/biz/ - Business & Finance

>>50602352
the gta is barely growing and "cities" (suburbs) like mississauga lost people in the last census. the gta bubble has popped.

>>50602352
so much cope. Renties seething. Buy now or cope later

>>50602385
I am convinced that February prices (in real terms) will not recover for decades, maybe never!

>>50602352
Canadians
> toronto is a world city! Prices will go up, look at the prices in Paris!
They are insane.

>>50602421
housing thread
> renters seethe
so lame
> in b4 let me tell you what is lame, I'm a homeowner etc etc

>>50602437
you cna still find people like on twitter and /r/torontoreal estate about how these shitholes are world class and muh 1 gorillion immigrants are all buying with cash
>>50602421
I will buy next spring when prices have fallen 40% peak to trough and i can get a rural property on fire sale all cash

>>50602352
None of the regions in that image are Toronto, though.

>>50602470
if prices are already down 30% and you're hoping for down 40% why do you care about that last 10%

lets be real you're poor as fuck and will never afford home ownership because although the home price is down, the mortgage cost is up and all that matters for people is the monthly payment. Have fun renting in this insane market in the interim, though. Vacancy is fast approaching 0 and rent control means absolutely NO ONE is moving out of rent controlled units. And nothing new is going to get built because it costs too much and rent control is fucking retarded, even if you're exempt in post-2018 buildings everyone knows eventually the new regime will just rugpull you and introduce it again.

>>50602352
Who the fuck wants to live in Canada. And imagine not having access to 30 year fixed rate mortgages.

>>50602524
We're like America with less guns, less niggers, less political division and less of a wealth stratification. Absolutely terrible.

>>50602508
>transparently seething bagholder
kek

>>50602549
>doesn't address any of my points
kek

>>50602352
still needs another 50%

>>50602508
but what if doesn't stop at -40% and it just keeps going down? Houses are still ridiculously expensive.

>>50602508
i want 40% in my region, eastern ontario/outaouais
i can buy a palce now but i still going down so there's no rush

>>50602508
very good salary just decided to wait and pay 30% less because I'm not a retard.

>>50602352
People up here have been using the “2008 crash was only 30% drop” cope for a long time.

>>50602645
it totally could but eventually central banks will lose the game of chicken they're playing with investors and homebuyers because they know deep down they'll need to cut rates eventually to bail themselves out of whatever recession they're about to cause by hiking them. No one wants a 2008-09 style event here in Canada besides doomers who likely don't vote to begin with

also at a certain point the yield you can get on the home by renting it out at the going market rate makes it an objectively more attractive decision. Renting out a $1.5m single family home for like 4k/mo is a terrible yield, but if that home is 30-50% lower that suddenly begins to make more sense

>>50602689
timing the housing market has historically been a fools errand but good luck

>>50602769
pay 30% less in terms of home price, of course. You'll be paying the same or more than 2020-21 buyers on a monthly payment basis because rates are 3-4x higher :^)

It doesn't matter if it goes down by 30% when it's overvalued by 300%

>>50602857
what if I have cash saved?
Canadians are retarded when it comes to finance. They understand *jack shit*. That's why you have such a ridiculous bubble. They all repeat the same few lines
> immigration demand
> boomers need it high to retire
> supply shortage
Nothing about land. Nothing about interest rates.
Let's see how long the Fed hold rates up for, hopefully long enough for reality to soak into the thick skull of your average Canuk.

>>50602857
Also here's a newsflash
> No one wants a 2008-09 style event here in Canada
Your BoC don't set the fucking interest rates.
The Fed do, and the BoC come out and say they have also decided to raise rates. They *have* to follow the Fed. And the Fed doesn't give a shit about wrecking the Canadian "economy".

>>50602898
>Canadians are retarded when it comes to finance. They understand *jack shit*. That's why you have such a ridiculous bubble.
This - most Canadians have a variable rate mortage and in Canada the most you can get for a fixed rate mortage is 5 years (which no one did cause it was "more expensive"). Canadians are also overleveraged to fuck and used HELOC's on their $1+ million dollar homes to either fund their lifestyle or to buy more real estate (which is creating an even bigger housing bubble). Eitherway Canada is fucked as interest rates continue to go up.

>>50602988
at some point the BoC will try to keep rates lower than the Fed and CAD will go to shit. Time to get into USD

>>50602508
>Have fun renting in this insane market in the interim, though.
>rent control means absolutely NO ONE is moving out of rent controlled units.
My rent is the same price as it was in early 2020, before housing prices in my area literally went up 80%.

I'll gladly wait and buy the dip.

>>50602352
1 house is still worth 1 house
no landies will keep seething

>>50602352
i would say good but the way they vote they deserve the pain that comes from stupid policies. last year i didn't see any detached homes under a million in toronto, that city is fucking insane. needs another 20% or more to even be reasonable.

>>50602857
>bro the monthly payments are the same
hey siri, what's a capital loss?

>>50602437
Toronto is the most diverse city in the world incel. Everyone wants to live here and the housing market is in a small dip.

>>50602524
Just a little colony of apes

>>50603606
>You don't actually lose money unless you sell
I've heard that somewhere before...
picrel

>>50602544
I would rather be an untouchable cleaning sewers in New Delhi than live in Canada again.

>>50602421
>Renties seething

This. Anyone who bought a place last year is up 100k and is paying half in interest.