What's a millennial to do in this housing market? - Page 7
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Thread: What's a millennial to do in this housing market?

  1. #61
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    Quote Originally Posted by fplan View Post
    He is married and has two kids. He makes about 85k. He wife is not working currently but on his mortgage application they put income for his wife to get the approval.

    My friends idea is sell in couple of years make 200k . so far people like him are in driving set. People are making free money..

    If there is slow down Canada can bring wealthy immigrants to improve the situation.

    For GTA, one side you have lake other side too cold so city expansion is only possible east and west.. so I don't think there will be crash.
    ^nuts. There is no such thing as "free money". People are taking on a huge risk because the trend has been up for a while and they forget how it feels when the opposite happens.

    Probability of interest rates going up and of the bubble bursting within 12 months is actually pretty good.


  2. #62
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    Quote Originally Posted by fplan View Post
    My friend purchased a detached home in Brampton 3 months ago for 740k. Initially the idea was to put 10% down. But he did not have enough cash so he put 50k down and mortgage was not approved for 690k. Then realtor got his mortgage approved and realtor charged 2% of the mortgage amount as commission. He is married and has two kids. He makes about 85k. He wife is not working currently but on his mortgage application they put income for his wife to get the approval.

    Yesterday I came to know that couple other friends purchased home in Brampton for 820k from the same broker. Their spouses don't work so you can imagine how they got approved for mortgage..

    My friends idea is sell in couple of years make 200k . so far people like him are in driving set. People are making free money..
    I am not sure how wide spread the problem is but I am sure gov't know this and they just don't want to stop the party.. I think foreign buyer tax will be removed in Vancouver after elections..

    If there is slow down Canada can bring wealthy immigrants to improve the situation. For GTA, one side you have lake other side too cold so city expansion is only possible east and west.. so I don't think there will be crash. Look Calgary even after two years of slowdown there is no crash.. prices are not down much...
    If your friends and their realtor are committing fraud by falsifying mortgage docs, you should maybe get new friends.

  3. #63
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    One has to wonder how much mortgage fraud is really going on in the GTA right now. And by how much the banks are underestimating their bad loans.

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  5. #64
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    Quote Originally Posted by My Own Advisor View Post
    Mortgage for $690k and making $85K...did I read that correctly?

    That is nuts. #forevermortgage

    I keep saying this but I would love to see *interest rates go up. That would be great and start putting an end to this madness. It would reward savers too, finally.

    *It won't happen. BoC doesn't care.
    they would have to in order to maintain inflation.

    also would help if they introduced a foreign buyers tax. any non resident for tax purposes buying a house in canada should be subject to a tax.


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