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Forum » Average Canada home price rises to 716k. (Congrats Canadian misc)
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Thread: Average Canada home price rises to 716k. (Congrats Canadian misc)

post 1682804763 05-16-2023, 09:47 AM
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#31
  1. alphaalbertan8
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I love this for BRad
post 1682806243 05-16-2023, 10:12 AM
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#32
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Originally Posted By MikeLowrrrey⏩
Average rent is like $1500, so you'd be saving about $1000/month on top of your already $80k down payment. Sounds like you're better off renting and waiting for interest rates to go back down.
My rent in a 2/1 is $1770/mo, closer to $1820/mo after fees. And that's actually on the cheaper side for my area, srs. So for me that would be closer to saving $750/mo. The difference is in my particular mortgage scenario I described, I'd be earning $890/mo in equity as a part of my net worth the whole time, so that's already better than the difference. Also, rent solely goes up, so any difference of "monthly savings" (rent vs mortgage+fees+taxes) gets smaller and smaller over the years, until it's eventually negative.

I don't currently have 20% down, but should have it next year. The numbers obviously change for the far worse if you're forced to get PMI, and also have less than 20% in general.
post 1682806353 05-16-2023, 10:13 AM
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#33
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So 716k is what $50 USD?

meh
post 1682808013 05-16-2023, 10:36 AM
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#34
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Every time house prices increase people seem to get this idea that there is no way possible those prices can ever go down. Happens every time and the same result also happens every time.
"To be a warrior is not a simple matter of wishing to be one. It is rather an endless struggle that will go on to the very last moment of our lives. Nobody is born a warrior, in exactly the same way that nobody is born an average man. We make ourselves into one or the other."-- Carlos Castaneda
post 1682808103 05-16-2023, 10:37 AM
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#35
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welp

looks like im moving to thailand
post 1682808203 05-16-2023, 10:38 AM
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#36
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Originally Posted By r32gojirra⏩
That type of thinking is only relevant if you are a pleb that only owns 1 house that you live in

If you own multiple investment properties it’s the opportunity of a lifetime to cash in
Are you cashing in, or do you think this is the new normal?
post 1682808443 05-16-2023, 10:42 AM
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#37
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Originally Posted By Visel⏩
My rent in a 2/1 is $1770/mo, closer to $1820/mo after fees. And that's actually on the cheaper side for my area, srs. So for me that would be closer to saving $750/mo. The difference is in my particular mortgage scenario I described, I'd be earning $890/mo in equity as a part of my net worth the whole time, so that's already better than the difference. Also, rent solely goes up, so any difference of "monthly savings" (rent vs mortgage+fees+taxes) gets smaller and smaller over the years, until it's eventually negative.

I don't currently have 20% down, but should have it next year. The numbers obviously change for the far worse if you're forced to get PMI, and also have less than 20% in general.
PMI generally isn't very pricey. Pretty much a non factor once everything is added up, including the opportunity cost of missing out on homeownership until one gets to acquiring a 20% down payment
post 1682808753 05-16-2023, 10:47 AM
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#38
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Our housing market is so broken, but 40% of Canadian MPs own more than one residential property, so rest assured, they'll keep goosing the market. The minister responsible for housing in Canada just bought his third property, so for those of you who don't own and want to get into the market, sorry, these guys don't care about you.

It's basically all that's left of our economy ever since our own government decided it would kill off our resource sectors and make it unbelievably difficult to invest here. Canada's GDP per capita growth rate has been flat since like 2010, but hey, some people made tons of money sitting around flinging houses and condos at each other, so it's all good!
post 1682808813 05-16-2023, 10:48 AM
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#39
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+




What does a 900 sq ft condo around Vancouver cost these days, $450K US/$600K CA? I can smell the curry and soy sauce from thousands of miles away.
Yeah Buddyyy! Light weight! Light weight baby!!!!
post 1682809873 05-16-2023, 11:04 AM
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#40
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Originally Posted By EdwardTheGreat⏩
I can't believe how stupid many people are...I hear lots of people in my neighborhood saying "have you seen the prices? My house has gone up to $XXX...it's amazing!"

How can they be so stupid as to not realize - where the fukk you going if you sell your house? Into another house that has increased by the same percentage as yours...you are gaining nothing with this nonsense.
just move dummy

brb 300k house in nova scotia is 1.2 million in ontario lmao
Great MAGA King status

Bing Chilling
post 1682823573 05-16-2023, 03:01 PM
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#41
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Originally Posted By coast2coastam⏩
Are you cashing in, or do you think this is the new normal?
The way our tax laws operate, the optimal model is build, rent for a year or two and sell.

The only time we paused taking properties to market was for a few months in March 2020 when some people were speculating the market would crash.

Instead it went up 30% lmao

This financial year I will have sold 3 properties
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