This is what makes the real estate business so interesting. The unpredictable nature of it all. It’s not just having a roof over your head. It’s the investment choice of the masses. Ever heard the saying, “Look what the masses do and do the opposite.”? That’s what I’m doing. I’m staying away from 40 year mortgages, over inflated prices, bidding wars and the like.
What am I waiting for? The sell-off. Till it’s not sexy anymore to buy a house just because everyone else is. I could move out of the city (or the country for that matter but I kinda like it here).
On with the show…….
Hey! It looks like the Bank of Canada agrees with me! Amazing!
I went to the not-so-green Green Show last weekend. Saw the “canu” home. Here it is.
ALL the real estate marketing companies say that housing prices remain strong. Serious. Why do they say this? So there won’t be panic. So people like you will continue to invest and buy homes for renters and themselves. So they can continue to hire salespeople. Get my drift?
The mortgage guys know the market is slowing. You’ve heard of the Reverse Mortgage, right? This is the response to the slowdown. It’s not meant to help your grandparents. That’s your job.
Finally, the following is some advice from Garth Turner:
As for your buying intentions, I hope you’re prepared to wait until the end of the year, since current sales declines will take that long across most of the Toronto region to translate into widespread price reductions. The erosion starts first in vulnerable high-end suburban homes and will actually get to starter-type homes last. That, of course, is what you should be buying, and not some granite-and-stainless palace. Debt kills. Even vultures.
That’s all for now folks!!