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Thread: Home prices at lowest point in more than 10 years

  1. #21
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    Last edited by Cos; 12-31-2016 at 06:37 PM.
    Originally posted by adam c

    Line goes up, line goes down, line does squiggly things and fucks Alberta
    "The stone age didn't end because we ran out of stones"

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    Originally posted by arian_ma
    Even still, imagine renewing your 40 yr mortgage to a 30 (or soon to be 25???) year one......................................how many people in Calgary do you supposed took advantage of the 40 yr? How many of them will be able to afford it after remortgaging? Ouch
    It will great if someone has the stats. I hoping majority of these are $200-$300K properties. It banks are approving shit load of 500K+ properties, then we are fucked.

    Although CMHC insurance is based on borrowed amount, there should be a limit set to size of loan that qualifies for CMHC. And to me that number should not exceed average home prices in the area.
    Last edited by Xtrema; 02-22-2012 at 04:40 PM.

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    Last edited by Cos; 12-31-2016 at 06:37 PM.
    Originally posted by adam c

    Line goes up, line goes down, line does squiggly things and fucks Alberta
    "The stone age didn't end because we ran out of stones"

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    My neighbor's house isn't moving.

    1700sq.ft two story 10 year old infill with developed basement.

    Listed for $800k, lowered to $750k and still sitting.

    Me thinks as long as the house is in the $300-$500K it's good. Any higher, limited number of ballers. IMO!
    Conversations like this can be intense.

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    IMO the biggest difference between the US & Canadian housing market is that in the US there is no incentive for the people to stay in the house if it has negative equity, especially if you didn't put anything down.

    In Canada its a whole different story. You would have to not only have an underwater mortgage, but lose your job and be in a VERY dire financial status to start thinking about walking away from your mortgage. The consequences for walking away from your mortgage are quite harsh up here, so again you'd have to be pretty far in to even consider it.

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    Originally posted by Tik-Tok


    Unless I'm mistaken, those rules only effect new mortgages. You can still renew for more than 30 months if you originally had a >30 month amortization. They may be a bunch of clods in Ottawa, but they aren't going to try and bankrupt all it's citizens.
    Ah, good point. Anyone know roughly what interest rates you would be getting in at if you bought at 0% and 40 yrs, let's say roughly in 07 (so that they'd be renewing now)?
    Originally posted by rage2
    #1: don't ever question me.

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    We just sold our house today actually...got within 3% of asking price but we were only on the market for 13 days and had a bunch of showings. I imagine if we wanted to we could have turned down this offer and maybe got a little more but we are staying in the Calgary market so we'll make that up on the house we are buying I am sure. Plus we didn't have to wait for their home to sell to close the deal so to me that's worth a bit extra.

    Our agent mentioned that Coventry Hills is one of the strongest markets in the city for some reason, lots of houses selling in 2012.

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    Originally posted by arian_ma

    Ah, good point. Anyone know roughly what interest rates you would be getting in at if you bought at 0% and 40 yrs, let's say roughly in 07 (so that they'd be renewing now)?
    Well if you went 0 down 40 year in 2007, you probably didn't get much better than posted rates, which was around 6.5% fixed term 5 year in Feb.2007.

    If you renewed now, you'd get todays posted rates at minimum, so about 5.25%? Like I said, the governments rules weren't set to screw anyone existing mortgage owners over. You may not be able to change institutions as Cos said, but people should still be ok.

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    http://www.sfgate.com/cgi-bin/articl...BUEH1LRK9E.DTL

    Officially 28.6% of the US housing market is underwater. California and Nevada are about 40% underwater.

    There very simply is not enough money (even with Quantitative easing) to rectify the problem. Its like the CEO of google offering $33 million for a hanger for his six jets - but being denied because its not enough.

    It is very possible that people will begin to start fleeing the country with massive near million dollar debts, trying to cross the borders with anything - gold, silver, even as many nickels and pennies that they can carry. Is it any wonder that they re-instated the illegal to transport $100 worth of coins law?

    “Every time you think about this toughness on the border and ID cards and REAL IDs, think it’s a penalty against the American people too. I think this fence business is designed and may well be used against us and keep us in. In economic turmoil, the people want to leave with their capital and there’s capital controls and there’s people controls. Every time you think about the fence, think about the fences being used against us, keeping us in.” - Ron Paul 2011.
    Last edited by ZenOps; 02-22-2012 at 05:27 PM.
    Ban carbon propulsion engines.

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    The collapse in BC has already started. Most markets are experiencing a significant slow down in sales and prices are starting to erode.

    Woohoo! I am stuck here for life! Awesome!

    /sarcasm off

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    Originally posted by PD77
    Our agent mentioned that Coventry Hills is one of the strongest markets in the city for some reason, lots of houses selling in 2012.
    Everyone is leaving the hood.

    That said, Coventry is pretty good for new families. Schools are in. Cardel place is close by.

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    Originally posted by Sugarphreak
    Vancouver has to hit the wall eventually, also Toronto to a lesser extent. As for the rest of Canada, we are entering an economic upswing and prices are sustainable as is. There will be no national crisis... really just Vancouver if any at all.
    Until Canada (or BC? Can provinces do this?) passes legislation to block foreign real estate investment, I don't see the Vancouver market crashing down. As mentioned in this thread there is a lot of money coming in from China because laws have been passed there to limit real estate investment.

    But if the Vancouver market does crash like many predict, could it turn into a national crisis as people migrate from other markets back into the now cheaper Vancouver market? Hmm...
    ---

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    I'm one of the people out there who believed in a crash coming so I never bought anything in recent years while my friends snatched up downtown condos for close to $400,000 and are house poor....now that I plan to get married soon and settle down I'll be looking later this year. I think Calgary prices are where they should be given the factors and I'm fine with it, but if all the naysayers are correct, I'd be even happier haha!

    Just read an article today about how China could be in real trouble soon if they keep going the way they do... Greece default is inevitable...I'm not too worried about house prices in Calgary going up any time soon, most likely they'll just stay the same. I'm not going to be buying for investment so I don't care, and for sure, I'm buying way below my price range because I plan to quit my job one day and do something I enjoy at a lower wage..

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    Originally posted by Xtrema


    Everyone is leaving the hood.

    That said, Coventry is pretty good for new families. Schools are in. Cardel place is close by.
    Haha I am tired of having NE at the end of my address

    We have lived in Coventry for 9 years and it really does have everything a new family could want...we aren't moving very far just because of what this area has to offer.

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    ...
    Last edited by Sugarphreak; 07-09-2019 at 12:31 AM.

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    China Propping up Van City? China is crashing as we speak.Could that affect the amount of money invested by Chinese overseas?

    Calgary Housing Affordable? Of course! As long as oil prices (and gas prices go up). But what about the 80% of the population that don't work in oil and gas? Will their wages raise as well? What about the people in oil and gas? Do their wage increases match the increased cost of living and housing?

    Housing will crash when interest rates go up! Why would interest rates go up? It's all centrally controlled by the Socialism For the Rich Committee of Central Bankers who plan the world economy.

    There is no bubble - Just a chart that looks like a bubble - But it's not a bubble - It's totally normal - Canada is Different.
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    Last edited by kaput; 03-12-2019 at 08:17 PM.

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    Originally posted by broken_legs
    China Propping up Van City? China is crashing as we speak.Could that affect the amount of money invested by Chinese overseas?

    Calgary Housing Affordable? Of course! As long as oil prices (and gas prices go up). But what about the 80% of the population that don't work in oil and gas? Will their wages raise as well? What about the people in oil and gas? Do their wage increases match the increased cost of living and housing?

    Housing will crash when interest rates go up! Why would interest rates go up? It's all centrally controlled by the Socialism For the Rich Committee of Central Bankers who plan the world economy.

    There is no bubble - Just a chart that looks like a bubble - But it's not a bubble - It's totally normal - Canada is Different.
    Ok, you go find a job in Toronto and Vancouver and see how affordable they are.

    On average, in Vancouver, you get paid 20% less, taxed 7% more, and houses cost 50% more than Calgary unless you go inland. Calgary is comparatively affordable.

    As for Chinese money flowing in, I don't know if it will end. Chinese always want out. Especially corrupted officials. There are no shortages of those. China also wants to offload their population to the world.

    And remember, what you are seeing now is a small% of Chinese moving in middle and upper class. There will be more having the ability to migrate.


    Originally posted by kaput


    I'm in a similar situation, I've been waiting for years and I want to buy a place. I agree that Calgary isn't likely to see the same drop in prices as Vancouver or Toronto, but I'm still finding that even at today's interest rates a lot of the properties I'm interested in still favor renting. Either rents need to rise or property values need to fall, they are really out of sync at the moment. Although if the rumors about the government eliminating 30 year mortgages is true then renting will become a lot more attractive in the short term.
    Renting is better than ownership if you find the right landlord. Right now, there are so many people trying to hold on from 2006/07 speculation that there are a lot of choices and rent are low.

  19. #39
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    Originally posted by kaput


    lthough if the rumors about the government eliminating 30 year mortgages is true then renting will become a lot more attractive in the short term.
    Curious to know what you mean by this? You mean, if they do it, it will drive down prices in the mid to longer term?...because of less buyers in the market?

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    Last edited by kaput; 03-12-2019 at 08:16 PM.

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