| ehos |
Well, it looks like the 'boom' is starting to quiet down. I expected a drop in prices, but you can almost sense a panic in some people.
People buying 500+K houses that were only 250K a year ago are going to be in for a shock, but if they hold on tight, I think we'll consolidate and come through it nicely. |
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| STiPWR |
I wouldn't hold my breath waiting for a "drop" in real estate prices.
People buying 500+k houses that were 250k a year ago are going to be owning houses worth 600+k 10 years from now.
And that isnt a biased opinion.... I bought my house before the boom.
The market will at most level off, but dropping is wishful thinking or a "pipe dream" for non-home owners IMO.
I would still say buy now.... instead of later. |
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| Bad Egg |
| It's a marginal correction compared to the year by year increase, and it is largely influenced by the unusually high number of homes that went on the market in the last few months as people tried to cash in on the boom. If people are waiting for the prices to drop by any significant percentage, they may be in for a long wait. |
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| STiPWR |
quote:
Originally posted by Bad Egg
If people are waiting for the prices to drop by any significant percentage, they may be in for a long wait.
I agree, there may be a minor decrease (5-10%). But houses wont be anywhere near what they were worth before the boom. |
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| EK9Hatch |
quote:
Originally posted by STiPWR
I agree, there may be a minor decrease (5-10%). But houses wont be anywhere near what they were worth before the boom.
Its still good news for non-home owners looking to get in. Last year, you couldn't even buy a house if you waited 1 day when it was on the market, now like others said...its starting to quite down.
Actually, I've seen some prices drop because they weren't selling. Instead of 10 families waving cash in sellers faces, they are waiting a bit longer and this is causing houses to be on the market longer.
Obviously buying now is still better than later....BUT I think it did calm down. I don't think the prices will go up by 25%-50% in one year as they have in the past.
Jamie |
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| Blaine B. |
| Are all those unions still on strike? |
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| dtjohnst |
quote:
Originally posted by Blaine B.
Are all those unions still on strike?
I thought they voted against strike? |
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| EK9Hatch |
quote:
Originally posted by Blaine B.
Are all those unions still on strike?
My roomate has work as usual tomorrow...not sure if its over yet though.
Jamie |
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| b18c5crx |
it is also getting colder....housing prices generally decrease over winter. if you remove boom times.
if they continue a slop and hold for a while over into the new year i will be looking at buying something.
need to get high speed internet some way:cool: |
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| the_fornicator |
people have been saying this every year every time winter comes around. bust bust bust blah blah blah. the demand for houses simply slow down during the winter. simple rules of supply and demand.
you can bet top dollar that housing prices will be easily 5% higher than what they were last year when compared to the previous year's June price.
prices will start to hop back up around February/March. |
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| 96MX6 |
| We usually are 12 -18 months behind Calgary, looks whats happening there... |
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| TrevorK |
quote:
Originally posted by the_fornicator
people have been saying this every year every time winter comes around. bust bust bust blah blah blah. the demand for houses simply slow down during the winter. simple rules of supply and demand.
The slide in prices has been for the past 2-3 months, which takes us back to June. This is not a part of the average winter slowdown. |
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| DeathBy240 |
quote:
Originally posted by 96MX6
We usually are 12 -18 months behind Calgary, looks whats happening there...
Haven't been paying attention... what is happening there? |
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| ChromeDragon |
| People are putting up their houses and bailing to warmer climates before the winter months. |
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| Vive le Quebec |
quote:
Originally posted by DeathBy240
Haven't been paying attention... what is happening there?
werd...what's happening in calgary??? |
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| NisHo |
There are currently 9,000 houses on the market.
No one is buying, and a good thing cuz it's fucking stupid to pay $450,000 for a starter home ($175,000 in 2003).
*rubs hands together*
It'll pick up again in spring .. and hopefully taper off to more human levels by the fall of 2008.
Basically, people would rather live in Alberta for half or a third the price of living in Vancouver, on top of all the oil rush shit. Which sucks for people like us who want to eventually move out of our condos. |
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| EK9Hatch |
quote:
Originally posted by NisHo
Which sucks for people like us who want to eventually move out of our condos.
Feel fortunate enough to have a condo. Even condos are stupid expensive now.
Jamie |
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| NisHo |
Yeah, I get to pay $1,000 a month to have lime dripping on my cars, and pictures of me throwing things away shoved under my door with a note "please recycle this." Yes, a piece of paper to ask me to recycle. !@#)(!@)#(*!@)(#)(*!@ :mad: Let's not get started on human rights and the privacy act.
Don't envy! |
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| THUD |
Sub prime lenders in the USA get a bit jittery and it affects here, but our boom is still strong enough to hold off any major market correction.
I wounder if any of you remember the recession back in the early 80's when mortgage companies started to fall and in a panic they up-ed there interest rates on non locked in mortgages.
I remember a lot homes in my area remained empty and lots of my friends moved away and my folks were working 14+ hours a day just to keep our house.
Theses stupidly insane 50-60 year mortgages were the first 15 years is spent paying the interest, you don't have to be phycic to know that the market is gonna fall at one point before it goes back up.
450k house with an interest rate of 36% and a true value of 275k is bound to happen here soon and chances are the sub prime lender that you borrowed from will be assumed by another company over and over again.
I wounder if it will come to the point were house prices will be regulated like a salary cap by the Government or some sort of rate control before we find a tent/trailer city down the middle of terwillerger between the roads. |
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| EK9Hatch |
quote:
Originally posted by THUD
I wounder if it will come to the point were house prices will be regulated like a salary cap by the Government or some sort of rate control before we find a tent/trailer city down the middle of terwillerger between the roads.
That won't happen. What will happen is more and more people will be forced to buy OUTSIDE the city. Just look at places like L.A. , etc. There are many many sub burbs on the outskirts and surrounding areas.
Jamie |
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| THUD |
Ya to true ppl will move out of the city to like tofield or within 30/45 mins to the city limits just to pay a normalish rate on a house.
BUT and a big one there is only so far ppl are willing to travel for work and them out skirts properties are Gonna shoot Thu the roof in price over night once any interst's starts to really grow. |
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| chris f |
I do work for some rig moving outfits, Gas drilling has slowed down lots, oil compinys are asking for price drops on rig moves. the way things were done a year ago have changed alot. there is not alot of spending now, the price of natural gas is low from what they hoped. the last few months have slowed down lots. and now its hitting jo blow.
Anther thing i have seen(my girlfriend does credit analysis) peoples debt load is throw the roff. people have 500k moragages and anther 150k in consumer debt and go to the bank looking for more to ger a car. cupplies making 200k cant afford to get a car loan for 30k because there debt servise ratio is over 45%. |
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| EK9Hatch |
quote:
Originally posted by chris f
I do work for some rig moving outfits, Gas drilling has slowed down lots, oil compinys are asking for price drops on rig moves. the way things were done a year ago have changed alot. there is not alot of spending now, the price of natural gas is low from what they hoped. the last few months have slowed down lots. and now its hitting jo blow.
Anther thing i have seen(my girlfriend does credit analysis) peoples debt load is throw the roff. people have 500k moragages and anther 150k in consumer debt and go to the bank looking for more to ger a car. cupplies making 200k cant afford to get a car loan for 30k because there debt servise ratio is over 45%.
Very true! My rig just shut down for an unknown amount of time...yea, I'm pissed to say the least. Now I'm looking for work on another rig. Sucks balls.
Jamie |
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| Mobius |
quote:
Originally posted by EK9Hatch
Very true! My rig just shut down for an unknown amount of time...yea, I'm pissed to say the least. Now I'm looking for work on another rig. Sucks balls.
Jamie
That's been happening more and more over the past year and a half. |
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| NisHo |
well yeah, we have to buy oil from the US to support the war on terrorism, so why would we pull it out of our own ground?
:asshole: |
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| DeathBy240 |
quote:
Originally posted by NisHo
There are currently 9,000 houses on the market.
No one is buying, and a good thing cuz it's fucking stupid to pay $450,000 for a starter home ($175,000 in 2003).
*rubs hands together*
It'll pick up again in spring .. and hopefully taper off to more human levels by the fall of 2008.
Basically, people would rather live in Alberta for half or a third the price of living in Vancouver, on top of all the oil rush shit. Which sucks for people like us who want to eventually move out of our condos.
Yup. Over 9000 compared to about 1800 at the same point last year. But construction costs continue to skyrocket, which will keep the new home prices high. That trickles down... so don't expect a big collapse. |
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| chris f |
quote:
Originally posted by NisHo
well yeah, we have to buy oil from the US to support the war on terrorism, so why would we pull it out of our own ground?
:asshole:
Not oil, gas the stuff for your furness |
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| GQsmooth |
| keeep on dropping baby wooot!:bowdown: |
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| TrevorK |
quote:
Originally posted by THUD
Sub prime lenders in the USA get a bit jittery and it affects here, but our boom is still strong enough to hold off any major market correction.
I wounder if any of you remember the recession back in the early 80's when mortgage companies started to fall and in a panic they up-ed there interest rates on non locked in mortgages.
I remember a lot homes in my area remained empty and lots of my friends moved away and my folks were working 14+ hours a day just to keep our house.
Theses stupidly insane 50-60 year mortgages were the first 15 years is spent paying the interest, you don't have to be phycic to know that the market is gonna fall at one point before it goes back up.
450k house with an interest rate of 36% and a true value of 275k is bound to happen here soon and chances are the sub prime lender that you borrowed from will be assumed by another company over and over again.
I wounder if it will come to the point were house prices will be regulated like a salary cap by the Government or some sort of rate control before we find a tent/trailer city down the middle of terwillerger between the roads.
Lucky for us we have laws and regulations in place that will prohibit our own sub-prime lending crisis from occurring.
Canada won't have anything to worry about in that regard. |
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| JustinL |
quote:
Originally posted by THUD
450k house with an interest rate of 36% and a true value of 275k is bound to happen here soon and chances are the sub prime lender that you borrowed from will be assumed by another company over and over again.
I'll eat my hat if interest rates go to 36%. What are you basing your speculation on? When the economy cools, the central bank lowers interest rates, and vice versa when it over heats, they raise interest rates... usually by .25%. To have an increase in interest rate to 36% would mean that inflation was through the roof like Argentina during their crisis.
Though if interest rates did hit 36%, there would be some serious opportunity to make huge amounts of money and our currency would have skyrocketed over the USD. |
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| NisHo |
| It's still completely fucked. I looked at a house with a double garage (absolute requirement) last night deep in the boon docks (henday & whitemud) and it's $400,000. I guess a couple months ago it could have been $500K? anyways, even with 5% down, over 40 years, at prime, you're going to pay $800K (double) for it. who the fuck would make a decision like that? lots of idiots out there, I guess. |
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| ehrgeiz |
Crash, Crash, Crash, Crash!!!!
I hope this boom just burns along with everyone that bought into it. Hopefully the greed and consumerism finally catch up with the people of this province.
Then the rest of us that care about our quality of life and don’t want to work endless fucking overtime away from our families just to inflate a bank account to buy shit we don't need, can afford to live out a simple modest life in our own homes. |
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| EK9Hatch |
quote:
Originally posted by NisHo
It's still completely fucked. I looked at a house with a double garage (absolute requirement) last night deep in the boon docks (henday & whitemud) and it's $400,000. I guess a couple months ago it could have been $500K? anyways, even with 5% down, over 40 years, at prime, you're going to pay $800K (double) for it. who the fuck would make a decision like that? lots of idiots out there, I guess.
You understand how mortgages and interests works right? Right now we have some of the lowest interest rates in years, yes house prices are inflated, but you are going to pay a lot if you take out a 40 year mortgage.
Jamie |
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| NisHo |
You do know that interest rates are going up, right?
LOL
Bonds go up, interest goes down; bonds go down, interest goes up ... a yearly thing ...
I spent 7 years as a financial consultant, yes I do know a couple of things. It's just that most people can't afford $3,000 a month so they opt for the lifetime mortgage. |
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| EK9Hatch |
quote:
Originally posted by NisHo
You do know that interest rates are going up, right?
LOL
Bonds go up, interest goes down; bonds go down, interest goes up ... a yearly thing ...
I spent 7 years as a financial consultant, yes I do know a couple of things. It's just that most people can't afford $3,000 a month so they opt for the lifetime mortgage.
In Alberta, with two incomes, why can't a family afford $3,000 a month for a mortgage? :dunno:
And there are still plenty of houses under 400k. Even at 400k, with 5% down thats less than $2,500 a month.
Jamie |
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| TrevorK |
quote:
Originally posted by NisHo
You do know that interest rates are going up, right?
LOL
Bonds go up, interest goes down; bonds go down, interest goes up ... a yearly thing ...
I spent 7 years as a financial consultant, yes I do know a couple of things. It's just that most people can't afford $3,000 a month so they opt for the lifetime mortgage.
What makes you think that interest rates are on their way up?
Just last week the rates remained unchanged, what makes you think on Oct 16 they are going to go up a quarter point?
Some analysts are already stating they predict no more increases until '08.... |
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| SilverZ24 |
quote:
Originally posted by NisHo
.... and it's $400,000. I guess a couple months ago it could have been $500K?....
Now that would be a huge drop and almost a crash, but that isn't close to what has happened. The drop was 2.8% which is about 14 grand on a 500 grand house.
And the drop in prices was just on resale pricing. Building new homes has actually continued to rise slightly. |
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| NisHo |
quote:
Originally posted by EK9Hatch
In Alberta, with two incomes, why can't a family afford $3,000 a month for a mortgage? :dunno:
And there are still plenty of houses under 400k. Even at 400k, with 5% down thats less than $2,500 a month.
Well no, according to the calculator I was using anyway, $2,600 a month (most people are lucky to get prime plus 2).
And hell, Ryan and I have two incomes, but three cars, and hell no, we can't afford that. $900 a month for the mini plus $500 a month in car insurance plus our current $1,000 a month in rent, we're pretty much tapped out with autocrossing fees, nice rims, 19 sets of tires, etc. ;) Some people just don't have their priorities straight, I guess.
Find me a house with a double oversized garage under $400K, I challenge you. That's the criteria. Priorities, remember ;) |
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| NisHo |
| p.s. I still can't believe they build houses throughout the winter. Don't buy a house built after 2003 or you could run into some foundation issues, eh? |
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| 97lude |
quote:
Originally posted by TrevorK
What makes you think that interest rates are on their way up?
Just last week the rates remained unchanged, what makes you think on Oct 16 they are going to go up a quarter point?
Some analysts are already stating they predict no more increases until '08....
I agree- I don't think we will see interest rates go up in the next short while. Especially since there is talk of the US lowering theres.
Also it was expected that the housing market would level off- people hoping for a crash are out to lunch just like the people who thought it keep increasing at 20%/yr are also.
My advice would be to hold off until Nov-Jan if your looking to buy a house as the it will easier to deal on houses once investors have carried them for a few months and begin stressing. |
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| NisHo |
quote:
Originally posted by TrevorK
What makes you think that interest rates are on their way up?
look at what Bonds are doing
http://www.bankofcanada.ca/en/rates/bonds.html
if you ask me, this is a bit advanced conversation for 780
:lol:
I can't fucking believe our dollar is at 96 cents US today. !!!! ROCK |
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| EK9Hatch |
quote:
Originally posted by NisHo
And hell, Ryan and I have two incomes, but three cars, and hell no, we can't afford that. $900 a month for the mini plus $500 a month in car insurance plus our current $1,000 a month in rent, we're pretty much tapped out with autocrossing fees, nice rims, 19 sets of tires, etc. ;) Some people just don't have their priorities straight, I guess.
Find me a house with a double oversized garage under $400K, I challenge you. That's the criteria. Priorities, remember ;)
Haha exactly! :p It all comes down to priorities. The amount you can use for a mortgage from your gross income has come up in recent years as well (in others words, the bank will let you take out a larger mortgage when compared to your income)
A huge problem people get into is consumer debt (credit cars, car loans, etc) People that go ape shit with this credit leave hardly anything for a mortgage.
But with two people working decent jobs, they should still be able to afford a house (you may have to give up some toys, but you can afford it if you try)
Damn according to the mortgage charts I've seen....without much consumer debt I could afford almost a 500k home by MYSELF with just my income! Sure I wouldn't have money to buy a Viper or other sports car...but I'm just using it as an example that it can be done.
Jamie |
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| NisHo |
Remember utilities. When you live in a condo generally your utilites are free, that's another $500 a month if you have air conditioning. (I know my dad pays $800 a month in the summer for utilz.)
It's the flipping house people that are fucking everything up. Buy this house, sell it six months later, buy that house, sell it six months later ... meantime you have this house worth lots of money, but what about money in your pocket? People should be refinancing their mortgages and investing the difference, then they'd have a house AND extra cash earning a return. But no. Flip flip flip, there's even flipping reality TV shows now, to make it even worse. |
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| EK9Hatch |
quote:
Originally posted by NisHo
Remember utilities. When you live in a condo generally your utilites are free, that's another $500 a month if you have air conditioning. (I know my dad pays $800 a month in the summer for utilz.)
Woah! What does he live in? A 15,000 sq ft mansion? :lol:
I have a 3 Bedroom 1080 sq ft house and I pay about $240/month.
Jamie |
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| Talon_66 |
I just bought a house 2 weeks ago.
The house was on the market for 51 days, and was listed for $400k, and I got it for $26,000 less due to the time on the market.
I believe my mortgage rate is 5.79% |
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| EK9Hatch |
quote:
Originally posted by Talon_66
I just bought a house 2 weeks ago.
The house was on the market for 51 days, and was listed for $400k, and I got it for $26,000 less due to the time on the market.
I believe my mortgage rate is 5.79%
Congrats man! Good to hear :)
I have a question...did you put a down payment (I know most do, but 100% mortgages are here now) and did you take it over the traditional 25 years?
Jamie |
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| Talon_66 |
quote:
Originally posted by EK9Hatch
Congrats man! Good to hear :)
I have a question...did you put a down payment (I know most do, but 100% mortgages are here now) and did you take it over the traditional 25 years?
Jamie
Thanks, Im anxious to move in. I take possession Oct 1st.
I put down 10%
I took a 40 year mortgage regrettably. But my mortgage payment is fairly low, and Im allowed to pay an extra 15% a month against principle, so I will be doing that. |
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| TrevorK |
quote:
Originally posted by NisHo
look at what Bonds are doing
http://www.bankofcanada.ca/en/rates/bonds.html
if you ask me, this is a bit advanced conversation for 780
:lol:
I can't fucking believe our dollar is at 96 cents US today. !!!! ROCK
Unfortunately we are influenced largely by our neighbour down south - and their future interest rate changes can not be ignored.
And you are right - we've definetely gotten way off topic. |
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| MAPEX |
quote:
Originally posted by EK9Hatch
In Alberta, with two incomes, why can't a family afford $3,000 a month for a mortgage? :dunno:
And there are still plenty of houses under 400k. Even at 400k, with 5% down thats less than $2,500 a month.
Jamie
do u think all family are professional ? |
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| MAPEX |
quote:
Originally posted by NisHo
Well no, according to the calculator I was using anyway, $2,600 a month (most people are lucky to get prime plus 2).
And hell, Ryan and I have two incomes, but three cars, and hell no, we can't afford that. $900 a month for the mini plus $500 a month in car insurance plus our current $1,000 a month in rent, we're pretty much tapped out with autocrossing fees, nice rims, 19 sets of tires, etc. ;) Some people just don't have their priorities straight, I guess.
Find me a house with a double oversized garage under $400K, I challenge you. That's the criteria. Priorities, remember ;)
theres new community in calgary southbound called willow ridges estate , its 390k to start.. |
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| SilverNeonRacer |
I ran a bunch of calcs(on bank websites) a little while back with $15,000 down on a #285,000 house.. the mortgage and taxes would be pushing $1700/mo on a 35yr or 45yr mortgage... there really wasn't much difference in the monthly payment between the two, 25yr was well over $2200/mo..
Could I afford it... with me paying the mortgage, the wife helping. her paycheque going to utils - gas/power/water/telephone/internet(I "need" internet, it's not a "toy", I use it for work)... we could do it, but I don't think we'd be able to eat and pay for insurance on our cars, sure we could drop to one car, but it wouldn't help much my car is $86/mo for insurance.
I'd love my own house, I'd love a garage, sure the place I live in is too small, but I'm content paying rent.. |
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| ehos |
quote:
Originally posted by SilverNeonRacer
I'd love my own house, I'd love a garage, sure the place I live in is too small, but I'm content paying rent..
Content is the one thing most people are not. Its' the main reason 200K houses went to 500K. Nothing fundamentally changed in 1 year. Except people saw prices rising, so they wanted on the boat (looks like the deck of a submarine to some).
And $3000/month mortage? Yikes, that's some scary shit right there. |
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| Kiddo |
| yeah 3000/mo for mortgage scary shit is right. for that kind of money you'd better be getting a huge house with a double garage huge yard a patio and a deck out back etc... problem is you aren't definately in this market. Which is pretty retarded if IMO any family is willing to lock themselves into such ridiculously high monthly payments to live in an overpriced shack. heck even 2000 a month is a lot. |
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| SilverNeonRacer |
The place I was looking at for $2000ish a month.. was a decent house.. double garage, standard door, but 20+ft ceiling(can you saw car hoist :P )
But dumbass design.. the "living" room is a 12" by 8" section of carpent just off from the kitchen... the "dining room" was a breakfast nook... The whole main floor revolved around the kitchen, then there's a tiny ass room with a fairly large 8ft by 4ftis picture window on the front of the house.. best I can figure you might be able to use it as a kids bedroom, but still who puts a bedroom on the front of the house, I would use it for storage or something.... the current owner is/was using it as a small office...
Alot of the houses I've seen built recently have dumbass designs... me thinks I'm going to have to buy a lot or plot and design and built my own place... |
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| Eclipser |
Doing the calculator on td's website, over 35 years, making 2nd year welder rate, i can afford 155k for a house.
Living at home till i'm 30? Sounds good to me. I'd be lucky to get a trailer for 155k |
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| TrevorK |
quote:
Originally posted by Eclipser
Doing the calculator on td's website, over 35 years, making 2nd year welder rate, i can afford 155k for a house.
Living at home till i'm 30? Sounds good to me. I'd be lucky to get a trailer for 155k
Do you plan on making second year welder rate until you're 30? :lol:
Owning is well within your reach as a welder, which is probably one of the highest paid jobs in the province (because of the OT involved). If you're really serious, talk to a decent financial planner and they can show you how it's done. |
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| Eclipser |
quote:
Originally posted by TrevorK
Do you plan on making second year welder rate until you're 30? :lol:
Owning is well within your reach as a welder, which is probably one of the highest paid jobs in the province (because of the OT involved). If you're really serious, talk to a decent financial planner and they can show you how it's done.
Maybe. I always wanted to grow up to be one of the guys that is a second year welder for 15 years.
But on a more serious note no, trying to get it done by 21. Last time i talked to someone at the bank, they told me even if i worked 80 hours every week, they could only give me a mortgage that i can pay making 40 hours a week (or whatever it works out to with no OT). So if i want anything decent, I have to buy with someone else the first time around. Atleast thats what the lady at the bank told me. |
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| TrevorK |
quote:
Originally posted by Eclipser
Maybe. I always wanted to grow up to be one of the guys that is a second year welder for 15 years.
But on a more serious note no, trying to get it done by 21. Last time i talked to someone at the bank, they told me even if i worked 80 hours every week, they could only give me a mortgage that i can pay making 40 hours a week (or whatever it works out to with no OT). So if i want anything decent, I have to buy with someone else the first time around. Atleast thats what the lady at the bank told me.
I highly suggest that when you're serious about buying to talk to a mortgage broker then, you will find you have many more options.
I was able to count my second income when purchasing property. |
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| ehos |
First time I've said to wait, but Wait. :)
House prices will be driven down over the next few months as more and more supply comes on line and old houses aren't selling.
Buyers market again. |
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| ehrgeiz |
Haha wow, this economy just might crash.
With gas prices so low and the looming royalty review the oil & gas companies are already reacting. I'm seeing and hearing some strange things. It doesn't help that consultation, environmental and historical requirements are getting unreasonably strict. I really think the Government is making a mess of everything.
It takes time for the effect to trickle down, but who knows you just might see some lay off's, repossessions and foreclosures! And in that order too!
If I were in debt over my head, I’d be sweating right now.
Then again maybe I"m wrong, time will tell. |
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| TrevorK |
quote:
Originally posted by ehrgeiz
It takes time for the effect to trickle down, but who knows you just might see some lay off's, repossessions and foreclosures! And in that order too!
There already have been some opportunities from realtors I know to buy property that is a forced sale - either it's sold within a matter of days or it's foreclosed.
Luckily these people have been able to sell at drastically reduced prices and get a quick sale since prices are still relatively high. |
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