He got off lucky. Average decline in the early 90s from peak to trough was 40%.
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Housing Market
- Thread starter Ducati911
- Start date
He got off lucky. Average decline in the early 90s from peak to trough was 40%.
With the ror, I was just trying to illustrate that the growth isn't completely out of whack with reality.
Our first house dropped a little in value at first. We were fighting the assessment at the time, as other houses were going for less. It's worth at least three times the value at the moment. Then again, we've put over $100,000 into it, in things that won't show lots of value, when we sell. i.e. Drainage and waterproofing.
Some people are still paying them off as fast as practicable.
Once it's free and clear, you can put that money to other uses.
If you have a steady job, don't spend all your cash on wants, and plan to live in the house, then consider it a home, rather than an investment. It's the second place that makes you a speculator, unless you're overreaching (again wants vs needs).
Our first house dropped a little in value at first. We were fighting the assessment at the time, as other houses were going for less. It's worth at least three times the value at the moment. Then again, we've put over $100,000 into it, in things that won't show lots of value, when we sell. i.e. Drainage and waterproofing.
Some people are still paying them off as fast as practicable.
Once it's free and clear, you can put that money to other uses.
If you have a steady job, don't spend all your cash on wants, and plan to live in the house, then consider it a home, rather than an investment. It's the second place that makes you a speculator, unless you're overreaching (again wants vs needs).
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Of course, why would it be any other way? They also want us to work as sheap as possible. Bought and installed politicians will make this a reality. It's the natural order of things. It's gotten so dire that Donald Trump looks like an antidote. Maybe Kevin O'Leary can help us up here.
Yeah we're just updating it. So it doesn't look like **** anymore and so the setup/layout isnt retarded. Plumbing or electrical isn't moving.
2k in appliances and 4k in cabinetry, we'll go for laminate flooring most likely (there's lots of good looking stuff out there). Her dad (and family) builds houses, and i take instructions well and have one or 2 handy friends who can help IF NEEDED. We have a 2nd kitchen in the basement so we'll use that while this is happening.
In the end we just want a better layout and flooring that doesn't make you want to puke
It's always been that way. Look at the castles and palaces all over the world. Then again, we live better than those old kings ever did.
My wife grew up in Aldershot when it was sort of living in the country over there, huge greenhouses on Plains. We keep looking and may have missed the window (again) . Looked at a house on King rd last wk listed at $499k but you would throw dynamite in the front door and stand back. I keep a boat in Bronte and Hixon, Belyea, Soveriegn st were 200, 250k about 12-15 yrs ago. now its 800k for a small lot 9-1mil for a big lot. But its odd, cross the creek to cudmore area and they drop 300k in 3 blocks.
I did buy a townhouse on Marine dr for 250 and sold for 350 in two yrs and felt clever. They went to 5-600 in two more years......
It's always been that way because that's the natural order of things except in developed western nations we've adopted democracy over the last while and the people's desire is to be free of this manipulation. The people's will is not being considered. Elections are rigged. The big shots are doing an end sweep on us, things won't change until we don't live like enslaved kings and band together for a little blood shed. It's coming, slowly. First everybody has to pay of their student debt.
First everyone has to want lots of "higher" education. Don't get the cart before the horse.
Was higher education not deemed necessary because a) higher status and b) good paying manufacturing and supporting jobs have gone away? Higher education is also a nice profit centre for guess who? What a mess. Now the artificial housing bubble. And you can't park your bike at the condo you can barely afford. If you can afford bike insurance. But for sure you can't afford 172. But 200hp, everybody can afford that. I found a bag of weed in the grocery parking lot yesterday. Not enough for jail time tho. So that's good.
I'd like to see the market cool a little bit, the growth is frantic. But I most certainly would never wish for a crash - too many industries, too many jobs, the economy is way too intertwined with the real estate market.
If prices calmed down and rates climbed a percent or two, it might be better for everyone.
If prices calmed down and rates climbed a percent or two, it might be better for everyone.
Agreed.
A crash would fak people up so bad.
But gotta say the reality now is still pretty messed up.
I just bought in south west Hamilton, I love it, but I work in Burlington I wouldn't dream of commuting any farther. Prices have exploded there for sure especially in the north west end but I think I did well on my deal. I'm fully prepared for a price correction but I don't see it happening any time soon. I think the writing is on the wall but Toronto needs to show signs first, there are still too many buyers with easy access to cheap credit
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Had a real estate agent ring my door bell yesterday, he is out pounding the pavement trying to find houses for buyers. My 1000 sqft house has more than doubled in 5 years. The price I paid initially for it was too high compared to incomes in the GTA. The end game of this is a land of renters in properties owned by the obscenely rich.
Mine staged the house with her own furniture, got my back splash done and changed many of my light fixtures as part of her 1.5%. Labour included I paid for the materials.
She got me above asking price and when it came time to buy she had many tricks to get us to win the house over 8 other people bidding over the same house. Priceless she was
She owns a staging company so she uses her assets to stage her clients real state clients.
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where the heck is south west hamilton? I know the north end, east end, westdale and locke/aberdeen. What corner claims south west?
Yeah, Southwest is also referred to as the Locke and Aberdeen area, Durand, Chedoke, and the Kirkendall neighborhood. Apparently it's possibly the largest concentration of early 20th century castles and mansions in Canada. I don't live in one of those, but it's pretty cool to walk around and explore the area
Sorry if this has been mentioned already, I didn't feel like reading through dozens of posts.Quick question or discussion for those who know alot about real estate, statistics, etc.
So me and my wife are first time home-buyers located in Brampton currently, and we have two area's currently in mind just to get us started at building home equity from the increase in value..
The two area's we have in mind are Orangeville, and Ancaster in Hamilton. The housing is affordable enough we can buy a brand new townhouse in development. My question is, are these two area's worth invest in? I work in Downtown Tdot and she works in Concord (for now, under contract). We want to stay in a place for 1-2 years before we use the increased value as a down-payment closer to the city compared to Orangeville/Ancaster.
Opinions? Thanks!
Your primary residence should never be treated as a speculative investment. If you're not able to settle in a particular area for at least 5 years, then wait until you can, and save/invest like a mofo in the meantime. Then when you settle you can buy a property in that area and let time do its thing to protect your property value from market swings. Return on investment should only be a secondary concern when looking at home ownership, the real benefit is the eventual reduction of living expenses once your mortgage is paid off.
So with that in mind, your first question should be "where's a good place for us to set roots for at least the next 5 years?", and only then ask about an area's potential for increased valuation as part of a larger formula to find the most home you can afford.
Well said by fastar1 above! People are overly thinking about their property as an investment vehicle, with long term living as a secondary concern. Problem with speculating is just that...it's all speculation...sure good things happen and the market is going well for the moment. A few friends also ended up buying condos at pre-build stage with massive thoughts of netting a huge return and then using the gains as a down payment...didn't work out so well. After all their fees, expenses, etc they ended up breaking even at worst case scenario, and maybe making 5-10k.
Others who bought to live long term ended up buying...building equity...and selling for 80-150k more than they bought...then bought a house for 800k with a 30 year mortgage now (v original 25) and are back in the cycle again hoping for the same gains...
Others who bought to live long term ended up buying...building equity...and selling for 80-150k more than they bought...then bought a house for 800k with a 30 year mortgage now (v original 25) and are back in the cycle again hoping for the same gains...
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