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Canadian net worth greater than the US? Get REAL Canucks!

 
JLK
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User ID: 15600355
Canada
07/19/2012 10:23 PM
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Canadian net worth greater than the US? Get REAL Canucks!
Especially you young bucks.

==

IMO we are sitting on a powder keg up here in real estate and I have been banging that drum for some time now. The perfect storm for us is China softening and commodity prices backing off - not an unlikely event in the near future.

Even our Fed knows it as they have tightened mortgage rules a few times over the past 2-3 years.

Real Estate in Canada as an investment for the next 20 years is DEAD, or worse - take that one to the bank.

===

Personally, at 53, I am fortunate enough to not give a shit. I am debt free, my children are launched, and it matters not to me that my place is assessed for tax purposes at over 1MM as I will be taken out of this place in a box - even though I KNOW a more realistic valuation is in the order of $400K, as compared to local income affordability.

Shit, next year I can start deferring my property taxes for the rest of my life at a simple interest rate of 1% - and I naturally will.

Hell even the local school closed 10 years ago as no younger family can afford to live here in my middle class neighbourhood.

That said, three insurance guys have told me this year that today it would take over 900K to rebuild this joint.

(Think full earthquake insurance)

==

Anybody in Canada who borrows on real estate today is a complete fucking fool, IMO. Real Estate values change, but the level of your mortgage never does.

Get out of debt, and STAY out of debt, for if you don't it will come back to kick you and your family in the ass over the next 15-20 years. LOWER your standard of living expectations.
The first thing we've got to do is take out all the lawyers and shoot them down like dogs.
12.21.12

User ID: 9992933
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07/19/2012 10:27 PM
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Re: Canadian net worth greater than the US? Get REAL Canucks!
Thread: Smug AND rolling in money: Canadians richer than Americans for first time in history
JLK (OP)

User ID: 15600355
Canada
07/19/2012 10:45 PM
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Re: Canadian net worth greater than the US? Get REAL Canucks!
40% of young Canadians are on floating rate mortgages.

Guess what situatuiotn they will find themselves in when prime normalizes itself at 4-5% in 6 year's time.

Think about it - their payments will doulble or triple - after tax.
The first thing we've got to do is take out all the lawyers and shoot them down like dogs.
Anonymous Coward
User ID: 1295673
United States
07/19/2012 11:02 PM
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Re: Canadian net worth greater than the US? Get REAL Canucks!
And yet.. Drew Brees' salary in 2012-13 is greater than all the players' salaries in the CFL combined..
JLK (OP)

User ID: 15600355
Canada
07/20/2012 01:07 AM
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Re: Canadian net worth greater than the US? Get REAL Canucks!
And yet.. Drew Brees' salary in 2012-13 is greater than all the players' salaries in the CFL combined..
 Quoting: Anonymous Coward 1295673


Exactly.
The first thing we've got to do is take out all the lawyers and shoot them down like dogs.
Anonymous Coward
User ID: 1295673
United States
07/20/2012 01:24 AM
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Re: Canadian net worth greater than the US? Get REAL Canucks!
And yet.. Drew Brees' salary in 2012-13 is greater than all the players' salaries in the CFL combined..
 Quoting: Anonymous Coward 1295673


Exactly.
 Quoting: JLK


So.. if the athletes aren't getting the simoleons up there.. who is..?
Bieber..? Neil Young..? Valdy..? Murray McGlauglin..? Stompin' Tom..?

Maybe.. Cirque de Soleil..?

Or is Ottawa retaining cash like a knocked-up prom-queen retains water..?

What's the dealio..?

~
Anonymous Coward
User ID: 10885457
Canada
07/20/2012 01:26 AM
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Re: Canadian net worth greater than the US? Get REAL Canucks!
You must be in Toronto or Vancouver to have a home assessed at 1 million. I've heard so many smug people say Vancouver and area will NEVER go down in prices just because it's such a desirable place to live. Well, it rains in Vancouver all the time. It's like a rain forest. Sure a few weeks in the summer are nice, but the rest of the year is a swamp land.

It will be interesting to see if the prices drop in those two areas. I'm hoping the prices go down so I can move back to the city where I was born. A city now were foreign investors have moved into. If the prices drop, I'd love the move back. Imagine that, being able to move back to a place where I was born. That is how out of control real estate has gotten.
Anonymous Coward
User ID: 1295673
United States
07/20/2012 01:41 AM
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Re: Canadian net worth greater than the US? Get REAL Canucks!
You must be in Toronto or Vancouver to have a home assessed at 1 million. I've heard so many smug people say Vancouver and area will NEVER go down in prices just because it's such a desirable place to live. Well, it rains in Vancouver all the time. It's like a rain forest. Sure a few weeks in the summer are nice, but the rest of the year is a swamp land.

It will be interesting to see if the prices drop in those two areas. I'm hoping the prices go down so I can move back to the city where I was born. A city now were foreign investors have moved into. If the prices drop, I'd love the move back. Imagine that, being able to move back to a place where I was born. That is how out of control real estate has gotten.
 Quoting: Anonymous Coward 10885457



Maybe not so desirable anymore..

Have a look..

[link to www.weatheronline.co.uk]

~
Anonymous Coward
User ID: 10885457
Canada
07/20/2012 01:53 AM
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Re: Canadian net worth greater than the US? Get REAL Canucks!
You must be in Toronto or Vancouver to have a home assessed at 1 million. I've heard so many smug people say Vancouver and area will NEVER go down in prices just because it's such a desirable place to live. Well, it rains in Vancouver all the time. It's like a rain forest. Sure a few weeks in the summer are nice, but the rest of the year is a swamp land.

It will be interesting to see if the prices drop in those two areas. I'm hoping the prices go down so I can move back to the city where I was born. A city now were foreign investors have moved into. If the prices drop, I'd love the move back. Imagine that, being able to move back to a place where I was born. That is how out of control real estate has gotten.
 Quoting: Anonymous Coward 10885457



Maybe not so desirable anymore..

Have a look..

[link to www.weatheronline.co.uk]

~
 Quoting: Anonymous Coward 1295673


Wow, scary stuff. Yah, who would want to pay a million dollars for an average home after seeing that.

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