Property bubble
 

For those of you who have been here a while are property prices falling right now or are things stable? Is now a good time to buy, in Ontario especially? Thanks.

Re: Property bubble
 

Noticed this recently, may be of interest
http://www.huffingtonpost.ca/2011/11...n_1113031.html

Re: Property bubble
 

If you can afford payments, have a decent chunk of cash, a secure job, will live in the home for a long time, and have found a perfect house for you, then it's always a good time to buy ;)

But in all seriousness, this link should help answer any questions you have.

Re: Property bubble
 

'But in all seriousness, this link should help answer any questions you have'

or you can always wait for more replies :)

Re: Property bubble
 

yeah yeah very funny but if you asked me the same question about the UK I would say yes now is a good time to buy as prices have been falling since 2007 and less homes are coming to the market as people are sitting it out hoping that the market will recover rather than sell with negative equity. So what is available to buy is at a good price compared to 2007 prices. I'm not asking for market predictions just if anybody has noticed prices rising, falling or stagnating over the past few years, cheers.

Re: Property bubble
 

Thanks jb most of the economists say prices will crash as Canadians are in a shit load of debt, especially in Van and realtors say the Canadian economy is too strong for a UK style meltdown. I just lost 50k on my UK home so trying to avoid buying at a bad time here and compound my losses.

Re: Property bubble
 

For What it's worth I believe an investment in bricks & mortar or 'timber framed' will always be a good investment over the 'long' term and over a 20 -25 year term should provide a good return and just as important a place to live of course. I also believe rental can offer a good option for the short to medium term as It certainly gives a little more flexibility. One option if possible is to keep any UK properties and rent these out and once in Canada then rent somewhere until you find your feet. Like you mention the other option is to sell and cut any loses and future hassle a property rented to tenants back in UK could give you.

Re: Property bubble
 

We rent our house in London and rent a house in Toronto. Much of what one should do depends on individual circumstances so it's hard to advise / generalize, but certainly in my view Toronto has not shown any signs of slowing down in terms of its housing market at all. When purchasing I would budget for 5-10% over asking and hope that you can get asking ... There is an over-heated housing market but in Vancouver and Toronto supply/demand factors will probably buck the national trend. I'm not pinning hopes on houses in my neighbourhood to drop in price at all.

Our tenants have just left our UK house and we're deliberating on what to do.
I think we'll re-let for another year and see what pans out in 2013 in the UK. Then again, I am getting the house valued now and doing some sums so may well change my mind. However, my gut tells me to wait for a while yet. I think our house will have dropped in value since we moved last summer but suspect I could greatly increase my rent rate.

Good luck!

Re: Property bubble
 

I know the feeling all too well, hope your tenants left on good terms some of mine in the past have but some have left owing money and caused damage. Whilst others have left the property spotless.
I've rented out properties in the UK for several years now and had all types of tenant both good and bad. If I've learnt anything in my time as a landlord its that tenancy agreements can contain all the rules/conditions you want them to be enforcing these conditions should problems arise is another ball game.
But I guess no pain no gain

Re: Property bubble
 

I have found the best way to get information about this is to sign up for what is interestingly titled "Private Client Services" notifications with realtors in the area you are interested in.

Two or three realtors send me an e-mail every time properties which match my search criteria come up on their books and are added to my personal list.

The service is free and very useful because it allows you to keep a record of any properties of interest via a Favourites box and most crucially, it also shows you when the price is changed (i.e reduced!) and also shows you the price realised if the property is sold.

You can easily see how quickly properties are selling, which properties are selling and what prices are being paid.

I have been watching property in several areas of interest for a couple of years or more now and it is quite illuminating what properties actually sell for compared to their original asking price.

Try e-mailing a few realtors in your area of interest and ask to be added to their PCS and start intelligence gathering!:)

Re: Property bubble
 

Even asking about Ontario isn't specific enough. I'd say where I am (northern GTA), prices are pretty stable or modestly increasing.

But unless you can be more precise as to location, that may be totally useless information to you.

Re: Property bubble
 

Point taken Novo, Bay of Quinte area (Belleville, Trenton etc) wife will be contracted to live within 30 minute drive from Belleville hospital so as to respond to emergencies. Iiank lives out this way but don't want to bother him with too many PM's.

Re: Property bubble
 

No problem. As you say iaink is the local (there is someone else near there, but I've forgotten who just now). One of them will clarify but my impression from afar is that prices are stable there too. I think they always are though. :)

Re: Property bubble
 

Hi
If i had a dollar for everytime someone says the property market here in vancouver is going to crash I would be very happy.:thumbsup:
The market is at a very stable position, interest rates they think will stay the same until this time next year, and there is a continual stream of new immigrants to help keep the demand up, there are the baby boomers downsizing as well, and the chinese are buying up property like mad, something to do with new chinese export money restrictions in about a years time, so I have been told.
I suppose the proof will be at easter this year when the market picks up again, it seems here as soon as the market starts to slow, sellers pull of the market and there is little choice of properties around.
a useful link for vancouver to research is.

http://www.rebgv.org/housing-price-index

might be something similar for where you want to be.

I hear the best place to buy property now is Greece,Italy or Spain.
cheers
Jerry

Re: Property bubble
 

Hi Helen, I have an appt tomorrow at 3 with Royal Lepage (think that's what they're called) but will also use Remax to avoid conflict of interest problems as I believe 'double enders' are to be avoided. Trying not to :rofl: it was explained to me that it's when the same agent is representing both parties (buyer/seller) I've been advised by my bank not to allow realtors to show me properties on their own books but to get for example Remax to show me listings from all the other brokers in the area and then get Royal Lepage to show me Remax properties. The reason behind this is because as a buyer I would be regarded as the 'money' and the seller as the 'client' and realtors always favour the client.