Of course research was done. Was the market this crazy in 2018 or 2019, it wasnt i was here back then. After lumber prices stabilized non-condo home prices have continued to grow at an alarming rate. Precon townhomes in Kitchner went up by 250k within a month. I also don't believe interest rates will cool down prices to rates during end of 2019 . There is buyer fatigue although but that doesn't mean sellers wont sell 80/100k above asking for <5yr resale property. As an informed buyer one always checks for affordability at 3% or 3.5% and not the current rates.
Are all immigrants nearly 3years in GTA able to buy houses for 1million+
- Thread starter prseeker2017
- Start date
Why people don't consider moving elsewhere in Ontario such as Thunder Bay, when starter old detached houses asking prices are around the $160,000s?
Definitely can’t get much in Sacramento these days. Not sure I would move to Fresno, actually know someone who moved out of Fresno because the city and schools were not great and getting worse and they were very longterm residents. Yes there are a few areas that are slightly cheaper but there are reasons for the prices. Most inland, smaller cities, not great opportunities, higher crime, schools aren’t great, etc. 1M US also much higher than 1M Canadian.
Market was still pretty crazy in 2018/19. Surrounding areas around the GTA and places like Ottawa have really seen the huge incenses in the past 5 years. Unless you are only commuting one or maybe 2 days a week KW is very far to commute to the GTA. Canadian investors are one of the big reasons places around GTA have skyrocketed. Investors saw growth potential and can leverage their existing properties in the GTA to buy even more homes across Canada in cheaper markets. Crazy the chain of properties that some investors have accumulated using money leveraged from the previous purchase in a very short amount of time. The crazy increase in prices have allowed them to take big risks. If there was something big that happened in the economy and the government didn’t prop up the economy some would be in big trouble. Some are charging less than their overhead on their investment property. If a building inspector also cracked down on many illegal rooming/student houses many would also be in trouble. Banks and governments haven’t tightened various lending rules for investment properties and immigration isn’t going to stop so the demand still exists in the market.
Why only GTA? I made that mistake when I came as a new immigrant of following the herd to Mississauga. There are options other than GTA, Waterloo region is still very much affordable and within reach and especially now it looks like a buyer's market and if one can pass the stress test and ride out the high interest rates for a year or two, then you should find yourself in a pretty comfortable position imo.
KW isn’t really a reasonable commute to the GTA and prices are still high. By the time you factor in costs of commuting and time commuting doesn’t make a lot of sense to buy in KW if working in the GTA and not remotely.
Jesus H Christ ,
“ pruning such threads “ ??
What does that even mean ?
If you’re attempting to have a witty come back, it didn’t work . You prune a tree, not a thread.
Do not fall into the trap!!
1) You work several years and have a saving account of 200k.
2) You borrow 800k from a bank.
3) You buy a house worthing 1 million.
4) house price decreases by 20%
5) You still owe your bank 800k, and your 200k saving is gone.
Mortgage = leverage = risk
Buy bitcoin in the following few months from now on and thank me later.
Why would the poster still owe 800k? Mortgage payment is weekly or monthly. So the poster will probably owe less than that amount. Moreover, whether or not the savings gone, depends on the final selling price of the property. If he sells it now, he lose his 200k savings + closing fee. If he sell it in the future (when market becomes hot again), he might gain.
Btw, bitcoin is not risky?
Yeah..no risk. I lost over 50% the past few months. And my home value has doubled in 18 months. So go figure..