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Thread: 2/3 of Alberta home buyers wish they had waited longer to buy their 1st home

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    Default 2/3 of Alberta home buyers wish they had waited longer to buy their 1st home

    Interesting read.

    http://www.smrmediaroom.ca/FTHB%20Ne...%20Alberta.pdf

    More than half of Albertan first time home buyers with a mortgage (57%) said they are worried about affording their home if interest rates increase.
    I'll be waiting for their foreclosed home!
    Last edited by msommers; 08-02-2012 at 05:03 PM.
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    I was a first time home buyer in 2004 and I thank Jebus that I didn't wait longer. I think most people would rather have bought before the boom than wait longer.

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    ^ Same. I bought my first home in 2004 for under $200K and sold it for almost double 6 years later. It was a great move, but I remember having buyer's remorse for a long time following the purchase.

    I shouldn't have bought the 2nd one in early 2007 though... lesson learned. I am just lucky that I have been able to get that house paid down to a point where I could now sell and get back my deposit and perhaps take a small profit.

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    .
    Last edited by Cos; 01-02-2017 at 10:45 AM.
    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 parents bought their house before the boom and the value went past double.

    I'm mad jelly.

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    The thing to remember is that the people who bought in 2000-2005 lucked out, it's completely abnormal. Some may argue predictable but still, it's doubtful we'll be seeing that kind of growth for some time if ever again. But with Calgary's boom/bust, I guess you never know.





    Source: http://www.pacificapartners.com/blog...le-chart-book/
    Last edited by msommers; 08-02-2012 at 05:59 PM.
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    ^ I agree. Look at Vancouver today. New numbers for July show the market is tanking badly and that's within Vancouver proper... the Valley, the Okanagan, the Island, all fairing poorly.

    Toronto's condo market is cooling right off.

    Not great times.

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    I wish I rented instead of buying in 2007. Moved in oct 2008....2 wks later recession.

    now all i do is pay interest

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    That is our plan (to wait as long as possible) we could easily go to the bank and get a mortgage right now but our goal is to have at the absolute bare minimum a 20% down payment on a decent sized home. Renting allows us to save that and I want to be able to afford toys too!!!

    People always say "you're just throwing money out the window" but at the same time if you go out and buy a house with a small downpayment and high interest you'll be doing the same for a lot longer!!!

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    ^^Same here. Everyone bugs me and the wife about renting. Meanwhile we are sitting back, waiting for BOC to raise the interest rate and go shopping for foreclosed properties. With our $100,000 down payment of course

    The market will have to make a correction eventually, and those who are patient will be rewarded for not jumping on the housing bandwagon too early.
    Stupidity is a disease we all have, it's like a form of brain herpes. Outbreaks will occasionally occur.

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    I actually just moved into my new place a month and a half ago. First time home buyer and I don't regret it one bit. Granted, it's just a small condo-sized townhouse, but it's more than sufficient for me. That's where I think the problem is with a lot of people. They stretch their dollar as far as it will go, always flirting with that dangerous line.

    I haven't been out of school too much more than 2 years and have had my job since day one. I lucked out and have a very small rent payment in the place I was at previously and carried no debt. The stars somehow managed to align themselves, basically. The point is, I think people try to get every ounce out of their money. A mortgage commitment is not something to take lightly. As soon as that pen hits the paper, the bank owns you for a very long time. I think some people take that for granted.

    I would also think that the people having trouble with their mortgages are the same ones who probably went for the cheapest payments they could with as little investment as possible. I.e.: 35yr Amortization, 5% down, monthly payments.

    I'm happier than hell finally being in my own place. (Might also help that after I purchased my unit, the base price on all of them went up another 5-10k.. Nothing like already making money on the place!) All just my two cents.

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    ...
    Last edited by Sugarphreak; 07-10-2019 at 04:23 PM.

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    ^^^Doesn't necessarily need to be a huge correction. I've already started to see prices go down in the areas that we are looking. Not by much of course, but enough to notice since sellers need to compete with the new builders.

    It would be great if the next market correction in 2013/2014. That's when we'll have our down payment!
    Stupidity is a disease we all have, it's like a form of brain herpes. Outbreaks will occasionally occur.

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    Last edited by Cos; 01-02-2017 at 10:50 AM.
    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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    The only thing I regret is not waiting longer for more developments to come out and not shopping around more, building instead of buying an existing
    Sig nuked by mod.

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    Sure a correction may take place BUT if the price of gas recovers in 2013-2015....you wont see any market dip ever.

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    Originally posted by J-hop
    That is our plan (to wait as long as possible) we could easily go to the bank and get a mortgage right now but our goal is to have at the absolute bare minimum a 20% down payment on a decent sized home. Renting allows us to save that and I want to be able to afford toys too!!!

    People always say "you're just throwing money out the window" but at the same time if you go out and buy a house with a small downpayment and high interest you'll be doing the same for a lot longer!!!
    That thought has a 2 sides to it and i dont disagree with the side you presented. You pretty much described how we bought our place but lete explain the reason why, we scrapped together what we could. My girlfriend and I were renting an apartment in varsity for about $1200/mth and we knew that our lease was coming due shortly. We had to decide if we were going to wait another year or buy because the rates are at historical lows. We decided to buy an apartment in the same area for $226k. The mortgage payment is just shy of $1100 plus condo fees. If we would have waited for the 20% down, we would not have paid over $10k against the principle of the loan per year and still have a similar amount of money being paid for housing. Now we both slightly restrucred our debt, where in another 12 months we can start to double our monthly contributions and have it paid off in about 10years.

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    I bet those 2/3 bought around or after 2006 where you are either underwater or has seen 0 equity growth.

    I will be back to normal growth going forward. Calgary is holding on because we have jobs and people are still coming.

    Unless you are a first time buyer, I'm not sure why you are all so kin on seeing more foreclosures. Some is fine but last thing you want is for us to turn into some US cities where homes worth more demolished.

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    ...
    Last edited by Sugarphreak; 07-10-2019 at 04:23 PM.

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    Originally posted by flipstah
    My parents bought their house before the boom and the value went past double.

    I'm mad jelly.
    Timing is everything.
    Originally posted by rage2
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