Real estate is a hot topic for Canadians

People love to think that their house is going to make them rich and secure.
Sadly, for anyone taking out a mortgage now or in the recent past there will likely only be tears in the long term as it isn't possible for interest rates or poperty taxes to stay as low as they are now especially when the boomers start retiring in large numbers and the Chinese start to follow.
Fewer people saving for retirement means the cost of mortgages will go up and up.
Plus, home owners are ideal targets for a revenue starved government (it's not like you can just pack it up and move it to another country.
But hey, be a savvy real estate shopper now, I'm sure that the Titanic customers were also savvy when they picked out their deck chairs and cabin views and it's fun sailing when there's no blood in the water.

I live in the GTA and the major reference to real-estate that I hear from my neighbourhoods is why would anyone want to live and exist in this area with its terminal gridlock? The cost of housing is relative to markets and demand, and there does seem to be a lot of kids around these days to ensure demand by itself, and when immigration is considered, I dont have a lot of fear about house prices tumbling too much in this area due to lack of demand. But I agree that taxes are going to rise in the GTA and not by just a little, to solve this infrastructure problem on the roads. I remember living in a GTA where traffic was NEVER allowed to be a reason for lateness to work. Today it seems assumed, not a terminable offence like it used to be.
And houses dont make you rich, until you sell them. Its more like they make the kids rich when they inherit it and sell it. Real estate prices are high everywhere, so moving wont necessarily make you richer either, but can do wonders about the gridlock issue.

It's nice hearing from people like TC. I live about an hour away from you. People in this area don't move around a lot. My family has been here for over a decade now. However, my friends mention they are just happy they DON'T live in the GTA area. The closer you get to the GTA, the more expensive everything gets. We barely have enough $$ to live an hour away.
Around here, it seems the locals are getting bitter that the Torontonians, are moving into OUR area. (They seem to have a real lack of respect, etc.) However, reading TC, I wonder now if the torontonians themselves are not happy with their living conditions there.

I know taxes are going to go up and rates will not stay as low as they are now, but I am secure in the fact that my house is paid for and has been for quite a while. I am finding that the mistake that some people are making is that they move every 5-7 years and never completely pay off any mortgages, eventually ending up in thier 50's still owing a mortgage. We have had 2 houses in very nearly 45 years of marriage. I am not sure if there is a national trend, but around where I live people have a starter home then they get a bigger home with a bigger mortgage. This happens at least 3-4 times( some even more) until they end up with a huge house with two empty-nesters sitting in it. They then try to sell said house and no one can afford the price they are asking. That will pose a dilemma on the home owners who are hoping to cash in and add to their retirement portfolio. They need to ask a high price in order to pay off their mortgage and have money besides. The sad fact is no one will be there to buy their huge houses because no one will be able to afford them. I know in this area and I am sure it is the same nationally, modest homes are selling rapidly, either 1st time buyers breaking into real estate or baby boomers looking to down size. I stayed where I was, bought a modest home, raised a family and now living in a great sized home for the two of us. If more people would do this they would not be in debt in thier 50's trying to pay off a mortgage as well as save for retirement. 65 is looming ever closer.

It is sad to think that a lot of people will get caught when interest rates start to climb and may lose everything. People need to understand that if the bank says you can have a mortgage up to 500,000 dollars, you should be looking at a 300,000-400,000 dollar house. It gives you lots of room for interest rate hikes and you may even pay the mortgage off early. My wife and I did that and we have 4 years left on our mortgage. From start to finish will be 16 years. Friends would keep telling us that it's a nice starter house. We would just laugh and tell them it's our finisher house. Why would we pay a bunch of money to upgrade when all we'd be gaining is stairs. Best advice I can give to new home buyers is that you don't need to "keep up with the Jonses".

We live in the Vancouver area ,and had nothing when we first started off buying a house some 35 yrs ago .Our first mortgage went only on one persons wages [Greater]I beleive it was 30 percent for a mortgage of your wage .could not exceed other wise you didn't or couldn't qualify..We also encountered a rate that was scary 19.5%.The above was our saving grace .What the wife made paid for the difference's.If her wage would have been included in qualifing for a mortgage we probably would have lost our modest house due to lack of self protection and wanting everything ,as well as having a bigger mortgage.Our next house was 7yrs later''',in 35 yrs ''' the only house we ever bought up.Have owned 10 houses . Paid off our orginal mortgage in 12 yrs.I know if our kids encountered the Rates we paid there would be a national disaster.I feel buying down helped us, also could be a huge benfit to most people today that are over extented

Was it 1945 or 1949? the crowns need to land deal the way we establish families and housing to business owned enterprises much bigger than the crown corps of the past, how unswathing to know power on the front lines of owning huge pockets of land to recieve tax breaks when ever it can titles and transfer are sold?
Well not particitpating to the happy day's of our golden age, remebering the potsie, the cool gangs and the fonse, we remeber the J K Kenndedy age, the patsies involved there or was it the potsies? anyways, the differance in agreeing power stuggles in ole king georges old truck campaing in the times of the Irish, the lands and the Roman empire, the Asian era of day, the eldest peaple on earth the chinese, and the way a water way was constructed in pyimid days to over throw a babolonian king clining on to power not interested in allegance but a guru trade of commerce involving his punnets sqaure to achieve the Emoeros of romes water way, oh well its too bad the genetics came back to squeal on the planning of flooding out the powerful baoloains of the day, tisk tisk rtisk history is made real, but land? who closes the hotel deals in area for tax breaks on such old empires of the title owners in the day of revitalizing there aera? the mayor and secuty? so as it is the investigation begins on how much moola can be so to actually invest ti gate the process, a new one or either a old one, the case is open to all. good land deals are good, save new business taxes for the early birds, stadiums and movie outlets and the car 51 scouting for shiny talent bage shows in the seedy basements we now polish up for sales of a good and even better market for the youth at risk.