cd: perhaps you don't know the difference between "opinion" and facts. The OP is entitled to his "opinion", but if you are a true professional, you don't twist facts, cut and paste things out of context, to mislead others on this forum.

Joseph Goebels, Hitler's minister for propaganda said " “If you tell a lie big enough and keep repeating it, people will eventually come to believe it"

Even that did not work for long because the German people and those under the Nazi rule were liberated by the allies, and the untruths were out.

If the OP wants to be an astrologer that's fine by me......... at least he does not have to claim to be an expert on economics. As for you, since you seem to be peeved, would you be kind enough to explain the inconsistencies that I have mentioned?.

As for asking if I own a house, that's out of logic. If I say that a movie will do at the box office, does that mean I am the film producer? That is a knee jerk reaction, unbecoming of a true professional.

You will see that I have over a hundred posts on different topics.......... before you believe that what I say is a knee jerk reaction, please take the trouble of reading some of them. Perhaps you will change your opinion

If you have the patience to read the OP's hundreds of posts and the retorts that he has got, perhaps you would not be so peeved at what I wrote.

If you wish to believe what this guys says, I have no problem. I have a problem when someone spreads canards - repeatedly.

We like to pay lower price for everything so we can have more money for family, saving, RESP, RRSP but lower house price is called pessimistic thought???

We don't have a sub prime problem here, so we won't have a real-estate bubble, we are told.

We can afford these prices along with higher price for taxes, gas, food, car, grocery, flight, cell phone and everything.

Yes.. we can afford. We can afford monthly payment (cheaper rates) but not house.

FYI..............Just before the US real estate bubble burst, house prices were five times higher than the average American income. In Canada today that ratio is 7.4 times.

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http://www.winnipegfreepress.com/opinion/westview/tiptoe-through-the-bubble-81862082.html

Canada, of course, did not escape the collapse and the country has gone deeply into deficit -- money that we will all have to pay back.

But Canadian homeowners have fared reasonably well. To be sure, thousands of Canadians have lost their homes but that's mostly due to losing their jobs and incomes. Millions in the United States are homeless as a result of the subprime mortgage debacle, which had the effect of vastly inflating both the seeming buying power of consumers and seeming value of houses.

In short, Americans were getting credit at rates so low that they could buy way more house than they could afford if credit charges increased, which they did. We don't have a subprime problem here, so we won't have a real-estate bubble, we are told.

In fact, just this week, Bank of Canada officials were assuring everyone that steep increases in house prices are the "natural" consequence of pent up demand during the recent trough, which also had the effect of suppressing prices so that surging prices now appear to be surging faster than they are.

No, their concern is that low interest rates and long-term amortization periods are making it easy to get into the market -- maybe too easy. But more concerning is that all this demand is being insured by the Canadian Mortgage and Housing Corp.

CMHC is a good Canadian idea. It insures mortgages for persons who have less than a 20 per cent down payment. Insurance, in such circumstances, is required by law. As the financial crisis started to hit in 2008, the federal government increased the ceiling of mortgage insurance CMHC can have outstanding -- from $350 billion to $450 billion, and then $600 billion.

The move is widely regarded as a key measure that helped prevent the kind of credit crunch that so hurt the United States. And just about everyone who has commented on the changes, including Liberal finance critic and former bank president John McCallum, are cool with that.

But my sources wonder if CMHC, which insured 920,000 housing units in 2008, 350,000 more than it intended, according to the Globe and Mail, was in a position to ramp up its due diligence as fast as it ramped up its underwriting.

It's a good question because, if there is a bubble, Canadian taxpayers will be on the hook for all the paper.

I'm not trying to be alarmist here. I simply think it prudent that we start hearing more than "trust me" from the folks in charge of the tulip patch.

The empire strikes back. Who may be ILOVENA ?.

Some ideas for the CSI - forensic experts?.

He is a person who interacts with media and also has a sound knowledge on finance, real estate, mortgages and INVEST MENTS, hmmmmmmmmmmmm 1.

Any ideas ?.


Time OUT !.

Some Lungi News !.

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http://economictimes.indiatimes.com/news/news-by-industry/et-cetera/Diamond-studded-flat-in-Chennai-for-Rs-8-cr/articleshow/5482841.cms

Diamond-studded flat in Chennai for Rs 8 cr


22 Jan 2010, 0007 hrs IST, Jayaraj Sivan, TNN

CHENNAI: A city-based builder is all set to promote Chennai’s costliest apartment project, where each flat will be priced at Rs 8 crore and have a
foyer studded with diamonds, precious stones and pearls.

Christened The Art, the project derives its theme from the cubist paintings of the legendary Pablo Picasso. A limited-edition super luxury residential complex, it is being promoted by Vijay Shanthi Builders on Kothari Road in the heart of Nungambakkam.

The previous record for the most expensive residential apartment in the city was one promoted by Kgeyes developers in the posh Poes Garden at Rs 7.46 crore per unit in 2007. PepsiCo CEO Indira Nooyi had bought one of the four flats in the project, which is located in the area where AIADMK leader Jayalalitha and actor Rajnikanth have their residences.

The latest project has an opulent style, which is unusual even by the standards of high-end apartments. The marble floor of the foyer in every flat will be engraved with a peacock, studded with precious stones.

Suresh Kumar, MD of the Vijay Shanthi group, told TOI: ‘‘Our aim is to create homes that are unique, luxurious and provide value for money. It is meant only for those who want to make a statement of luxury in impeccable style.’’ Mumbai-based BNK Associates is the architect of the complex, which has only 21 apartments in three blocks, with each flat measuring roughly 5,300 sq ft.

The builder had bought the 22-ground (each ground is 2,400 sq ft) plot at the peak of the real estate boom two years ago for Rs 71.5 crore.

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Sunny Leone a true Canadian DESI now back in India !.

Vandemateram: when did ilovena claim to have a \"sound knowledge on finance, real estate, mortgages and INVEST MENTS\". Read his post. He never made this claim. You are just making this up.........

Now what is the relevance of this housing project in Chennai to the real estate discussion here? Maybe, I am missing something?

As for Rahul, he is a great \"Cut and paste\" artist. Great job!!

Another very instresting article on "Realtors Might Not Have Your Best Interests At Heart"

http://millionairemommynextdoor.com/2009/07/realtors-might-not-have-your-best-interests-at-heart/

Thanks hopesrforever27 for another good info.

There is a condo on sale in my building. It's an exactly same condo that I am currently renting for $1500 (including condo fee/taxes//heat/water). Owner is looking for $325K but city assessment is $305K. He paid $355K in 2008. Let say 310K is final selling price.

Calculation-

For a 25 year mortgage for $355,000.00 at the rate of 2.25%, Monthly payment is $1,548.26.

It seems rent is pretty much equal to monthly mortgage without any down payment with a very low interest rates.

2 yrs condo fee Condo fee: 7200
2yrs taxes: 3000
Price difference (355k - 310k)= 45K

Total loss: 55K + 15K (Realtor's commission) = 70K

If mortgage rate is higher then there would be more loss.
How long it take to save 55K~70K after tax or pay in mortgage?

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Current Ownership at 310K:

For a 25 year mortgage for $310,000.00 at the rate of 4.50%, Monthly mortgage payment is $1,715.77. ( 2.25% - $1350, 6% - $1983)

Current condo fee: $350/montly
Tax: $1590/yr

Monthly ownership cost: $2190 app.
Renting: $1500

There is new rental unit in our building exactly same and asking rent is $1400.

Indeed, a lot of cut and paste work by this guy. It's like Boris Becker used to try and be very intellectual, forgetting that tennis was his competency. He would cut and paste other's views all the time.

Quote:

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Originally posted by ILOVENA

Rahul, for heaven's sake, stop telling spreading canards. If you don't know, just keep off subjects that are not your cup of tea. I heard that you were an IT professional, and not a real estate agent. Your knowledge of the media here, seems to be limited, to say the least Atleast, do not spread lies with an air of confidence.

I am a media professional, that interacts with others in the business - Having said that, I have no choice but to correct factual errors, be that be accidental or those lies you are spreading on purpose.

I would invite you to stop doing a cut and paste job to justify your half-baked theories, that are baseless. In the most recent example, you have tried to tie two issues which are not connected with each other at all : Peter Schiff was fired (and not banned as mentioned by you) on 24th November 2008 from CNN. He was NOT FIRED because he had something adverse to say about Canadian real estate.

" Peter Schiff was being interviewed live on C.N.N. about the state of affairs, and he gave his opinion clearly and without reservations.He mentioned that he opposed the bailout, and would let failing corporations like AIG and CITI simply fail because "there´s a reason they failed"........... He said that "We should also not promote public spending or boost the economy, this is exactly why the U.S. economy failed in the first place".

As for the link about DAVID WOLF, it reads "Canada's housing bubble could SOON burst, and it is dated 24th September 2008.......... what is the meaning of SOON? Is 16 months "soon"? Why do you try to convince the world that it is falling apart, using a link that is 16 months old?

Funny thing is that in one paragraph, you actually say that "in the central bank's view it is premature to be talking about a housing bubble in Canada." Then you paste the above mentioned link.............. are you not contradicting yourself?


As for the other factual errors, CANWEST the parent company of GLOBAL tv has been financially ill for a couple of years, The last major layoff of staffers was in November 2007 - twenty six months ago. This has nothing to do with the imminent " real estate crash"......

As for your saying that these TV stations depend merely on the real estate board for their revenue, that is factually incorrect. If you need more information about their advertisers, you can write to them at the contact address provided on their website. Alternately please send me a pm, and I can send you the information.

It is unjust for you to insinuate that these TV stations are misleading the public or lying about the state of the real estate industry, because they get advertising support from them. That will amount to bribery, and you can write to the CRTC, should you have proof of that. alternately you can write to the Canadian broadcast standards council at this address:

Good luck with your crusade!

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