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Old
05-25-2013, 11:33 AM
  #26
MasterDecoy
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My folks have had a house on the market in Chelsea for the last year and zip, nothing. Thing won't sell.

On the flip side, my girlfriend has had a flat on the market for 4 days before she sold
it for more than twice what she paid for it a year ago. Bubbles sometimes ARE fun. Except when your buying. You would not believe the prices for appartments in the old kingdom's capital...

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05-25-2013, 11:58 AM
  #27
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Originally Posted by fufonzo View Post
Some of this has been covered but it comes down to a few things:

1 - Land is crazy cheap out there.
2 - Labour is also very cheap.
3 - Cost of houses is cheaper because a) they don't have to build basements, and b) they don't need as much insulation as we do in Canada.

Most importantly, their economy has gone to the *******. A lot of people unemployed means they weren't able to pay for their mortgages and either had to sell their house or the banks foreclosed them. So if there are a ton of people trying to sell their houses, and not enough people willing to buy them, you'll get very low prices.
Maybe the problem was it was easier and cheaper for unemployed people to by a house with no money down then it was to rent an apartment. Plus, with 2nd and 3rd mortgages being freely available they were also able to use their house as an ATM machine.

Most ponzi schemes don't end well and why should this be different.

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05-25-2013, 12:13 PM
  #28
loudi94
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10 minute video on exactly what happened in the States to cause the real estate plunge. Worth a watch.


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05-25-2013, 12:24 PM
  #29
The Gal Pals
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The housing bubble burst in the US in 2008. It has not yet burst in Canada yet. It the next 2 years the bubble will start to deflate a bit. And God forbid they ever increase the interest rates, then you will see lots of foreclosures like in the US.

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05-25-2013, 12:28 PM
  #30
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The housing bubble burst in the US in 2008. It has not yet burst in Canada yet. It the next 2 years the bubble will start to deflate a bit. And God forbid they ever increase the interest rates, then you will see lots of foreclosures like in the US.
Prices will have to drop eventually. They just don't want it to drop quickly. Moving towards going back to 25 year mortgages instead of 30 was designed to weed out those that can't afford houses. While not foolproof, Canada's financial system seems to be trying hard when it comes to avoiding the US' problems.

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05-25-2013, 12:42 PM
  #31
HarlemsFinest
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remember when their housing bubble burst a few years ago, banks were bailed out and stuff? housing has pretty much been dirt cheap in the states for like 5 years now...

you're only realizing now that you can by a condo in florida for the price of a down payment here?


anyway. a home is not really an investment, because you always need somewhere to live and that money is always in the home. unless you're really renovating one. or you sell when you retire and rent a dump til you die.


Last edited by HarlemsFinest: 05-25-2013 at 12:47 PM.
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05-25-2013, 12:49 PM
  #32
CaptainIginla
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you can find homes for 500$ in Baltimore
but I would never live there

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05-25-2013, 12:55 PM
  #33
InglewoodJack
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Well.

Would you rather live in Texas, or near Montreal?
Exactly.

That being said, Houston is one of the fastest growing and most underrated cities in the US from what I've heard. There and Portland, OR are apparently going to be the next big things. A smart person would buy a house there and sell for triple in 10 years.

Oh, also the houses you posted would easily be in the 750 000-1 million range if they were in Brossard or whatever the Montreal equivalent is.


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Old
05-25-2013, 01:05 PM
  #34
InglewoodJack
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Quote:
Originally Posted by HarlemsFinest View Post
remember when their housing bubble burst a few years ago, banks were bailed out and stuff? housing has pretty much been dirt cheap in the states for like 5 years now...

you're only realizing now that you can by a condo in florida for the price of a down payment here?


anyway. a home is not really an investment, because you always need somewhere to live and that money is always in the home. unless you're really renovating one. or you sell when you retire and rent a dump til you die.
I disagree. If you bought a house for 125 000 in 1990, put 100 000 in it, the house would be worth easily triple or quadruple what you paid for it/invested in it today. And unless you were jumping up in standard of living, you'd be making a killing.

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05-25-2013, 01:05 PM
  #35
Oleg Petrov
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Originally Posted by CaptainIginla View Post
you can find homes for 500$ in Baltimore
but I would never live there
That house must be in Hamsterdam.

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Old
05-25-2013, 01:44 PM
  #36
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Originally Posted by InglewoodJack View Post
I disagree. If you bought a house for 125 000 in 1990, put 100 000 in it, the house would be worth easily triple or quadruple what you paid for it/invested in it today. And unless you were jumping up in standard of living, you'd be making a killing.
Here's the problem you are only using 20 years worth of data. 2000-2013 has seen the highest average appreciation in the history of the statistic. Average Homes are no longer affordable for the average income, thus meaning they are over-priced and will have to be corrected. Some cities will be hit harder then others (TOR, CGY, VAN).

As for Montreal, I feel that when prices began to increase here in 2000 they were already under-priced which has created a buffer, I see a more levelling off effect, but it depends on what you own. If you own a condo, forget it, that will depreciate. However, if you own a nice piece of property with a house or a duplex that will maintain it's value (but will not rise like many "expect" them to as based on the last 15 years).

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05-25-2013, 01:56 PM
  #37
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Originally Posted by Oleg Petrov View Post
Here's the problem you are only using 20 years worth of data. 2000-2013 has seen the highest average appreciation in the history of the statistic. Average Homes are no longer affordable for the average income, thus meaning they are over-priced and will have to be corrected. Some cities will be hit harder then others (TOR, CGY, VAN).

As for Montreal, I feel that when prices began to increase here in 2000 they were already under-priced which has created a buffer, I see a more levelling off effect, but it depends on what you own. If you own a condo, forget it, that will depreciate. However, if you own a nice piece of property with a house or a duplex that will maintain it's value (but will not rise like many "expect" them to as based on the last 15 years).
I did only use 20 years of data, but my point stands: the value of your house should increase over the years. But like every investment, there is risk. You could buy a house, and your neighborhood could get crappy, there may be some unforeseen events (Ex. property in Chateauguay drops when the mercier bridge is closed, but shoots up when it gets fixed). Condos will also most certainly rise, depending on where you buy. Do you think a nice downtown condo is going to depreciate? Will a condo that costs 850 000 today cost 500 000 in 20 years? 200 000 in 30 years? No. With good upkeep, your house WILL rise, unless like I said, something out of the ordinary rises. And I can guarantee your house will always rise. Hell, my dad's childhood house in NDG was sold in like 1975 for 13 000, and we almost bought it back in 2009 for 298 000. Yeah, ~35 years and the effects of inflation do contribute to that, but houses have never not raised in value. Year to year they may drop, but in the long run your property will always rise in value (of course unless you own a factory or whatever)

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Old
05-25-2013, 02:06 PM
  #38
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Originally Posted by Oleg Petrov View Post
That house must be in Hamsterdam.
Seriously underrated reference.

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Old
05-25-2013, 02:09 PM
  #39
Oleg Petrov
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Quote:
Originally Posted by InglewoodJack View Post
I did only use 20 years of data, but my point stands: the value of your house should increase over the years. But like every investment, there is risk. You could buy a house, and your neighborhood could get crappy, there may be some unforeseen events (Ex. property in Chateauguay drops when the mercier bridge is closed, but shoots up when it gets fixed). Condos will also most certainly rise, depending on where you buy. Do you think a nice downtown condo is going to depreciate? Will a condo that costs 850 000 today cost 500 000 in 20 years? 200 000 in 30 years? No. With good upkeep, your house WILL rise, unless like I said, something out of the ordinary rises. And I can guarantee your house will always rise. Hell, my dad's childhood house in NDG was sold in like 1975 for 13 000, and we almost bought it back in 2009 for 298 000. Yeah, ~35 years and the effects of inflation do contribute to that, but houses have never not raised in value. Year to year they may drop, but in the long run your property will always rise in value (of course unless you own a factory or whatever)
I think we'll agree to disagree here. Let's just say that if you sign up for a 25 year mortgage, whatever you buy will certainly be worth more than what you paid for it in the end. However, using the last 20 years as an expectation of the appreciation is short-sighted and foolish.

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Old
05-25-2013, 02:15 PM
  #40
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Well.

Would you rather live in Texas, or near Montreal?
Exactly.

That being said, Houston is one of the fastest growing and most underrated cities in the US from what I've heard. There and Portland, OR are apparently going to be the next big things. A smart person would buy a house there and sell for triple in 10 years.

Oh, also the houses you posted would easily be in the 750 000-1 million range if they were in Brossard or whatever the Montreal equivalent is.
With the job I do and what my GF is almost done in university whit, I would rather be in Texas !

I am sick of Montreal, really, I don't find the appeal at all TBH. The traffic is just too much for me, and don't get me started on the Tax/PQ/Socialist BS.

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05-25-2013, 02:20 PM
  #41
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. Try living in the lower mainland of BC, then you would really be pissed off. Everything here is overpriced. WE pay out of our ***** cause we get barely any snow or cold. My relatives in Laval couldnt believe the housing costs when they came to visit. The metro vancouver area is OVERPRICED

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Old
05-25-2013, 03:48 PM
  #42
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Quote:
Originally Posted by InglewoodJack View Post
Well.

Would you rather live in Texas, or near Montreal?
Exactly.

That being said, Houston is one of the fastest growing and most underrated cities in the US from what I've heard. There and Portland, OR are apparently going to be the next big things. A smart person would buy a house there and sell for triple in 10 years.

Oh, also the houses you posted would easily be in the 750 000-1 million range if they were in Brossard or whatever the Montreal equivalent is.
It would really depend on the job market in each area, given one's training. For a medical physicist? Texas all the way (Texan medical physicists can get paid a lot more than in Qc). For video game designers or lawyers? Montreal (Texas' job market for both professions are glutted to a far worse extent than in Montreal).

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05-25-2013, 04:15 PM
  #43
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Prices will have to drop eventually. They just don't want it to drop quickly. Moving towards going back to 25 year mortgages instead of 30 was designed to weed out those that can't afford houses. While not foolproof, Canada's financial system seems to be trying hard when it comes to avoiding the US' problems.
Agree, Canada has implemented a good system to hopefully keep people from living beyond their means. One of the major issues that happened in the US housing market was that lending was SO easy so people were able to obtain financing for a house that the lender knew they would never be able to pay back, but the lender would package a lot of mortgages (1000?) and sell it to an buyer so they are off the hook when people would default. Being able to obtain money that easily quickly makes the price of a home go up rather quickly.

I also believe prices in the states will be lower for the most part, especially Texas (low labor, cheaper materials, land cost etc..), but I don't have any concrete proof for this.

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05-25-2013, 06:21 PM
  #44
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What are house loan like in Canada?
Terms, interest, down payment and so on?

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05-25-2013, 09:30 PM
  #45
Franck
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you can find homes for 500$ in Baltimore
but I would never live there
Can get a house in Detroit for even less.

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05-25-2013, 09:55 PM
  #46
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With the job I do and what my GF is almost done in university whit, I would rather be in Texas !

I am sick of Montreal, really, I don't find the appeal at all TBH. The traffic is just too much for me, and don't get me started on the Tax/PQ/Socialist BS.
I have friends who live in Kingwood, TX, a suburb of Houston........MUCH nicer than Pasadena.

This will make you want to move to Kingwood....

http://www.realtor.com/realestateand...-42056?row=122

13 year old house, 2700+ square feet for $159,000.

Houston traffic sucks though.

No basements in Houston because the water table is higher. If you built a house in Houston with a basement, you would have an indoor swimming pool.

The Southern part of the U.S. was not hit as hard by the economic downturn as the rest of the country. The housing bubble burst the biggest in states like California, Nevada, and in the NorthEast.

With the heat and humidity in Texas, you would be a very busy man working HVAC.

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05-25-2013, 10:49 PM
  #47
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Originally Posted by SouthernHab View Post
I have friends who live in Kingwood, TX, a suburb of Houston........MUCH nicer than Pasadena.

This will make you want to move to Kingwood....

http://www.realtor.com/realestateand...-42056?row=122

13 year old house, 2700+ square feet for $159,000.

Houston traffic sucks though.

No basements in Houston because the water table is higher. If you built a house in Houston with a basement, you would have an indoor swimming pool.

The Southern part of the U.S. was not hit as hard by the economic downturn as the rest of the country. The housing bubble burst the biggest in states like California, Nevada, and in the NorthEast.

With the heat and humidity in Texas, you would be a very busy man working HVAC.
That is like a dagger in my chest, I could make a very nice living doing what I do + my GF a elementary teacher. Everything in the USA is better for me but you know.. Family and friend weight too much in the balance !
Traffic can't be worse than in MTL, it is likely impossible.

http://www.realtor.com/realestateand...9_M77314-31774 is very nice

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05-26-2013, 11:52 AM
  #48
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Hi, yesterday I was watching a show whit my GF (House Hunter) and they were looking for houses. I was in shock to see the price of home near Houston so I made research.

If you take the metro area of Houston (Pasadena), which equates to Laval and Brossard-Longueil the house there and in other metro area of big city are WAY lower.

Can someone explain me why on earth our home are so much higher in price despite being in the most taxed place in NA + heavy traffic to MTL ?

Here are some houses that I found :

http://www.servingsoutheasthouston.c...tyid/52144617/
http://www.servingsoutheasthouston.c...tyid/65083172/
http://www.servingsoutheasthouston.c...tyid/71940903/

All these house would be at least 125k+ if it were in MTL metro area !
Houston is a fairly cheap area to live in because it's far away from teh eastern coast or the western coast.

To make a proper comparison, Houston prices would be akin to living aorund Saint-Jérôme or Sherbrooke.

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05-26-2013, 11:53 AM
  #49
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That is like a dagger in my chest, I could make a very nice living doing what I do + my GF a elementary teacher. Everything in the USA is better for me but you know.. Family and friend weight too much in the balance !
Traffic can't be worse than in MTL, it is likely impossible.

http://www.realtor.com/realestateand...9_M77314-31774 is very nice
You would be surprised at hos LA's traffic is that much worst then MTL's traffic. In LA it's basically rush hour all day long.

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Old
05-26-2013, 12:41 PM
  #50
HarlemsFinest
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if you paid 30 grand for a duplex in 1962, and it's worth 400k. you didn't make anything. you lived there. and everything inflated. and 30k ws 400k back then; a porsche 911 cost 3k in 1970. ie. nothing really changed because if you sold, you would still have to put all that money right back into a house. transferring equity from one building to into another. you never have that 400k to hold because you need somewhere to live. so unless you're moving back into a 3 1/2 160k condo, then you are only maintaining status quo. not to mention how everything has inflated tenfold, yet salaries have not gone up at nearly the same rate from 50 years ago. we're poorer than before. baby boomers did **** all and had everything easy. free housing, free cars, big blocks and free gas, got to do all the acid they wanted, now run the world, and are now ruining our lives.

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