Home buying - 300K house or 400K house
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Posted on: 13-12-11 14:58:35
This thread started in Nov 2009 and now it is Dec 2011.. In the 2 years if someone had bought a detached house in the GTA selling at 300K , he could have made 100 to 150K selling it now..
Moral of the story there will always be naysayers.. best to do what is right for u..
That said , buying now may not be the best option..
Mortgage rules should be stricter, TD chief says
http://www.theglobeandmail.com/globe-investor/mortgage-rules-should-be-stricter-td-chief-says/article2271588/
Less than a year after Ottawa forced the banking sector to cut back on risky mortgage lending, the head of one of Canada’s biggest banks says the federal government should go even further.
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Sales pitch: It's a right time to buy before higher interest rate and Mortgage rule gets stricter
Bridge is under the water situation already.
Houses to my observation have gained about 40% in the last 5 years and still going up.
I leave it to others to complete my statement.
City of Mississauga is planning to raise property tax by 7-8% which is pretty steep to me, illegal basements appear to be adding the toll. If you're paying a monthly tax of $400, it would double in next 7 years and the salary isn't going to go even fraction of that, If this rate continues, house prices fall, jobs being outsourced, city(ies) would be unlikely to provide the services, I see third world in emerging (no offence).
As we say "Every dog has its day", it is also true the other way.
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The cowards never started,
The weak died on the way,
Only the strong arrived.
http://www.youtube.com/watch?v=_yK1i9cLAMM
Quote:
Originally posted by JRF
Bridge is under the water situation already.
Houses to my observation have gained about 40% in the last 5 years and still going up.
I leave it to others to complete my statement.
City of Mississauga is planning to raise property tax by 7-8% which is pretty steep to me, illegal basements appear to be adding the toll. If you're paying a monthly tax of $400, it would double in next 7 years and the salary isn't going to go even fraction of that, If this rate continues, house prices fall, jobs being outsourced, city(ies) would be unlikely to provide the services, I see third world in emerging (no offence).
As we say "Every dog has its day", it is also true the other way.
That is true. If prices may go up 40% in last 5 years, it is also possible that prices may fall 40% in next 5 years. If it happens that means in 10 yrs period, house owners gained nothing and on top of that paid property taxes,insurance premiums and other overhead expenses.
Does it mean real estate investment can also toast the owner?
Does this mean real estate could still prove as better investment?
Quote:
Originally posted by web2000
Does it mean real estate investment can also toast the owner?
Not really. How does it matter if you have purchased your house to live for a longer period of time. It will be the bane for the those who buy for investment purposes.
Afterall, you are enjoying every bit of space in the house that you have bought. Your kids will be brought up in that very space, and who knows if you have a basement, you can also rent it out - thus reducing your monthly liabilities. So, home ownership is not a bad deal anyways, barring for a few skeptics.
The key is to buy what one can afford. As long as you have to live in it for long, the market fluctuations won't really matter, unless of-course you lose your job. But then again, buy what you can afford and save every month for the future and in the event of these contingencies. The mistake we all (most of the Desi's) make is to imitate others who have bigger houses. That's when you know you're in deep crisis. I personally see nothing wrong with Townhomes and semi-detached houses.
Above all else, noone could delve into and see the future. Even the most qualified analysts. One could forecast, but not predict.
http://www.moneyville.ca/article/1102443--toronto-house-prices-hit-new-record
I am reading news where it is claimed that soon toronto will be sellers market. House prices are just jumping up & up. God knows till when.
Also at same time I am reading indian rupee is lossing its value fast againt dollar. May be that is off topic but I guess, now investor from india will find diffcult in buying houses in GTA.
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