Home buying - 300K house or 400K house |
rahul_singh23
Senior Desi
Member since: Apr 05
Posts: 989
Location:
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We are different than US?
We have good system and our mortgage standards are really good and top of that our RE professionals follow strict guidelines. This news is just a tip on iceberg and pretty much all the banks are involved in this kind of practices. It’s not news within Indian community.
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Bank of Montreal alleges huge mortgage fraud
LINK
The Bank of Montreal is suing hundreds of people in Alberta, including lawyers, mortgage brokers and four of its own employees, in what is one of the largest alleged cases of mortgage fraud in Canadian history.
House prices to drop: TD
LINK
LINK
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Last edited by: rahul_singh23 on 05-05-10 12:48:03 |
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05-05-10 12:47:02 |
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bally minhas
Senior Desi
Member since: Nov 03
Posts: 161
Location: MISSISSAUGA
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Spending so much is not wise
We fail to understand North American way of life even after so many years of living.
One must buy a house, no doubt.
But a large house/ for whom? yourself or to show others? and stress yourself with mortgage and ask your wife to kill herself with job and home and kids?
how long will you live in that? 10 years max? that too with inconvenience commuting to next job/ university for kids/ wife's next job.
Unlike India, job/ university keep changing here. houses are not RCC. You need to pay Dollars for heating and electricity.
You can not just lock the house for an year like we do in India sometime.
these simple facts, we ignore, just to get an opportunity to show off.
Show off to whom?... canadian indians really do not have time... except real estate agents/ insurance agents etc.
Your kids have their own ideas.
It is really not worth.
We must seek happiness by spending that money... or donate it.
Simple living high thinking.
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trying to find real persons
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07-05-10 19:47:26 |
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rahul_singh23
Senior Desi
Member since: Apr 05
Posts: 989
Location:
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This week CBC 60 minute reporting about "Mortgage: Walking away"
----------"It's estimated that one million Americans walked away from homes "underwater" or worth less than their mortgages even though they could afford the payments. Morley Safer reports on this trend, called strategic default that threatens the economic recovery. "------------
LINK
In free market capitalism only uncompetitive businesses and people loose their shirt but in government run (soft socialism) market everybody looses their shirt even encourage the people to do wrong things.
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This is the result of govt intervention in free market and popping the asset price by low interest rates, longer amortization period, no/little down payment, govt/taxpayers co-signing 90% mortgages (CMHC, Freddie/Fannie), home buyer credit. Can we see our future?
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Last edited by: rahul_singh23 on 10-05-10 02:29:30 |
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10-05-10 02:28:50 |
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Dotty
Junior Desi
Member since: May 10
Posts: 29
Location: UK
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Hi,
This long dicourse was very helpful... at least for me. i hope it has answered all the questions of the person who posted the query about what sort of mortage he should take etc...Friends, we all have a right to our own opinions, we all think according to what is comfortable for us within our belief systems.. we all listen to everyone but ultimately make our own choices and decesions. To buy a house is also good and not to buy one and to stay in a rented apartment or a smaller home is also good.. depends how one approaches life and what one wants in the end...
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Mehra
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10-05-10 19:22:39 |
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rahul_singh23
Senior Desi
Member since: Apr 05
Posts: 989
Location:
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Inventory and household debt?
Inventory and household debt?
Calgary: rising inventory very fast
There's now well over 11,000 metro Calgary homes listed for sale on the Calgary MLS
Vancouver: Double inventory (17,000)
Doubling of number of units for sale since the beginning of the year. started off 2010 with 8724 units for sale, which means 17,448 is the magic number. The Vancouver West Side has the biggest – they’re already close to 150% of the number of listings from January 1st.
How is GTA doing in inventory?
Canadians top Greeks in household debt
LINK
When household indebtedness is measured as a ratio of consumer debt to financial assets, it becomes clear that Canadian households rely much more heavily on consumer credit than their counterparts in other countries," the report explained. Canadians' debt-to-income ratio reached 144% by the end of 2009.
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How come we have more personal debt than USA?
Creative idea - iBidBroker
Property website aims to cut costs, boost choice for home sellers
LINK
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12-05-10 12:21:06 |
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rahul_singh23
Senior Desi
Member since: Apr 05
Posts: 989
Location:
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April home sales inch downward
April home sales inch downward
LINK
The Canadian Real Estate Association said 99,901 homes were put up for sale in April, a new monthly record. Many homeowners are hoping to sell at what some suggest may be the market's peak, as higher mortgage rates and rising prices discourage buyers from entering the market.
The number of homes being listed has dampened the market somewhat, however, as buyers have more choice and can take their time before making a purchase. Seasonally adjusted national home sales slipped 2.6 per cent from March, and are now 6.8 per cent lower than they were in December.
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Canadian banks can and do directly pass every garbage loan to the Canadian Central Bank. In the US, Fannie and Freddie (in spite of their numerous faults), were actually among the more sane players in avoiding subprime slime.
The worst of the trash in the US went to hedge funds, pension plans, foreign investors, etc.
Canada's policy avoided the bank failures we saw in the US, but at the expense of bloating the central bank balance sheet with garbage. That policy will work until it doesn't.
Now, I have you telling me it's different in Canada. You sound just like the clowns who thought it was different in Florida, it was different in Las Vegas, it was different in San Diego, and it was different in Portland.
Well I have news for you. It was not different in any of those places and it is not different in Canada either.
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Western Canada is flooding. How's Inventory in GTA?
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Last edited by: rahul_singh23 on 17-05-10 12:31:36 |
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17-05-10 02:40:21 |
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rahul_singh23
Senior Desi
Member since: Apr 05
Posts: 989
Location:
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Lawyers jump into listing battle
LINK
Mr. Forcier's group is now working with an agent with the Ottawa Real Estate Board who, for $109, will take the listings his group gets and upload them to the national site mls.caor realtor.ca."You don't want to talk to a Realtor who will charge you 5%, you don't want to deal with the FSBOs [for-sale-by-owner sites] who are not licensed, so you deal with a lawyer. We've been involved with deals since Confederation. We understand deals and we know how to negotiate deals," Mr. Forcier said.
Consumers using his site would get access to a lawyer from the beginning to the end of a transaction and would get legal advice on areas such as disclosure rules and zoning bylaws.
Ontario lawyers are allowed to trade real estate under the Real Estate and Business Brokers Act.
"We do private deals all the time. This just means we have to organize it a bit," said Mr. Forcier, who has managed only about 20 to 25 listings on his site, which is linked to 61 lawyers operating in Ontario. British Columbia lawyers are organizing a similar system in their province.
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How's GTA inventory doing?
We have Open house parade in our neighborhood 8 open house in a day.
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18-05-10 12:57:54 |
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thekey
Junior Desi
Member since: May 10
Posts: 1
Location:
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Home buying - 300K house or 400K house
Hi,
As there are lot of variables to purchase a house, you need to seat down and come up with your requirement list.
Once you know what you are looking for, then it is a piece of cake to purchase a house.
Let me know if you like to have more info on home purchase.
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22-05-10 18:39:39 |
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rahul_singh23
Senior Desi
Member since: Apr 05
Posts: 989
Location:
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What's the hurry when RE is all set to go in one direction.
Q is how fast? How RE inventory is doing in GTA?
LINK
Calgary - We're on schedule to have the lowest number of May single family home sales since the beginning of the new millenium. For the period May 1 - 25, there are 1033 sales. The next closest was 2008 with 1056. The highest was 2006 with 1627.
Quote:
Originally posted by thekey
As there are lot of variables to purchase a house, you need to seat down and come up with your requirement list.
Once you know what you are looking for, then it is a piece of cake to purchase a house.
Let me know if you like to have more info on home purchase.
LINK
"Remember the schedule: Rate hikes in June. Tax hikes in July. More listings all summer. Price pressure in October. Temptations by Christmas. Sellers need sixty to 90 days to understand they’re screwed in an environment of rising competition if they don’t dump their price. That means houses coming to market now will be repriced by the autumn – then repriced again. But don’t buy. 2010 is a head fake. The years after that will make you wild."
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Last edited by: rahul_singh23 on 28-05-10 01:05:26 |
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28-05-10 00:50:08 |
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rahul_singh23
Senior Desi
Member since: Apr 05
Posts: 989
Location:
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House prices to fall next year - CREA
It seems CREA is not doing his job and RE industry is not happy.
If crea is calling price decline means- ready for crash. They are last one to predict Tsunami when you can see Tsunami with naked eyes.
LINK
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Houses prices are whatever people are willing to borrow and the banks are willing to lend.
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Last edited by: rahul_singh23 on 02-06-10 15:38:27 |
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02-06-10 15:37:29 |
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