Canadian housing: There’s an obvious oversupply problem in Vancouver, Toronto and Montreal

http://www2.macleans.ca/2012/09/11/canadian-housing-theres-an-obvious-oversupply-problem-in-vancouver-toronto-and-montreal/

Toronto also felt the chill in August. Sales across all segments of the residential housing market were down by 13 per cent compared to last year while condo sales fell 22 per cent. And though the average resale price trended up, led by outsized gains in detached houses, condo prices actually fell four per cent over last year in the city of Toronto.

A good debate over home ownership - pros and cons (over country economy) of owning homes vs renting.



http://www.economist.com/debate/days/view/882" target="_blank">http://www.economist.com/debate/days/view/882</a>


http://www.economist.com/debate/overview/237&sa_campaign=debateseries/debate111/alert/round/opening?fsrc=nlw|dbt|9-19-2012|3511790|99931354|NA
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http://www.economist.com/debate/overview/237&sa_campaign=debateseries/debate111/alert/round/opening?fsrc=nlw|dbt|9-19-2012|3511790|99931354|NA

If the economy tanks because of a housing market crash the fed's have lots of options to revive it (The US economy crashed because the govt there did not have those options). Some of them are

1) Reverting back to 30 year mortgages. or even 35 year mortgages
2) Making mortgage interest tax deductible (like it is in India and US)
They can then levy capital gains tax on profits made even while selling the primary home..

Just implementing 2) above will give the housing market a major boost... The fact that the govt is trying to slow down the market is in indicator of how strong it is.. and we do not have USA like situation of interest only mortgages etc..

So far only the prices of Condos have come down in the GTA, singe homes are either stagnant or rising very very slowly....I see the prices picking up after US elections or staying flat. I dont see any correction by more than 5%.

So if you want to buy a house to live it and you can afford it buy...

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Live and Let Live

Anyone who did watch CBC national yesterday for Vancouver housing market? Any thoughts?

Toronto is the fast growing real estate market and current scenario is very well to investment, because of the return, Return is better comparison to other regions

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CTV News -40% drop in house prices predicted.
http://bc.ctvnews.ca/video
http://bc.ctvnews.ca/video?playlistId=1.967138

http://www.greaterfool.ca/
sales of houses in all of BC collapsed by 25% last month, and crumbled 31% in Vancouver. There’s an 18-month supply of houses in Richmond and 13-month backlog in the tony Westside. SFH prices have dropped 12% in six months, so it doesn’t seem a stretch to see that double in the next six, or triple some time in 2013. With the economy amping down amid so much debt and in the wake of F’s mortgagicide, how can economists say houses will continue to inflate?

As I’ve told you, what happens in Vancouver and the Lower Mainland is a big deal for the rest of the country, including the godless GTA. In 416, where a detached home costs north of $800,000, the same pressures exist. Wealth is separating, in large part thanks to real estate. Families making over $400,000 (the 1%) can afford $1.5 million houses. Families making less than $100,000 (the 99%) can’t afford $700,000 houses, and yet try.
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Let see how long does it take to reach RE sale Mela to other cities?

Quote:

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Originally posted by Felix07Richerd
Toronto is the fast growing real estate market and current scenario is very well to investment, because of the return, Return is better comparison to other regions

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