The person I believe he's talking about won a court case against the realtor board(s). and was allowed to continue publishing the data.
COVID and the housing market
- Thread starter mimico_polak
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The person I believe he's talking about won a court case against the realtor board(s). and was allowed to continue publishing the data.
Federal court gives Toronto real estate agents data-publishing rights
Toronto Real Estate Board says it is disappointed by the decision and will seek leave to appeal to the Supreme Court of Canada
www.theglobeandmail.com
Mixed emotions for me. Right now as I watch my investments I want to know. If I sold my house I wouldn't want others to know my finances. "Hey you got $XXXXXXX for your house so I know what you can afford."
Well it was always available to tens of thousands of people with no confidentiality expressed or implied. They just tried to keep it hidden to twist your arm to employ them. Private sales don't make it into housesigma fwiw (and I assume not into real-estate databases either?). Sell privately and it makes it a lot harder for people to figure it out. It also makes it a lot harder to get a bidding war that drives your price to the moon. How much is your privacy worth? An old farmhouse on 20 acres listed for 1.5 on Georgian Bay and ended up with nine people fighting and went for 2.6. I have no idea what the "right" price is.
Besides, even if they know what you sold your house for, they don't know your finances. Maybe you have a gambling problem or went all in on a leveraged bet on diamond hands and selling the house gets you back to zero.
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As the buyer you can make that show zero or two, as the seller it would be much harder. I guess you could write in the contract either seller will prepay the tax or the buyer is required to with a penalty clause if they dont.
Sometimes expropriation is required for "the better good". What is the right price?
In the normal process it's a free market. The seller asks for what he wants and the buyer offers what he is willing to pay. It's not unusual for both parties to feel they're entitled to more or that their situation is special because they went through what they feel was a traumatic event in their life.
My dream property would be a huge island with a moat all around. The outer ring of the moat would be rocky, surrounded further by thorn bushes, inhabited by sharks, piranha and man eating crocodiles. The inner ring of the moat would have dolphins, bunny rabbits and sandy beaches. There would be conveniently located single lever faucets but instead of hot / cold they would be rum / coke.
There would be numerous tree houses on the property each with several surface to air missiles.
I deserve it because I haven't had a coffee yet.
POWERMAN
Well-known member
One of my friends from a church youth group comes from a VERY wealthy family.
One of their cottages is located in Bracebridge - only way to access it is by boat after you park at the Marina.
Ngl, it is a completely different experience living out there on their own 'island' (shared with another property on the opposite end) in a 6 bedroom custom built cottage.
Occasionally you may see boats or skidoos but for the most part it is all green everywhere on the hills surrounding you in the distance.
You can spend days kayaking around, using the motorized boat or simply lounge around and watch Netflix lol.
D
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D
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Are Canadians dreaming of owning a home? It's complicated: RBC Poll
/CNW/ - Planning to move on or move in? Canadians are split between giving up on ever buying a home or putting away money to save for one. According to the RBC...
www.newswire.ca
I don't like what OFSI is doing. They even say it has nothing to do with affordability and is only interesting in protecting the banking sector. Lets be honest, profits are very high, they could take it on the chin and be ok (but oh would they ever whine and moan a lot).BNN Bloomberg - Canada Business News, TSX Today, Oil and Energy Prices
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The change is too small to matter and just serves to reinforce the divide between have and have not. Does it affect renewal? If it does, either you were right on the edge because you had a huge mortgage and this kicks you over or you had a reasonable mortgage and it doesn't matter. The number of people it would affect is very small due to the tiny change (~50K on 1M). Most people will have paid close to that much off in 5 years so even someone with a 1M mortgage pulled under the current rules should be able to renew the 950 under the new rules. For those not in, dropping buying power by 5% just makes housing that much harder to buy. That's not good for society as a whole.
boyoboy
Well-known member
want to see a house price correction? it'll be bad, real bad...if or when it happens.
remember when mortgage rates went double digit in the 80's ?
if that happens now, instead of a 3% mortgage, half the population would lose their homes to the banks.....
these are dangerous times maybe. check the math.
remember when mortgage rates went double digit in the 80's ?
if that happens now, instead of a 3% mortgage, half the population would lose their homes to the banks.....
these are dangerous times maybe. check the math.
As the canadian economy has become 20% based on housing, gov't can't let that happen. As a group home owners have become too big to fail. Rates may go up, but they won't let them go to double digits due to the fallout. Worst-case imo would be something like double current rates and government would implement something to keep it there.
Doesn't interest rate normally increase to suppress inflation? Oil is never coming back to prior levels, our manufacturing sucks, tech is ok but can literally change overnight (in either direction), housing generates lots of tax dollars. What would be the trigger to rocket interest rates?
D
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Ya I don't think the bank of Canada would let that happen?
Canada relies a ton on real estate..
Look at this beauty. It may be a good investment but it doesn't make you feel good about spending that much. In Toronto, a rowhouse with three apartments inside just sold for ~1.2. It was the buyers first property. Now for a rental, the pricing almost works at 400K per unit.
The last interest rate spike (7.25 in 1978 to 21% in 1981), housing was ~5% of national GDP, now it is over 10% and climbing quickly. Interesting that Bank of Canada seems to start reporting around 1980 which hides what happened before and during the spike.
According to global news in 2018, 76% of canadians wealth was in real estate. I think it's probably a higher percentage now.
Bank of Canada Interest Rate 1935-2025 | WOWA.ca
Check today's Bank of Canada interest rate and expected rate over the next few years. See how the rate has changed in the last 89 years and what caused it to change so fast in 2022-2025.
wowa.ca
Canada’s Over 30% More Dependent On Real Estate Than The US In 2006, Shows GDP - Better Dwelling
Most didn’t think it was possible, but this morning’s numbers show Canada is now more dependent on real estate. Statistics Canada (Stat Can) GDP data shows residential investment made a big climb in Q4 2020. The segment of investment has grown much faster than total GDP over the past few years...
betterdwelling.com
Real estate market: Definitions, graphs and data
Selected definitions, graphs and historical data
www.bankofcanada.ca
76% of Canada’s national wealth is wrapped up in real estate, and the market is slowing: data - National | Globalnews.ca
Analysis of data from the U.S. Federal Reserve indicates that this is a higher share of national wealth than real estate takes up in the United States.
globalnews.ca
blackcamaro
Well-known member
If they are up against it then they likely went for the security of a 5 year fixed mortgage. At renewal time they could always add back the 5 years to the amortization and potentially keep things affordable at higher rates.
blackcamaro
Well-known member
OFSI thing seems dumb to me as well.
I know it's to protect banks but isn't that going to force buyers to cheaper properties either eligible for CHMC insurance or easier to qualify with 20%+ down payment? Creating greater demand for "affordable" properties isn't what anyone needs.
Like in 2017 when they introduced the stress test where properties over $1,000,000 went down and condos/sfh in the suburbs under $1,000,000 shot up in value. If my memory is right anyways.
I know it's to protect banks but isn't that going to force buyers to cheaper properties either eligible for CHMC insurance or easier to qualify with 20%+ down payment? Creating greater demand for "affordable" properties isn't what anyone needs.
Like in 2017 when they introduced the stress test where properties over $1,000,000 went down and condos/sfh in the suburbs under $1,000,000 shot up in value. If my memory is right anyways.
