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Old 12-14-2011, 01:10 PM   #1961
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People that took a bath on their sale but were moving into a more expensive place probably faired better because of the price drops.

It would be awesome to sell a $400,000 (2011 prices) house for $50,000 and move into a $800,000 place (2011 prices) for $100,000.
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Old 12-14-2011, 01:21 PM   #1962
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Originally Posted by hulkrogan View Post
People that took a bath on their sale but were moving into a more expensive place probably faired better because of the price drops.

It would be awesome to sell a $400,000 (2011 prices) house for $50,000 and move into a $800,000 place (2011 prices) for $100,000.
That's only a good deal if you can afford to cover getting the mortgage down to the 50k. If you have a $400,000 house with a $300,000 mortgage on it, you'd need some serious $$$ to be able to sell at that price.

For some of those who bought during the boom with 0/5% down, trading up isn't an option.
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Old 12-14-2011, 05:42 PM   #1963
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That's only a good deal if you can afford to cover getting the mortgage down to the 50k. If you have a $400,000 house with a $300,000 mortgage on it, you'd need some serious $$$ to be able to sell at that price.

For some of those who bought during the boom with 0/5% down, trading up isn't an option.
Yuppers - For me it'll involve renting out the current place when buying the trade up place and riding it out until some value comes back for an easier sale. Or an indefinite hang on.
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Old 12-15-2011, 12:25 PM   #1964
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http://www.theglobeandmail.com/repor...rticle2271588/

Less than a year after Ottawa forced the banking sector to cut back on risky mortgage lending, the head of one of Canada’s biggest banks says the federal government should go even further.

Ed Clark, the chief executive officer of Toronto-Dominion Bank, said in an interview that he believes Ottawa could tighten the rules on housing loans more than it already has, without hurting the economy or putting the housing market at risk.
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Old 12-15-2011, 05:58 PM   #1965
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^To add, he's specifically saying to adjust the max amortization from 30 years to 25 on insured mortgages.
I can see this happening soon enough, seems like a predictable next step in the tightening process.
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Old 12-15-2011, 06:39 PM   #1966
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^To add, he's specifically saying to adjust the max amortization from 30 years to 25 on insured mortgages.
I can see this happening soon enough, seems like a predictable next step in the tightening process.

Ahhh shoot, thanks - should have provided a better summary from the article. My bad.
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Old 12-15-2011, 09:23 PM   #1967
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Anyone have any insight with respect to the direction of home prices in Airdrie?
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Old 12-16-2011, 02:05 PM   #1968
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Up for sure....talk to any realtor to confirm.

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Anyone have any insight with respect to the direction of home prices in Airdrie?
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Old 12-16-2011, 02:09 PM   #1969
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^^ Prices will double in the next year

I don't have any insight for you but that tool I posted in my section might help you out a bit to see what places around you are selling for over a period of time.
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Old 12-16-2011, 04:05 PM   #1970
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^^ Prices will double in the next year

I don't have any insight for you but that tool I posted in my section might help you out a bit to see what places around you are selling for over a period of time.

That's good news.

My home is currently under construction in Airdrie.

We made $120k on a house that we purchased a year ago (in Ontario) with only 5% down on a 30 year amortization.
With the Airdrie house we are putting 25% down and going on a 20 year amortization... and our mortgage will be $55k less than it is now with property taxes half of what we pay here.

With the exception of the geographic superiority of Calgary vs Toronto (imo), the financial gain, with respect to the instant equity we get with a move to Calgary, is the biggest reason we are moving there.

Can't wait... 9 weeks to go!
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Old 12-16-2011, 04:33 PM   #1971
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Instant Equity!!!!!

I better go out and buy a new car to cash in on all the hard work my house did in increasing in value instantaneously!
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Old 12-16-2011, 05:00 PM   #1972
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Instant Equity!!!!!

I better go out and buy a new car to cash in on all the hard work my house did in increasing in value instantaneously!
Care to expand on the sarcasm?

I can't tell if you're taking a shot at me, but if you are I'd like to know what you see wrong with what I'm doing. Taking advantage of the GTA's real estate market conditions to put myself 10 years ahead of the game isn't something new.

I knew where the area we purchased in was heading. This was part of the big plan, though I expected to pull the trigger in another 2 years, but the numbers fell in to place much sooner. Didn't know I'd be moving to Alberta, but I knew I'd be leaving the GTA once our current home hit the magic number.

Not sure how new cars are relevant. You can expand on that if you want amuse yourself.
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Old 12-16-2011, 07:05 PM   #1973
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Originally Posted by Scotian Lotion View Post
Care to expand on the sarcasm?
Green text = joking sarcasm, not serious, don't take offense.

(At least that's what I see when I see green text here, heh).

Kinda like Realtor 1's post too.

Things got a little heated/personal a long time back in this thread but most people in here these days provide good discussion/info. (Welcome to the forum btw!)
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Old 12-16-2011, 07:58 PM   #1974
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Green text = joking sarcasm, not serious, don't take offense.

(At least that's what I see when I see green text here, heh).

F*** man, the dozen other forum's I've been on over the past 10 years and the two main ones I frequent must be in the stoneage. I did not know that.


Thanks for the clarification.
I'd blame that on being a West thing, but seeing as this is the internet, I'm guessing that won't fly as an excuse, lol
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Old 12-20-2011, 10:25 AM   #1975
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Canada’s housing market shows the “classic signs of over valuation, speculation and over supply,” but Bank of America Merrill Lynch says that’s no reason to think that there will be an epic crash of American proportions.
http://www.theglobeandmail.com/repor...rticle2276241/
So often these articles read like they're just talking about Toronto and Vancouver. I know real estate articles tend to flip on a daily basis, crash/fine/crash/fine/crash/excel/crash . . .

I generally thought while Calgary is a bit expensive it's actually been pretty decent compared to Vancouver and Toronto the past 24 months. I didn't think we climbed back like the other markets did, exceeding prior highs. Which is odd given we're (Alberta) the ones with the job and economic growth.
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Old 12-20-2011, 10:54 AM   #1976
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Originally Posted by ranchlandsselling View Post
So often these articles read like they're just talking about Toronto and Vancouver. I know real estate articles tend to flip on a daily basis, crash/fine/crash/fine/crash/excel/crash . . .

I generally thought while Calgary is a bit expensive it's actually been pretty decent compared to Vancouver and Toronto the past 24 months. I didn't think we climbed back like the other markets did, exceeding prior highs. Which is odd given we're (Alberta) the ones with the job and economic growth.
The key to interpreting these articles is who it actually is that's sending out the oringinal press release or story with analysis. Those that say 'fine' are typically Real Estate associations such as ReMax and CREA, while those sounding the warning bells are the Bank of Canada, and various lending banks. In my mind those two groups don't offset.
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Old 01-13-2012, 12:52 PM   #1977
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Been too busy lately to update stuff in here but Mike F continues to be a great summary source for those interested (and for detailed daily stats for those inclined):

http://calgaryrealestatereview.com/2...-estate-stats/


Overall, the trend in early 2011 continued through the course of the year. Things were a little bit better then 2010 but then again, 2010 was pretty darn poor.


http://blogs.calgaryherald.com/2012/...ff-peak-years/


Single-family sales are the second lowest in the past decade while condo sales are the second lowest since 2001.
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Old 01-19-2012, 09:32 AM   #1978
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Still rather busy to do much in the way of updates, but Mike F has good data and articles on his blog as always.

http://calgaryrealestatereview.com/

Nothing really new or really surprising, the banks keep putting out research notes (warnings?) of "flattening" and "moderation". Not sure they can say much otherwise to be honest. Interestingly, TD uses some stronger wording:


Given the fact that Canadians are increasingly viewing the prevailing level of interest rates as normal, there is an extremely high probability that it will be very unsettling to Canadians when interest rates do rise, even if they do so gradually.

TD also recommends that the government take action to temper personal debt growth by tightening mortgage insurance rules further whether it be by lowering the maximum amortization to 25 years or testing all mortgage loans at the 5-year posted rate, among other options.

The report concludes:
Make no mistake, the economy will take a hit when it has to be weaned off the drug of exceedingly low interest rates. The goal should be to limit the effects of withdrawal as much as possible.
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Old 01-31-2012, 11:36 AM   #1979
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Extra extra....read all about it......Talk is really getting bubbly.....
http://business.financialpost.com/20...mortgage-risk/


http://www.bloomberg.com/news/2012-0...mortgages.html


Meanwhile the Case Shiller came out today in the States and prices are down 3.7% year over year and the consensus was 3.3% decline. Home prices tend to go in one direction for long periods of time and the the US this is a half decade in one direction. If you are looking for a trend breaker it would be hard to point to currently. Peak home ownership happened a few years ago when it peaked at 69% home ownership.


Hopefully Canada doesn't have to go through what has happened and is happening in the US but how can things be considered that much different here. We are among the world leaders in debt to income with a ratio over 150% Canadian consumers have a $1.5 trillion debt load which is more than the Canadian gross domestic product. I don't think that a 20-25% correction would be out of line.
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Old 01-31-2012, 12:46 PM   #1980
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Extra extra....read all about it......Talk is really getting bubbly.....
http://business.financialpost.com/20...mortgage-risk/


http://www.bloomberg.com/news/2012-0...mortgages.html


Meanwhile the Case Shiller came out today in the States and prices are down 3.7% year over year and the consensus was 3.3% decline. Home prices tend to go in one direction for long periods of time and the the US this is a half decade in one direction. If you are looking for a trend breaker it would be hard to point to currently. Peak home ownership happened a few years ago when it peaked at 69% home ownership.


Hopefully Canada doesn't have to go through what has happened and is happening in the US but how can things be considered that much different here. We are among the world leaders in debt to income with a ratio over 150% Canadian consumers have a $1.5 trillion debt load which is more than the Canadian gross domestic product. I don't think that a 20-25% correction would be out of line.

BMO reported yesterday that they felt that the Canadian market would slowly decline. I know that goes against the feel good narrative that many in this thread like to see, but its a conclusion and prediction that is pretty hard to argue with for the most part. In other words, no bubble in Canada.
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