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Originally Posted by Slava
1. I've read the whole thread, just haven't commented all along the way. I'm not convinced there is a huge correction coming, and while that might put me in the minority I just wonder how long we have to have this conversation? As was pointed out today its been about 2 years....so how long do you guys plan on dragging this on to eventually say "I told you so"?
2. I don't work in the real estate industry. I have a vested interest here in that I own property and a lot of people would be screwed if the Armageddon of real estate happens as some seem to allude to in this thread. I have friends and family here and who knows how badly some of their plans would be hurt? I also run a business and while I don't make a living on real estate, my business clearly fares better when people are not having their homes foreclosed on!
3. I understand market cycles and understand that a correction could come suddenly and without warning. I also note that the talk now of a "correction" is funny to me. How long ago was the idea that we were feeding a bubble here? A correction is completely normal though, and that shouldn't be something that an average homeowner fears.
I'm still waiting for someone to admit in this thread that they sold their real estate because of this impending correction/crash though? Surely the real estate geniuses out there aren't going to follow everyone else down for the ride are they?
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I had an offer in on a place in late 2007 early 2008... Was on the fence, and eventually backed out telling my realtor that I thought it would decline. I have saved myself about 50,000 last time I checked. That may have changed by now.
I think there are very few who think there is going to be an armageddon. I don't think 10 - 15% is out of the question.
Who knows, it's hilarious to me how people on each side act like they know all.
Truth is VERY VERY few can predict what will happen accurately. If they could, they would be extremely wealthy. No one in this thread is in that situation by the sounds of it.
Those who early on stated that the market would increase/stay the same, have just gotten lucky in their prediction and can now say things like, this has been going on for 2 years we are right blah blah blah. It could completely turn around tomorrow that side of the fence would be wrong.
It seems to me like those who think there will be a decline are just basing it on numbers. It just comes down to the fact that those numbers say to me that the market will eventually correct. Those numbers may speak differently to you.
I'm not sitting here hoping people lose their shirts, but I certainly dislike the fact that society is clearly relying more and more on credit to get by.
Not to mention the bigger issue being that CMHC mortgages are backed by the taxpayer. If that goes to hell then I'm clearly going to take issue with people buying properties they couldn't afford and the with the banks for lending the money.