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Originally posted by Fido
Coming back to houses - no one knows whats in for tomorrow but the prospects appear gloomy - no one can deny that. Some times over consumption spirited by inflation and boom can also lead to high prices .......... thats where being conservative is prudent .

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Rahul:

So what is your suggestion? All home owners to sell their places and move to rental places? Also, if all were to sell, who is going to buy?

If I had CAD 1 in cash with me before this dip started, it was equivalent to USD 1 at that point.

a) If I continued to retain it as CAD, I would have had US$.82 now, or a 20% loss

b) If I put that in share market, again I would have had hit with a 20-25% hit.

c) If I put in a real estate, assuming your numbers are correct, I would have had hit with a 10% hit only.

Still looks to me like the lesser of the evils... (Unless I had some way to keep that as Indian atta or South Indian rice - which have become precious these days)

This is what somehow put us BEHIND then GORA’s – its called PRIDE

Our people’s pride always stays ahead 10 steps then us and that is how we get kick off from global community, everybody wants to look better then others. Instead helping each other we try to pull strings out of each others.

STOP GUYS 

AGAIN We should not fight to prove our self best – try to help each other

Let’s talk about RE investment, stop with all your research nonsense …( i can also find good article and post it)

Let me tell you guys no body is perfect - so instead of trying to be smart A….SH… be creative and helpful

Talk about real situation and how we can benefit from this.

This is what somehow put us BEHIND then GORA’s – its called PRIDE

Our people’s pride always stays ahead 10 steps then us and that is how we get kick off from global community, everybody wants to look better then others. Instead helping each other we try to pull strings out of each others.

STOP GUYS 

AGAIN We should not fight to prove our self best – try to help each other

Let’s talk about RE investment, stop with all your research nonsense …( i can also find good article and post it)

Let me tell you guys no body is perfect - so instead of trying to be smart A….SH… be creative and helpful

Talk about real situation and how we can benefit from this.

This is what somehow put us BEHIND then GORA’s – its called PRIDE

Our people’s pride always stays ahead 10 steps then us and that is how we get kick off from global community, everybody wants to look better then others. Instead helping each other we try to pull strings out of each others.

STOP GUYS 

AGAIN We should not fight to prove our self best – try to help each other

Let’s talk about RE investment, stop with all your research nonsense …( i can also find good article and post it)

Let me tell you guys no body is perfect - so instead of trying to be smart A….SH… be creative and helpful

Talk about real situation and how we can benefit from this.

Good Tips for future buyers. Some expert may not like these tips but hey people are looking for great deal and not a good deal.

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http://www.greaterfool.ca/


But if you want some tips on being a vulture, for when the moment’s right, then clip this and stick it on the fridge. (By the way, this is another preview of my coming book.)

* Offer what you want to pay, not what the vendor is asking to be paid. With so many properties listed, and so little sales activity, every offer has to be taken seriously. Only by writing up an offer on your own terms, at your own price, will you get a sign-back showing the true level of desperation you’re dealing with.

* Always submit the offer with a deposit cheque, which is like putting a shiny lure on the end of your fishing line. However, the offer must stipulate the cheque is not cashable until a firm and binding agreement is reached. So, it means nothing, while having a powerful psychological impact.

* Throw in as many conditions as you want. This will create an offer that is completely tailored to your needs and wants while providing elements you can remove in order to gain things you truly want. So, for example, make the offer conditional on the vendors paying all your closing costs, including land transfer tax. While you never expect that to happen, you can remove it during negotiations in order to get what you do want and expect, which is a bargain price.

* Ditto for conditions giving you time to arrange financing or even to sell another property – they are both traditional deal-breakers, and the vendor’s agent will know that immediately. So, by reluctantly removing them you move far closer to getting that price.

* Best, however, to insist on a home inspection. This condition should give you five business days to complete the process, and is normally done at the purchaser’s expense. The reason you want this is because almost all properties need some kind of work done in order to make them perfect, and when you get the inspector’s report you have leverage to help you drive down the price. Simply get an estimate of the cost of the repairs and ask for the deal to be rewritten with a price reduced by that amount. Since the vendor knows the condition is entirely for your benefit and the deal will die unless you sign a waiver, well, guess what? Vulture.

* And remember that the closing date is also an important poker chip to play. Have your agent find out what the vendor wants, and then use that to help leverage the price down. Additionally, you can throw any assets you see around the property into your offer – power tools, appliances, lawn tractor, Harley-Davidson, whatever. The more you put in, the more clutter there is for the vendor to wade through, and the better chance you have of securing the best deal.

* Speaking of which, why not make two offers at the same time on two competing properties, and then let that fact be known (through your agent) to the vendor? That will add even more pressure to the poor guy, as he tries to figure out what he must do to save the deal, and give you what you want. This may be cruel and unusual, but just consider it payback for all those multiple-offer situations greedy vendors placed buyers in during the bubble years.

* And, of course, you can make a low-ball offer, get a sign-back, and then just let it die. Wait a week and go back in with another one, for the same low price. Odds are you will not get the same response this time. The stressed-out vendor may hate you, but he’ll close.

Calgary home sales plunged in November

http://www.calgaryherald.com/business/real-estate/calgary+home+sales+plunged+november/1018369/story.html

It is becoming increasingly more difficult to sell a home in the Calgary residential real estate market.

Statistics released by the Calgary Real Estate Board today show that MLS sales in November plunged compared to a year ago - and they’ve even dropped below levels prior to the real estate boom of the past two years. As well, average and median sale prices continue to slide as listings remain at elevated levels.

Compared to November 2007 sales in the single-family home market plunged by 39.26 per cent while the average sale price dropped by 5.77 per cent to $435,471. The median price also dropped by 4.96 per cent to $387,300.

The condo market also saw sales compared to November 2007 plummet by 42.74 per cent while the average sale price fell by 8.6 per cent to $285,820 while the median sale price also decreased by 11.65 per cent to $251,800.

http://www.canada.com/calgaryherald/news/calgarybusiness/story.html?id=5ce02095-d1fc-4b28-ab6a-9f6fd128c170&p=1

MLS sales fall below pre-boom levels amid downturn


http://www.edmontonjournal.com/edmonton+home+sales+1998+levels/1021834/story.html

Edmonton home sales drop to 1998 levels

Sales of Edmonton-area homes in November slowed to levels not seen since 1998 as bad economic news turned off potential buyers, said the Realtors Association of Edmonton


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This is not a crash but normalization. We need to wait for spring that will be Canadian RE crash. Tons of people are going to relist their homes in spring on top of worsen economic conditions.

How is GTA doing?