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Just to lighten up the mood a little the housing market seems to be re bounding. This place a semi with 1,1000 sq feet on a fairly busy side street just sold two weeks ago ,the agent listed at $999,900 it was a pretty outdated place needing a lot of work. Anyway it sold for One million, one hundred and thirty thousand dollars within about a week.
Attachment 44416
1/3 of people are not paying down there mortgage within the 25-30 yr ammortization.... these people bit off more than they could chew when rates were low and went with a variable mortgage.. when these guys have to renew in 2-3 years there will be a day of reckoning..
we canadians think these house prices are normal but it is not, would be nice to see if come down even if there is some pain to be had (for our kids / grandkids sake anyways)
Wonder if it was listed low to gain the attention. Some are using that tactic right now.
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Some probably still use that tactic. It's not effective at this time,not even a little bit. Six months down the road,who knows,but,if the economy keeps going south,it won't matter because hundreds of thousands are about to find themselves over mortgaged with interest rates climbing for term renewals. This next year will be a real dilly.Quote:
Originally Posted by fishfood
I think most people, don't remember when interest rates increased to 18 percent back in the early 70's. Thats what it took to lower housing prices then.
Many people lost their homes back then.
That was some people's thoughts when interest went up. They didn't seem to mind interest hike because in the past it was that high..Quote:
Originally Posted by JUDGE
But what they failed to realize is the price difference between now and then. This was the government and the media.
The same is happening now the banks know many are living beyond their means and will have to go bust in order to correct the prices.
So in other words the banks know many will loose their house from this. Look at the banks are starting to fall in the states svb for 1..
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Wow WTF! So glad I'm just about mortgage free!!
Yep.Quote:
Originally Posted by fishfood
Real estate investments trusts World Wide are buying up rental places and converting to condo's, or repairing old apartments and jacking up rent.
The elite want at least a 15% return on their money.
Well the next phase is the elite and Real estate investment folks in concert with Provincial Governments downloading to Municipalities will be your MPAC assessed value's going through the roof. In other words your Municipal taxes, some candidates running in Toronto for instance are saying a 6% hike if they get in.Quote:
Originally Posted by bellerivercrossbowhunter
MPAC last assessed in 2016 so they will be coming out with new one's. I expect where I am right now my place will double to about $10,000 for property taxes in a few years.
P.S. I was told years ago to always keep a small mortgage on your home so that you can borrow by way of increasing your mortgage and not having to go through all the re evaluation paperwork and re assessment by the bank. Not sure if it still applies?