/biz/ - Business & Finance

>>50870193
>scugog
wtf kind of name is that kek

>>50870193
Condos are listing higher in the GVRD with each passing week. Sellers can stay delusional longer than Canada can remain solvent.

>>50870206
capitulation is coming next spring IMO

>>50870193
>close the borders to the skilled immigrants for several years due to a meme flu
>the real estate demand falls and the bubble bursts
Oh, wow, who could have predicted that?

>>50870225
actually prices went crazy when borders were closed because of ZIRP and QE

>>50870193
I wish real estate would crash everywhere else in Canada and not the big cities only

Imagine bagholding a fucking house on 5x leverage.

>>50870193
Wake me up when it goes to -80%

>>50870193
>Scugog
>East Gwillimbury
>Georgina
>Innisfil
>Clarington
nigga wtf are the names of these places? i grew up in oakville and never in my life heard of them. Isn'nt Clarington Scarborough?

>>50871014
>cokeville
confirmed trust fund wigger or bmw driving pajeet

>>50870193
oh no, the house i bought for 200k in 2008 and went all the way to 1.2 million in february is now down to a measly 1million. what will I ever do. that 600$ monthly mortage payment is killing me!
t. just another "bagholder"

We need a August update tho

Where we buying bros

>>50872566
cope

>>50870193
>Canada
>Toronto
No one from that area is actually Canadian

>>50870206
and the rents are rising too. as many of these "bagholders" realize they need to extract more ROI, they just cut building and jack the rents
>>50870224
two more months, the low prices will finally arrive
>>50870330
its never going to "crasH" retard. its goes up and down, mostly up.the whole economy is built on it. property taxes (based on assessed values) are 100% levied from it. every municipal government in canada will fail if housing dips below 50% of its current value. Did you know that municipal governemnts in canada are not allowed to borrow money. 95% of there budget is from property taxes
>>50870345
34% of canaidians rent
30% of cananaidans own a house with no mortage
36% of canadians own a house with a mortage, only half of those (18% of canadian families) havea variable rate mortage, and only half of those have signed in last five years.

so the reality is that less then 9% of canadians are likely to find themselves underwater, which would require real estate to lose almost half its value.

>>50872608
its the truth. i bought six acres on vancouver island in 2008 for 260k. I owe less then hundred. my last assessment was over a million. not that it matters.im not selling. I bought this land some my wife and my three sons will always have a home. my mortage rates are locked in for five years.

I hope you find a good deal anon. and maybe a few will come up. but people who think the "sky is falling" are foolish. the market is going down right now, but it will soon rise again. Its the one thing they are not making more of. And land will always provide. you can always turn an extra acre into veggies, chickens and bees. land is always a good investment.

Can someone please tell me the price change over the past 10, 15, 20 years?

>>50872678
>they just cut building
builders will build as long as profitable, and with these insane prices it definitely is
>and jack the rents
that also has upper limits, if renters cannot afford they move. If needs be they move back in with parents. Hence why crash happening in cities first.

>>50872695
housing starts are down. inventory is up because no one is buying. the builders will start shelving projects that are still in the "concrete phase" and race to finsih anything else, then they will lay off (if housing is crashing. that will all take a year to play out (if the downturn lasts that long).but for now they will complete any project where the framing is already going in.
the pressure on rentals is further exacerbated by people who are waiting to buy, or have been priced out.

the crash will happen worst in toronto and vancouver of course. maybe a 30% haircut at best though i think. I doubt housing will drop below pre covid levels. land will retain its value much better then buildings, but it also tends to rise alot slower. I bought just outside a major city, my house is modest, but i have lots of land.

I think the next six months are a good time to buy. The market could easily start rising again in january. maybe not t hough, maybe the downturn will be more pronounced.but i dont see housing going down more then 30%. or lasting longer then a year. inflation cuts both ways.

>>50872299
sadly im a poor white boy that grew up in one of the very few apartment buildings in the city

>>50870193
based i hope it falls 60%
prices are up 100% over just a few years the recent housing market is actually insane there is no way it has been sustainable

>>50870193
>CANADA
ok I'm out, I'm sick of waffles and minecraft trees, I'm staying in usa where I have things like the qom eagle to give me good luck in my investments

also Cheevon if you read this youre a fag

>>50870193
scugog bros I don't feel so well.

I'm from Canada and I don't know where this place is, it looks overcrowded af. Why would someone live there?

>>50873525
You're from Canada and you haven't heard of Toronto?

>>50873600
Niggertown with the huge dildo? Yeah we see it on the news sometimes, a weekly homicide If I remember well. Looks fun.

>>50873614
>>50873525

>>50873614
flyover detected

>>50870201
Early British explorers were kind of tarded, so when they'd go around asking the local native what places were called, they'd usually just ask what something was called and assume it was a proper name. Scugog just means "lake", so some guy heard a native call that place "scugog" and thought the place was called "Lake Scugog".

Ironically this happened with the Romans in Britain. Whenever they'd ask what a river's name was, the locals would just say "avon", meaning "river". The Romans originally assumed this was one massive river spanning all over the country called the "River Avon". By the time they realized their mistake, Britain had five or six different rivers now called River Avon.

>>50870193
>shack real worth 100k
>put on sale for 800k
>get sold for 500k
>"crash"
yeah sure thing buddy

>>50873725
that's based and amusing info thanks anon.

>>50873600
>>50873653
>>50873673
Kek, rentoïds living the (((city)))) life which is shitskins, traffic, noise pollution and everything overpriced.

>We've reached the point the hoomer permabulls are admitting we might get like 30%
Oh yeah. It's all coming together.

>>50870225
>>close the borders to the skilled immigrants
lol this never happened.

>>50874264
the cope is off the charts
9 months ago even a flattening was impossible because of 1 trillion immigrants per year and BoC could never raise rates

>>50872608
Rent is due

>>50874752
>stops paying
https://www.ctvnews.ca/canada/landlord-tenant-board-backlog-why-ontarians-are-waiting-months-for-resolutions-1.5872030

>>50872608
Ooff, rentoïd seething

>>50872566
>oh no, the house i bought for 200k in 2008 and went all the way to 1.2 million in february is now down to a measly 1million. what will I ever do. that 600$ monthly mortage payment is killing me!
>t. just another "bagholder"
Well you'll probably be fine, the problem is there is no one for you to sell it to ever as they will not be fine which means that you are fucked to. Housing bubbles are a bitch, check out the last British or Irish or US one to get an idea. Probably going to cause a banking crisis in Canada too. Australia and Canadas housing bubbles are tied to China primarily and that shit is going down like a lead titanic

THIS IS THE ENEMY

EL TORONTROCIDAD MUST HANG

>>50874708
It was Chinese money trying to find a safe haven before Xi went full Mao which he has. It is, like in Australia propped up not by local Canadian or Australian economics(which are a big of a joke just commodity exporters) but a continual influx of money from communist china, which flows out of their housing bubble. That whole thing is epic collapse now, so Canadas property market will be dead for a decade or too at least. Australia will have a complete meltdown, Canada can at least get some minor stability from the fact it is next door to the American economy

>>50872678
>less then 9% of canadians are likely to find themselves underwater
Even if just 5% of total housing inventory came onto the market it would have a huge impact on prices, precisely because the market is currently extraodinarily tight and thinly traded.

Monthly sales data for July 2022 (~50,000 transactions) is a big drop from 2021 (~62,000), is still above normal for long term trend, and yet still only accounts for around 0.3% of the total housing inventory (around 15 million units). If even 5% of 'owners' are forced to put their home on the market, they're going to be not only adding at least 15X monthly supply to the marketplace (more likely 20X+ as sales volume continues to fall) but they will be doing so in a falling market which will accelerate price declines. There is no hidden demand that will be able to absorb this amount of sudden supply at existing prices, precisely for the same reason it would come to the market in the first place: people can't afford to own at these prices and interest rates.

The one thing that will change my mind on nominal house prices is a central back reversal on interest rates and a new race to 0% (or negative rates). If that happens, I'm buying a house immediately because I don't think the central bank will be reversing course again if that happens.

>>50875057
Look the Canadian Chinese Australian property markets are a fucking joke and are going to implode and be dead for a decade. If you can't see that you should not be trying to make any decisions involving money at all.

>>50874243
You said you never heard of Toronto. I've never lived there myself, but I'd have to be pretty detached from reality to have never heard of it.

>>50873879
the crash comes when those who overpaid for the homes default on their mortgages

hasnt even started yet

>>50872678
You bought for under 300k 14 fucking years ago and you still owe 100k on it? And your rate is only locked in for 5 years? You are retarded kek.
>They're not making any more land
Do you retards ever feel any shame for saying the exact same shit everyone said before the 08 crash or are you just a larping zoomer that doesn't know any better?

>>50875057
>I'm buying a house immediately because I don't think the central bank will be reversing course again if that happens.
Smart, but don’t finance it for too long. Here in germany, 30-40 year mortgages have become standard for house buyers

>>50873879
Lol this. I'm not a homeowner unfortunately but if prices are up 100% from 2020 then 30% doesn't mean shit.

MMMM CHEAPIES

>>50870225
>skilled immigrants

Do liberals really?

>>50875230
You retard. Toronto like many other Canadian cities is a collection of many smaller cities and municipalities within it. Ever heard of the greater Toronto area? I don't know them because fuck that cesspool

>>50872765
you must have been stuck in snortville your whole life to not have heard of what's barely an hour north of you

>>50876924

>>50873725
>>50873962
I always found it funny that when the Spanish asked the Azetcs what the land was called they said it was Tenochtitlan. In reality that roughly translates to "I dont know what youre saying"
kek

>>50875448
In Canada you cant even get a mortage rate for more than 5 years or so without kike banks forcing you to renew at some less-serviceable rate.

So naive Canuck first time buyers thinking they could simply take advice from burgers and lock in a 30y fixed are in for a rude awakening

>>50870193
I feel like chinese nationals are pulling out of Canada right now because they are losing their shirt at home.

>>50873614
Small towns have weekly homucides in my country. Cities have many every day.

>>50870225
Canada's market is entirely based on a combination of trickledown gentrification financed by money laundering utility and unskilled immigrants and "students" being willing to rent places where additional people are rooming in dens, and living rooms. The latter guarantees a rent that supports a flipper's mortgage. Worry more about the lower tier of immigrant we're inviting in to normalize overcrowding in the bottom of the market. Skilled immigrants are a drop in the bucket, unless by skilled you mean sweatshop owners.

>>50870193
I used to live in mississauga

>>50880591
Please tell me you sold the top to some pajeet family of 6.

>>50870193
What's Brock like? Might scoop up something cheap to rent out

>>50870193
Why this is not happening in Europe? Prices in Paris are batshit crazy, they literally leave me no choice but to live in a 10 m2 pod

>>50880898
market crashed here because the Bank of Canada is the most hawkish in the world, we had the most rate hikes of any developed country, ecb is pathetic, they only just got to zero rates LMAO
it was all a credit bubble, no fundamentals at all

>>50880269
This is what OP and his gang of city cucks cheer about. I don't even know why one would live in Torocongo.

>>50870193
Chinada is healing (somewhat).
It must be hell for Chinese house flippers right now and I fucking love it. Their "investments" back in mainland shithole are being literally demolished while they're holding baggies in the new world. You love to see it.

>>50872761
They just announced more temporary foreign workers. Renters BTFO. Families will need to start sharing apartments a la the Soviet Union

>>50881251
Despite this it’s safer than every major American city.

>>50870193
The GTA is the second richest per capita metro area in Canada after Calgary and it doesn’t need to have expensive real estate. The city of Toronto itself is 2.8 million in population and 244 sq miles with a 11,475 people living per sq mile. That might seem a lot but it’s pretty sparse here. There’s plenty of land within the city of Toronto to build new homes and condos but liberals want a house flipping economy in Toronto since there’s nothing else besides finance and the Toronto stock market.

It's still too expensive, renters are literally going to start boiling home owners in giant cauldrons and then eating them soon.

>>50881772
*stock exchange

>>50872693
Up 250% over 20 years. Then there has been a 25% correction, oh no!

>>50871014
>Doesn't know East Gwillimbury
You probably haven't even stepped foot in Old Cummer.

i hope all the Poojets who are shitting up small towns in new subdivisions in places like Barrie and Brock and Scugog lose millions. Serves them right for moving to a nice area and turning it into shit. Luckily those far out places from the GTA are crashing the most. Yes, 99% of new home "sales" in new subdivisions are Poojeets.

>>50870193
I want to see -70% and -98%. I want to see shit coin crash percentages.

>>50870193
scubaggies

>>50872761
>it will be worst in van and toronto
No did you even look at the image? Shit hole towns that are hours outside of Toronto had $800k homes living in fucking no where. Any major city is going to fare far better in the recession. If you think this is a simply return to the mean you are mistaken, most of the mortgages taken out this year were variable and these bagholders will want out or forced out. Guess whos on those mortgages? Mom and Dad! They had to take on extra risk, and debt, then cosigned in case shit goes tits up and their kids cant make the payment. Which is exactly what is starting to happen.
27% of Canadians do not know how mortgages even work.

>ve buy house in brampton for our son! He worked very very hard and is now in sales at Shopify!
>You lost your job? But how tech is good. It is future of world