quote:

Originally posted by malek How many empty units is there in Toronto? With Toronto attracting and retaining 75k new residents last year compared to over 100k a few years ago... a crunch is bound to happen sooner than later.

I agree a small one may happen but not as much as some people think.

More and more people are choosing to live within the city - they don't want to live out in the burbs -- they prefer to live within proximity to our (very limited) public transit system. Gas is only going to go up - besides, long commutes suck the life right out of you.

Next up being affordability - owning a house in TO on your own is a big undertaking in comparison to a small bachelor/1br condo. For those that want to escape renting that's the only realistic thing available to them to purchase.

I'm totally all for these new condos being built -- the only thing I would change is how bland most of them are in terms of design/architecture.

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yeah for sure, it's not going to be in the same scale as Miami or in Spain...

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quote:

Originally posted by jonnystel yes your right.. thats why this is good and benefitial for people who don't necessarily need mortgages to buy a 100,000$ house. and hell yeah i hope shit gets foreclosed cuz if you have money to buy those houses. YOU WIN lol And i mean. why are there foreclosures in the states?.. cuz the idiots that couldnt aford houses were buying them lol. who's fault is that. its good that they lose everything . did they not see it coming ? i mean it sucks that banks were giving out no down mortgages and stuff to people that clearly arent ready to buy a house. but man. u can' feel sorry for those people who clearly cant manage their money.

That is such a narrow minded perspective of this problem there's no point even trying to respond to it....but I will try anyways.

Home foreclosures do not mean you win. There are a lot of Americans who are perfectly up to date with their mortgage but will suffer through a global recession as a result of the fallout from other people's mortgages and the creative bankers that securitized them. There are a lot of people who would rather have a job than the ability to buy a cheap home. You're in the minority if you're not one of them.

quote:

Originally posted by jonnystel And i mean. why are there foreclosures in the states?.. cuz the idiots that couldnt aford houses were buying them lol. who's fault is that. its good that they lose everything . did they not see it coming ? i mean it sucks that banks were giving out no down mortgages and stuff to people that clearly arent ready to buy a house. but man. u can' feel sorry for those people who clearly cant manage their money.

A lot of people were told by there lenders ways to which they can afford a larger mortgage ex. if you by a house for $500k and expect 20% return on the property that is $100k. They were lead to believe that they include that 100K in there income. Therefore if you earn 50K/year u could afford a mortgage that someone earning 150k could afford. A lot of the lenders wouldn't even ask for proof of income or you could pay a fee not to disclose that info.

quote:

Originally posted by malek How many empty units is there in Toronto?

Very, very few. I know this for a fact.

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quote:

Originally posted by SniFFleS A lot of people were told by there lenders ways to which they can afford a larger mortgage ex. if you by a house for $500k and expect 20% return on the property that is $100k. They were lead to believe that they include that 100K in there income. Therefore if you earn 50K/year u could afford a mortgage that someone earning 150k could afford. A lot of the lenders wouldn't even ask for proof of income or you could pay a fee not to disclose that info.

i understand. and by no means am i trying to argue with you guys or say that your wrong or im right. but dont you think that someone making 50k a year should be given a mortgage suitable for someone making 50k a year? and not 150k a year. this is why there are so many foreclosures , because people are going over their heads with mortgages. i was always taught to save hard and buy what i can afford. and that advice has never let me down. i dunno maybe i dont know much about it. i just know that a big part of the crisis was people not doing their homework and getting way over their heads in debt. or maybe im wrong

quote:

Originally posted by jonnystel i understand. and by no means am i trying to argue with you guys or say that your wrong or im right. but dont you think that someone making 50k a year should be given a mortgage suitable for someone making 50k a year? and not 150k a year. this is why there are so many foreclosures , because people are going over their heads with mortgages. i was always taught to save hard and buy what i can afford. and that advice has never let me down. i dunno maybe i dont know much about it. i just know that a big part of the crisis was people not doing their homework and getting way over their heads in debt. or maybe im wrong

The point that the others are trying to make is that the criteria system failed. Somebody making 50k a year can afford some house, maybe not large, but probably something. What they do is go to a mortgage broker, and ask them what they can afford, after all, it is the bank/broker that approves them. The bank says, hey you can afford this huge house, no problem, here is your mortgage. This was the problem. Buyers were being misled about what was in fact affordable.

Yes, people should be able to calculate their finances, but if everybody knew everything about the financial markets, and loans, we would not have a financial planning sector, now would we? These people are there to give advice, check figures, check regulations, and help regular people make decisions. The SYSTEM failed, plain and simple. Everybody in the chain failed, not just the prospective buyers.

quote:

Originally posted by jonnystel i understand. and by no means am i trying to argue with you guys or say that your wrong or im right.

Actually...I was saying you're wrong. home foreclosures in Toronto would not be a good thing.

quote:

Originally posted by Skipper Actually...I was saying you're wrong. home foreclosures in Toronto would not be a good thing.

Thanks for clearing it up! cheers!

haha. no problem.

John McCain looks like he's going to fall over at a moment's notice. And he's pulling Palin-isms, calling the audience "my friends" and stuff like that.

omg, John McCain just said Meg Whitman, CEO of Ebay, knows how to create jobs.
Ebay laid off 1000 workers yesterday.

^ hahahah

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