15% tax on home purchases by non-resident foreigners in GTA area...
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Location: Brampton, Ont, Canada
Posted on: 01-05-17 16:04:52
last week i had chance to meet with few strong people in finance. They are expecting drastic correction coming to Canada's real estate
We had discussion on few important factor:
Manipulated low interest rate policy of the Bank of Canada
Housing prices vs wages in Canada
Allowing foreign capital inflows to influence real estate prices
When real estate seems to the main driving factor in our GDP
this cant last for so long time...
look at the Australia housing crash .. and we will get picture of Canada's real estate crash
FYI: Australia has better economy structure then our fake economy
Again, i'm only advice to sale investment properties
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'Some goals are so worthy, it's glorious even to fail.' (Param Vir Chakra awardee Lt. Manoj Pandey)
It's all logical and sensible to think that the prices will drop. The question is when?. There are lot of people who cannot afford to buy the house, then there are hedge funds who have shorted the housing market for the last 3 years or so.
A tsunami is overdue it may come in the name of Interest rate change.
My guess is even if drops in 3-4 years it will only drop 10-15%. New Immigrants wont allow to drop 50% even though that's the point where it should go.
Location: Brampton, Ont, Canada
Posted on: 01-05-17 21:01:54
Ok lets assume price will not drop drastically ..but can we denied the fact that it will not stable or drop few % in coming years ?
Then why take a chance of losing ? this is right time , we r on PICK time... get the most out of it. Win/Win
Pain of losing is higher then gain ...
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'Some goals are so worthy, it's glorious even to fail.' (Param Vir Chakra awardee Lt. Manoj Pandey)
Already you have more buyers in the market with low inventory which makes it a seller's market. Then you have another segment of people who have adopted wait and watch approach who are not finding anything within their budget and who want to enter the market as soon as prices start dropping. People have been predicting the real estate market to go down for so long now and it will happen some day, just nobody knows when.
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Waiting for 50% decrease in GTA? Good luck. I don't think that ever happened in the history of real estate in GTA. Not even 10%. If at all there is going to be a little correction or soft landing. I think the real estate return has been about 9% in GTA historically and that's likely going to stay the same over time. It's just about sustainable. Remember the real estate golden rule "Don't wait to buy real estate, buy real estate and wait".
<Long live Canada>
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I pointed you at the stars and all you saw was the tip of my finger
Quote:
Originally posted by luckysaab
Waiting for 50% decrease in GTA? Good luck. I don't think that ever happened in the history of real estate in GTA. Not even 10%. If at all there is going to be a little correction or soft landing. I think the real estate return has been about 9% in GTA historically and that's likely going to stay the same over time. It's just about sustainable. Remember the real estate golden rule "Don't wait to buy real estate, buy real estate and wait".
<Long live Canada>
Perhaps you got to check this rule with those who burnt themselves in U.S.A, Spain, Greece, Dubai, Ireland, even India and China to some extent and may be here in Alberta soon.
quote]Remember the real estate golden rule "Don't wait to buy real estate, buy real estate and wait".
Quote:
Originally posted by Confused_Canadian
Quote:
Originally posted by luckysaab
Waiting for 50% decrease in GTA? Good luck. I don't think that ever happened in the history of real estate in GTA. Not even 10%. If at all there is going to be a little correction or soft landing. I think the real estate return has been about 9% in GTA historically and that's likely going to stay the same over time. It's just about sustainable. Remember the real estate golden rule "Don't wait to buy real estate, buy real estate and wait".
<Long live Canada>
Perhaps you got to check this rule with those who burnt themselves in U.S.A, Spain, Greece, Dubai, Ireland, even India and China to some extent and may be here in Alberta soon.
quote]Remember the real estate golden rule "Don't wait to buy real estate, buy real estate and wait".
Most people that lose money would be classified as speculators and may be few outliers. If you are not going to keep a house for at least 6+ years you have no business in buying one. Over a long run real estate has proven that there is positive average appreciation and there are historical data to back that up. Good recent example is the US spectacular 2006/2007 crash and the recovery that happen after.
The lesson here is however hot or cool the housing market is the law of average eventually kicks in.
<Long live Canada>
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I pointed you at the stars and all you saw was the tip of my finger
