Trudeau really has screwed up peoples ability to buy a home.
Both OSFI and BoC are independent of Trudeau. There's no real indication they'd be doing anything different if we had Harper, Scheer, Mulclair, or tjv as PM
BUILT Paradise Falls, phase 1 Uses: subdivision, townhome Address: Bombardier Crescent Municipality: Langford Region: West Shore Sales status: sold out / resales only |
Posted 13 July 2018 - 10:32 AM
Trudeau really has screwed up peoples ability to buy a home.
Both OSFI and BoC are independent of Trudeau. There's no real indication they'd be doing anything different if we had Harper, Scheer, Mulclair, or tjv as PM
Posted 13 July 2018 - 10:39 AM
So if lakepoint 2 is in the lot next to lakepoint 1 then excavation is still ongoing as of this morning. I guess they won't start building the foundation then?
Posted 13 July 2018 - 10:45 AM
Right, the excavation is underway. Perhaps what the plan is is to have a contingency plan in place where if the tax remains at the end of the excavation process the build-up will be on-hold, but if the tax is amended or rescinded construction will resume?
Know it all.
Citified.ca is Victoria's most comprehensive research resource for new-build homes and commercial spaces.
Posted 13 July 2018 - 04:17 PM
Both OSFI and BoC are independent of Trudeau. There's no real indication they'd be doing anything different if we had Harper, Scheer, Mulclair, or tjv as PM
Nope, I was specifically speaking of the stress test brought in by Trudeau and Morneau
The Liberals’ mortgage rules included a “stress test” for prospective homebuyers that was meant to ensure they could afford their mortgages in the event of an interest rate hike.
https://globalnews.c...t-isnt-working/
https://business.fin...ng-middle-class
BoC is independent, but has no choice to keep cranking rates to keep up with the US fed who's rate is 0.5% more than Canada. Expect more rate hikes to come unless you want a 60 cent dollar
Posted 13 July 2018 - 06:03 PM
Posted 13 July 2018 - 06:22 PM
Know it all.
Citified.ca is Victoria's most comprehensive research resource for new-build homes and commercial spaces.
Posted 13 July 2018 - 06:45 PM
Posted 13 July 2018 - 06:51 PM
...Just because people can borrow money doesn't mean they should...
It's a shame more people don't understand this.
Posted 13 July 2018 - 07:13 PM
Posted 14 July 2018 - 06:47 AM
Know it all.
Citified.ca is Victoria's most comprehensive research resource for new-build homes and commercial spaces.
Posted 14 July 2018 - 06:48 AM
I may not agree with the entire mechanics of the stress test. However, I don't want mortgages just being given out willy nilly either. Don't need a US style crash.
The US sub-prime mortgage situation was vastly different to Canada’s lending environment.
I don't think we will ever experience a US style crash here, there were many rules in place long before the stress test. The problem is the new stress test make it extremely hard to borrow although you would think its simple. Many people are now being forced to alternate lenders at substantially higher rates. Do I feel guilty lending money at 20%, yes absolutely, but if I don't do it someone else will
Meanwhile we are in a runaway real estate market with prices out of control and no sign of it stopping. If you haven't bought yet, there is the mad panic feeling that if you don't get in soon you will end up living in a tent somewhere
Posted 14 July 2018 - 06:51 AM
Know it all.
Citified.ca is Victoria's most comprehensive research resource for new-build homes and commercial spaces.
Posted 14 July 2018 - 06:57 AM
I can't speak for everybody, but I went back out into the market recently just to see where salaries were and I was pleasantly surprised to see salaries for me have doubled in 11 years. Salaries are increasing to deal the the higher cost of real estate or rents
Posted 14 July 2018 - 07:45 AM
So our regulatory regime intended on making housing more affordable and reduce risk has only made housing less accessible forcing people to pay more and more for rent that doesn't build equity. Great.
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Posted 14 July 2018 - 08:18 AM
Posted 14 July 2018 - 08:08 PM
I have been reading some economic forecasts recently and a couple of them are pointing to a recession coming, as early as March 2019.
Maybe hold off any big ticket item purchases and see how it unfolds.
Posted 15 July 2018 - 07:56 AM
Posted 15 July 2018 - 10:54 AM
there is no doubt a recession is coming, its just a matter of when not if. At that time the smart money will be buying up development property as housing prices soften maybe 5-10%, start the rezoning process and get ready to hit the ground running when the boom and prices rise again
Recession or not, we aren't getting a US style housing crash around here. that is a fantasy. the fantasy is renters who think their 40+ year old buildings with their massive surface parking lots will still be around in 10 or so years
Posted 15 July 2018 - 11:41 AM
...the fantasy is renters who think their 40+ year old buildings with their massive surface parking lots will still be around in 10 or so years
I sure hope this much of your prediction comes true.
Posted 15 July 2018 - 07:48 PM
SD is in a good rental situation now, which is why it definitely makes sense for you to stay put, financially. If you were looking for something to rent now though, your numbers would be significantly different. Also, I think you've pegged those strata fees too high, more likely 200-400.
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