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I wouldn't say we are anywhere close to US style correction. That was driven by people that couldn't afford houses and were staring down the barrel of balloon payments. I think the ones we are seeing take a kick in the nuts are mainly flipper/investor properties where they levereaged themselves to the tits. Need to liquidate the rental stock to save the primary residence. Hopefully most have a continuum of properties so the losers can be offset by winners purchased earlier. Hopefully buyers are first time buyers to spread out wealth concentration (obviously not in your hood but in general).
Buckle down and you can come up with that. Work a second job at night. Life will suck in the short term. Most people are lazy.
The second one means nothing without the price they bought it for. A house flip outside barrie asked for well more than 1M above their purchase price less than two years later. Even if you sell for hundreds below asking price you still made out like a bandit.
The new subdivisions/condos will be really interesting and could be a disaster. Builder will rightly attempt to enforce contracts and close the deals at agreed pricing. Buyer can't come up with enough as bank won't front what they need, builder sues buyer for differential (from subsequent sale at far lower price) and wins. Buyer could be in trouble on starter home as judgement sucked out so much equity, it needs to go too. Now they are back at zero (or worse). Lots of people buy multiple pre-construction dwellings with the intent of selling a few after construction to pay off the one they want to live in. That works great when they all go up by a few hundred k. Things go horribly wrong when they all go down by a few hundred k.
Just looked at some houses in the area...holy hell. Right across the street from Credit Valley golf course there are places that sold for <1.7M within the last few months...wow.
'Sold firm waiting for cheque' 
So wrong. There's absolutely nothing wrong with 1000 sq ft bungalow with an 8000 sq ft attached garage
Banks prefer to foreclose on a market upswing. They don't have to carry the costs for as long.
I think banks would rather have steady interest than try to play the game of a large sfh owner. Sure, they could increase profits but they could also be stuck holding a lot of property. If they liquidate too quickly, prices drop and they hurt themselves the most. They need to meter out holdings to maximize profit. That's a pain in the ass and a lot of money and time tied up for an extended period.
Banks want nothing to do with owning foreclosed homes. If there is a renewal crunch coming, the banks wont be loses in the near term, most underwater mortgages are insured.
Mmmmmm. Seems like a great deal compared to GTA houses.
just one of us. (but with money)
He has the "small" garage mostly filled with Ford GT's. Lot's of money there. Bigger garages have a lot of mustangs. Look up the address an you can see more pictures.
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