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 12-10-2008, 03:11 PM
trent trent is offline
Senior Member
 
Join Date: Jun 2008
Posts: 387
Default RBC Housing Trends and Affordability Report

RBC (Royal Bank of Canada) just published their Housing Trends and Affordability Report for December 2008.

The report confirms what many Canadians already know, that the housing market in Canada is in correction mode and that the real estate in many major cities like Vancouver and Toronto is way overvalued and unaffordable even after steep sales and price declines.

Here is the link to the report:

http://www.rbc.com/economics/market/pdf/house.pdf
__________________
No debt
Reply With Quote
  #2  
Old 12-10-2008, 07:31 PM
Canadian Canadian is offline
Senior Member
 
Join Date: Jun 2008
Posts: 415
Default

Thanks for stating the obvious Royal Bank . It's funny how just a few months back, nobody here in Canada was considering the possibility of a serious housing downturn and now everybody acts surprised. The bubble didn't happen overnight folks, and it won't fully deflate for a long time.
__________________
Bear with me please
Reply With Quote
  #3  
Old 12-11-2008, 02:33 PM
investor investor is offline
Junior Member
 
Join Date: Jul 2008
Posts: 29
Default

I am not surprised by this report. The real estate market is going down in US and Europe. How do you think in Canada will be any different? We are in recession and the prices are going down.
Reply With Quote
  #4  
Old 12-11-2008, 03:18 PM
Jason Jason is offline
Member
 
Join Date: Jul 2008
Posts: 64
Default

I'm interested in buying a semi-detached house in midtown Toronto, but the prices still too high in my opinion. I have a steady job and a good income, but spending half a million dollars for a house doesn't seem reasonable to me.

My question is how far do you think this Toronto housing correction will go? Would it be possible to see a house priced $500,000 now in the mid $300,000 in 2 years, or am I dreaming?
Reply With Quote
  #5  
Old 12-12-2008, 02:30 PM
bullish bullish is offline
Senior Member
 
Join Date: Jul 2008
Posts: 155
Default

Quote:
Originally Posted by Jason View Post
I'm interested in buying a semi-detached house in midtown Toronto, but the prices still too high in my opinion. I have a steady job and a good income, but spending half a million dollars for a house doesn't seem reasonable to me.

My question is how far do you think this Toronto housing correction will go? Would it be possible to see a house priced $500,000 now in the mid $300,000 in 2 years, or am I dreaming?
You are expecting a correction of around 30%, and this will never happen.
Reply With Quote
  #6  
Old 12-12-2008, 02:58 PM
Zephyr Zephyr is offline
Junior Member
 
Join Date: Sep 2008
Posts: 22
Default

Quote:
Originally Posted by bullish View Post
You are expecting a correction of around 30%, and this will never happen.
But it happened in the opposite direction - think about it, the prices rose sooo much that inevitably there will be a correction. I personally am not happy about it because I have mortgage but this is what I think will happen
Reply With Quote
  #7  
Old 12-15-2008, 02:25 PM
Canadian Canadian is offline
Senior Member
 
Join Date: Jun 2008
Posts: 415
Default

Quote:
Originally Posted by bullish View Post
You are expecting a correction of around 30%, and this will never happen.
It will happen big time, and it can be even more. What goes up, must come down . The market doubled in a few short years and you are saying that it's not possible to correct 30% (this will wipe out just 60% of the gains since 2000-2001)? I think you are simply naive or in a denial.
__________________
Bear with me please
Reply With Quote
  #8  
Old 12-16-2008, 04:22 PM
bronto18 bronto18 is offline
Junior Member
 
Join Date: Dec 2008
Posts: 12
Default

Quote:
Originally Posted by Canadian View Post
It will happen big time, and it can be even more. What goes up, must come down . The market doubled in a few short years and you are saying that it's not possible to correct 30% (this will wipe out just 60% of the gains since 2000-2001)? I think you are simply naive or in a denial.
There will be correction but in the long run real estate always goes up and I think it the most secure investment.
Reply With Quote
  #9  
Old 12-18-2008, 02:21 PM
Jason Jason is offline
Member
 
Join Date: Jul 2008
Posts: 64
Default

Hopefully TREB will release their mid-December report for Toronto today and we'll find out if thing are getting better or worse.
Reply With Quote
  #10  
Old 06-30-2009, 03:33 PM
Ranana_veitty Ranana_veitty is offline
Junior Member
 
Join Date: Jun 2009
Posts: 8
Default RBC Housing Trends and Affordability Report

Does anyone have any info on the housing projects in Needham. Looking into buying a house there, but its close to the projects. Are they bad? Will it lower the re-sale value?
Thanks
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 03:16 PM.


Powered by vBulletin® Version 3.8.8
Copyright ©2000 - 2017, vBulletin Solutions, Inc.