Thanks Monty. It's nice to know what's happening in other part of country.
If experts and TREB are saying 22% than it must be more than that if you consider following.
1. There are lots of sellers on sale private sales sites (like welist, comfree) too.
2. There are new homes completion or will be completed in next 6 months.
Location: Greater Toronto Arena
Posted on: 05-04-08 11:14:38
Quote:
Originally posted by monty74
http://www.thestar.com/Business/article/410042</font>
good time to buy!!
""It's been miserable," the ReMax agent said. "Buyers just seem stopped dead in their tracks."
Toronto Real Estate Board data that were released yesterday showed the first quarter of the year was one of the worst in recent memory, with sales falling for three consecutive months. Only 6,631 transactions were recorded during March, down 22 per cent from the 8,518 sales recorded in the same month last year.
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happily holi day!
Will this drop in sale lead to downward trend in the prices or realtor/builder will try to hold on to the prices?
What should buyer be doing at this time?
http://bp0.blogger.com/_SfxDExxUukY/R-he5fB56aI/AAAAAAAAASk/JiIYUiK914o/s1600-h/nar_rid6.JPG?ref=patrick.net
A history of wrong prediction or lying with knowing fact:
1. Are you missing RE boom? Why RE value going high
2. WHY RE boom can not go down
3. Home sale will move up
4. We are on soft landing
5. We think housing market hit the bottom and time to buy
6. These data do not support more price drop
What more do we have common between our RE boards and US NAR other than lies? Our news media is always love to print expert's opinion without doing own research.
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http://www.thestar.com/Business/article/412683
But the popular 40-year loans hold dangers for homeowners that aren't always stated.
• You have less chance of being debt-free in retirement or retiring early.
"I think of a 40-year mortgage as long-term renting," says Adrian Mastracci, a Vancouver investment counsellor.
"It's a recipe for not going into retirement and extending your time in the workforce."
• You won't build equity in your home for many years.
Building equity takes a long time, even with a conventional 25-year loan.
Suppose you have a $200,000 mortgage amortized over 25 years, with a five-year term at 7.19 per cent (the current posted rate at big banks).
Your payments are $1,424.37 a month, or $17,092.44 a year.
Only by year 16 do you reach the point where more than half your payments go to principal, not interest.
This is update as of today. Ground reality....
http://www.cbc.ca/money/story/2008/04/10/mortgage.html?ref=rss
Ecom
ecom nice stuff.. thanks man.
pheonix is considered " housing bust central USA " . It has a population of over 4 million people and it has 49,000 listings prices are off 40% yoy.
calgary has 14,000 listings (add welist and new homes on top of that) and we have only 1 million people.
Are we going in same direction or still "we are different than US"?
