Canadian home sales forecast lifted
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Location: Beautiful BritishColumbia
Posted on: 10-11-07 01:24:28
This topic is interesting, from both sides..
By the way,a lot of us ARE paying attention to what all of you have to say!
We live in a free society....
There is some excellent information shared out in this topic.
Keep the info flowing.....
"LAAGE RAHO RAHUL BHAI"
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"After climbing a great hill, one only finds that there are many more hills to climb." (Nelson Mandela)
Rahul,
I am paying keen attention to your writings. You are doing a great service by alerting folks on the dangers of jumping into a owning (? sorry, I'd say mortaging) a home. People with below mentioned symptoms should be very cautious:
Low income (do not buy home you can't afford if you lose your job for 6 months)
Low down payment (do not buy a house if you have only 5% to 10% to put down)
Pressure - learn how to avoid being put into a pressure sales situation.
Punch line from "Two and Half Men"
charlie Sheen: nobody likes smart ass around ....
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Ok agreed that all are paying attention to this topic..
So how many believe that one should not buy homes at this time?
As I said earlier, if one has the capacity to afford and wants to live in it, why would they consider the market condition m ofcourse with some consideration to the interest rates?
Certainly people with REI in mind might stay away..
The other thing is I have not seen this kind of trend in the "Niagara - ST Catherines " region,
where there are so many new developments ( new properties coming up) and prices are high as well. even the prices of older homes are high (0-3 years old)
Average semi-detached is 1350 - 1800 sqft is sold in the range of 225- 290k
Average detached /bungalow / bi-levels 1400 - 2100 sft are sold/ offered
in the price range of 280k-355k
Are the above prices too high /too low ? and people are buying there.
so this region is NOT impacted with the meltdown all over ?
Quote:
Originally posted by naudurivsm
Ok agreed that all are paying attention to this topic..
So how many believe that one should not buy homes at this time?
As I said earlier, if one has the capacity to afford and wants to live in it, why would they consider the market condition m ofcourse with some consideration to the interest rates?
Certainly people with REI in mind might stay away..
The other thing is I have not seen this kind of trend in the "Niagara - ST Catherines " region,
where there are so many new developments ( new properties coming up) and prices are high as well. even the prices of older homes are high (0-3 years old)
Average semi-detached is 1350 - 1800 sqft is sold in the range of 225- 290k
Average detached /bungalow / bi-levels 1400 - 2100 sft are sold/ offered
in the price range of 280k-355k
Are the above prices too high /too low ? and people are buying there.
so this region is NOT impacted with the meltdown all over ?
For change I will be the smart one......
My evaluation of the current situation is as follows:
I would argue that property value can be plotted together in time-value money chart.
For example: $100 ten years ago is now worth say $ 180 (time-value of money) today. That appreciation is reflected on the property too. If these $ 180 are not going to sustain the growth in future because time value of money has negative impact. That would reflect on your property too and your money in bank. Additional to this factor, the joy of living in your home is priceless.
My second argument is: Buying a property is not a bad idea at this point of time because you are locking your money to an asset. Which is better than keeping the money and allow to float on the various components of economy.
Bad decision at this time may be, buying property to earn returns in short period of time.
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Quote:
Originally posted by rahul_singh23
My condo rent is $1500/month (including gas, hot water, condo fee-$250) and no down payment on rent (one month advance only). The price of this condo in June month was 390K now it's 360K. This owner bought this condo few yrs back in 210K.
1. $1500/monthly rent makes sense and good business of he bought in 210K. Yes I am paying his mortgage on 210K price.
Chances are that you are paying $1,500 on account of a rental agreement that you signed before the run up in prices. If you were to rent the same apartment today, would you get it for $1,500? Very unlikely.
To give you an example, 2 bedroom apartments along the CTrain line from Chinook all the way down to Somerset rent for $1,500. These apartments typically listed for $260k - $280k during the summer.
Quote:
Originally posted by rahul_singh23
2. Does this condo make sense to buy in today's market if mortrage/tax/codo fee ($250/month) all comes around more than $3000/month for this condo.
Your math is wrong. With a list price of $390k that you have talked about and a mortgage rate of 5.5%, the total interest per month would be $1,788. With condo fees = $250 and property taxes of $125, the total cost to the landlord even at a list price of $390k would be in the region of $2k, not $3k that you have claimed.
Double post
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