Posted on: 27-01-08 21:18:58
I came across information that there is seminar on RRSP and Mortgages in SWAMINARAYAN MANDIR on 17th FEB 12:30 PM. Anybody interested should contact Mandir. The somebody from RBC bank will give presentation.
Get advantage if you want.
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એક જ ટીપામાં હો જાણે સાત સમંદર,
એવા ઝંઝાવાત હજુ હૈયાની અંદર
Touching the RRSP for RE in these economic conditions is good idea?
Why we don't understand simple things....
I don’t understand why people blame realtors/agencies/banks or experts for their bad financial decision. They are merely doing their jobs-if it involves pumping the market, massage the sales data, 100 yrs mortgage idea, creating an urgency to buy, introducing ‘fears of being priced out forever’ or anything else that will increase their commission-they will do it. If I am at their place I will do same.
Experts are commissioned sales people who make their living by selling their services and ‘advice’ to home buyers and sellers. The higher the price of the goods they sell and the higher the volume, the higher their commission. Is there anything complicated in this that people do not understand?
If the market volume falls and/or market prices fall who loses the most? It is experts and pretty much everyone else in the real estate value chain. So why do people have any expectation that experts or the associations that represent them will put anything but a positive spin on everything. Do people really believe that CREB, EREB or any experts really wish for lower prices or lower sales volumes? No. Few months back the entire bank’s economic advisors giving national statement that we are not into sub prime business so our banks are safe. Now days every Canadian bank starts opening mouth about sub prime mess. Does bank's economic analyst not know what his/her bank doing or he/she is throwing lies?
The problem here is that the agencies control the data and since they are the custodians of the data, they can spin the numbers whatever they want, including changing the criteria or representation as they deem fit.
Don’t expect an expert to say that you should hold off making purchases until a certain time. How will they make a living if they were to pass on such advice? After all, they have mortgages too!
It seems you have very good knowlegde yaaar... and writting very blunt.
Can you please help me in makning a decision about house ? I want to buy house that is for sure, if not now but sure tommorrow.
1. Can I really know the prices are high or low in current situation?
2. How can i know economy is good or bad?
3. If economy - good then house prices go up or down?
4. If economy - good then mortgage rates go up or down?
5. Buying a house without realtor is a good idea? bcas, in commission, buyer pays to seller's agent+seller's company and buyers agent+buyers company. Buyer usually pay commission to 4 peoples.
6. what is "sub prime mess" in your comments?
Sorry for too much questions
thanks
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એક જ ટીપામાં હો જાણે સાત સમંદર,
એવા ઝંઝાવાત હજુ હૈયાની અંદર
Hi love_n_peace..
I can not advice you or anyone when/what/where to buy or not. It's not just a transaction or sale number for you (may be for experts), it’s your biggest purchase or life time financial decision for you. I never bought home in Canada but did lot of research (mainly AB) as I bought/sold in US on right time before moving Canada.
I seen people who made fortune in RE and now they are living mortgage free and people who lost everything.
My only advice is that never make your decision from experts/banks/real estate board report. Try to stick with basics (if looking for long term) like 20-25% down payment, traditional mortgages (not like 40 yrs), room for paying mortgage if rate is 9%, must save some money for rainy days/there are other factors too (you can dig more in same forum) .
Bottom line…. you must not become home slave.
This website might help you to ans few questions:
http://patrick.net/housing/crash.html
Quote:
Originally posted by love_n_peace
It seems you have very good knowlegde yaaar... and writting very blunt.
Can you please help me in makning a decision about house ? I want to buy house that is for sure, if not now but sure tommorrow.
1. Can I really know the prices are high or low in current situation?
2. How can i know economy is good or bad?
3. If economy - good then house prices go up or down?
4. If economy - good then mortgage rates go up or down?
5. Buying a house without realtor is a good idea? bcas, in commission, buyer pays to seller's agent+seller's company and buyers agent+buyers company. Buyer usually pay commission to 4 peoples.
6. what is "sub prime mess" in your comments?
Sorry for too much questions
thanks
There are a lot of questions above. It could take a few pages to respond to all of them as some are very broad questions.
1. Prices vary across different parts of the city. Some have gone up a lot in the past year, some not as much. It even breaks down into specific neighbourhoods and communities. So it all depends on the specific area. In general, they are projecting that prices are still going up this year, but not by as much as the past few years.
2-4. Very broad questions...I'm not sure how to answer all this in just a few sentences/paragraphs.
5. The seller pays the entire commission. The buyer does not pay commission to anyone.
6. Subprime Mess are mortgages the American companies pushed upon their people and that's why they are in the mess that they are in. Subprime doesn't affect us here as less than 5% of Canadians use this type of mortgage.
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Vimal Patel, Realtor
Homelife Royalcorp Real Estate Inc., Brokerage
Cell: 416-887-3745
Office: 905-856-6611
Fax: 905-856-6232
vimal.patel@gmail.com
http://www.vimalpatel.ca" rel="nofollow">LINK
Quote:
Originally posted by vimpatel
Quote:
Originally posted by love_n_peace
It seems you have very good knowlegde yaaar... and writting very blunt.
Can you please help me in makning a decision about house ? I want to buy house that is for sure, if not now but sure tommorrow.
1. Can I really know the prices are high or low in current situation?
2. How can i know economy is good or bad?
3. If economy - good then house prices go up or down?
4. If economy - good then mortgage rates go up or down?
5. Buying a house without realtor is a good idea? bcas, in commission, buyer pays to seller's agent+seller's company and buyers agent+buyers company. Buyer usually pay commission to 4 peoples.
6. what is "sub prime mess" in your comments?
Sorry for too much questions
thanks
There are a lot of questions above. It could take a few pages to respond to all of them as some are very broad questions.
1. Prices vary across different parts of the city. Some have gone up a lot in the past year, some not as much. It even breaks down into specific neighbourhoods and communities. So it all depends on the specific area. In general, they are projecting that prices are still going up this year, but not by as much as the past few years.
2-4. Very broad questions...I'm not sure how to answer all this in just a few sentences/paragraphs.
5. The seller pays the entire commission. The buyer does not pay commission to anyone.
6. Subprime Mess are mortgages the American companies pushed upon their people and that's why they are in the mess that they are in. Subprime doesn't affect us here as less than 5% of Canadians use this type of mortgage.
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1. I agree with Vim. But we are already on tip of iceberg in price. For first time buyer this might be turn off or better to watch 100 times before buy.
5. I agree with Vim here. But buyers pay sellers and everyone. First time buyers are the smallest fish in whole RE chain.
6. On papers it seems good that we are only 5%. The whole point here is lots of people are hand to mouth under debt and living on paycheck to paycheck. If anything changes they are in trouble. Here you go (lot of people can say Calgary is different, it will not happen here):
Calgary:
sfh inventory jan/06 1,023
sfh inventory jan/07 1,894
sfh inventory jan/08 4,100
condo inventory jan/07 886
condo inventory jan/08 2,000 plus
total listing :
jan/05 5,076
jan/06 1,723
jan/07 3,546
jan/08 8,036
Overall sales to new listings are down 35% over last January. Buyers are disappearing and listings are growing. The SFH inventory for sale numbers are up by 46% from Jan 07 to Jan 08. The condo inventory is up by 45% Jan to Jan.
Condo sales are down 44% Jan 08 to date versus Jan 07.
great work Rahul...keep it up!!
