Steve_P

It also helps if you have exceptionally quick reflexes coupled with an itchy trigger finger.

rae

i have resisted the urge to contribute on this discussion, that i am aware has been raging elsewhere my friend, those expats days are behind me, i'll stick with glib/snide/sarcastic comments then do one.

Steve_P

Not sure what you're getting at here but I'm not about to enter into a discussion about the rights and wrongs of this case other to say the above based on testimony given in the last few days.

Sarcasm intended.

JonboyE

Before Christmas I was thinking summer of 2010 would be the best time to get into real estate. Now I am thinking late 2010 will be optimal.

A bit of inflation is generally very good news for a home owner.

rae

just that i've seen posts elsewhere by others that amaze me on this topic, and having got into rows on here before i have learned my lesson just to skulk and throw things at the computer screen.

Alan2005

I have to confess that I'm guilty poking this subject with a very pointy stick...

MarkG

The best time to buy anything is when other people have no money; the lack of demand is what causes prices to collapse.

However, I suspect the best time to buy will be next year, unless we really do get into a global economic depression and have to resort to fighting to the death in V8 muscle cars over dog food and a few liters of gasoline. The economy is going to get worse for some time to come, and then when Obama starts printing money and throwing it out of helicopters because everything else has failed, inflation will explode.

el_richo

I'd say the best time to buy anything (Especially a "home") is when you can comfortably afford it and you want to or are happy to live in it for the rest of your life.

Alan2005

I'd say the best time is when both are true.

dbd33

Anyone else notice that ITV is in the same boat as CanWest? It's not a good time to be in old meejah.

Mike Gas

[QUOTE=JonboyE;7344999]Some people will always predict the sky is about to fall. I think talking of a depression is more sensationalism than serious analysis. That is not to say it can't happen. I can make guesses about what will happen in the future, but I don't know for certain. Nor does anyone else.
While your guess dose not give me much comfort,

In the case of the UK they are just about to start printing lots of money now this will devalue the currency and push the cost of imports up and seeing as the UK is an importing nation this will push up prices and inflation will follow, so the government will have to raise interest rates that are already set to low for the inflation that is in the economy same applies to the US and by implication Canada as this is their main export market

Credit is still available. I agree that people at the margins are finding it very difficult to get affordable credit.

Credit is getting harder and harder to obtain I am a car dealer and I have had to turn down nearly half my sales these last two months as people could not get financing
People will no longer be able to use their houses as an ATM with prices falling


I don't understand your point. Canada (like the UK and US) will have ultra-low interest rates for quite some time. The next step will be to increase the money supply by nationalizing some of the problem debts the banks hold. In time, this will mean inflation will start to creep back into the system as the economy gets moving again and consequently interest rates will start to rise.

However, this will mean the recession is over and the economy is expanding again.


The last recession interest rates were up to what 16% can’t remember the economy expanding then

scottymallo

Now is a good time to buy! I saved $150,000 on a house from it original market price in April 08! I also got loads of extras including all appliances alarm system and keyless entry. Some of you mention waiting 3/4 years to buy think of the rent costs for 3/4 years on a modest $1000 a month rental that's $36-48,000 That means the market values needs to drop another 10-20% for you to recover the dead rent money, depending on the value of the property. If you buy now you can get a 5 year fixed rate mortgage for less than 4% and start reducing the number of the years you need to pay a mortgage. The good think about Canada is the 5 year term on fixed rates gives you a lot more stability than your usual 1-3 year fixed rate terms in the UK!

AllyS

As Scottymallo says - the borrowing rates are incredible at the moment, and I am sure the purchase prices are very negotiable too.

If my other half can sell his place in time then we will snap something up in Calgary as there are some beautiful properties over there at bargain prices.

paolosmythe

Property prices can be of the 'sale of the century' variety; but without a job providing a mortgage paying income.... what good are they?

Mike Gas

House prices will fall further until the average house reaches the historical average 3-4 time’s average wage, and it would be possible to have positive cash flow from a rental with a Morgate and they will probably undershoot this on the way down.

I doubt after this crisis that the banks will ever lend ay the multiples that they have recently and buyers will require a minimum 0f 10% deposit possibly more.

The UK pound will collapse at some point and I would think the US dollar will also follow you can’t print money with out devaluing your currency.

And yes the house market will recover one day but I expect that to be at least two years away possibly five years.

I do hold real estate in Canada and the UK but this was purchased over five years ago, and I suspect that these at some point will be worth less then I paid.