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  #1  
Old 01-05-2009, 04:34 PM
trent trent is offline
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Default Getting a mortgage while real estate is crashing

Why would anybody get a mortgage to buy a house in Canada now, that real estate prices are crashing across Canada? Please share your thoughts, because I cannot find a single good reason to do that?
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  #2  
Old 01-05-2009, 05:21 PM
Canadian Canadian is offline
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Originally Posted by trent View Post
Why would anybody get a mortgage to buy a house in Canada now, that real estate prices are crashing across Canada? Please share your thoughts, because I cannot find a single good reason to do that?
I think that there is always somebody who thinks that real estate has reached a bottom, and prices will rise. Other people are not so sure if the bottom has been reached, however they are willing to tolerate 10-15% decline in the next years, as long as they believe real estate values will rebound.
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Old 01-06-2009, 04:06 PM
Steven Steven is offline
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I don't think that the Canadian real estate is crashing, at least not yet. People buy houses for 2 reasons - shelter and investment. I don't think that there are many real estate speculators left out there, however there will always be people that need shelter.
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Old 01-08-2009, 03:01 PM
bronto18 bronto18 is offline
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The condo prices will go way down. So many units were bought from investors. If you happen to walk around a recently build condominium you cannot miss the FOR SALE and FOR LEASE signs around the building.
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  #5  
Old 01-09-2009, 04:18 PM
trent trent is offline
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Not only condos, but all housing prices will go down big time. I won't be surprised if the median price reach pre-boom 200-2001 levels or even lower. It's foreclosure time!
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Old 01-14-2009, 03:20 PM
bullish bullish is offline
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Not only condos, but all housing prices will go down big time. I won't be surprised if the median price reach pre-boom 200-2001 levels or even lower. It's foreclosure time!
Again, wishful thinking from somebody who never owned a home and most likely never will.
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Old 01-15-2009, 03:36 PM
trent trent is offline
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Again, wishful thinking from somebody who never owned a home and most likely never will.
But I will . I might even come and buy your overpriced house when the price goes down 50% from here
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Old 01-16-2009, 04:37 PM
Canadian Canadian is offline
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But I will . I might even come and buy your overpriced house when the price goes down 50% from here
Just a few months ago I thought that the real estate in Toronto will see a decline of maximum 30%, but now 50% decline seems quite reasonable with the complete lack of credit, buyers and fools to buy into the deflating bubble.
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  #9  
Old 01-19-2009, 02:24 PM
bullish bullish is offline
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Keep dreaming guys, in a 6 months the economy will be much better and many people will be sorry that they didn't buy until house/stocks were down.
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  #10  
Old 01-22-2009, 02:40 PM
heyjude heyjude is offline
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Quote:
Originally Posted by bronto18 View Post
The condo prices will go way down. So many units were bought from investors. If you happen to walk around a recently build condominium you cannot miss the FOR SALE and FOR LEASE signs around the building.
That's true. I see a lot of houses around where I live, are FOR Lease. I wonder if the owners want to sell them but are waiting for the market to recover and want to lease them to cover their mortgage payments in between...
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