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Originally posted by bhootnath

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Originally posted by web2000

Wait for the correction, it will definitely happen.

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Are you freaking kidding ...Nothing is definite, except for death . People who waited for correction to happen for last 2-5 years already doomed. Lets say 3 years back based on some of the forum here with charts and stats, you put off a decision to buy a house "waiting for THE correction". Houses already appreciated 30% or more. Now even if correction occurs lets say by 20%, you will still be paying 10% more for the same house (3yr older though) and then 3 years of rent, down the drain.....
Go ahead wait for THE correction..yeah someday it may happen..may be only for a day...
man...you can lead a horse to water, but you can't make it drink.

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Good luck waiting web2000. Just curious since how long have been waiting for market to correct?

i bought a house in England in 2007. I have to sell it in 2010 as was moving to canada. If I had decided to keep my self to be on rent in england for that period time on similar house . I would have 80,000 CAD more in my hand. So basically I make loss when calculating the total cost of less value house selling, laywer fee,house maintance . insurnce cost. So loss and gain happends when person make a exit

Then in dec 2010I book a new detach house in canada. The booking rate of same house is 70,000 CAD more at present . So I have some feel good factor. But people must know loss and gain happens when people try to make exit. And loss is very painful when it happens

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infocan

Canada's housing bubble: This time is not different

http://www.theglobeandmail.com/globe-investor/investment-ideas/george-athanassakos/canadas-housing-bubble-this-time-is-not-different/article2347630/page1/

Bubbles are hard to see in advance and even harder to know when they will burst. No matter how high prices go, there are always analysts who try to justify them by arguing that “this time things are different”. This was the case during the dot com bubble in late 1990s and this is what has been happening nowadays with the housing bubble in Canada.

I have heard many arguments of why this time it is different. Toronto, for example, is becoming New York or London and current prices are thus justified. Bank economists are also justifying current house prices with convoluted explanations arguing that this time things are different ignoring multiple signals of overvaluation that have worked very well historically and in other environments.

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Attack the logic:

1. Why do Canadian Govt. and BOC feel so worried about Canadian personal debt (highest in western world) and CMHC future?

Bank of Canada issues fresh warning on debt (
http://www.theglobeandmail.com/report-on-business/economy/bank-of-canada-issues-fresh-warning-on-debt/article2347476/)

2. Why did same logic (we are different) did not work in US and EU countries? Remember very few US states allows walk away.

3. How do you see effect of Canadian sub-prime (0/40,5/35, super low interest rates, 5/30, 5% cash back) when majority of first time buyers are in sub-prime and barely saving anything?

4. What do you think after 5 years when bank figures out there are lot of sub-prime owners have mortgage more than home value and no saving for pay difference?

5. Do you think rent/own (mortgage interest, lost opportunity of down payment, taxes, fees, maintenance, insurance) ratio matters?

6. Does negative equity matter and affect on RE market ?

Kelowna seems Canadian RE FL. Our RE industry is selling people would pay honestly even in negative equity because they are looking long term. Here you go..

Home foreclosures skyrocket in Kelowna
http://www.cbc.ca/news/canada/british-columbia/story/2012/02/15/bc-okanagan-home-foreclosures.html

"People weren't able to achieve their goals in doing this and so they quit making payments," he said.

Weren't you posting articles like these 6-7 yrs. back claiming the bubble is going to burst? Have you been renting all along? When will this bubble burst?

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Are you there?

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Originally posted by ashedfc

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Originally posted by BlueLobster
Weren't you posting articles like these 6-7 yrs. back claiming the bubble is going to burst? Have you been renting all along? When will this bubble burst?

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KEEP PATIENCE, these things take time. Its hard to predict a particular date..

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Are you there?

Fromttp://www.greaterfool.ca/2012/02/24/7342/#comments
Most people have an insane fear of losing money while being fearless about debt.

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Originally posted by BlueLobster
Weren't you posting articles like these 6-7 yrs. back claiming the bubble is going to burst? Have you been renting all along? When will this bubble burst?

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Originally posted by ashedfc
KEEP PATIENCE, these things take time. Its hard to predict a particular date..

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Originally posted by BlueLobster
Interesting choice of words there. Nobody waits patiently for a recession or a depression. They brace themselves for it. i.e. Unless you have a vested interest in it.

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