Canadian household net worth down 4.4%

trent · #1 03-16-2009, 02:40 PM

According to Statistics Canada the average Canadian household net worth had its biggest drop ever, falling 4.4 per cent in the last 4 months of 2008.

Canadians lost an average of $14,000 from their net worth in the last 2 quarters, mainly due to dismal stock markets.

I wonder what happens when the housing decline accelerates, considering that a large percentage of the net worth of most Canadians is tied to their homes

bullish · #2 03-17-2009, 02:31 PM

Quote:

Originally Posted by trent

...I wonder what happens when the housing decline accelerates, considering that a large percentage of the net worth of most Canadians is tied to their homes

The housing decline in Canada is over. If you don't buy now you'll be left behind and you won't be able to afford a house at all.

Canadian · #3 03-18-2009, 01:44 PM

Quote:

Originally Posted by bullish

The housing decline in Canada is over. If you don't buy now you'll be left behind and you won't be able to afford a house at all.

The Canadian housing decline haven't even really started yet. When all is said and done the price will sit anywhere between 30% and 50% down from the peak.

trent · #4 03-23-2009, 06:37 PM

I also think that 30% down is a good conservative estimate. Bullish I hope you have at least 30% equity in your house right now, or you might find yourself in a big trouble.

Canadian · #5 03-24-2009, 02:37 PM

Quote:

Originally Posted by trent

I also think that 30% down is a good conservative estimate. Bullish I hope you have at least 30% equity in your house right now, or you might find yourself in a big trouble.

He is in a big trouble already with this attitude and this kind of thinking...

heyjude · #6 03-25-2009, 02:03 PM

Quote:

Originally Posted by bullish

The housing decline in Canada is over. If you don't buy now you'll be left behind and you won't be able to afford a house at all.

With the increasing unemployment I don't think this will happen very soon. People lose their jobs on daily basis, companies have a hire freeze and no increase in the salaries is seen in the near future. So I think you are very very wrong. People don't even go on vacations ... and you are talking about buying homes....

bullish · #7 03-26-2009, 02:28 PM

Quote:

Originally Posted by heyjude

With the increasing unemployment I don't think this will happen very soon. People lose their jobs on daily basis, companies have a hire freeze and no increase in the salaries is seen in the near future. So I think you are very very wrong. People don't even go on vacations ... and you are talking about buying homes....

By the end of the year the job losses will be down significantly and the economy will be on its way up. I think many people will miss the boat, by not buying real estate now at these low prices, considering low interest rates as well.

Canadian · #8 03-27-2009, 02:48 PM

Quote:

Originally Posted by bullish

By the end of the year the job losses will be down significantly and the economy will be on its way up. I think many people will miss the boat, by not buying real estate now at these low prices, considering low interest rates as well.

Job losses will only increase this year. The housing will decline at least 10% from here by the end of the year. Interest rate will start creeping up by the end of the year. You are a moron

trent · #9 03-30-2009, 07:17 PM

Quote:

Originally Posted by bullish

By the end of the year the job losses will be down significantly and the economy will be on its way up. I think many people will miss the boat, by not buying real estate now at these low prices, considering low interest rates as well.

You already missed the boat by not selling last year. Three or four years from now you'll be sitting on a hefty 40-50% loss, and this is only if you can keep the house...

Canadian · #10 04-03-2009, 08:52 PM

Quote:

Originally Posted by trent

You already missed the boat by not selling last year. Three or four years from now you'll be sitting on a hefty 40-50% loss, and this is only if you can keep the house...

Yep, that's what I'm waiting for to buy - a 40% decline from current prices. It must sound impossible for those who bought in the bubble, but this doesn't mean it won't happen.