Quote:
Originally Posted by chemgear
Hopefully prices don't go to zero (or we'll have many more problems than just housing.)
But housing prices in Calgary are already down nearly $20,000 from just last month. Guessing prices probably reach even closer to 5% down when July finally ends. Inventory is still massive, sales numbers continue to wither and there is still lots more room to increase interest rates. Personally I am seeing a lot more downside than upside. Actually, I'm having a hard time seeing any upside to be honest.
The 5% in a month pace is probably not good - first time homebuyers are almost instantly underwater. Realtor/moving fees aside if they had to sell for some reason down the road.
(BTW, natural gas prices have been down more than 10% the whole time it was mentioned previously in this thread. Inventory there is also massive.)
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Well I did committ economic suicide and bought a house here last week. Although in my defence.....
I'm going into it with the idea that I will not make a single dollar on the place over the next 20 years. Basically it's a place to live and my attempt to buy stability after an absolutely stupid decision two years ago to trust an untrustworthy family member and move to BC which left my unemployed and at his mercy.
I do plan to stay in that house for at least the next 10 years and probably more.
The mortgage and property taxes still come out to be $400 a month less than what a comparable rental property would be. Not to mention there is one place around here which was a half duplex where the landlord would rent to me given that I have pets and a kid. That place is in a bad location, is a poorly maintained property and would still cost me $100 a month more.
I have no other personal debt.
Ideally I would have waited another year to buy a place though, but personal circumstances did put me in a bad position. It's a bit loser-ish to make your wife and kid live with my mom and keep leaching off my cousins for that long. Sometimes you take it in the tailpipe when you make an absolutely ######ed choice like I did two years ago and you're left scrambling to try and minimize the damage.