l el

Your entire argument revolves around the assumption that 5 years ago, 3 years ago, 1 year ago we all knew as FACT that the market would only keep growing at double digits.

If we all knew this I am sure we would've purchased homes in a completely different manner. I'd buy as much home in the most desirable area and just swim in debt knowing I'd cash out big time...NO ONE KNEW the market is going to continue to be so stupid hence why some waited (sucks, but they had legitimate reason to), others bought and got lucky, etc, etc. I mean I can sit here and dwell when my buddy and I were this >.< close to buying a place in forest hill from our buddy's grandparents at the time (2014) for 1.3M. We got cold fee because we were both stretching ourselves thin so after inspection/financing all done we backed out. They sold the house on the market then, now it just resold for $2.3M.

Could've made $1m in 2 years....BUT I DIDN'T HAVE YOUR CRYSTAL BALL!!!

Since maybe 2014 we passed the equilibrium when it even makes sense to buy (unless of course we assume we continue at this trajectory). Doesn't make sense, let alone now in 2017 if you don't have another inflated property you are selling to move to something else you are fucked.

Biggest difference is you upgraded homes on value, so you and others like you win.

Most upgrade on stupid shit like size - losing proposition.

IMO, house prices is somewhat meaningless at this point.. what I really want to know is what % of the price is being put on a mortgage. To me, thats a better indication of market health.

It's a home not an investment, unless one keeps buying and flipping I suppose.

^ well they are fucked then lol

No included radioactivity, gonna pass.

^ well they are fucked then lol

Chance favours the prepared mind....
You didn't need a crystal ball. You buy the house you could afford, knowing you were in it for the long haul. If it appreciated, then great. Otherwise, it just becomes woulda, shoulda, coulda, but didn't..

I won't deny that timing and luck has been a factor...but in the 2 homes i've lived in to date, flipping/moving/upgrading has WON ME HUGE. Horseshoe up the ass indeed! And as for careers, certainly, everyone has their own comfort level and ceiling, but please don't tell me that a serious career person worth their weight has been making the same money today as 10 years ago.

Losing jobs is always a factor. But then there's savings too to support these sorts of things, as well as insurance etc. No, none of those are perfect solutions for an imperfect situation, but it'll hold for an X duration of time. Or one can be too scared, do nothing and live in a condo, or rent and not buy...and sit there and complain about the market and not get in on it until..........it's time to go to a retirement home XD XD XD

Biggest difference is you upgraded homes on value, so you and others like you win.

Most upgrade on stupid shit like size - losing proposition.

You must be old because 10 years ago I wasn't too far out of HS. Even if a person was out of college most have school dept to pay off. To assume that a person would be able to get into the market right away even with all this knowledge they would be at the very start of their career if everything lines up perfectly.

Typical CSI response lol

I think they are skirting around defining "foreign" buyer, hence why no definition. If Chiense come and make sizeable donation for landed immigrant status, but don't live here, they are not foreigners technically speaking, so they are excluded from the stat, but they are the root of the "foreign" problem. At least that's my speculation.

FWIW i was born in '84
Bought first home about 5 years after graduation. Back then, this was all reasonable. Certainly, someone fresh out of school now is SUPER SCREWED.

But assuming we are all in and around the 30s, I don't see how this is a typical CSI response. My personal network (specifically folks in a similar age) also fit the same bill.

Now I know you're full of shit. Most born in 84 are nowhere near close to paying off their mortgage. Most haven't even made a dent in their school debt. Buying a home is one thing saying that the majority are even remotely close to having it paid off especially those that have had zero help from parents in either school debt or house makes me think you're living in a dream world. Certainly not most of GTA, nevermind Toronto.

Why don't people think that Toronto, the 3rd or 4th largest city in North America and a hub for so many things, is one of those cities? Why would it not follow the path of London, New York, L.A., Melbourne/Syndey etc)?

From one perspective I don't believe that salaries have increased in Toronto as they have for other major cities, but in my opinion (and I don't know anything) I just don't see a major correction, maybe at most 10%. People will move outward and new people will move in (or their money will move in).

I'm curious as to what people define as a "correction". A drop in housing prices of what, 50%?

There are many cities around the world, that were not at one time but have now become cities where only the "wealthy" (I use that term loosely) can afford to live. This comes from not only the price of homes, but also the cost of living there.

Why don't people think that Toronto, the 3rd or 4th largest city in North America and a hub for so many things, is one of those cities? Why would it not follow the path of London, New York, L.A., Melbourne/Syndey etc)?

From one perspective I don't believe that salaries have increased in Toronto as they have for other major cities, but in my opinion (and I don't know anything) I just don't see a major correction, maybe at most 10%. People will move outward and new people will move in (or their money will move in).

On a side note, my wife's aunt just sold her 3 bedroom place in Markham for $1.4M or $1.5M to someone from China who bought it for their daughter to live in while she goes to school

He never will. He's been talking about it for years now...