex from me that has been sitting empty since december . when i moved here 5 years ago they barely had time to slap up a cheap coat of paint between tenants . i asked the manager what was going on over there and she said there is nobody interested in that apartment since all the new buildings are filling up right now .we went from 100 people trying to get the same apartment a couple years ago to empty apartments sitting empty . they are even offering months of free rent to move in .
 
sometimes owning a home is a bitch.
 

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Damn. We had a wet basement this spring thaw and it made me want to build a house on stilts.
 
From what I can tell, I hope to hell if it needs to be sailed again, it can be done indoors. I’m fine with them removing plywood—I can repair that myself afterward—but if they have to dig from the outside, that’s going to be expensive.
 
Prices are already in a slump, even TREB couldn’t puff up the April numbers. Don’t be surprised when the feds and boc pull out all the tricks to pump the market back. With that being said if you can jump in now it seems like a not bad time to buy single family homes.
 
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