Is Canada moving towards another recession or what?
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If you want to buy a house for long term (for your primary home or a long term investment of over 10 years), any time is a good time. I believe that Canadian RE market won’t crash like US. We have a steady flow of immigrants specifically from Asia and South Asia who are crazy to own houses. Once they buy one and stabilize a little, jump over to the bigger and bigger one. They don’t spend money on vacation or any other hobby – just living in a big house is their only hobby. They will keep on adding fuel to the fire. Personally, I don’t see anything wrong in this attitude. That’s their way of enjoyment. Only the increasing City Tax pinches me. The rise in RE market keeps pushing the City Tax up and up, which is insane in my opinion. This year, the City of Brampton provided an online tool for residents to provide inputs to City budgets where we can select which city service should add 15% of previously allocated budget or keep the same budget or reduce the budget by 15%. It is a good initiative and I have also suggested reducing the salary of City employees.
You can still find some affordable pockets – specifically on North West end. Some new subdivisions of Caledon on the border of Brampton are also affordable. In my opinion, a detached house on 40 ft lot with around 2500 sq ft size should be most robust in bearing the slap of RE softening. It should retain its market value. It is the most popular size and should not lose the market. The bigger houses should drop first.
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A Delhite in Toronto
Location: God's own country
Posted on: 31-03-15 09:47:56
It is a good initiative and I have also suggested reducing the salary of City employees.
Wrong idea and no one will ever agree to it. Why should city employees take a 15 % cut when the world in functioning normally?
I would suggest the following :
1. Extra budget of the city hall (like free lunches , wine , christmas party using govt. funds, taxi charges when necessary to be reduced etc...)
2. Snow removal to be made cheaper.
3. Cutting down on hydro charges of the city properties.
4. Monitizing city properties to the maximum
and the like.
Murali
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I am a Gents and not a Ladies.
Quote:
Originally posted by febpreet
House prices are going over the roof. Just saw a house listed in my neighborhood for 1 mils. A month ago, in the same neighborhood you could've bought for 700k. There are no bells and whistles.
Bad news is the Townhome prices haven't increased a single dime.
Mind it. It's just in Surrey, which is a distant suburb. Even with the budget of 600k, I am out of market already. No hope left.
Just checked Mississauga and Brampton and the same madness hitting the roof there as well. Can't just pack my bags and dream about home ownership in GTA anymore.
Should've bought a few years ago. Darn!
Febpreet ji: we purchased a brand new house from a builder in Ajax in 2010.
2200 sqft, single detached 4 bedroom, 2.5 bath, 2 car garage, in a brand new neighbourhood for 358K.
The same house is priced after 5 years for more than 600K. so, you get the idea of how overvalued houses are.
The economy $hit has already the roof, you can expect to see many of these high priced houses on a bank sale. Please wait for another couple more months and reap the benefits. Greed is driving this real estate market.
Quote:
Originally posted by tamilkuravan
It is a good initiative and I have also suggested reducing the salary of City employees.
Wrong idea and no one will ever agree to it. Why should city employees take a 15 % cut when the world in functioning normally?
Dear TK – what do you know about the city administration here while sitting on the opposite side of the planet? Seems like you are obsessed with the Canadian life style. Read it to know how much city employees are overpaid.
http://www.thestar.com/news/gta/2015/01/27/bramptons-skyrocketing-staff-payroll-one-of-many-financial-woes.html
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A Delhite in Toronto
Quote:
Originally posted by AjaxDesi
Quote:
Originally posted by febpreet
House prices are going over the roof. Just saw a house listed in my neighborhood for 1 mils. A month ago, in the same neighborhood you could've bought for 700k. There are no bells and whistles.
Bad news is the Townhome prices haven't increased a single dime.
Mind it. It's just in Surrey, which is a distant suburb. Even with the budget of 600k, I am out of market already. No hope left.
Just checked Mississauga and Brampton and the same madness hitting the roof there as well. Can't just pack my bags and dream about home ownership in GTA anymore.
Should've bought a few years ago. Darn!
Febpreet ji: we purchased a brand new house from a builder in Ajax in 2010.
2200 sqft, single detached 4 bedroom, 2.5 bath, 2 car garage, in a brand new neighbourhood for 358K.
The same house is priced after 5 years for more than 600K. so, you get the idea of how overvalued houses are.
The economy $hit has already the roof, you can expect to see many of these high priced houses on a bank sale. Please wait for another couple more months and reap the benefits. Greed is driving this real estate market.
If people with the combined household income of >150k can't afford 600k houses with 20% down payment, then something is really wrong with the market.
I never understood why people cry hoarse about Vancouver market. Toronto is no better in this aspect. I mean, yes, you can go a bit farther and buy cheaper but have you looked into the commute time? Are you going to be stuck in the traffic for close to 2 hours one way everyday? 401 is Nightmare! 407 is getting worst each day. Transit takes forever. Either way, one is screwed.
Do you want to see the height of craze, look no further. Here's the link. A house (matchbox size) in Vancouver sold for half a million more than the asking price:
http://www.huffingtonpost.ca/2015/03/29/east-vancouver-house-half-million-over-asking_n_6963164.html
Location: God's own country
Posted on: 31-03-15 14:22:31
Quote:
Originally posted by Delhite
Dear TK – what do you know about the city administration here while sitting on the opposite side of the planet? Seems like you are obsessed with the Canadian life style. Read it to know how much city employees are overpaid.
http://www.thestar.com/news/gta/2015/01/27/bramptons-skyrocketing-staff-payroll-one-of-many-financial-woes.html</font>
Sir,
I know everything. As a person who worked with the city officials till 2009, I know about them. I am also read the Tor star each day.
I know that the city officials are over paid. But do you know the advantage of being in the city. It means that your job is unionized and it is pretty much for your life unless bankruptcy of the city comes. Can you tell a person who has a job for his lifetime to cut 15% of his salary when private individuals, provincial and federal employees are not taking a cut. Which fool will agree. So that is why I said that we should cut the discretionary spendings.
EVen in India, I am fighting against my central govt. funded college. Through their mandatory disclosure, I have found more than 30 items which they are doing wrong and I fought for it. Can you imagine, after 8 months, they still have not acted on the 20 odd serious items of corruption and lethargy that I have raised. As a OCI, I am not eligible for RTI disclosures.
Fighting City/ Provincial / federal officials is very tough.
When I used to work with the City of Vaughan, my boss used to tell me to get in writing what city officials were saying, since he said that they will change their word at the appropriate time. But what to do, no city official was willing to give their statements in writing. Such indifference.
Murali
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I am a Gents and not a Ladies.
Quote:
Originally posted by febpreet
If people with the combined household income of >150k can't afford 600k houses with 20% down payment, then something is really wrong with the market.
could you please elaborate on why can't a family with combined household income of >150K cannot affort 600K house....
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i..........rock........!!!!!
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