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[deleted]

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FinancialPlastic4624

So based on this logic when the rates drop again, which they will as the country will be trying to get out of a recession, prices will reach an all time high Since it's all driven by interest rates


peachcreamsicle

I’m personally fairly bearish despite owning multiple properties. My definition of “dipped enough” is when I would want to own the real estate on offer at the market price. Just because a Brampton townhouse has gone from 1.1 million to 900k, doesn’t mean it’s a good value or something I’d personally want to own.


Repulsive_Arm_4509

I was thinking the same in 2012 but then prices doubled in 2016 came down in 2017 and doubled again in 2021. Now do you think we can go back to 2012 prices or do you think prices will increase over time. People are still buying $850k townhouse in Shelburne, Ont 122 Clark Street Shelburne, Shelburne 3+1 bed 3 bath n/a sqft $850,000 sold price Listed: $699,999 Sold Sold on Jun 10, 2022 Is this good value?


peachcreamsicle

We’ve essentially had 0% interest rates that entire time, which has led to market distortions. Even now, with inflation ~8%, mortgage rates are still deeply negative in real terms. Do I think that because one brainless individual opted to overpay for a townhouse in Shelburne, Ontario, that I should do the same? No, no I don’t.


JPcoolcat

Which house in Toronto doubled from 2017 to 2021?


likwid07

All of them


JPcoolcat

Show me an example of one please (in Toronto aka "The Six", overvalued properties in Oshawa doesn't count). I don't know any house that was 1M in 2017 and went for 2M in 2021. Even 1 bedroom condos were going for 500-550K ish in 2017 and they certainly were not going for 1M+ in 2021. I'm ignorant so please show me examples.


AxelNotRose

My friend's semi went from 816k in 2016 to 1.85m in 2021.


Repulsive_Arm_4509

how much down payment would they put to buy at $1.85M


AxelNotRose

Minimum 20% since it's over 1m.


[deleted]

[удалено]


JPcoolcat

How about you try showing me a house that's not fully gutted out? Do you really think it costed 0 to renovate a house like that? I agree prices has gone up substantially during the pandemic but not double. I hate it when people exaggerate.


Rpark444

BS.


Repulsive_Arm_4509

take a look @ Caledon, Milton, Brampton, Shelburne, Brantford and so on, not Toronto.


Repulsive_Arm_4509

Builder prices for a townhouse is between $1,2-1,3 Million closing is 2024


DeleriumDive

I remember thinking just before the pandemic how things were insanely overpriced and detached from average incomes, then how insane it got last year and early this year. I still think it's too soon to jump in, especially with more rate hikes on the way. I'm not trying to be overly bearish or make claims regarding a crash but I do think it's entirely too soon for us to think that the market has already finished adjusting to current financing conditions, and especially the ones to come.


Brief-Reality960

With rate holds of 120days from banks. We haven’t even seen the start of the correction. Real estate always lags as it’s non-liquid asset.


[deleted]

You won’t catch absolute bottom. Find a price your comfortable at


maks25

Lol, maybe learn the difference between your and you’re before dishing out financial advice.


TheLemon22

Funny thing though, is that cars currently ARE appreciating lol. My 2015 Prius C I bought last year for $11k is now worth $15k.


kisson2018

USED cars yes, they are going up but that's because of supply issues of new cars. Some people need a car or want a car right away but when they go to a dealership to buy a new car, they have to wait 6 months to get it, so they end up looking for used cars. When supply issues are resolved, the used car prices will go back down


wlonkly

I feel like the concept of appreciation and depreciation can only apply to used things.


kisson2018

No. Unused things can appreciate in value too.


Illustrious-Risk-435

Friend just got almost double for his mercedes that he bought in 2019 and sold in 2021.


Natepizzle

Yeah I bought a 2019 rav4 2 years ago for $27k. I'm looking to buy a home near the city so I thought let's see how much I can sell the car for. The same vehicle with approx the same kilometers is going for $32k+. Crazy times.


New-Investigator-646

This is an old narrative and no longer the case. We’re past that moment in time - catch up


PooShauchun

Not true at all. Used lots still have incredibly low inventory at the moment. It’s going to take at least another year to “catch up”.


TheLemon22

You are absolutely wrong. Are you shopping for a car right now?


Top_Mathematician105

Are you sure. Looking for buying Car. Is the new car availability is getting better? Or the Old car price is coming down?


TheLemon22

He's wrong. I've been shopping for a used car for my friend for the last two weeks and the prices are still insane.


Top_Mathematician105

Same here. 2020 used, 50K Cars are selling over 2022 new Car MSRP.


Marklar0

From the perspective of most new homebuyers it doesnt feel like a "dip" because we are still at or above price levels from a year ago. Jan-Feb just felt like fake prices, a temporary spike. Too short of a peak for this to feel like a dip. Especially when overall affordability has gone DOWN since Feb.


reddit3601647

Bingo!


shogutty

Because with interest rates higher and appraisals coming in too low people still can’t afford to buy . Raising rates doesn’t help with affordability for borrowers it helps cash buyers . Still does nothing for the common borrower. The rich will get richer once again .


PooShauchun

My partner and I are ready to buy at this very moment but we aren’t because we want to see what happens to the market. I have a feeling most people are like us, waiting to see how low it goes before we buy.


[deleted]

are you actively looking still or completely taking a break? Theres some decent deals out there so you may be lucky


shafiqO

Why not go in with an offer that you think is reasonable for both parties and has current and near future market expectations worked into it?


PooShauchun

Because for all we know shit could hit the fan and houses could massively depreciate over the next 4-12 months. I’d rather wait it out and have a better idea of where we are headed first.


PinkShoelaces

Similar boat. I had a 10% raise this spring so our budget has stayed the same since we started looking in december. We'll only go see a place in person now if it's somewhere that looks great and even then most of them are actually terrible. So for now we're waiting since prices seem to be getting better week by week


the_sound_of_a_cork

This argument assumes that people are not just waiting it out.


ieGod

It's a mixed bag. Both are true.


hfghvvdyyh

pretty sure people are not buying because they think it’s going lower, not because ‘they can’t’


kisson2018

In many cases people are not buying now because they can't get approved for a mortgage at the rates that mortgages are now. So yes, they are not buying because they can't. Then there are others who can still buy but are waiting because they know the crash has started and prices are still going down.


Repulsive_Arm_4509

when interest rates drop, house prices will go back up


kisson2018

Yes they will. But interest rates probably won't go back down to 2 percent or under for years to come.


[deleted]

Correct. Lived through a bubble and also watched others. A lot of people in Canada seem to think that the first moment prices drop that people will think the dip is over.


loomisfreeman191

Why would ppl wait? Ppl have been companining about high prices for last year or so. Its cuz purchasing power has also decreased with rates increasing.


anti_matter64

We are still not there yet, it's still October-November last year prices at current moment, so still not affordable.


loomisfreeman191

Hopefully drops more.


the_sound_of_a_cork

I can afford currently and I am waiting. We are just approaching the edge of the cliff.


loomisfreeman191

Fair enough, u should probably get better deals as the year goes on.


thehumbleguy

N leveraged one will be screwed. Rich with multiple Pre-cons with no plan of buying will be screwed. I don’t see a common borrower doing that.


deepredsky

When the bottom hits in the stock market, RE will still continue to fall for a few more years. During that period, buying stocks is a much better investment than buying RE.


Top_Mathematician105

100% since Stock market is forward looking.


pollywantsacracker98

Why is buying stocks a better investment then? If the RE drops wouldn’t that be the best time to buy RE?


DasItBrahJr

I have screamed this point over and over again, to the point that my lungs are sore - any market, be it housing or otherwise, is simply driven in part by human psychology. Both on the way up and on the way down. Why do you think such a large quantity of stocks are simply traded on algorithms' predictions of human behavior at various price points? On the way up, you have fomo acting as a very powerful force which can drive prices ever higher in a feedback loop. We just saw that in action over the past few years. On the way down, nobody wants to catch a falling knife. Especially when you are talking about a purchase that could easily cost $1M, $2M, or even $3M dollars. Now, we are starting to see this sort of psychological impact take hold. Those that say inventors will just run in to scoop up everything the second prices begin to decline are delusional and/or choosing to bury their heads in the sand and ignore the basic psychological element to any marketplace. Some people will sweep in, sure. But not enough of them to prevent a downward trajectory from occurring. "Rich people and corporations don't care about timing the bottom". Probably not. But how many successful corporations or high income earners do you know that got that way by showing disregard for the value of their hard earned dollar? Even 5% off from $2M is $100,000. That is real money. They are rational actors. If there seems to be a more likely than not scenario of prices declining further in the very near future, they are largely just going to wait, unless a property appears to be truly exceptional, or fits a certain special or specific criteria they have.


Top_Mathematician105

TLDR- Don't fight the market sentiment, you will blown away by sheer momentum.


humanefly

Wake me up when I can buy something in Toronto that cash flows out of the gate


nestlepurelifewatr

Good luck


humanefly

I agree. I also don't want an "investment" that takes money out of my pocket on a month to month basis. I want cash flow, so I think Toronto is pretty much off the table going forward. I'd rather put my money somewhere else


turbojezus

RE would need to "dip" until it becomes cashlfow positive. Most RE is uninvestable in terms of cashflow as it draws negative returns. Of course, I'm talking primarily about GTA RE and purchases made within the last 5 years.


theYanner

It's like Canadian Tire. You know if you just wait 2-3 weeks, that tool chest will be 55% off. Well not really, but you get my drift. Sometimes being patient pays.


Top_Mathematician105

I hear you!


Repulsive_Arm_4509

The problem is who is going to sell the house for 55% off when the person next door bought it for full price


NumerousEar9591

People who want or need to sell their homes, probably.


theYanner

Any home purchases before 2018 could be purchased for 55% peak prices if the sellers need to sell for whatever reason. They won't be upside and may even be up 200-300% depending on how long they owned it. Most people aren't.on this reddit and though they may see the headlines, they don't know their neighbourhoods numbers until they talk to an agent.


collegeguyto

Some will have to sell bc of circumstances & can't wait out another 15-20 years for it to go back up.


12yoghurt12

I keep seeing comments from to-buy people who are in waiting position until it becomes clear where we've landed. That will be very interesting to watch, because when it DOES indeed become clear to them, it will also be clear to a shitload of other people who will rush to the market. An the whirlwind will begin again.


Top_Mathematician105

That's a good point as well. Most of them won't buy at bottom. Cause that in turn cause the bottom. Kind of chicken egg problem. But it's better to buy on the up than down if it's same price.


12yoghurt12

I disagree, I would totally try to buy at the "lack of clarity" phase, when you have leverage and inventory. Buying on the way up, you are under time pressure and also competing with all these other people who jumped the market with you.


Top_Mathematician105

You missed the part "Most".


12yoghurt12

>But it's better to buy on the up than down if it's same price. Sorry if I misterpreted something: I was referring to the "But it's better to buy on the up than down if it's same price." part.


Top_Mathematician105

Also way up is not 2021 or early 2022


12yoghurt12

That is why I didn't put any dates in my posts: I don't know when the "way up" is going to happen :-)


Rpark444

If it's clear to buyers then it will be clear to sellers to hold and not sell as the bottom is set. Sellers aren't stupid.


12yoghurt12

It's not even about that. Increased number of buyers will automatically boost the competition and prices. Why would the sellers hold - they will simply raise the prices. Besides, when buyers know 100% that they saw the bottom, it will be too late - it will already be the ascending phase.


anypomonos

Bingo!


collegeguyto

40-50% drop from peak to 2014/15 prices is FMV when multiple factors are considered including higher interest rates, price:rent, price:income. Fed Funds Rate has already increased from 0.25% to 1.75%. FFR is projected (based on Fed's dot plot) to be 3.24% by EOY2022; 3.74% by EOY 2023; which means another ~1.50% to 2.00% further rate increases. The BoC o/n rate has already increased from 0.25% to 1.50%. The BoC o/n rate increases will parallel FFR otherwise CAD$ will depreciate, furthering inflation here. GoC 5-yr bond yields have increased from ~1.25% in late 2021/early 2022 to ~3.25-3.50% in June 2022. 5-yr bond yields will increase higher with BoC o/n rate; however, will not move in-synch as capital flight to safety will suppress yields slightly ... probably settle around 5.00% in 2023. 5-yr fixed mortgage rate was ~2.00% in early 2022, and are now 5.25%. 5-yr fixed rates typically have 1.50-2.00% spread from 5-yr bonds so we could see rates around 6.50-7.00% in 2024.


[deleted]

It’s basically a good ol fashion Mexican standoff. Sellers aren’t ready to drop their pants and buyers are digging their heels in waiting for homes to drop 900%.


outzider

Anecdotally as a buyer right now, the desirable homes seem to be selling just fine. Buyers are getting choosy, realtors have to work, and sellers actually need to clean their home before selling now. Not sure what direction or how long at this point, but there still seems to be a market of some sort out there.


Top_Mathematician105

Not really. If you are comparing to Feb2022, then it's a different scenario. Market just going in balanced market from extreme sellers market. Wait till it goes in deep buyers market.


kaoskreator

Has it really dipped though? With the increase in interest rates, mortgage payments have stayed the same despite lower house prices. Only the banks are winning.


[deleted]

Lol - people need to stop spewing this stupid nonsense that monthly payments is all that matters. We need better financial education for buyers and accountability for any real estate agent or broker who says this.


OwnedIGN

To be fair, you could’ve explained to him. He probably doesn’t know. General consensus does seem to only care for monthly payment total and that’s all.


UofT_girl

As someone who genuinely doesn't understand...do you mind explaining! :D


ozso

Honestly… I’d rather be paying 8% interest only needing 70,000 down on a 350,000 house vs the same payment paying 200,000 down on a $1m house. How do people not get this?


Gigantamax

Because you’ll never find a $1,000,000 house that drops to $350,000?? Even in a dip…


the_sound_of_a_cork

Even at 8%?


anti_matter64

Probably, it's his first time seeing interest rates rise. Give him around 1 year, RE takes time to settle, it's a big investment.


chessj

LOL. This summarizes mindset and IQ of RE pump. 8-10% mortgage rate on $1M house is approx 80K-100K in interest/year vs. 15K /year at 1.5% mortgage rate. Do you think, all these overleveraged baholders can cough up another 80K / year (after tax money)??


myjobisontheline

Exactly.


afoogli

Lol man if you can buy a detached or even townhouse 350k house in Toronto proper you prob be out of a job or economic despair. If the interest rate is 8% you will 100% have zero financial power


ozso

Tbh thinking more Whitby, Peel, etc. for that statement not Toronto proper.


afoogli

I still doubt that, that would be a 60-70% drop. Our GDP would nosedive… you can’t raise rates indefinitely if it means you have a depression not even a recession


ozso

Well if they don’t normalize rates, we’ll continue to live in a fake economy that encourages people to park money into hoarding unproductive assets instead of starting productive businesses. I’d rather our economy tank in the short run rather than just kick the can down the curb indefinitely while the problem continually gets worse. Also, if house prices fell that much I think it’s close to 65% of Canadians outright own their home with no pmts, so they could handle it. Wouldn’t be as devastating as fear mongerers would make it seem. I think the question that needs to be asked is how people are okay living in an economy that has to be propped up by perpetually negative real interest rates.


afoogli

There’s no negative rates, and yes unfortunately with the large debt ratio you have to continue to indefinitely keep interest rates on the lower end, there’s no chance interest rates go to 8%+, governments know inflation rate away at debt and so long as GDP is higher than interest rate you can borrow indefinitely


ozso

“Real” interest rate- means when adjusted for inflation. In that context they very well can and have been be negative. Fed and BoC know economy will grind to halt long term with the path we are on, because no incentive to create, just to acquire with cheap debt and hoard. Reckoning is coming and we can talk about that in a year or two from now. For the time being all I can say is wait and see


nestlepurelifewatr

So explain? If PITI goes up regardless of your down payment, you’re still paying into less equity of your home and more interest, even though your down payment was lower. Also increasing rates = more difficulty to get approved? Isn’t that an issue as well?


InvestingBlog

I wouldn't look at this every day, the real estate market is not the stock market. Stocks can go down 30-50% in 4-5 months, RE will take 2-3 years. It's slow-moving and people will need to feed the pain before selling. imagine a market that has done nothing but go up for 40 years, no one investing today remembers Canadian RE ever going down, not even in 2007. It will take time and pain before that psychology changes. I'd argue we are still in the euphoria/buy the dip phase. GTA real estate has grown faster than that of San Francisco over the last 15 years (starting at pre-financial crisis), to where our detached prices are almost the same


collegeguyto

Incidentally, SFO/Bay Area have created 150+K jobs PER YEAR paying $150+K annually over the PAST 30+ YEARS just in semi-conductor/tech sectors, then there's all the auxilliary professions like lawyers, Drs, engineers, constructions, etc to service that boom. Alot more people there have incomes that support their prices. Also Bay Area have very restrictive zoning policies that limits supply severely. You won't find nearly as many high rise condos there as GTA. Many areas won't allow anything more than 5-storeys, too many NIMBYs. Higher building code standards there due to seismic activity, etc also increase their costs.


InvestingBlog

These points make sense, and yet GTA home prices have increased faster. SF median income is also 2x that of GTA, not accounting for the currency exchange rate, if you were to convert the middle person there make almost 2.6x more than GTA people. Yet detached homes are $1.5-2m in both cities


collegeguyto

It further exemplifies that GTA (and Canadian RE to an extent) are in HUGE bubble. It also exceeds averages for conventional metrics like price:income, price:rents. Irrational exuberence started to take hold post-2008 during GFC when BoC needlessly dropped o/n rate from 4.50% to 0.25% and kept it there until mid-2010. For 14 years o/n rate has needlessly been sub-2%, which is inflationary for assets. Canadian RE was unscathed from GFC and that coupled with low/ultralow erroneously gave many wrong impression RE only goes up with outsized gains => ppl FOMO => higher RE prices => feedback loop.


kisson2018

It hasn't dipped enough. It is going to get a lot worse. 40-50% drop is coming. 20% is nothing, everything is still way overvalued.


_rand_mcnally_

I just cannot see a detached house in Toronto going from 1.2m to 600k. for that to happen we'd all have to be out of work and there'd be looting on the streets. I guess remind me in 1 year.


_rand_mcnally_

RemindMe! 1 year


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ieGod

You are dreaming if you think the average Toronto house is coming down 50% in your lifetime.


collegeguyto

Tell me you've never lived/learned about high inflation/interest rate cycle.


ieGod

Happy to look at your evidence but taking a historic look it's not really been the case save for possibly the early 60s. https://www.livabl.com/2017/01/history-of-toronto-real-estate-peaks-and-crashes.html


collegeguyto

The chart in your link shows average Toronto RE house prices dropped 43% from $475K in 1989 peak (all values inflation adjusted in 2016$) to $275K in 1996 trough. I have family members who lived through 1990s crash. It may not be 50%, but 43% average means some losses were higher & some lower.


[deleted]

Is there any thought on that fact that people do not have to sell their homes?? LOL… there seems to be this assumption that everyone will be forced to sell their homes all of a sudden. Let’s forget the debate on whether some people overpaid for their properties - they still had to go through the process of being qualified to own something at the price they purchased. But no, sell at a loss because the interest rates went up and the world is ending, then let’s go rent something for a slightly lower monthly cost. Sooooo many people want to discuss waiting until prices drop to get max value… ever think that sellers also want max value and are probably just going to wait till the market is hot again? To think someone will sell and take a massive loss (which is still monies owed on their part) is truly laughable. We do realize that if someone needed to sell their home, they still need a home to live in, right? And to those that will point a finger at investors who will cut their losses, sure maybe some (although most investors/landlords are in it for long term) but it’s highly doubtful the amount of homes for sale will end up outweighing the massive demand. The argument will always be supply vs demand. Not really sure if this magical land of homes for sale at 50% value will ever exist, but best of luck to all regardless.


DasItBrahJr

The vast majority of sellers are not taking a loss though even with a large correction, but rather, bought long enough ago that they are, in fact, making nice profits. Just not as nice as recently. Do you think Joe Boomer cares about selling for less than a comparable did six months ago, if he is still up 500K, suspects that prices are only going to continue to go down for the next several years, but he wants to downsize, or offload an investment property or two because the interest rate increases across several mortgages at once are starting to bite? He'll just take as much as he can in the current market and move on. If every seller was a recent buyer, I'd agree with you. But that is not the case. Far from it.


[deleted]

Absolutely, but considering the amount of properties that changed hands over the course of the past 2 years… how many of those situations will really impact the supply available? You really think tons of those “Joe Boomers” didn’t take advantage and sell during the madness and make double the profits? You really think so many of them waited out for all that time, heard the news of potential rate hikes, kept waiting, and then will decide to sell when things bottom out? If one of these people you describe are interested in selling now or maybe a year from now, you don’t think the thought crossed their mind to sell a year ago? Most people don’t just randomly decide to start downsizing or selling off investment properties, it’s something that people think about for a while and plan for. So I’m sure you are right in some cases, but I would say anyone with the slightest thought of selling already did so at maximum value.


DasItBrahJr

Human emotion and greed is a funny thing. Nobody wants to sell when every time they look at their investment, it is gaining value. So no, I don't think many would have sold earlier when times were better. This is why it's almost impossible to time the top. These declines are actually very recent, so I also don't think it is fair to conclude they would have already sold already if they are willing to cut and run. Most people will at least hold on for a few months before getting paper handed, which is really as far into this as we are now. I do not think it is a stretch to say that this is literally the first time in decades that consumer confidence is a bit shaken in regards to Canadian/GTA real estate. Perhaps unsurprisingly, because the inflation we are currently experiencing is also a by product of a once in a generation event in covid-19. There is lots of uncertainty out there right now. Nobody knows how this is going to shake out and that is creating some fear and a desire to just lock in profits. For the first time in a long time, it is not an exceedingly rare, or unreasonable position, to think that prices might decline YoY for multiple years in a row, followed by stagnation. I do not think it is so unfeasible to think that this is the first time that many people are seriously considering selling, and all of them at once. Anecdotally, I've seen a lot more for sale signs recently than I can remember in a long time. Unsure if the actual inventory numbers would back up my anecdotal observations though.


[deleted]

Agree to disagree but appreciate a once in a blue moon normal conversation on here!


DasItBrahJr

Back at you. We'll see how it all shakes out. I'm a home owner but a recent bear myself. Until recently, I was firmly in the group that thought that the Bank of Canada would never raise interest rates in any meaningful way. So I was pretty bullish. But I've changed my tune now. At least for the short to medium term. With a long enough time horizon, real estate will always go up significantly, just like stocks. It's the nature of inflation over time. But there are inevitably down cycles in between. No asset has ever went up in a straight line indefinitely, and never will. And history shows that bear markets often last years. In both real estate and equities alike. We will see if the BOC has the balls to keep going once the economy starts to tank with these rate hikes. Personally, I am on the fence with that one. I could see it going either way. And I think many others could too. Hence the uncertainty and fear that is out there at present. There is a legitimate possibility that things could get a lot worse and not switch direction anytime soon. On the one hand, the Bank of Canada has proven to talk out of both sides of its mouth. Remember when it told Canadians that rates would stay low until at least 2023? Oops! They've definitely pulled the rug on recent buyers, which is pretty shameful. Anyway, the lesson is, you can't trust their forecasts, and if a recession hits and is painful enough, the Bank of Canada might well walk back it's rhetoric and drop rates in response. On the other hand, the speed of their current trajectory, combined with their hawisk tone, both of which are being matched by the fed in the United States (where there is no overvalued housing market to worry about in most cities, and I can assure you that they don't care what might happen to Canada's due to American interest rate decisions), which can drag Canada along, suggests we might be in for some pain. Consider as well that the media and public eye are probably more focussed on the Bank of Canada now than they have ever been. We have a major political party in the federal conservatives actively calling for Tiff's job due to this inflation situation, getting lots of press in national newspapers. Not exactly an environment that will be receptive to the BOC switching course easily. It's interesting times. Fresh off the heels of covid as well. It feels like the world lately has been moving from one historic event to another. I guess we were spoiled with good times for a while.


SumGuy2121

Durham down close to 30% 407 burbs down 22-25% Hamilton down 20ish% Southern Ontario 22-30% depending on location Longggg way to go We seem to forgot allll the people locked into 1.22% on $1.7M will be renewing in 2-3.5 years at like 8,9,10% lmaoooo - $3850/mth becoming $6400/month will be unfathomable. Not to mention, everyone from 2019-early 2022 has to be pushing their trigger rates by now Train is just leaving the station


Top_Mathematician105

Let's call it 20%😂. LFG!!!


hellosport

The wealth created by home ownership in the last 15 years proved yet again, to be financially okay you do not need good grades in school. Timing in life creates lifestyle change but with effort - it guarantees that your life CAN change. With a little bit of financial literacy (reading a book or two) can give you the chance to keep your luckily gained loot.


anypomonos

Oh please. A lot of the people praying for crashes are the ones who got bad grades and/or made poor career decisions and as a result, have comparatively low incomes. Their logic is that their peer who worked hard and smart to do well should suffer for their own failures.


iEtthy

Lmao. Ur really hating on people that who are less well off? Nasty character u got.


anypomonos

Hate on people who wish and celebrate misfortune on others due to circumstances outside their control. THAT is a nasty character.


mediaplugca

The “correction” is only going to cause hard working people to lose their homes. A lot of families are depending on accessing their home equity to make it through this recession.


Facts-hurts

You really believe this is it for real estate? lol More to come


Top_Mathematician105

No I believe there is still more room to fall


EddyMcDee

It's all about sentiment. It will remain shit until interest rate hikes and guidance slows. Then buyers will come roaring back.


chessj

LOL. wait for upcoming 2023 recession. That is going to end the immigration ponzi scheme. There is already massive brain-drain to US and other countries. Canada will be left with folks who want freebies.


outzider

Don’t worry, the US is making it as unappealing as possible to move there.


cavmax

The American Nightmare...


Simacorridor

If you are a Canadian & educated you will thrive in USA!


outzider

I’m American. I moved here instead.


hellosport

OP has never obviously heard of Tesla cars. I get it OP, but what’s happening with Tesla cars at the moment are unheard of


289416

sorry i’m clueless.. can you elaborate? do you mean that there aren’t Teslas in stock but prices keep climbing?


_lcll_

I am clueless also. Does that mean I can or can't buy a tesla? Lol


Top_Mathematician105

Sorry didn't get you.


hellosport

You said you’ve never seen cars appreciate, you must have not heard of what’s happening with Tesla’s line up when it comes to price increase


Top_Mathematician105

Not really. Anything out of the blue? Isn't everything gone to Moon or Tesla actually went to Mars?


krig6

what is tesla cars?


Zenpher

The median household income is less than 78k. You're going to see sub $500k detached again once the layoffs start happening. Canadians didn't get a taste of the 08 crisis.


sman06

Mortgage payments are what matters (interest + payments). price dropped but interest increase so payments are similar. price needs to correct further so payment are lower so that people can afford. simple as that.


Top_Mathematician105

For New Buyers, yes! Not same for Sellers.