Canada Housing Market Crash

Such a cruel thing has happened in this country.

Bro situations like these are the exact reason it's better to bite the bullet on a slightly higher rent payment than locking in a mortgage on a property that is more susceptible than ever to losing it's (overinflated) value in the coming years.

Renting gives you the ability to opt out and seek better market rates when the time is rent where as a mortgage you'll be chained to your property if it loses values

Why not?

>midwit
Generous.

Rent also gives you the ability to spend money and get nothing for it

Yeah but the issue I'm concerned about is that what if it doesn't go down? I'm in an area that could very well be the next Toronto or Vancouver bubble. Maybe those will pop soon or maybe they won't, and the government sure as hell doesn't seem inclined to do anything about it.

It's a gamble either way.

Not him but it's too small a hike to really impact current prices. Also I'm worried it'll cause an increase in price to compensate, especially for renters.

Russia invaded Canada too?

quick, buy Rubel!

>Also I'm worried it'll cause an increase in price to compensate
Which only increases the amount paid to interest.
That is not going to end well.

You 'get' the freedom to get up and move at the drop of a dime with virtually 0 cost. People seem to not realize that even aside from the equity question in unstable markets, buying and selling houses costs lots of money in and of itself. Closing costs and realtor fees can be almost as much as you'd pay for a year in rent. Again, if you're settling down permanently and are confident that you won't need to move for any reason through a potentially unstable market then buy a house, but if you have any indication that you might need to move I'd personally avoid it

The way I see it is that if it doesn't go down then wages will necessarily rise to meet the costs. People do dumb financial shit when they are under the impression that current year is the last possible year to ever buy something. This impression is historically almost ALWAYS false. But as mentioned above, if you are absolutely sure that you aren't planning on moving in th next 5-10 years then it's a better bet to buy a house simply because you'll have the means to wait out unstable markets and eventually build equity

sorry jew, not falling for it. Imma buy Rubles instead, 20% interest rate honey!

t. sub-0 IQ

>amerimutt
>clinically retarded
Checks out.

>Canada Housing Market Crash
yeah but how long is this going to take? Could be years no?

October 21

Not gonna happen. We have way more demand than supply, and plenty of money coming in through immigration to purchase these houses.

From an interest raise event, it will look like america's 2008-2009 (despite having the same problems, we had no crash here because the government bailed out everything and then some. RE is half of our economy, the other half is oil).

dude just pay higher rent for 2-4 years rather than locking yourself in for 15-30 years in a property with negative equity.
It takes on average 4 years to break even on closing costs with the lower mortgage payment.

this
all other people ITT are retarded, pretending to be Any Forums

Boomers are fucking retards. They sit there on their high horse patting themselves on the back as investing geniuses for buying a house 20 years ago when it was cheaper, as if timing like this is anything other than luck. I've looked at a few houses in the last year, all of which were 80-120 years old shitboxes for 300-400k and all went 100-200k over asking price. People buying old houses with foundation and structural issues without home inspections because they are hyper emotionally investing with that FOMO attitude.
Investing from a position of weakness is how you lose.

chinks still able to buy your houses?
nothing to going to change

so your gov will just do another bailout and wont let a crash happen then, no?

t. You're a fucking retard
All raising the interest rates does is give more profits to the banks
The housing supply is so low and demand is so high that these changes have no impact whatsoever on the market conditions.
Call me when interest rates are 5% and then perhaps I'll consider taking another look

>The way I see it is that if it doesn't go down then wages will necessarily rise to meet the costs.
Housing prices are outpacing wages so I'm not confident about this. If we take Vancouver as an example the issue is that foreign money (Chinese) buying up real estate isn't restricted which is the root cause of the bubble and the government refuses to do anything to restrict it.
>if you are absolutely sure that you aren't planning on moving in th next 5-10 years then it's a better bet to buy a house
That's my plan. Since even a 1 bedroom condo in a basement unit is averaging at 1000$+ a month not including utilities. I can't stomach paying a landlord that much for so little.

meant for

>newfag
>also inbred
>a fucking leaf
Checks out

Leafs, sniff, we are so... Sniff. Proud of you. Saving humanity started with you. Love you

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I worked as hard I could the last few years. Made around 100k a year. Twice the average where I live. My house made more money then I did. It feels like the economy is fundamentally broken when productive labour isn't rewarded as much as speculation and hoarding. I'm selling my house and paying my union dues and not working for the foreseeable future. Fuck it.

This time it's more complicated than that because the reason for raising rates is runaway inflation. If they bail RE, they'll have to print so much that I'm not sure the rate increase they're doing can even dent it. In addition, the entire rest of the economy will stagflate to never before seen levels.

Just make 30K a month bro.

user, the average rent with utilities and internet for a 1 bedroom condo in my area is about 1/2 of my current salary. If prices don't go down any time soon then the amount of money I'm saving won't outpace the yearly increase in housing if we're heading into a Vancouver tier bubble.

I don't have the option of moving out region unfortunately.

Anyone willing to explain why the raising of federal rates is so detrimental or feared?
Thank you.

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History shows the central planners lose control fast as they already have been with their ponzi bubble spinning plate game

You keep making your country suck, especially throughout the pandemic.
The whole world has watched and laughed, you stupid worthless nigger leaf.
Seethe, cope, dilate. Repeat.

Landlords and real estate agents afraid it will cool markets. Increase in mortgage payments for homeowners.

Bought a house in Edmonton this last fall for $295k house was built 1954. Put about $7k into the basement and now have two in law suites. I can rent you a suite for $650 and if you pay me a hourly wage I can help you pay me more!
>T. Indian land lord
Good morning Sirs!

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It might... most of you leafs are on variable rate mortgages (which is considered degen in the states). I personally know someone in canada who just purchased a 1.3 million CAD home and has another 1.2 million in mortgage debt on his primary residence. If his interest rate doubles, that's substantial.

IMO investing in real estate should be illegal and people engaging in that activity should be hanged.