Quote:

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Originally posted by investpro



That's the way I understand it. so why go for a foreclosure? If the lender is holding a property worth $350,000 with a mortgage of $390,000 on it why pay $350,000 for used maal when you can probably negotiate a better deal for new maal from a builder who wants to get rid of inventory.

Maybe I read it wrong.

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http://www.thestar.com/Business/article/582576

Re/Max offices, broker investigated

Provincial watchdog launches probe and freezes bank accounts after financial irregularities alleged

The Real Estate Council of Ontario has frozen bank accounts and is investigating accounting irregularities at three Re/Max Executive Realty Inc. offices and its head broker.

The council issued a freeze order as part of its probe and is "taking all appropriate action with respect to Re/Max Executive Realty Inc., and its broker of record, David Seto," according to a public advisory issued by the council on Monday.
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Any GTA sale number for JAN?

In GTA, the average price declined to $343,632, compared with $374,449 while the sales have declined by 47% and 2,670 sales through realtors in January 2009 compared with 5,075 a year earlier.

The Toronto Real Estate board has tallied 2,670 home resales in January, down 47 per cent from a year earlier, and reported Thursday that the average price declined eight per cent.

What Rahul has been saying look certain to happen here in Canada too.

Just wait and watch.

Cheers!

Tumbling home values boost mortgage defaults in Calgary


http://www.calgaryherald.com/Homes/Tumbling+home+values+boost+mortgage+defaults+Calgary/1279897/story.html

More Calgarians are defaulting on mortgages and losing their homes in a toxic stew of rising job losses, falling house prices, the credit crunch and ill-timed investments.

Up-to-date statistics on foreclosures are hard to come by, but the number of Albertans who have fallen at least three months behind in mortgage payments has jumped to 1,771 from 649 in 11/2 years.

Since November, lenders have begun 949 foreclosure proceedings at Calgary's courthouse--more than in the six months before that, according to court data collected by Foreclosures Canada Information Systems, an investment company. And increasingly, those proceedings aren't ending in the borrower's favour because their property value has eroded, says company founder Wade Fenner.

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Spring will be RE blood bath. Keep your cash tight for sometime and increase saving. You may not need mortgage to buy home down the line. Staying out of debt is biggest financial stability I can think.

Real estate and mortgage have their own big catch..its 22.
With fewer number of people having good paying stable jobs and excellent credit only those will be able to reap harvests and fortunes out of this.
All those who have homes will see there values upside down that is even after the stimulus package money starts flowing....simple reason is market sentiment...
Be realistic about who is going to lose in this market...the middle class who is struggling to make ends meet.
If there is no consumption factories close, transportation screeches to halt, people start getting less pay for the same job...keeping a job in itself is a BIG feat, with gas prices increasing, there will be less food on the table, more people in the red, more power of sales less taxes....heres the other part
lower taxes for the govt,
infrastructure and major projects will be frozen
results in lesser jobs
results in young and ols fighting for the same jobs
result in break in, bank robbery, unrest and arson,
mass uprising, instability for all

Wouldnt the same sane principal work here,
if you are being principal residence and can afford rent which is equivalent to mortgage
+ taxes+insurance and the neighborhood you are looking at is offering phenomenal discounts one should consider signing teh dotted line???

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there is nothing greater than an I D E A whose time has come…
http://www.ghar-wala.com" rel="nofollow">LINK

Can anyone confirm what is the current price of a home which was priced about $300-325 K last year?

Thanks

Hi Kalia,
Report released by Toronto Real Estate board for the month of March, 2009 is below. Hope it will help.

Cheers!

March Resale Housing Results Bring Positive News
TORONTO, April 6, 2009 - In March 2009, Greater Toronto REALTORS® reported 6,171 sales
– down seven per cent from March 2008, representing the smallest year-over-year decline in the
last five months. The average price for March transactions was $362,052 – down less than five
per cent from the same month last year.
“The Greater Toronto housing market has stood up very well given the challenging economic
times the world has experienced in recent months,” commented TREB President Maureen
O’Neill.
“In fact, over the past two months, the situation in the housing market has improved.”
The seasonally-adjusted annual rate of sales increased to 65,600 in March – up 36 per cent
from the ten-year low reached in January.1
“Sales in March increased at a rate over and above what would be expected from the normal
spring-time bump,” said Jason Mercer TREB’s Senior Manager of Market Analysis. “A greater
number of households have taken advantage of increased affordability in the housing
marketplace.”

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Sanjeev Manocha, MBA
Real Estate Sales Representative
Accredited Buyer Representative (ABR)

Re/Max West Realty Inc, Brokerage
96, Rexdale Blvd., Toronto

Mobile: 416-843-7600
Office: 416-745-2300
http://www.manocharealty.com" rel="nofollow">LINK