Quote:
Originally posted by rahul_singh23
There are 12k home under construction in Calgary. More than 10 k is on sale already. Mortgage standards are tightening every day. Stock market is trembling.
Wait for next 6-7 months and see how this market looks like? Any thoughts?
Quote:
Originally posted by Big Vee
There are people living in hotels and motels because they cannot find homes. BV
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Mumbai Maazi Ladki ...
Quote:
Originally posted by Big Vee
I believe the market in Calgary is not saturated yet. Indication from friends in the Calgary area is that there is still so much pent up demand that the 25 k homes will barely cover them for the next year.
KNOWLEDGE AND EXPERIENCE IS POWER
We have over the past few weeks have heard many high powering words in this segiment of charcha.
After over 29 years in the Mortgage Lending business I think I may qualify to make a comment on the state of affairs in the housing market in relation to the bleeding of the stock market and the losses at he subprime market.
We must not let the gloom of the market and subprime effect our mental state. Huge majority of us are borrowers in the A market or Prime.
Majority of my clients are from East Europe, Poland, Phillipines, Greece etc and our desis that are refered by family and friends. How differently each culture looks at the oncoming opportunity?
The outlook of each one is different. If you take woodshavings, shraded papers, iron filings, some butter and meat and throw them all in the fire you will notice that they all act differently to the same element, some will melt(butter) while other will get harder (iron) while others will react differently. The point I am making is it depends upon each one of us as to how to let the situation effect us.
My suggestion is that if you own a home and have fixed your mortgage than go about your business and not panic. Make you monthly payment and build your equity. If you have variable please do not panic because whatever goes up in the mortgage business comes down quickly. Historically, the rates are still decent.
My ask to every Desi is that you do not lose your sleep worrying about the markets and mortgage rates. As recent as last week Firstline is known to have given my clients a rate of 5.60 for his home in Edmonton. As long as you have your job and afford to make your payment keep calm. *
Unless you have investment property/s (you need a roof over your head and let's not call the home an investment property) there is little to worry about.
Sky is not falling and does not look like it will fall any time soon.
If you donot own your own home and can afford to buy (zero % down option is available) think seriously about buying. Yes, for every dollar you can rent a bigger house than you can buy but with renting there is no equity built. Very soon there may be a good opportunity to buy with housing market fast stablizing.
I am expecting floods of reaction to this, my different outlook. I believe that ones own home is still the best investment any family can make.
Warm Regards
*On a personal note, I have never had a fixed mortgage.
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S. kanji
I may not agree with your opinions, but I will fight to death for you be able to air your views.
Quote:
Originally posted by kanjis
KNOWLEDGE AND EXPERIENCE IS POWER
We have over the past few weeks have heard many high powering words in this segiment of charcha.
After over 29 years in the Mortgage Lending business I think I may qualify to make a comment on the state of affairs in the housing market in relation to the bleeding of the stock market and the losses at he subprime market.
We must not let the gloom of the market and subprime effect our mental state. Huge majority of us are borrowers in the A market or Prime.
Majority of my clients are from East Europe, Poland, Phillipines, Greece etc and our desis that are refered by family and friends. How differently each culture looks at the oncoming opportunity?
The outlook of each one is different. If you take woodshavings, shraded papers, iron filings, some butter and meat and throw them all in the fire you will notice that they all act differently to the same element, some will melt(butter) while other will get harder (iron) while others will react differently. The point I am making is it depends upon each one of us as to how to let the situation effect us.
My suggestion is that if you own a home and have fixed your mortgage than go about your business and not panic. Make you monthly payment and build your equity. If you have variable please do not panic because whatever goes up in the mortgage business comes down quickly. Historically, the rates are still decent.
My ask to every Desi is that you do not lose your sleep worrying about the markets and mortgage rates. As recent as last week Firstline is known to have given my clients a rate of 5.60 for his home in Edmonton. As long as you have your job and afford to make your payment keep calm. *
Unless you have investment property/s (you need a roof over your head and let's not call the home an investment property) there is little to worry about.
Sky is not falling and does not look like it will fall any time soon.
If you donot own your own home and can afford to buy (zero % down option is available) think seriously about buying. Yes, for every dollar you can rent a bigger house than you can buy but with renting there is no equity built. Very soon there may be a good opportunity to buy with housing market fast stablizing.
I am expecting floods of reaction to this, my different outlook. I believe that ones own home is still the best investment any family can make.
Warm Regards
kanji S
http://www.hlcmortgages.com/salimkanji" rel="nofollow">LINK
1 800 265 2694
*On a personal note, I have never had a fixed mortgage.
Yesterday's Calgary Herald front page headline was "Subprime Woes Hit Canada".........now I don't have the time to pull up and repaste every bulls quote that adamantly stated "WE ARE DIFFERENT HERE".....but you get my point.
I think Monday or Tuesday Calgary Herald has something like CIBC has $ 196 million in sub-prime US market.
US stock market continually loosing ground even after feeding with EU, Canadian banks on Friday last week.
Every road/corner in Calgary has realtor boards and some are with reduced price.
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