Sunday, October 19, 2008

Toronto Real Estate Market

I am still bearish on Real Estate in all English speaking countries. Toronto numbers came out and the prices and sales are down 18% and 15%. http://www.greaterfool.ca/2008/10/18/sol-in-the-gta/
On October 15, 2008 the government will no longer insure 40 year 0% down payment mortgages. The governments slow reaction to a bigger problem. People are in debt over their head and have no way out but to sale their properties or access home equity if any is left. In about 2 to 3 years when the bottom in the Toronto real estate market is hitting 1990 or 1980 level then I want to be greedy when everyone is fearful. I want to pick up a multi unit rental property, and my personal home. Right now the supply in housing is growing. I see it everyday driving in North and East Toronto. The number for sale signs is crazy. I can't wait for the condo market to crash. Reading the last new condo guide magazine the supply of units are running up like the nasdaq in 1999 and 2000. Real Investor love market crashes. The time to buy real estate is when 500 to 1000 oz. of silver can buy a single family home. How silver do you own?

1 comment:

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