It's starting leafbros. Right now. Right. Fucking. Now. The housing market collapse started today.
>canadian central bank makes minor rate increase today >today mls new daily listings up 1100% day-over-day (in other words there were 11 times more new houses listed today on MLS than the daily average) >people who bought properties as speculative investments are panic dumping >people who leveraged the equity in their homes to purchase more properties know they are absolutely beyond fucked and will almost certainly be bankrupt >people who borrowed against their home value to spend on bullshit will also be bankrupt >literally half of canada got through covid by not working and living off credit backed by their inflated home value >house prices will crater and go down AT LEAST 40% in the next two months and possibly as much as 70% by 2023. >parliamentary committee to investigate cause of bubble >massive real estate/banking fraud will be exposed that shows collusion to drive up house prices >everyone who bought a house they couldn't afford is fucked
Those of us who lived responsibility the last decade who could see the crash coming, who stayed in their moms basement or rented shitholes because house prices were insane. Our time is at hand.
Bros I'm so jacked right now. I might actually own a backyard this year.
Been waiting for this to happen for a while now. Our rate hike is coming in mid-March. Investors going to start dumping due to fear. Yummy. Can't wait to drink tears as dumbass who couldn't afford their homes have to give them back up to the banks or sell them for a loss.
Dumbasses will never get what they paid for those homes because they were so outrageously overpriced. Fuck me. Why couldn't these idiots just think about things before going full retard?
Mason Cooper
This but unsarcastically
Julian Mitchell
>He thinks they'll let goyim have houses ever again
They'll sell it all to Blackrock and foreign investors, boomers will even do it with a big smile on their face. You will own nothing and be happy.
Noah Taylor
>Fixed rate mortgage >kilos in silver >25 oz of gold I'm ready Bank of Canada. Please bring on the rate hikes.
Parker Gonzalez
how u know mls listings are up?
i think you're right though.
the crash is any day now. i say this as a home owner, not some optimistic urbanite renter pleb.
WFH is being ended. This may be why MLS listings are up. Gov wagies have to move back to near the office in Onterrible. Prices will go up, not down, in the major centers.
Zachary Bailey
Agree. There is just too much negativity going around the economies. US is in the same position. Even China has big issues with their property developers. Zombie companies in the US are going to be fucked when interest rates rise.
>>Fixed rate mortgage >still insured with CMHC >CMHC goes tits up >insurance vanishes >either banks foreclose due to not meeting your side of the bargain >or you get caught in the feds' great reset-friendly dragnet of police to save le canada
Henry Kelly
Imagine buying a house and not putting a 20% down payment to avoid CMHC jewery
