Realtor girl I follow on Instagram said in last 30 days 175 listings have expired/terminated in Oakville. 600 something in Hamilton. Only %50 of mortgage holders have felt the new rate pain...the next couple years will be interesting.
I can foresee us moving to a condo in five to ten years and it would be tempting to grab a bargain and rent it out while house prices recoup but vacancy taxes and the rental LTB scams worry me. Capital from the house would be fun if a cheap industrial condo came up (Man cave).
Realtor girl I follow on Instagram said in last 30 days 175 listings have expired/terminated in Oakville. 600 something in Hamilton. Only %50 of mortgage holders have felt the new rate pain...the next couple years will be interesting.
It’s history repeating itself. Areas where new construction is happening (Oakville, Hamilton are two of many) and cottages will take a big hit as speculators retreat.
Variable rate hikes are wave one, wave 2 will come on slowly as fixed mortgages need to be renewed.
Too bad there isn’t an easy way to short real estate. I’d be all over that.
It’s history repeating itself. Areas where new construction is happening (Oakville, Hamilton are two of many) and cottages will take a big hit as speculators retreat.
Variable rate hikes are wave one, wave 2 will come on slowly as fixed mortgages need to be renewed.
Too bad there isn’t an easy way to short real estate. I’d be all over that.
REITs are smart money, I doubt they are much into the same speculation as dumb money investors chasing prebuilds and second properties.
It might be a good time to look for student housing in university towns across Ontario - they look to be taking a bigger beating than most. Places are selling at 2020 prices and continue to slide month over month. New listings are increasing (at record levels), and unit sales falling (near record lows). It will probably get worse as investors face the prospect of losing more equity, high financing costs, and negative cashflow. They will be making tough decisions -- liquidate or hunker down for a few years and hope for a recovery.
Looks to me like a recipe for a big price correction.
REITs are smart money, I doubt they are much into the same speculation as dumb money investors chasing prebuilds and second properties.
It might be a good time to look for student housing in university towns across Ontario - they look to be taking a bigger beating than most. Places are selling at 2020 prices and continue to slide month over month. New listings are increasing (at record levels), and unit sales falling (near record lows). It will probably get worse as investors face the prospect of losing more equity, high financing costs, and negative cashflow. They will be making tough decisions -- liquidate or hunker down for a few years and hope for a recovery.
Looks to me like a recipe for a big price correction.
REITs are smart money, I doubt they are much into the same speculation as dumb money investors chasing prebuilds and second properties.
It might be a good time to look for student housing in university towns across Ontario - they look to be taking a bigger beating than most. Places are selling at 2020 prices and continue to slide month over month. New listings are increasing (at record levels), and unit sales falling (near record lows). It will probably get worse as investors face the prospect of losing more equity, high financing costs, and negative cashflow. They will be making tough decisions -- liquidate or hunker down for a few years and hope for a recovery.
Looks to me like a recipe for a big price correction.
Just watched that...I'm no expert in numbers / statistics but doesn't sound great...
Especially the part where you pay 5 years into your mortgage, and then renew at 30-40% higher. Typically the monthly payment goes DOWN each 5 year renewal.
AM news says almost 30% of current mortgages that out there will renew in 3 yrs or less , 20% of TD loans will come up in 16 months allegedly. There will be some long faces next summer and some cheaper cottages …..
AM news says almost 30% of current mortgages that out there will renew in 3 yrs or less , 20% of TD loans will come up in 16 months allegedly. There will be some long faces next summer and some cheaper cottages …..
30% in three years seems surprisingly low to me. Statistically, terms longer than 5 years aren't very popular. Within three years, id expect close to 60% of mortgages to renew (maybe even more as lots of people are grabbing short term fixed rates right now).
How do BoC rates affect private money? If RE tanks a lot of people may look at back alley options.
A guy I know who was paying 19% on a used car due to risk. (He got off light)
A friend who has cash to pay for toys RV, several bikes, cars etc says big boats are financially sinking. Leveraging the house to buy an expensive-to-keep toy has its drawbacks. In the recession of the 1990's boats were selling for half what was owed on them to reduce overall debt load. Add it to the house mortgage if the bank lets you.
30% in three years seems surprisingly low to me. Statistically, terms longer than 5 years aren't very popular. Within three years, id expect close to 60% of mortgages to renew (maybe even more as lots of people are grabbing short term fixed rates right now).
30% in three years seems surprisingly low to me. Statistically, terms longer than 5 years aren't very popular. Within three years, id expect close to 60% of mortgages to renew (maybe even more as lots of people are grabbing short term fixed rates right now).
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