Canadian Banks | Forums | Terms of Use

Welcome to the Canadian Financial Forums forums.

You are currently viewing our boards as a guest which gives you limited access to view most discussions and access our other features. By joining our free community you will have access to post topics, communicate privately with other members (PM), respond to polls, upload content and access many other special features. Registration is fast, simple and absolutely free so please, join our community today!

If you have any problems with the registration process or your account login, please contact contact us.

Go Back   Canadian Financial Forums > Canadian Financial Forums > Real Estate and Mortgages

Reply
 
Thread Tools Display Modes
  #1  
Old 06-12-2008, 09:10 PM
Canadian Canadian is offline
Senior Member
 
Join Date: Jun 2008
Posts: 415
Default Toronto real estate - Is it going to crash?

Hi,

I want to buy a detached house in Toronto, but I'm priced out of the market right now. When I say priced out, I'm talking about getting a conventional mortgage with 20% down and 25-year amortization and not using some type of "creative" financing like 0% down and/or 40-year amortization.

I'm hoping that there will be a significant correction in Toronto's real estate market in the next 1-2 years, and I'll be able to afford the house I want.

I'll be interested to hear your opinions on the topic. Do you expect correction, crash, flat market, or even rising housing prices in Toronto?
__________________
Bear with me please
Reply With Quote
  #2  
Old 06-13-2008, 01:57 PM
BankAdmin BankAdmin is offline
Administrator
 
Join Date: Jun 2008
Posts: 22
Blog Entries: 4
Default

You are not alone - more and more people in Toronto are priced out of the real estate market. I completely agree with your opinion on 40-year mortgages and the no-downpayment mortgage loans. These are just ways to inflate the Toronto real estate bubble, which is already inflated a lot. Very, very soon the prices in Toronto will start a steep decline and there is no way to stop this. I'm afraid that this is a bad news for homeowners, but it's better to be aware of the realities of the real estate market, instead of living in denial.
Reply With Quote
  #3  
Old 06-16-2008, 08:29 PM
donner donner is offline
Junior Member
 
Join Date: Jun 2008
Posts: 5
Default

What makes you guys sure that the prices in Toronto will decrease? This all looks like scaremongering to me. I guess you missed the big housing appreciation, but this doesn't mean that the you should complain or that the prices are going down.
Reply With Quote
  #4  
Old 06-16-2008, 08:36 PM
Canadian Canadian is offline
Senior Member
 
Join Date: Jun 2008
Posts: 415
Default

Quote:
Originally Posted by donner View Post
What makes you guys sure that the prices in Toronto will decrease? This all looks like scaremongering to me. I guess you missed the big housing appreciation, but this doesn't mean that the you should complain or that the prices are going down.
I'm not complaining, just asking about opinions on the Toronto real estate market. Yes, I don't own a house and I want to buy one. Maybe I'll buy yours at a huge discount (foreclosure maybe) when prices tart crashing down...
__________________
Bear with me please
Reply With Quote
Reply

Thread Tools
Display Modes

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is Off

Forum Jump


All times are GMT. The time now is 03:23 AM.


Powered by vBulletin® Version 3.8.8
Copyright ©2000 - 2019, vBulletin Solutions, Inc.