As mentioned above, first home gets your foot in the market. Now whichever way the market moves you will have a house. Sell one buy another one and the game goes on.

Quote:

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Originally posted by Aashu

1. If one buys in Toronto : Plus point is easy accessibility to facilities, within town, less commute, good public transportation etc etc. Negative is old houses (30 yrs), v expensive, schools (good?)

2. If one buys outside Toronto : Plus point is new houses, good schools.
Negative is infrastructure not developed like libraries, community centres etc, long commute, less frequent public transportation etc .

This is my impression, I could be wrong.

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If you have a gun, you can rob a bank.
If you have a bank, you can rob everyone.
- Bill Maher

One hour is the cut line where ever you live and where ever you work.

http://www.greaterfool.ca/

Soft Ontario market fuel concerns.
".........Another condo project was cancelled last week in mid-town Toronto. No headlines here. The media did not even notice. Just a letter sent to the unhappy people who wanted to live there. Many of them, in reality, did not understand how lucky they were..............."

Do we still have a question: Is it right time to buy?

Where is Good weather, rich Chinese, Olympic, short drive to Seattle, short fly to Asia, lower unemployment and more....?


Vancouver:
Since August 21, 2008 there have been THREE sales of detached residential property in the entire East Vancouver area.

V719451 sold for $522k after being listed for 569k
V709711 sold for 600k after being listed for 679.9k
V728884 sold for 708k after being listed for 735k

There are currently 1,022 ACTIVE listings of detached residential property in the East Vancouver area and believe me, there have been more price reductions then increases in these active listings.

RE board can say anything: All rich Chinese are busy in summer Olympic. Now Summer Olympic is done so they will buy all Vancouver RE. Realtor’s expert advise is to buy before Sept 1. Sept 2 having two full plane from Beijing to Vancouver with Chinese RE tycoons. How do they know? It’s same source who tell experts that other couple is bidding 10 k more for same house so we have to increase our offer.

I had been on both sides of the marlet many times including Vancouver market. When I was buying I was told no bargaining and offer more than the listing price but I did not listen adn bought with lower than listing price in 2005. I sold it in 2008 and my agent was offcourse pushing me to sell for lower. Anyway, just be aware that the agents ar enot working for anyone but themselves. They have any obligation to their own families first.
Over here in Toronto, I had to do my own research point my agent to the property and actullay educated my agent. So in the end it is your money and use it wisely but buying is better than renting if you like your own place and enjoy living outof th ebasement and apartments. Affordability is importnat so before you buy make sure you can afford it otherwsie it will make your life miserable.
All the best

Experts to downgrade growth forecasts for B.C. economy as hot pace cools

VICTORIA - British Columbia's high-flying economy is showing signs of gliding back to earth to join most of the rest of the country, as economic problems in the United States cut into traditional export and tourism markets, say economic experts.

They say the westernmost province is now facing a bumpy economic road ahead, but not a crash.

Economists who provide the B.C. government with economic-growth forecasts say they will deliver downgraded growth predictions for the B.C. economy when they meet next month with government finance officials.

"No one really anticipated the breadth and depth of the U.S. housing market contraction," said Helmut Pastrick, chief economist at the Credit Union Central in Vancouver.

"My story is that certainly the developments in the North American economy are influencing my forecast," he said. "Obviously, the (B.C.) forest industry is facing very difficult conditions."

Pastrick said he lowered his economic growth forecasts for British Columbia for 2008 to 1.5 per cent and 1.8 per cent in 2009. Last February, he forecast three-per cent growth in 2008 and 2.9 per cent growth in 2009.

http://ca.news.finance.yahoo.com/s/01092008/2/biz-finance-experts-downgrade-growth-forecasts-b-c-economy-hot.html