I think this is the worst time to buy any property for first time buyers atleast in North America. There is lot of info on given site for people who are looking for property. We are not too away from US housing market.

http://patrick.net/housing/crash.html

Rahul_singh23,

Unless you are a soothsayer or someone privy to some vital forthcoming market information, your prediction based on information from the US site is incorrect.

Needless to repeat for the umpteenth time, US & Canadian housing markets are no longer the same. The drift started 5-6 years ago. Main parameters of housing are very different. Canadian demand is being fueled in all cities for different reasons. Vancouver/B.C. due to Winter Games and mild weather, Alberta due to Oil & Service sector, Ontario due to manufacturing & service centers economy (though manufacturing is likely taking a hit.....but is being compensated in corresponding increases in services sector). Even the demographics of the buyers is not the same. Immigration and investors are the buying force behind the Canadian housing, while it is the local population makes the majority of buyers 9in the US. US lenders have been traditionally more liberal & and buyers irresponsible.

You would do yourself a favour by reading reports from TD Bank, CIBC, ReMax & Royal Lepage on this subject for CANADINA market forecast. You would never repeat this again!

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Rajeev Narula, Broker, REALTOR®
ACE TEAM REALTY INC., Brokerage
10 Kingsbridge Garden Circle, Suite 704
(Opp Square One - HWY10/403)
Mississauga, ON L5R 3K6
Bus: 1-888-355-3155 Ext. 300
Fax: 1-888-443-3155
Email:
Web: http://www.RAJEEV.ca" rel="nofollow">LINK

If my earning is related to this business then I will say same thing.

1. Buyers' agents get nothing if there is no sale, so they want their clients to buy no matter how bad the deal is, the exact opposite of the buyer's best interest. Agents take $100 billion each year in commissions from buyers. Agents claim the seller pays the commission, but always fail to mention that the seller gets that money from the buyer. Think about it: who brings the money to the table - the seller or the buyer? All money comes from buyers. No buyer, no money.
2. Mortgage brokers take a percentage of the loan, so they want buyers to take out the biggest loan possible. Even worse - mortgage brokers get paid according to how BAD the deal is for the buyer. The worse the deal is (higher interest rate, points, fees, etc) the more the mortgage broker gets!
3. Banks get origination fees and then sell most mortgages, so they do not care about the bankruptcy of borrowers. They will lend way beyond what buyers can afford because they lose nothing if the buyer defaults.
4. Appraisers are hired by mortgage brokers and banks, so they are going to give the appraisals that mortgage brokers and banks want to see, not the truth. Appraisers that kill a deal by telling the truth do not get called back to do other appraisals.
5. Newspapers earn money from advertising placed by realtors, lenders, and mortgage brokers, so papers are pressured by that money to publish the real estate industry's unrealistic forecasts, and to avoid the fatal words: "prices are falling". Instead, we may sometimes hear about "softening" or "easing" prices, which sounds so pleasant...

Rahul_singh23

Since you have already made up your mind that everyone is a crook....just a small piece of advice for you....

"Don't buy any real estate"

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Rajeev Narula, Broker, REALTOR®
ACE TEAM REALTY INC., Brokerage
10 Kingsbridge Garden Circle, Suite 704
(Opp Square One - HWY10/403)
Mississauga, ON L5R 3K6
Bus: 1-888-355-3155 Ext. 300
Fax: 1-888-443-3155
Email:
Web: http://www.RAJEEV.ca" rel="nofollow">LINK

It's not some one is crook or all are bad. The whole game is like that. This is not only in housing industry. We had seen tech industry in 2000 now we are seeing engery companies scam. The next game is starting now with name of green energy. Lot of people/investor will put lot of money with new companies who are going to make green to greener (without any performance review)

If you ahead of curve in any investment then you are always winner as we all know. In housing market we are behind the curve now. So it’s not sensible putting money there.

For realtor/mortgage broker/banks: When is not the right time to buy home?

Quote:

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Originally posted by rahul_singh23

For realtor/mortgage broker/banks: When is not the right time to buy home?

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1.I'll Swear on any Holy Book - Bible, Quran, Bhagavad Gita that I'm not Rahul Singh. If you've had seen my earlier threads I do not have a habit of responding to stuff written in response to my posting as I strongly believe in the concept of everybody is entitled to their opinion.

2.Our erstwhile Prime Minister Mrs.Indira Gandhi always used to nullify any attack on her by blaming a Foreign Hand or a Foreing Plot on her to divert attention away from her so that the issue gets diluted. Ronald Regan also was also good in doing the same by bringing in American nationalism into any issue and the same thing is being followed by Bush today in regards to Iraq.

3.I personally do not want this thread to get diluted by somebody making any remark/questioning whether SK and Rahul Singh are the same person and this has been done a couple years ago and to which I had contacted the questioner to reveal my true identity.

4.I do not even know such an article existed on the website.

5.This is a sensitive issue and has to be handled maturely and no point in showing emotions in the tackling this issue. I get to meet people across the border from all walks of life and everytime this issue comes up as the topic of discussion. The same applies to the evening News of NBC, CBS and ABC where they have discussed this issue threadbare. My figures for the information in my earlier thread were all from ABC News.

6.Early last year I had predicted the existence of sleeper cells in Mississauga and got slammed by BL in this very same site. What happened with in a few months in Brampton is an open secret!.

7. Thanks to Rahul Singh whom I donot know has raked up this issue independantly, which means that there cannot be smoke without fire.

8. My personal opinion is that whoever responds should do it with facts and figures and also give a balanced view on this sensitive issue. The reason is that the results for whatever we are anticipating will be up there in next 6 to 12 months for all of us to see.

I do hope something good comes out of this thread and not just ugly exchanges.

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