Canadian home prices could fall 20-40% over next five years, warns Capital Economics
http://www.canadavisa.com/canada-im...f-hope-66th-draw.496529/page-401#post-6130861
You're absolutely right. It is the highest. Like I mentioned before it could burst anytime. They've made mortgage rules more strict. No houses are being sold. I see open houses everywhere and what does those imply?? Again , like I mentioned before it has started dropping. That doesn't mean that It has dropped 30-40 % already. I read few articles by economists and real estate agents. My buddy is a broker. He has told me to wait since he thinks its going to drop more. I don't need any info from anywhere because I know so. Like you said, no one can afford a house in Toronto. In order to own a 1 m house one has to get that money approved as mortage and he/she have to be making atleast $200,000 (Banks grant you mortage 5 times your salary approx.) which is some money. Not all these people who own 1 m worth homes make that. lol
And I thought we are here to have hopes. I dint want to freak everyone here saying , hey you stay where you are . You cant afford a house here..lol NOOO .. That's not me.. have hopes my friend.. Hope that it goes down so that we all can afford a decent house.