CMHC: Home prices could fall 47.9%

[dean.f]

I do the 2hr one way every weekday. Home by 5pm. Vehicles love long trips, keep oil changed every 10,000 or so. Im on my 3rd commuter car, over 600k on the first 2. No toll on my health, gas cost is not unmanageable and surprisingly traffic (non existant) and weather have little bearing on my commute time. I have been doing it for almost 20 years, that's a lot of Coast to Coast A.M. lol..

Well from what everyone I know tells me, it's worth it to live where they do. With acreage at the premium it is now, I'll likely have to do the same at least for a few years. Health wise I was considering the stress of city gridlock daily, when I work in the north I can usually tolerate a 2hr commute but I've only done it short term. Considering if I'm in the city my commute has been up to 3.5hrs in the snow (for a 40 minute fair weather commute)

[greatwhite]

That's impressive what makes and engines?

I do the 2hr one way every weekday. Home by 5pm. Vehicles love long trips, keep oil changed every 10,000 or so. Im on my 3rd commuter car, over 600k on the first 2. No toll on my health, gas cost is not unmanageable and surprisingly traffic (non existant) and weather have little bearing on my commute time. I have been doing it for almost 20 years, that's a lot of Coast to Coast A.M. lol..

[contaucreek]

Cavalier's, 2.2, '02 and '04 Next was a 2006 HHR, totalled by a red light runner after 6 months now another HHR 330k and doing great, 2.4's in the HHR's. All were bought used or very used.

[MarkB]

Should add that when interest rates are low it doesn't always make sense to pay cash if you can do better in the market. In those cases I just make sure I always have enough cash/liquidity to pay off mortgage in the event rates go up.

100%. Borrowing money is not a bad thing ... in fact could be quite the opposite, if you make calculated investments with that money.
THAT is how most people can get themselves into some wealth ... I like the strategy I heard the Chinese use. It goes something like this ...
instead of buying a Ferrari, buy something that will generate income and pay for the Ferrari.

[line052]

If you are young, you wont understand the housing boom and bust cycle I personally watched for last 40 years...its coming, this cycle of walk aways and higher interest rates. Anyone old enough understands this.

As I wrote about selling my townhome in Sept for 480K (when I only paid 194K), that person will more then likely loose this home - but I made out like a bandit and became Mortgage free, and turned that investment into a country property, that yes I paid more for..but…. its paid for - and will not suffer the same hit in loss in city.

So win-win for me. I had friends in 80's who played the buy sell game over a couple of years finally getting the 750K, then interest rates went up (with payments), and home prices dropped 30-40%, and they had higher payments with negative equity...and they walked away from 200 to 300K equity

[fishermccann]

My first house in 1985 was a mortgage walk away. They stripped the entire house before they left, door knobs, light fixtures, intercoms in 4 rooms, all removed. It was more work, but what a deal.

[MikePal]

I was in Calgary back in the late 70's when they got hit with a 'bubble' burst...the Banks were left holding hundreds of mortgages.

Once they Emergency Benefits stop and Banks start collecting their monthly payments again I can see more than a few people walking away.

[JBen]

Another reason why I wouldn’t bet on a crash. Over the last year there’s already y been a large exodus. Have prices dipped at all? And once immigration comes back....

https://m.huffingtonpost.ca/entry/ca...LzVADCS50iLw34

[3030]

I wonder how much property this guy own's in Toronto and Vancouver



https://www.cbc.ca/news/politics/men...visa-1.5872287

[fishfood]

Another reason why I wouldn’t bet on a crash. Over the last year there’s already y been a large exodus. Have prices dipped at all? And once immigration comes back....

https://m.huffingtonpost.ca/entry/ca...LzVADCS50iLw34

Wait until the government stops paying everyone lol.

The government is only cushioning the fall. .

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