US is betting on Canadian Housing Crash
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Posted on: 24-06-15 15:38:43
Yup Surrey can't be compared to Mississauga ..but Surrey is more like Brampton though.
Mississauga is a city on its own now & has become the sixth largest city in Canada. Its no longer a suburb of Toronto & a bed room community.
More people drive into Mississauga for work from Toronto than go to work to Toronto from Mississauga.
Lot of companies, factories, warehouses, head offices have shifted from Toronto to Mississauga now 
Quote:
Originally posted by adamthorat
let alone go skiing in the morning and golfing in the afternoon. The lifestyle there is a joke reserved for the very few that can afford it.
I disagree. You'd be surprised to know that regardless of the people's incomes, Barristas and the minimum wagers do in-fact enjoy the lifestyle that comes with it. Beaches are free, and a drive up to Whistler for skiing only takes 2 hrs from DT. Most of rec centres cost next to nothing for low wage earners.
Vancouver has local mountains (15mins from DT) where one could ski as well, and don't have to drive. All beautiful lakes surrounded by snowcapped mountains are free and within the day trip range. Golfing isn't that expansive that could put a dent in your pocket. Noone is doing all that everyday indeed. So, even the minimum wagers can afford what the nature provides here in Vancouver/BC.
I think apart from the housing, the lifestyle offers more than anywhere else in Canada regardless of how much you earn. Of-course, sky is the limit, but the regular Natural Beauty is here for all to enjoy with minimum effort necessary.
Huh ! Canadian real estate market is not tanking, my guess - NEVER it will. Not for next 50 years. Wanna Bet ?? This is not US. ( having 50 states where influx of money is divided). There are not many Countries in world which invite aliens to take over the land, houses and lifestyle. Canada RE will continue to boom. Suburbs are flourishing. Read this projection on GTA 2015 till 2031 ...
http://www.thestar.com/news/insight/2015/02/27/ontario-farmland-under-threat-as-demand-for-housing-grows.html
In the link , Look at the chart , how the green belt in ontario (north of brampton richmond, york, markham etc) will be impacted by 2031
Click on the tabs for 2006-2014 Vs 2015 - 2031
Quote:
Originally posted by san-hugo
Huh ! Canadian real estate market is not tanking, my guess - NEVER it will. Not for next 50 years. Wanna Bet ?? This is not US. ( having 50 states where influx of money is divided). There are not many Countries in world which invite aliens to take over the land, houses and lifestyle. Canada RE will continue to boom. Suburbs are flourishing. Read this projection on GTA 2015 till 2031 ...
http://www.thestar.com/news/insight/2015/02/27/ontario-farmland-under-threat-as-demand-for-housing-grows.html
In the link , Look at the chart , how the green belt in ontario (north of brampton richmond, york, markham etc) will be impacted by 2031
Click on the tabs for 2006-2014 Vs 2015 - 2031
Agree. Much more likely that there is a correction 5-10% but a crash is unlikely. Never say never though, best to prepare yourself for all scenarios.
Despite being a homeowner in TO myself, I do find the home prices here obscene and the fact that they keep inching up with no reprieve is concerning. The real test of the strength of the market will be when interest rates rise, and they will one day - it's only a matter of time. That will expose how bleak the picture is really.
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Quote:
Originally posted by febpreet
So, unless you really have a health reasons to move to a moderate climatic city, stay where you are in GTA. To sum it all up.
Makes sense.. Thanks for summing it up.
For a crash to occur, the prices will have to fall down drastically, Price of any commodity/share/real estate is based on the last traded price. I agree there may be a correction of 5% or so but not a crash. For a crash to occur the homeowners must panic and must sell the house at whatever price they can. But why would some one do that and then sell the house and go where? Flee the country? The housing market and credit here is quite stringent. Majority of the people are primary home owners. For people having the rental properties, if the interest rates rise, property prices may fall but that in turn will make monthly payments more expensive shooting up demand for rental properties. In worst case it will affect people who flip properties frequently. Long term investors won't be that affected. This may not be true for Condos however.
Don't worry guys, it ain't gonna crash. Some fools got together in their paradise (US) and did something out of ordinary. Worthy case to be in the News.
