Korean Job Discussion Forums

blaseblasphemener · Posted: Sat Jan 31, 2009 5:53 pm Post subject: Canadian Housing Thread

I'm wondering how many of you are like me and are always wondering about what the housing market will do in Canada.

So, just thought I'd start a thread where any housing info of interest, blogs, editorials, or personal insights could be posted. I'm always interested to hear about housing prices in all parts of the country, as I will eventually make my way back there, and will not be returning to Alberta, the land of insanely-priced matchbox-small-lot-no-trees-no-lakes-crap-weather.

My current interest is in Ontario, where the housing market (outside of Toronto) is significantly cheaper than Edmonton or Calgary. My plan is to buy a house there in 6-7 years from now, cash, then have a good $100 K in the bank which I might use to buy 2 apts to rent out with 20% downpayment, and get a couple uni homestay students to pay the property taxes and other upkeep for a few years.

Job wise? We shall see. I have a teaching degree so if I could get sub work to start, or possibly go a whole different route, including esl business (after school hagwonesque, summer/winter camps for overseas students, etc).

Or, just go a whole different route.

Captain Corea · Joined: 28 Feb 2005 Location: Seoul

I'm keeping my eye on both Calgary and Vancouver (and surrounding areas).

There's been a slight dip in Calgary... but it's still crazy compared to a few years ago.

I use a couple of sites

http://www.welist.com/calgary.html

http://www.chestermererealestate.com/

http://www.realtylink.org/prop_search/AreaSelect.cfm?AreaID=2

anyone have any better sites?

mises · Joined: 05 Nov 2007 Location: retired

http://forums.eslcafe.com/korea/viewtopic.php?t=134515

Prices will drop 40-50% from peak. TO is down about 15% now, and Calgary/Edmonton about 12%. Vancouver will fall the most (up to 60%).

Vancouver is the most unaffordable housing market in North America:

http://vancouvercondo.info/2009/01/the-continents-most-severly-unaffordable-market.html

Captain Corea · Joined: 28 Feb 2005 Location: Seoul

I hope you're right... but thebig question is... when?

mises · Joined: 05 Nov 2007 Location: retired

It is happening now.

blaseblasphemener · Posted: Sat Jan 31, 2009 6:37 pm Post subject:

I use www.mls.ca to find out listings across Canada.

I fully expect the housing market to crash in Calgary (and Edmonton) this year. As Mises posted a chart showing a while ago, the market has no correlation to income. It's all based on jobs, lack of housing, and low interest rates. 2 of 3 of those will be gone in '09, and reality will hit hard. It already has a glut of properties, and prices have dropped significantly since last spring. I'm waiting to see prices be in line with '04-'05, when oil prices where the same as they are now. A $250,000 new condo at that time is priced at $385,000 now, so that tells you something about where the market needs to be.

riverboy · Joined: 03 Jun 2003 Location: Incheon

There are a few spots in Atlantic Canada where there is very low vacancy rates and very low prices. Fredericton is a nice city and a university town.

Very affordable.

Draz · Joined: 27 Jun 2007 Location: Land of Morning Clam

Housing in Saskatchewan is going UP. I considered going back to university earlier than planned but one look at the classifieds and I decided against. $500/month for a crappy one room in a bad neighborhood in Saskatoon. Buying is even worse.

blaseblasphemener · Posted: Sat Jan 31, 2009 11:49 pm Post subject:

mithridates · Posted: Sat Jan 31, 2009 11:59 pm Post subject:

http://www.greaterfool.ca/

blaseblasphemener · Posted: Sun Feb 01, 2009 12:34 am Post subject:

mithridates · Posted: Sun Feb 01, 2009 1:37 am Post subject:

mises · Joined: 05 Nov 2007 Location: retired

blaseblasphemener · Posted: Sun Feb 01, 2009 1:59 pm Post subject:

http://www.canadian-housing-price-charts.235.ca/history.htm

blaseblasphemener · Posted: Tue Feb 03, 2009 6:17 am Post subject:

http://www.calgaryherald.com/Homes/Calgary+sales+take+nosedive+down/1247916/story.html

home sales are down 50% in Calgary over last year. Sales prices are down 9-13%, and that's before the oil companies started canning people.