@AsennaWealth
I once said in our online investors group that I started, that bitcoin is worth zero. It's being quoted and traded at higher values based in the greater fool theory.
One member got so offended & took it personally. He just quit the group and till today I have not heard from him.
@loveurhome
Let's just put all homes on an exchange like the stock exchange where sellers can list all metrics, pictures, videos etc. and buyers can bid. Lawyers can help close for $199 per deal. This will end the misery realtors are having to go thru.
@JohnPasalis
That's really odd. I was at the same conference and I got the sense of panic amongst most homeowners and investors. Most were looking for prices to stabilize to get out and stop the bleeding.
@SteveSaretsky
As mortgage rates inch towards 7% there is a risk that home prices in spring will be about 40% lower than current levels.
Anyone buying now deserves an award for bravery.
@dmuthuk
Quite the opposite. The best borrowers will move to pvt. banks and the one's that get turned down for loans will have no choice but to stick with public sector banks.
@nasmadotali
Oct. 26, 2022 will be remembered in Canada for decades as the day that triggered lot of distress selling and the beginning of decade long decline in home prices.
@CP24
Good idea Justin. Let us know If you need us to pay more taxes for such well deserved aid packages to corporations. Humans do not need to eat more than one meal to survive so we will manage somehow.
@SteveSaretsky
Those investors are panicking and will be rushing to the exits. A tsunami of assignments sales and listing coming soon in months to follow.
@MPelletierCIO
I just returned from a open house. There were no other buyers there. Seller's agent practically begging me to make an offer. Any offer. Seller seemed distressed and couldn't bear to watch the value of their home nose dive so much within a 4 months period. They wanted to cut loss
@SteveSaretsky
Inflation is a much bigger threat to our economic structure than recession. We can tolerate some period of low economic growth, high unemployment, declining home prices from bubble territory but we absolutely can not tolerate entrenched inflation expectations.
@nasmadotali
Once a few sellers give in & sell at lower price, expect others to lower prices too & then we would witness a classic Cdn real estate melt down in new year.
Happy holidays everyone, except homeowners trying to sell at prices that existed a year earlier & in market for months
@JohnPasalis
@EconguyRosie
BoC has the mandate to control inflation at any cost. Even if that means home prices drop 65%. It helps government achieve the goal of making housing affordable.
Interest rate hikes are a win win for all.
@daniel_foch
A condo worth $800k in February had monthly interest opportunity cost @ 2.5% of $1,667. Today with interest rate opportunity cost @ 5.5% the same monthly interest would make the condo worth $363,636.
A drop of over 50%. Very few understand this and are headed for rude awakening
@nasmadotali
Lots of home owners too are on denial that our home values have already dropped 25% and another 40% decline is due by end of 2024 given the trajectory of interest rates hiking cycle to control sky high inflation. Rates will keep rising in recession.
@TheIsmaili
Very sad news. Ismailis are a very peaceful community and always giving back ti the communities in which they live. There is so much the world can learn from Ismailis. It is heartbreaking that this has happened in their place of worship.
@nasmadotali
I don't agree with that. In Canada home prices have been in bubble territory for last 7-8 years and it will take another 50% decline in prices t for it to return to reasonable levels.
@RE_MarketWatch
Instead of buying salty and sugary snacks in the store, they should fry fresh samosas with mango Lassi if they're serious about selling that piece of land in an open house for any thing close to that price.
@jessysbains
I have a house to sell and looking to buy another one.
So my realtor tells me now is a perfect time to sell when I first told her about house to sell.
And later same evening when I called her about wanting to buy a house for investment, she said now is a perfect time to buy.
@d_demelis
They kept pumping those pre cons to clients to earn easy commission. They pumped it so much and so often that they started to believe it themselves and fell prey to their own net.
@JustinTrudeau
This is why you Justin are the greatest leader of all times anywhere on the planet. Keep up the legendary work you have been tirelessly doing for all Canadians.
@daniel_foch
My cousin got the trigger rate letter and can no longer afford the payment. Will be listing soon and needs to sell as soon as possible at fire sale prices if needed.
Can not wait for the market to drop another 15%. Each day she waited she has lost like $1,500 since March
@nasmadotali
There are several ways in which home owners can adjust their lifestyle to afford increased mortgage paymenyts:
1. Skip one meal per day
2. Sell the car
3. No more eating out or take outs
4. Cancel vacation plans
5. Get a 2nd job
6. Uber deliveries evenings and weekends
etc.
@RobMcLister
A lot of home purchase in recent months will fail to close, home sales transactions will fall off a cliff leading to eventual demise of home prices. Another 30% prices to decline by end of the year at the minimum.
@BarrySchwartzBW
They're also telling home owners to sell their homes no while they can still fetch a decent price and not wait until there is blood on the street.
@BarrySchwartzBW
What if?
-Oil rises to $300
-We go in to a deep stagflation
-inflation excellerates
-the market has priced in the best scenario
-rates have a long way to peak
-During the height in late December it was hard to see the way in.
Anything can happen. Indeed.
@nasmadotali
If you are selling currently, do not be greedy accept any offer even if 25% lower than last comparable price.
If you are buying currently, hold off. Wait for 2-3 years if you would like a 40% discount to current prices.
@SteveSaretsky
It's gonna be a steady decline in home prices from here on until mid-2025. A 65% correction in prices since March 2022 peak is likely. Interest rates will be rising steadily as inflation is very sticky and may well be accelerating. BoC has got to take more forceful action.
@RE_MarketWatch
@ronmortgageguy
@BenRabidoux
He is doing public service by proving rentals and taking the risk of ownership. But he had profited from it he would not have shared it with government. But wants them to share the pain.
@MarketManiaCa
We need to send a one time $12.50 relief cheque to every home owner feeling the pressure from increased mortgage payments due to high interest rates. That would put a big smile on their faces.
@dima_nomad
Tenant got better deal. For $60k a year they get to enjoy this house and not lose a single dime when the price crashes 65% over the next decade as expected.
@BethODonoghue
Realtors should be replaced by low cost online exchange where one can buy/sell a property for $9.95 per trade and all the information should be publicly available for buyers/sellers to make their decisions/showings etc.
This way, everyone wins. Except realtors of course.
@BenRabidoux
...and when the fraud stories make the headlines, expect a complete melt down of home prices. Another 40% decline by next year is imminent.
@JohnPasalis
I think I know which house downtown you are referring to. Buyers would be well advised to hold off for a couple of years if they want another 40% discount. Sellers should sell as soon as possible even if it means at 20% lower than their expected price.