$900 Billion Corp CEO Says Canada Housing Bubble Worst In World History

[doppelganger 4,019]

35 minutes ago, Economy said:

Many of those people have refinanced their equity and given out loans at higher rates so people can put a downpayment in their house since banks wont lend without that downpayment

 

if that doesnt spell ponzi scheme i dont know what does 😣

Hmmm if one can't afford downpayment maybe they shouldn't buy a house. Let's just hope that default rates stay low for everyone's sake. 

I know a lot of people my age in  are banking on a property crash but realistically a property crash is bad for the average person who still wouldn't be able to afford when the base lending rate shoots up  

By the way, my family home in Kuala Lumpur has apreciated 1100%, from 170k to 2million in just 20 years. Base graduate salary has only raised about 100% in 20 years. 

 

[Economy 52,839]

3 minutes ago, JudasIsAHolyFoo said:

so many people have to keep moving up north in Canada to the muskoka area, and even more north like sudbury cause its so expensive

U know what this means?

 

It means ill keep living with my parents and saving while getting home cooked meals longer than I originally planned. Life is good 

 

Im almost 24 tho and I wanted to buy a house 2 years ago. Impossible now tho not a chance even with all i saved

 

only if i get a partner who also has a decent income then on 2 incones maybe. Even so it would be tight!

[Economy 52,839]

2 minutes ago, doppelganger said:

Hmmm if one can't afford downpayment maybe they shouldn't buy a house. Let's just hope that default rates stay low for everyone's sake. 

I know a lot of people my age in  are banking on a property crash but realistically a property crash is bad for the average person who still wouldn't be able to afford when the base lending rate shoots up  

By the way, my family home in Kuala Lumpur has apreciated 1100%, from 170k to 2million in just 20 years. Base graduate salary has only raised about 100% in 20 years. 

 

Well im banking on a crash. Otherwise i cant buy a house  

[doppelganger 4,019]

15 minutes ago, Economy said:

Well im banking on a crash. Otherwise i cant buy a house  

I wonder though... did the US subprime crisis actually made housing more affordable for those who hadn't owned a property? 

What do you do btw? 😂 

[Economy 52,839]

1 minute ago, doppelganger said:

I wonder though... did the US subprime crisis actually made housing more affordable for those who hadn't owned a property? 

What do you do btw? 😂 

I guess it would depend on the person. If they kept their job and didnt get a paycut then it would. People who went unemployment over recession at least temporarily would be worse off

 

And Im a CNC Operator at a steel shop. I work driller, clipper and plasma cutter

 

We build a lot if schools and hospitals. The cambridge Hospital under construction for example, were building it  

[doppelganger 4,019]

Just now, Economy said:

I guess it would depend on the person. If they kept their job and didnt get a paycut then it would. People who went unemployment over recession at least temporarily would be worse off

 

And Im a CNC Operator at a steel shop. I work driller, clipper and plasma cutter

 

We build a lot if schools and hospitals. The cambridge Hospital under construction for example, were building it  

Cool I'm an architect. We're kind of in the same field then. Haha i thought you are an economist 

[Economy 52,839]

1 minute ago, doppelganger said:

Cool I'm an architect. We're kind of in the same field then. Haha i thought you are an economist 

Economics is an interest of mine

 

but i prefered to go into a field in demand rather than something really competitive and poor job security

 

and ur job must pay well then!!!

[doppelganger 4,019]

32 minutes ago, Economy said:

Economics is an interest of mine

 

but i prefered to go into a field in demand rather than something really competitive and poor job security

 

and ur job must pay well then!!!

That's a myth that architects are paid well. Design thinking isn't valued enough unfortunately. I just turned 33 and still don't own a property but i'm okay with it. Not tied down to any loans means i have the freedom to just do whatever i want. I've taken pay cuts to get jobs that I wanted but i figured money will eventually come if you're driven and passionate. 

[JudasIsAHolyFoo 3,278]

2 hours ago, Economy said:

U know what this means?

 

It means ill keep living with my parents and saving while getting home cooked meals longer than I originally planned. Life is good 

 

Im almost 24 tho and I wanted to buy a house 2 years ago. Impossible now tho not a chance even with all i saved

 

only if i get a partner who also has a decent income then on 2 incones maybe. Even so it would be tight!

same. living at home while I go to Georgian College. my mom has been slaying me with the home cooked meals. 

But in a year and half i gotta move to Toronto to go to OCAD. thank god i have 2 other friends who i can split rent with on a place

[Economy 52,839]

11 hours ago, doppelganger said:

That's a myth that architects are paid well. Design thinking isn't valued enough unfortunately. I just turned 33 and still don't own a property but i'm okay with it. Not tied down to any loans means i have the freedom to just do whatever i want. I've taken pay cuts to get jobs that I wanted but i figured money will eventually come if you're driven and passionate. 

Really? I have a cousin whos an architect and she gets paid well so i guess it depends

 

And same with the trades. In school they keep telling kids that its in demand and ull make $70,000+ a year etc

 

Fact is, most companies pay average $50,000 a year like me. Only people who are really proficient make more or very specific trades in labor shortage.

 

PPl have an exagerated perception of my field also

[Economy 52,839]

16 hours ago, Computer said:

I'm starting to wonder if a Canadian housing collapse will be the trigger to finally pop America's current stock valuation bubble too.

If the crash was severe enough and our financial system collapsed maybe

 

if its a mild correction or smaller crash maybe not

 

The US is still less impacted by Canada than Canada is of the US

 

Canadas economy is $2 Trillion the US economy is $18 Trillion