Comments on: Real Estate Crash in Canada? http://www.milliondollarjourney.com/real-estate-crash-in-canada.htm Building Wealth through Saving and Investing Sun, 12 Feb 2012 18:53:59 -0330 http://wordpress.org/?v=abc hourly 1 By: Michel http://www.milliondollarjourney.com/real-estate-crash-in-canada.htm/comment-page-3#comment-115872 Michel Sun, 17 Oct 2010 20:44:10 +0000 http://www.milliondollarjourney.com/?p=658#comment-115872 100% SURE Canadian's owe 3 to 5 five time's there yearly salery should not be more than 1 year salery just think interest rates as to go up a five year mortgage should and will be around 12% its like laws of physics if you want a strong economie we need to have higher interest rates . Lest just think for a minute if interest rates stays low like they are right now all penssion funds will go bankrupt including our C.P.P. . There is a colapse of real estate coming for a lot of other reson's to like the economie right now there will be more and more factories closing because of the U.S. are not bying anything since there economie is worst then ours and there dollar is loosing value every day and our dollar will be higher very very soon . When everyone starts to sell there homes to try and make a quick $$$$ homes will stop selling because in these last few years homes were sold for 3 to 6% more in one year but that will end very soon . I was calculating when recession started and alot of factory's closed its about 12 to 18 months ago so that mean's that people are loosing there U.I. or allready did . Most started working at a minimum wage job or on welfare but these people don't count as unemployed . Now is the time where these people stated to put there homes for sale but thats just the begginning. 100% SURE Canadian’s owe 3 to 5 five time’s there yearly salery should not be more than 1 year salery just think interest rates as to go up a five year mortgage
should and will be around 12% its like laws of physics if you want a strong economie we need to have higher interest rates .
Lest just think for a minute if interest rates stays low like they are right now all penssion funds will go bankrupt including our C.P.P. . There is a colapse of real estate coming for a lot of other reson’s to like the economie right now there will be
more and more factories closing because of the U.S. are not bying anything since there economie is worst then ours and there dollar is loosing value every day and our dollar will be higher very very soon . When everyone starts to sell there homes to try and make a quick $$$$ homes will stop selling because in these last few years homes were sold for 3 to 6% more in one year but that will end very soon . I was calculating when recession started and alot of factory’s closed its about 12 to 18 months ago so that mean’s that people are loosing there U.I. or allready did . Most started working at a minimum wage job or on welfare but these people don’t count as unemployed . Now is the time where these people stated to put there homes for sale but thats just the begginning.

]]> By: Harv http://www.milliondollarjourney.com/real-estate-crash-in-canada.htm/comment-page-3#comment-115831 Harv Fri, 15 Oct 2010 13:17:18 +0000 http://www.milliondollarjourney.com/?p=658#comment-115831 Great comment Calmness! Great comment Calmness!

]]> By: Calmness http://www.milliondollarjourney.com/real-estate-crash-in-canada.htm/comment-page-3#comment-115797 Calmness Thu, 14 Oct 2010 21:02:48 +0000 http://www.milliondollarjourney.com/?p=658#comment-115797 First off, your decision to buy or sell is not only dictated by the current market but by future markets and the length at which you will let your investments sit. If you buy a house now for $110,000 dollars in Winnipeg and two to three years from now it is only worth $70,000 dollars and you don't sell it, do you loose anything? The answer is simply no. Inflation dictates that the value of your home will most likely go up over the long term. So if you are getting into the rental business and planning on holding onto these homes over 25 years don't worry about it, you can keep draining the equity out of the home during this period and re-investing it, not to mention it will be your tennant repaying the $30,000 dollars that you lost! Some spectators would say that the reduction in house prices would reduce rental rates, wrong again. First off even if the prices of houses drop, the interest rates are increasing, so a cheaper home may actually be more expensive the a more expensive one was over the last 10 years. On top of this if the real estate market is going to collapse and you haven't over extended yourself all those individuals who have absoulutely horrible credit can't buy these cheaper homes and guess what rentals win again. Just because you lose your house, doesn't mean you lose your job. Now for the real concern in relation to the real estate market. THE RETIREMENT OF THE BABY BOOMERS. You know all those people who bought those really big houses and are getting ready to sell them and over flood the market in a time when younger people are not in the financial position to buy them. Yes this could be a problem, in the short run. First off if the prices of homes are plummetting then chances are boomers will hold onto them for as long as they can, but over the next 15 years as the rest of the boomers retire do not expect to make money in the executive class real estate (a.k.a. your rich daddy's earning wage), however a slight correction. Yet again rental property will be okay especially since everyone is going to be down sizing. Lastly, for those of you who are young, remember when the stock market dived and everyone told you not to buy when it was at rock bottom, well they are WRONG! The depression of the 30s made some of the richest families that exist today, however, they were young not old people then. Invest wisely and ensure that you can suffer short term losses and invest like crazy because in twenty years when the market has stabilized and inflation has increased the value of everything you will be laughing, cheers. First off, your decision to buy or sell is not only dictated by the current market but by future markets and the length at which you will let your investments sit. If you buy a house now for $110,000 dollars in Winnipeg and two to three years from now it is only worth $70,000 dollars and you don’t sell it, do you loose anything? The answer is simply no.

Inflation dictates that the value of your home will most likely go up over the long term. So if you are getting into the rental business and planning on holding onto these homes over 25 years don’t worry about it, you can keep draining the equity out of the home during this period and re-investing it, not to mention it will be your tennant repaying the $30,000 dollars that you lost!

Some spectators would say that the reduction in house prices would reduce rental rates, wrong again. First off even if the prices of houses drop, the interest rates are increasing, so a cheaper home may actually be more expensive the a more expensive one was over the last 10 years. On top of this if the real estate market is going to collapse and you haven’t over extended yourself all those individuals who have absoulutely horrible credit can’t buy these cheaper homes and guess what rentals win again. Just because you lose your house, doesn’t mean you lose your job.

Now for the real concern in relation to the real estate market. THE RETIREMENT OF THE BABY BOOMERS. You know all those people who bought those really big houses and are getting ready to sell them and over flood the market in a time when younger people are not in the financial position to buy them. Yes this could be a problem, in the short run.

First off if the prices of homes are plummetting then chances are boomers will hold onto them for as long as they can, but over the next 15 years as the rest of the boomers retire do not expect to make money in the executive class real estate (a.k.a. your rich daddy’s earning wage), however a slight correction. Yet again rental property will be okay especially since everyone is going to be down sizing.

Lastly, for those of you who are young, remember when the stock market dived and everyone told you not to buy when it was at rock bottom, well they are WRONG! The depression of the 30s made some of the richest families that exist today, however, they were young not old people then. Invest wisely and ensure that you can suffer short term losses and invest like crazy because in twenty years when the market has stabilized and inflation has increased the value of everything you will be laughing, cheers.

]]> By: Michel http://www.milliondollarjourney.com/real-estate-crash-in-canada.htm/comment-page-3#comment-115092 Michel Fri, 03 Sep 2010 15:33:47 +0000 http://www.milliondollarjourney.com/?p=658#comment-115092 The real estate of Canada will crash just like the states the higher the housing prices the bigger the crash the only difference is the banks wont go under due to central morgages program but don't be fooled it will appen and soon the housing market will crash every where in Canada . Most people owe more on there morgage than when they first both there homes . Worst of all Canadian owes between 3 to 7 times there yearly income when it should be 1 time your yearly income . The interest rates will go up because that is the only way to get out of a recession and yes we are still in a recession soon to be a depression . Do your research we are right now at the same point of the great depression of 1929 just about one year before the great depression they were in the same place in he market , great way to find is do a silver to copper ratio or gold to copper or dow to silver or dollar to silver . I,ve been in real estate for the last 15 years and some places like Vancouver will colapsse by 80% Toronto 40 to 50% Ottawa 20 to 30 % in the first crash and more will come . The real estate of Canada will crash just like the states the higher the housing prices the bigger the crash the only difference is the banks wont go under due to central morgages program but don’t be fooled it will appen and soon the housing market will crash every where in Canada . Most people owe more on there morgage than when they first both there homes . Worst of all Canadian owes between 3 to 7 times there yearly income when it should be 1 time your yearly income . The interest rates will go up because that is the only way to get out of a recession and yes we are still in a recession soon to be a depression .

Do your research we are right now at the same point of the great depression of 1929 just about one year before the great depression they were in the same
place in he market , great way to find is do a silver to copper ratio or gold to copper or dow to silver or dollar to silver . I,ve been in real estate for the last
15 years and some places like Vancouver will colapsse by 80% Toronto 40 to 50% Ottawa 20 to 30 % in the first crash and more will come .

]]> By: Fred http://www.milliondollarjourney.com/real-estate-crash-in-canada.htm/comment-page-3#comment-113499 Fred Sun, 06 Jun 2010 17:40:11 +0000 http://www.milliondollarjourney.com/?p=658#comment-113499 Manufacturing in Canada is toast and will never return. The HST hits in July and interest rates have only one way to go. Record low interest rates have fueled the re market and those new buyers who took the free money will pay the price. This time next year will see buyers wishing they hadn't taken on dept. Maybe there will be some bargains just over the horizon. Manufacturing in Canada is toast and will never return. The HST hits in July and interest rates have only one way to go.

Record low interest rates have fueled the re market and those new buyers who took the free money will pay the price. This time next year will see buyers wishing they hadn’t taken on dept.

Maybe there will be some bargains just over the horizon.

]]> By: Me http://www.milliondollarjourney.com/real-estate-crash-in-canada.htm/comment-page-3#comment-111281 Me Sun, 28 Feb 2010 15:29:23 +0000 http://www.milliondollarjourney.com/?p=658#comment-111281 We now know that the real estate market in Canada is going to crash. Even the Feds have warned us that this is pending. If your home is worth 70% of its value in 5 years you will have weathered the storm better than most Canadians....especially those in the hyper-inflated markets of Toronto, Calgary and Vancouver. We now know that the real estate market in Canada is going to crash. Even the Feds have warned us that this is pending. If your home is worth 70% of its value in 5 years you will have weathered the storm better than most Canadians….especially those in the hyper-inflated markets of Toronto, Calgary and Vancouver.

]]> By: Some dude http://www.milliondollarjourney.com/real-estate-crash-in-canada.htm/comment-page-3#comment-111280 Some dude Sun, 28 Feb 2010 14:23:50 +0000 http://www.milliondollarjourney.com/?p=658#comment-111280 Every mortage in canada is a teaser: 5 year agreement only. In the states you can lock in mortage rates for 30 years which gives more stability. Look what happened there. The big melt down is a couple years away when all mortgages will reset. Interest rates will rise. House values fall. Mortgage goes upside down. Need for more money down at renewal. Can't afford payments... bankrupt. It is a deck of cards when housing prices average 6 times income (versus historical 3 times income). I am trying to sell my house before that happens. Every mortage in canada is a teaser: 5 year agreement only. In the states you can lock in mortage rates for 30 years which gives more stability. Look what happened there. The big melt down is a couple years away when all mortgages will reset. Interest rates will rise. House values fall. Mortgage goes upside down. Need for more money down at renewal. Can’t afford payments… bankrupt. It is a deck of cards when housing prices average 6 times income (versus historical 3 times income). I am trying to sell my house before that happens.

]]> By: Sean http://www.milliondollarjourney.com/real-estate-crash-in-canada.htm/comment-page-3#comment-72230 Sean Sun, 01 Mar 2009 18:55:10 +0000 http://www.milliondollarjourney.com/?p=658#comment-72230 another point is that canada has in the past and is still very dependant on our manufactureing, export industries. seeing how international trade is on the brink of destruction (at least fore a few years) I don't see how our small industry sector will survive? the larger industries could retool and commit to an "in demand" or local market but that dosn't seem likely, well atleast not on a national or large scale. another point is that canada has in the past and is still very dependant on our manufactureing, export industries. seeing how international trade is on the brink of destruction (at least fore a few years) I don’t see how our small industry sector will survive? the larger industries could retool and commit to an “in demand” or local market but that dosn’t seem likely, well atleast not on a national or large scale.

]]> By: Sean http://www.milliondollarjourney.com/real-estate-crash-in-canada.htm/comment-page-3#comment-72229 Sean Sun, 01 Mar 2009 18:43:05 +0000 http://www.milliondollarjourney.com/?p=658#comment-72229 Like I was saying in the beggining of this thread! GM is gone, south Oshawa is screwed! if ya don't think this is true then why is there a 500% increse in the amount of property available on MLS? and there not selling! Vancouver Island is showing the same things, in fact, i have allready noted a 20% avr. price decrease on Vancouver Island allone! and this is just the beggining, what's up next? lol, 1 million people in ontario comming off UI all at roughly the same time should be interesting, baby boomers packin up and buyin extremely cheap retirement packages in southern USA is another hard fact! dont think people will leave? I beg to differ! what you would pay for out here (ex. 1 acre water front cottage with boat and dock in canada is about 240k, in southern US you can pick up the same sorta deal for about 50k ! Like I was saying in the beggining of this thread! GM is gone, south Oshawa is screwed! if ya don’t think this is true then why is there a 500% increse in the amount of property available on MLS? and there not selling! Vancouver Island is showing the same things, in fact, i have allready noted a 20% avr. price decrease on Vancouver Island allone! and this is just the beggining, what’s up next? lol, 1 million people in ontario comming off UI all at roughly the same time should be interesting, baby boomers packin up and buyin extremely cheap retirement packages in southern USA is another hard fact! dont think people will leave? I beg to differ! what you would pay for out here (ex. 1 acre water front cottage with boat and dock in canada is about 240k, in southern US you can pick up the same sorta deal for about 50k !

]]> By: SP http://www.milliondollarjourney.com/real-estate-crash-in-canada.htm/comment-page-3#comment-65634 SP Mon, 29 Dec 2008 04:24:01 +0000 http://www.milliondollarjourney.com/?p=658#comment-65634 It is wishful thinking for those who think that Canada will not experience a real estate crash (or a slowdown if you prefer). There are over-capacities everywhere in real estate in Canada for these past ten years mainly as a result of the commodity boom, which has been decimated in the past year. The manufacturing sector in Ontario is also now officially obliterated. Since Canadians choose to tie their economy (and incidentally their jobs) directly to the US market instead of diversity into the global market, Canada will suffer economically as a result of the looming US depression, If you got layoff or at risk of soon getting layoff and still think about purchasing a home, you must be coming from Mars (or without any financial sense). With no demand and plenty of existing and new supply, the market will go down if not crash. Lesson for Canada, it is wiser to diversity into the global market instead of fully depending on the US, which by every measures is on a historical decline. It is wishful thinking for those who think that Canada will not experience a real estate crash (or a slowdown if you prefer). There are over-capacities everywhere in real estate in Canada for these past ten years mainly as a result of the commodity boom, which has been decimated in the past year. The manufacturing sector in Ontario is also now officially obliterated. Since Canadians choose to tie their economy (and incidentally their jobs) directly to the US market instead of diversity into the global market, Canada will suffer economically as a result of the looming US depression, If you got layoff or at risk of soon getting layoff and still think about purchasing a home, you must be coming from Mars (or without any financial sense). With no demand and plenty of existing and new supply, the market will go down if not crash. Lesson for Canada, it is wiser to diversity into the global market instead of fully depending on the US, which by every measures is on a historical decline.

]]> By: Harvo http://www.milliondollarjourney.com/real-estate-crash-in-canada.htm/comment-page-3#comment-61547 Harvo Sun, 23 Nov 2008 17:43:34 +0000 http://www.milliondollarjourney.com/?p=658#comment-61547 Scott, You make some excellent points but the thing that you have failed to address is something called the "knowledge doubling curve." This is the phenomena that measures how quickly the world doubles its knowledge. The time it takes for knowledge to double started out as a linear rate and is now progressing at an exponential rate. Obviously this is due to the Internet...similar to the way that you and I are conversing right now. Just 10 years ago we would have no way of even knowing each other existed unless we somehow happened to meet by chance. Now we can share ideas and thoughts within seconds....and thus share knowledge. It is for this very reason that the world will transform itself (good and bad) very quickly. Even in the mid-eighties when the VHS vs. Beta thing happened it was not easy to get accurate information because we relied on print media which made us more susceptible to marketing lies. Fast forward to the HD vs. Blu-ray debate of today. The world has decided that neither will survive because renting or buying a physical DVD of any kind makes no sense when we can stream 1080p though our television. I don't think anyone thinks that Blockbuster has any kind of future and I would be surprised if we don't see it collapse for good within the next year or 2....being replaced by Netflix and its soon to be competitors. A technically you are correct that the world consumes more paper than it did in the past but this stat is totally flawed. Being a former Xerox employee I can tell you that the peak year for per capita paper consumption was in 2000...but for some reason we seem to have actually plateaued since then and consumption is slowly decreasing. This is only because developing countries are just catching up. All across the industrialized world newspapers are folding or going paperless. The Christian Science Monitor just announced that it was going paperless...so I am sure others will follow. Scott,

You make some excellent points but the thing that you have failed to address is something called the “knowledge doubling curve.” This is the phenomena that measures how quickly the world doubles its knowledge. The time it takes for knowledge to double started out as a linear rate and is now progressing at an exponential rate. Obviously this is due to the Internet…similar to the way that you and I are conversing right now. Just 10 years ago we would have no way of even knowing each other existed unless we somehow happened to meet by chance. Now we can share ideas and thoughts within seconds….and thus share knowledge. It is for this very reason that the world will transform itself (good and bad) very quickly. Even in the mid-eighties when the VHS vs. Beta thing happened it was not easy to get accurate information because we relied on print media which made us more susceptible to marketing lies. Fast forward to the HD vs. Blu-ray debate of today. The world has decided that neither will survive because renting or buying a physical DVD of any kind makes no sense when we can stream 1080p though our television. I don’t think anyone thinks that Blockbuster has any kind of future and I would be surprised if we don’t see it collapse for good within the next year or 2….being replaced by Netflix and its soon to be competitors.

A technically you are correct that the world consumes more paper than it did in the past but this stat is totally flawed. Being a former Xerox employee I can tell you that the peak year for per capita paper consumption was in 2000…but for some reason we seem to have actually plateaued since then and consumption is slowly decreasing. This is only because developing countries are just catching up. All across the industrialized world newspapers are folding or going paperless. The Christian Science Monitor just announced that it was going paperless…so I am sure others will follow.

]]> By: Scott http://www.milliondollarjourney.com/real-estate-crash-in-canada.htm/comment-page-3#comment-61543 Scott Sun, 23 Nov 2008 17:01:26 +0000 http://www.milliondollarjourney.com/?p=658#comment-61543 Got one thing to say about Haro's predictions: "...paperless documentation..." Wasn't that supposed to have already happened with the magical invent of the might computer oh so many years ago? Now we use even MORE paper! Just look at VHS vs Betamax for another example. The better technology LOST! Even though the professionals continued to use Beta, the masses glommed onto the weaker of the two technologies (for various reasons). The world may be headed (fast or slow) toward all this new technology, be it 'green' and/or otherwise, but don't be so sure that their reality will equal the theorized predictions. And, as usual in the human world, everyone will NOT be on the same page at the same time. This will be sure to stall the process of progression in said techs globally. Got one thing to say about Haro’s predictions:

“…paperless documentation…”

Wasn’t that supposed to have already happened with the magical invent of the might computer oh so many years ago? Now we use even MORE paper!

Just look at VHS vs Betamax for another example. The better technology LOST! Even though the professionals continued to use Beta, the masses glommed onto the weaker of the two technologies (for various reasons).

The world may be headed (fast or slow) toward all this new technology, be it ‘green’ and/or otherwise, but don’t be so sure that their reality will equal the theorized predictions.

And, as usual in the human world, everyone will NOT be on the same page at the same time. This will be sure to stall the process of progression in said techs globally.

]]> By: Harvo http://www.milliondollarjourney.com/real-estate-crash-in-canada.htm/comment-page-3#comment-61527 Harvo Sun, 23 Nov 2008 14:04:29 +0000 http://www.milliondollarjourney.com/?p=658#comment-61527 Here is the answer to the Big 3 crisis. Start producing domestic versions of these: http://automobiles.honda.com/fcx-clarity/ Here is the answer to the Big 3 crisis. Start producing domestic versions of these:

http://automobiles.honda.com/fcx-clarity/

]]> By: Harvo http://www.milliondollarjourney.com/real-estate-crash-in-canada.htm/comment-page-3#comment-61131 Harvo Wed, 19 Nov 2008 15:34:44 +0000 http://www.milliondollarjourney.com/?p=658#comment-61131 For those of you still reading this thread (that I have not annoyed to the point of alienation) I have another link from today's Globe that substantiates my argument. We all know that fossil fuel and combustion is not going away tomorrow but I think many of us agree that it will not be a profitable commodity within 5-10 years. Smart investors are the ones who recognize trends before the masses catch on. Usually once a stock or industry is hot it is too late to make more than a slightly above average return. I am by no means an environmentalist and by every means a capitalist but I can see that the 'green' trend is not going to die. There is going to be boatloads of money to be made in the very near future from all sources of 'green' advancements. Be it wind, solar, auto, paperless documentation, synthetic polymers, waste incineration, water purification and desalination, electricity decentralization (homes producing their own power), and so on. There is where the world is headed. It is going to have fast and furiously. I know that stocks in oil, coal and utility companies have reached their tipping point and are going to be in a 'sell' position really soon. if you want to be ahead of the trend I suggest taking a close look at your portfolio and consider a redistribution of assets. http://www.theglobeandmail.com/servlet/story/RTGAM.20081119.wgreen19/BNStory/National/home For those of you still reading this thread (that I have not annoyed to the point of alienation) I have another link from today’s Globe that substantiates my argument. We all know that fossil fuel and combustion is not going away tomorrow but I think many of us agree that it will not be a profitable commodity within 5-10 years. Smart investors are the ones who recognize trends before the masses catch on. Usually once a stock or industry is hot it is too late to make more than a slightly above average return. I am by no means an environmentalist and by every means a capitalist but I can see that the ‘green’ trend is not going to die. There is going to be boatloads of money to be made in the very near future from all sources of ‘green’ advancements. Be it wind, solar, auto, paperless documentation, synthetic polymers, waste incineration, water purification and desalination, electricity decentralization (homes producing their own power), and so on. There is where the world is headed. It is going to have fast and furiously. I know that stocks in oil, coal and utility companies have reached their tipping point and are going to be in a ’sell’ position really soon. if you want to be ahead of the trend I suggest taking a close look at your portfolio and consider a redistribution of assets.

http://www.theglobeandmail.com/servlet/story/RTGAM.20081119.wgreen19/BNStory/National/home

]]> By: Jon Kepler http://www.milliondollarjourney.com/real-estate-crash-in-canada.htm/comment-page-2#comment-61102 Jon Kepler Wed, 19 Nov 2008 07:16:18 +0000 http://www.milliondollarjourney.com/?p=658#comment-61102 Just for the record, I'm still reading. Just for the record, I’m still reading.

]]> By: Harvo http://www.milliondollarjourney.com/real-estate-crash-in-canada.htm/comment-page-2#comment-61060 Harvo Tue, 18 Nov 2008 22:58:00 +0000 http://www.milliondollarjourney.com/?p=658#comment-61060 Hmmmmm....I guess this is the first stage of "I told you so." http://www.canada.com/calgaryherald/news/calgarybusiness/story.html?id=13adff3f-db12-40d9-92ac-4517eb470e2d Like it or lump it....oil is going away and going away fast....starting first with that tar sand oil. Hmmmmm….I guess this is the first stage of “I told you so.”

http://www.canada.com/calgaryherald/news/calgarybusiness/story.html?id=13adff3f-db12-40d9-92ac-4517eb470e2d

Like it or lump it….oil is going away and going away fast….starting first with that tar sand oil.

]]> By: Sean http://www.milliondollarjourney.com/real-estate-crash-in-canada.htm/comment-page-2#comment-60858 Sean Tue, 18 Nov 2008 03:33:05 +0000 http://www.milliondollarjourney.com/?p=658#comment-60858 good point! no one here but us 3, lol I have a discussion group on facebook "Global Challenge and Change" I would like it if you two would join! you both make good points and have lots of great stuff to add! prob even make you admins! lol. good point! no one here but us 3, lol

I have a discussion group on facebook “Global Challenge and Change” I
would like it if you two would join! you both make good points and have lots of great stuff to add! prob even make you admins! lol.

]]> By: Sean http://www.milliondollarjourney.com/real-estate-crash-in-canada.htm/comment-page-2#comment-60856 Sean Tue, 18 Nov 2008 03:21:27 +0000 http://www.milliondollarjourney.com/?p=658#comment-60856 the Auto industry in Durham Region is the primary source of income, I was only referring to the loss of employment and sad lack of skills. 300% increase in MLS listings in southern Ontario, no one is buying! said nothing about "mortgages" but I did quote "selling off assist"; I have noted a trend in southern Ontario, people are scared! not buying, those who can are expecting a dramatic drop in real estate prices and will hold out for months if not years. all I have been trying to point out is there is "NO" bail out plan, atleast not the type of plan Ontarians are expecting! Ontario is now and will remain for several years a "have not" province; "according to the prov gov." Real estate has been for 6 or 8 years now a booming market, prices are quite high! yet they seem to be on "pause" I don't see this as a sustainable market for long. of course prices are going to drop! but the question is "how much" and for how long? Will fuel prices stay low enough to regain confidence in the NAAI? or will there ever be a market for the product manufactured in Ontario? or will people decide to buy into the much cheaper more efficient products manufactured in the Asian market? with the loss of some of our larger corporations added to this (Nortel, Lasco Steel, Inco, ect.) "the list goes on and on, and is growing at an alarming rate!", there has to be a substantial drop in real estate in the new year, from what I understand it's expected to be around 40 to 60%! the Auto industry in Durham Region is the primary source of income, I was only referring to the loss of employment and sad lack of skills. 300% increase in MLS listings in southern Ontario, no one is buying! said nothing about “mortgages” but I did quote “selling off assist”; I have noted a trend in southern Ontario, people are scared! not buying, those who can are expecting a dramatic drop in real estate prices and will hold out for months if not years. all I have been trying to point out is there is “NO” bail out plan, atleast not the type of plan Ontarians are expecting! Ontario is now and will remain for several years a “have not” province; “according to the prov gov.” Real estate has been for 6 or 8 years now a booming market, prices are quite high! yet they seem to be on “pause” I don’t see this as a sustainable market for long. of course prices are going to drop! but the question is “how much” and for how long? Will fuel prices stay low enough to regain confidence in the NAAI? or will there ever be a market for the product manufactured in Ontario? or will people decide to buy into the much cheaper more efficient products manufactured in the Asian market? with the loss of some of our larger corporations added to this (Nortel, Lasco Steel, Inco, ect.) “the list goes on and on, and is growing at an alarming rate!”, there has to be a substantial drop in real estate in the new year, from what I understand it’s expected to be around 40 to 60%!

]]> By: Harvo http://www.milliondollarjourney.com/real-estate-crash-in-canada.htm/comment-page-2#comment-60845 Harvo Tue, 18 Nov 2008 00:13:18 +0000 http://www.milliondollarjourney.com/?p=658#comment-60845 LOL....Sean you are killing me. I agree that we have gotten way off topic but there is probably just me, you and Scott left reading this thread. I am not sure why you think this thread was about the Big 3? Go read the original post....it has zero to do with the Big 3. Real estate...yes it will crash but not because people are defaulting on their mortgages. It will be because the entire country needs a correction. Even in markets were there hasn't been a drop in unit price (yet) there is a now a surplus of available properties. It is only a matter of time before supply and demand dictate that prices must cool (NS, NB, PE, NL, QC even the Yukon). BC, AB and the GTA are screwed and in store for a massive correction. Common sense has seen this coming for a long time. I don't know anything about the prairies...maybe someone else could fill us in? Within the next couple years I predict...read...I predict only....that AB will see the largest correction. With the price of oil plummeting and the demand for oil plummeting even more there will really be nothing keeping those prices where they are. Let's call a spade a space....what does AB have to offer other than oil? Tourism and maybe some lumber. There will be a massive residential exodus and 'for sale' signs everywhere. I sucks for the Albertan's who are native but nobody will be feeling sorry for them I'm afraid. LOL….Sean you are killing me. I agree that we have gotten way off topic but there is probably just me, you and Scott left reading this thread. I am not sure why you think this thread was about the Big 3? Go read the original post….it has zero to do with the Big 3.

Real estate…yes it will crash but not because people are defaulting on their mortgages. It will be because the entire country needs a correction. Even in markets were there hasn’t been a drop in unit price (yet) there is a now a surplus of available properties. It is only a matter of time before supply and demand dictate that prices must cool (NS, NB, PE, NL, QC even the Yukon). BC, AB and the GTA are screwed and in store for a massive correction. Common sense has seen this coming for a long time. I don’t know anything about the prairies…maybe someone else could fill us in?

Within the next couple years I predict…read…I predict only….that AB will see the largest correction. With the price of oil plummeting and the demand for oil plummeting even more there will really be nothing keeping those prices where they are. Let’s call a spade a space….what does AB have to offer other than oil? Tourism and maybe some lumber. There will be a massive residential exodus and ‘for sale’ signs everywhere. I sucks for the Albertan’s who are native but nobody will be feeling sorry for them I’m afraid.

]]> By: Sean http://www.milliondollarjourney.com/real-estate-crash-in-canada.htm/comment-page-2#comment-60840 Sean Mon, 17 Nov 2008 23:30:10 +0000 http://www.milliondollarjourney.com/?p=658#comment-60840 Actually HARVO, once again you have gone off topic! the thread is discussing “REAL ESTATE CRASH in ONTARIO” due to global/NA economy as well as the fading of the big 3 primarily, Oshawa and surrounding areas! Actually HARVO, once again you have gone off topic! the thread is discussing “REAL ESTATE CRASH in ONTARIO” due to global/NA economy as well as the fading of the big 3 primarily, Oshawa and surrounding areas!

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