(no subject)

[danaeris]

Yes, it's another poll. They amuse me. Next, stay tuned for the car poll.

-Inertia is the principal force at work here, which means that for the time being I'll probably sit on my ass and live with the parents.
-I have a gym membership at the Hamilton YWCA which will expire in March.
-I won't be able to buy a car until I get my ON license, which will either be June 8 or August 6.

[Poll #494523]

Comments

play big, play for the future

[lastmx.livejournal.com]

Live with parents, save money, put downpayment on condo in Toronto because the market is crashing. Use transit when you're there. Rent a car on weekends when necessary.

Re: play big, play for the future

[angel-thane.livejournal.com]

put downpayment on condo in Toronto because the market is crashing.

This is the reason NOT to put a downpayment on a condo. If the market is going to crash (and it is, it's only a matter of time) then prices will drop. You don't want a signed agreement at a higher price when a few years later you can buy a similar condo for much less.

Let the market crash, then put down a downpayment.

Re: play big, play for the future

[lastmx.livejournal.com]

sorry, should have ben clearer in my language, yes, the condo market is crashing, and vacancy rates are really high. but interest rates are also going up, and in some ways that's even more important then price. I don'y have sufficent knowledge of the current prices, and I'm not clairvoyant, but I expect the sweet spot is coming up soon.

Re: play big, play for the future

[angel-thane.livejournal.com]

AHhh, that makes more sense.

However, I'd have to disagree with your predictions of significant interest rate rises.

While interest rates may go up (and, being dependant on the BoC, it's impossible to say for certain, only to make reasonable guesses) it is nearly impossible that they will raise to anything approaching where they were in the early 90s. Rates like that we're unlikely to ever see again, or at least not until our children are looking to buy houses.

The condo market, OTOH, hasn't quite yet realized that it's overextended - condos are still coming out with triple digit square footages at upwards of a quater million dollars. THat's not tenable in the long term, and will soonishly (next 2-5 years) crash. And when it does crash, it will crash hard.

Predictions are funny things, and difficult to know for sure until after they happen (or don't), but if I were a betting man (and I am) I'd say that if you wait a few more years, the drop in condo prices will more than compensate for any increase in interest rates.

Re: play big, play for the future

[lastmx.livejournal.com]

So Dana; play for the future, save now, wait on the car, deal with your parents, and in a few years...

Since I'm not in Toronto I just don't know what the current rates prices are. But before I left I heard rental vacancy was >5% (which is considered really high).

[angrykat.livejournal.com]

Vacancy rates are rising in TO so many people are offering deals to rent. I would wait until the realestate/condo market crashes and then move. More money to move the better.