macleans article:

http://blog.macleans.ca/2009/03/04/attack-of-the-condo-craters/


The fear is, if condo prices fall far enough, it will make more economic sense for buyers to walk away from their pre-sale agreements and risk being sued rather than complete the deal. After all, if you made a $50,000 down payment on a pre-sale agreement to buy a $900,000 condo, but your condo is only worth $700,000 now, you’ll only lose $50,000 by walking away, but you’ll overpay by $200,000 if you go through with the deal. If enough people walk, more projects might be put on ice. And just the sight of condo craters sitting empty threatens to further drive down consumer confidence. “When you see a project where nothing is happening, it becomes a symbol of what’s happening in the economy,” says CIBC’s Tal. “It impacts the psyche of potential investors and consumers.”

Meanwhile, back in Toronto, there are other signs of trouble beyond the slushy mess at Yonge and Bloor. In August, Pinnacle International, which is building its third and fourth towers in the city’s downtown core, stopped work on the fourth building after just one floor had been erected. Company CEO Mike De Cotiis says the company hopes to resume construction on the tower once the third building is finished. Then in December, developer Minto tore down the sales centre for a condo project on King Street and abandoned the project altogether. Now the Trump International Hotel and Tower is trying to fend off media speculation the project is in trouble, even as workers toil away at the site. “Everything is on track,” says Howard Tikka, director of marketing. “I don’t know where all these rumours come from.”


http://www.greaterfool.ca/


About the time uniformed wait staff in gloves were bringing in silver trays of dainties, Chrysler Canada was announcing 1,200 more people would be losing their jobs down the 401 in Windsor. In Hamilton, 1,500 steelworkers heard their mill would be shut for at least a year. Maybe forever. In Toronto and London, TV stations and newspapers shed more workers, as did Conoco in Calgary. And, everywhere, the owners of an unknown number of small companies regretfully told employees they had to go home.

I can't make myself sick," she said. "I'm at the point where I'm losing sleep over it. I can't afford that. I have children to care for, and a job to do."


Silicon Valley 'underwater' homeowners: Should I stay or go?


http://www.mercurynews.com/topstories/ci_11837976?ref=patrick.net


Marie, a San Jose homeowner, owes about $560,000 on her house in the city's east foothills and figures it's now worth about $460,000. She tried to sell it in 2007 when she got married and moved to her husband's home, with no luck. Now she's renting out the house, but the income is not enough to cover the loan and property taxes.

As she scrimps to pay two mortgages, Marie is considering ditching the mortgage on her first house and walking away.

"Right now I have excellent credit. I take paying my bills very seriously," said Marie, who did not want her last name published for privacy reasons. But sheer stress, she said, might spur her to cease paying the mortgage, which would probably bring about a foreclosure.

"I can't make myself sick," she said. "I'm at the point where I'm losing sleep over it. I can't afford that. I have children to care for, and a job to do."

Stories of "walk away" homeowners and real estate investors became commonplace last year in California's inland valley, where home prices fell earlier and in some cases harder than in Silicon Valley.........................

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Must read site:

http://patrick.net/housing/crash.html

I think Rahul_singh you should mind your own business. I noticed you do not seem to be interested in anything but spreading vicious things.

We all listen and hear to news. Please keep these things to yourself and answer only if asked to be.

Please send your request to forum moderator for deleting my account and I have no intention to login with different name in future too. I will be happy if I have saved a single soul to fall into this RE mess. Have a good weekend.

Quote:

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Originally posted by Indush

I think Rahul_singh you should mind your own business. I noticed you do not seem to be interested in anything but spreading vicious things.

We all listen and hear to news. Please keep these things to yourself and answer only if asked to be.

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Rahul is merely sharing his thoughts ..He is not implying anything on anyone .
If you happen to disagree than just dont read them . Atleast he is not bashing anyone personally ...
Everyone on this board can share their thoughts as long as they do not hurt someone in particular .

BTW : I do not agree with Rahul in any of his post but I dont find them offending ,

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Growing Old Is Mandatory ..Growing UP is Optional

New house prices drop in January
March 11, 2009

THE CANADIAN PRESS

OTTAWA–Contractors' selling prices fell 0.6 per cent between December and January, a slightly faster pace than the previous month's decline of 0.1.

Statistics Canada reports prices dropped 2.8 per cent in Edmonton, 2.1 in Calgary, 1.1 in Victoria and 0.7 in Vancouver, all amid difficult market conditions.

The agency says new housing prices increased 1.4 per cent in Saint John, Fredericton and Moncton, N.B., as builders increased their list price or returned to list price after reporting lower negotiated prices in previous months.

Prices increased 0.8 per cent in both St. John's, N.L., and Saskatoon, while Quebec posted a monthly increase of 0.6.
thestar.com

Quote:

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Originally posted by Indush

I think Rahul_singh you should mind your own business. I noticed you do not seem to be interested in anything but spreading vicious things.

We all listen and hear to news. Please keep these things to yourself and answer only if asked to be.

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